April 2014

Found 8 blog entries for April 2014.

Most frequent home buying mistakesBuying a home is a combination of stressful and exciting.  Most of us don't buy a home every day so even folks who have bought before may feel like first time home buyers.  Here are a few things to remember when you start planning this journey.

1 - Do It Yourself House Hunting.   Running around to open houses might be fun but it can waste a lot of time and gas money.  Hire a Realtor.  An experienced agent will be your best source of information on the local housing market.  Their access to the MLS will allow them to show you all listings that meet your criteria as soon as they come on the market.  They will help you negotiate the best possible price for your home.  In fact, an experienced Realtor will help you avoid the mistakes on this list.  For more

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What to do with the family home while divorcing.Deciding what to do with your home during a divorce is one of the most difficult decisions couples face.  Should you sell the home?  The answer to that question is going to vary from one couple to the next.  It will depend on your financial situation as well as your feelings about the home.

Start by determining how much equity you have in the home.  Find out how much you still owe on the mortgage.  Get an experienced Realtor to give you an idea of what the home would bring in the current market.  Will the home sell for enough to pay off the mortgage?  We have heard stories of couples continuing to live together just because they had negative equity in their home.  If the home isn't worth what you owe on the mortgage and neither of you can afford the

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Buying a new home can be exhilarating and stressful at the same time.  This is true in any price range.  In the luxury market there are some unique challenges.  We recommend luxury home buyers keep the following tips in mind as they're finding their new dream home.

Luxury Home Buying Tip # 1 - Start by finding a qualified Realtor

You'll want someone who not only knows the area but knows the communities and homes in your price range. They should be able to tell you about each of the most exclusive communities in the area.

Looking for a contemporary style home in one of Las Vegas' guard-gated, golf course communities?  An experienced agent would know the Ridges of Summerlin homes are contemporary. They'd also suggest MacDonald Highlands in

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The number of homes purchased with cash in Las Vegas reached 60% at the peak of the investor frenzy.   This is trending down in 2014.  January and February had 47% cash purchases.  In March, 43% of the homes sold were cash deals.

Why Should You Pay Cash For your Home?

No Financing Available - There are some types of property which can't be financed. Many of our condominiums do not have financing available.  Banks shy away from complexes if there is litigation. That rules out many condominium properties where the HOA has sued the developer. Lenders dislike having more than 50% of the properties occupied by tenants.  This makes financing impossible in a lot of our condo complexes.

Financing dried up in the high rise market in 2008 when banks

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Las Vegas is heating up. By mid-week The Weather Channel predicts highs of 91 degrees. The housing market is also heating up.  A recent CNN report "Homebuyers Getting Priced Out in Cities Across U.S." had Las Vegas in the No. 1 spot of the top ten hot markets.  We're not as alarmed by the price appreciation as CNN.  You can still buy a home for less than you can rent.  There are still nice homes for less than $200K.

The Greater Las Vegas Association of Realtors reports> that the median home price is now at $195K, up 21.1% over this time last year.

The median price of a home is rising and interest rates are likely to rise by the end of the year.  Buying sooner rather than later is our advice.

Homes For Sale - Our MLS currently has 6436 single

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We've entered April with a bit more inventory in our high rise buildings. There are currently 446 high rise condos available in the top  buildings in town.

In March, we sold 40 condos in these buildings. If no new high rise condos came on the market, the current inventory would be gone in 11 months. More than six months is a buyer's market and the buyers still have some options in this segment of the Las Vegas housing market.

Days on Market - Sixteen of the condos that closed in March were on the market for 30 days or less.  This is skewed with the developer units at Mandarin and ONE Queensridge.  Those are often entered into the MLS the day it goes into contract.  Days on market for the units that lingered more than 30 days ranged from 40 to 373.

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Today's home prices have many soon to be retirees looking at buying retirement homes while prices are low.  Some buyers turn the home into a rental property while they're waiting to retire. Others use it as a second home until they make the move. Depending on your specific situation, this may or may not be a good idea.

Start with your accountant and/or estate planner. They will be able to point out tax consequences that may result from buying your home in another State. They may suggest whether you should pay cash or secure a mortgage on the retirement home.  Buyers approaching retirement age often prefer paying cash. Not having a monthly mortgage payment is great. However, today's interest rates are still attractive.  The mortgage interest deduction

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Is it best to buy a new home or an older home is a question most buyers consider.  Do you prefer the contemporary style of today's new homes?  Or the more traditional style of homes built more than ten years ago?  The majority of buyers in Las Vegas prefer newer construction if they can find it at the right price.  Which option is best for you will depend on your preferences, budget and time frame.

Here are a few considerations in the New Home vs Older Home debate:

Energy efficiency - Hands down, this is one of the best reasons for purchasing a newer home.  New homes have more energy efficient heating/cooling systems.

They may feature energy star windows and upgraded insulation.  Builders who use the Energy Star trade mark may even provide an

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