March 2014

Found 8 blog entries for March 2014.

In most parts of the U.S., home values have started to recover lost territory.  Most experts agree that the bottom of the market was in 2011. Corelogic reported nationwide home values have appreciated 12% over a year ago. In Las Vegas, they're up 25% over last year.

Today's buyers missed the bottom of the market but there are still some good values. The biggest difficulty in today's market is low inventory. Low inventory means that it has shifted into more of a seller's market. The number of homes currently listed for sale without offers in Las Vegas is only a three month supply of homes. The National Association of Realtors views a six month supply of homes as a balanced market. More than that is a buyer's market. Less is a seller's market. By this

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Moving to a new city can be challenging.  On top of missing friends and family, how do you get to know the city and find a good neighborhood?  And how do you define the "best neighborhood"?  The best neighborhood for you may not be the best for everyone.

Should you rent for awhile to get familiar with the area before buying?  I considered that when I first moved to Las Vegas.  The idea of packing, moving and unpacking only to rinse and repeat wasn't appealing.  After looking at lots of homes and different neighborhoods, I found a great area.  My first Las Vegas home was perfect for me at that phase of my life.

Home prices in today's market aren't as low as they were a year ago. Leading economists now predict that prices will rise over the next 3 to

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Home values have re-gained some lost territory over the past year.  In Las Vegas, home values appreciated 25% over a year ago.  Fewer 
homeowners are underwater on their homes.  This is freeing many homeowners to consider selling.  It's easier to sell now than it has been in years, but there are still some things to avoid.

Top Ten Mistakes Home Sellers Make:

1.  Over-pricing.  Most sellers feel they can start out high and then drop the price.  They argue that they're leaving "room to negotiate".  If you price it too high, many qualified buyers will not consider your home.  They will decide you're unrealistic and wait to see if you drop the price.

High prices mean that your home will linger on the market.  Today's buyers know how long your home has

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It's official. Las Vegas has had a record warm Winter.  Average high was 52.3 degrees with a high of 81 on February 16. The coldest day was December 10 where we stayed at 26 degrees.  After the brutal Winter much of the rest of the Country has survived, it's no wonder that Las Vegas made Penske Moving Companies list of top 10 places people are moving.

In other real estate news, the Wall Street Journal has noticed an uptick in the Las Vegas luxury home market.  As WSJ observed, we have seen an increase in California buyers thanks to Prop 30's tax increases.  Our prices are still a bargain compared to CA and NY.

Homes For Sale - We now have 6465 Single Family Homes listed for sale without offers.  Condos, town homes and high rise condos add another

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We've all seen the ads in the newspaper, on TV and even on Realtors cars about selling your home in 30 days. Many will offer to buy it themselves, pay your closing costs or discount their commissions if your home isn't sold in 30 days or less. We stopped seeing those advertisements when the market was declining. Now that inventory is low and prices are rising, we're seeing them again.

Selling your home in 30 days or less is a challenge but it isn't rocket science.  In January of this year, almost half the homes sold through the Greater Las Vegas MLS were on the market 30 days or less.

Here are some steps to get your home sold in 30 days.

Price it Right.  A good Realtor can give you the latest comps for homes that have sold in your neighborhood.

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As the winds of March arrive, we find 428 condos listed for sale in the buildings we track for our monthly report.

In February, we sold 39 units in these buildings.  After a slight dip in January, this was welcome news.  Over the past year, we averaged 50 closings per month in these buildings. Considering that February is a short month, 39 isn't bad.  The current inventory would be gone in 11 months at the current absorption rate.

 Best high rise news of the month -

NV Business magazine reports that ONE Queensridge Place had a stellar 2013.  They recorded 55 transactions worth more than $100,000,000.  According to the report, ONE Queensridge Place only has 17 "new" units remaining.

What sold in February?  Only one of the closings was a short

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Homeowners Associations are also known as Common Interest Communities.  Some homeowners prefer owning in them.  They provide a sense of stability and security.  If you want a luxury home in a guard-gated community, expect an Association.

For other homeowners, an HOA can feel like your parents are still telling you what you can and cannot do.  There's also the matter of the monthly fee.

A few things you should know Homeowners Associations -

Find out what you're buying into before you buy!  NV State law mandates that sellers must provide a copy of the Homeowners Association Documents.  This includes the Rules & Regulations, Bylaws, Financials, etc.  The copy should be current with minutes from recent board meetings included.

At the peak of the

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Woodside Homes Andorra community in the Paseos of Summerlin offers seven different homes in a gated community.  Located just North of the Paseos Park, and East of Red Rock Conservation area, this is an ideal location for those who like to be outdoors.

The Andorra gated community includes two separate phases.  Castille at Andorra offers three designs that range from 2236 sf to 2518 with 2 car garages.  Prices for the Castille homes start in the high $300's and go just over $400K at the moment.  Seville at Andorra has four plans, including a single story 2013 sf home that offers a 3 bay tandem garage.  The other three plans at Seville are two story homes that all feature 3 bay garages.  Prices currently start just under $400K for the single story

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