May 2014

Found 7 blog entries for May 2014.

VA Loan InfoThere are advantages for those who buy their home with a VA Mortgage.  The most popular is it allows buyers to purchase with Zero down.  This conserves your cash for expenses like moving or furnishing your new home.  Other advantages include more relaxed credit score criteria and favorable interest rates.

The Pros of VA Loans have been outlined in these articles:

"What Are the Best 12 Reasons for Choosing a VA Loan?" by Rosemary Rugnetta includes many advantages a VA mortgage can offer.  One of our favorites is tenth on  list.  VA Home Loans can be assumable.  Today's low interest rates could make this a valuable marketing tool in another 5 to 10 years.  Interest rates are likely to be higher by then.

VA Loans"Lesser Known Facts About VA Loans" by

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Whether you are buying or selling a home, "days on market" is a term you are likely to hear from your Realtor.  The number of days a Days On Market and Home Saleshome has been listed can be useful info when viewed in context of the over all market.  How quickly homes are selling is going to vary from one price range to the next and from one neighborhood to the next.

Using Las Vegas as an example, 50% of the homes that sold in April 2014 were listed for 30 days or less.  The following table gives a breakdown of the prices ranges for the homes that closed with less than 30 days on the market:

Homes priced at $200K or less sold quicker.  We sold 24 $1 Million plus homes in April.  The average DOM for this bracket was 98.  Only 8 of the luxury homes sold in 30 days or less.

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Pros and Cons of High Rise LifestyleThe option of buying a high rise condo is no longer restricted to big cities like New York. Tall buildings with windows that sparkle in the sun have popped up along coastal areas and in smaller cities like Las Vegas.  The high rise life style appeals to many buyers but isn't perfect for everyone.

Whether a condo is the right choice for you depends on your lifestyle preferences and your budget. Karen Highland's "Is Condominium Living Right For You?" poses some great questions for anyone who is debating whether to buy a single family home or a condo.  Whether you're buying a high rise condo or a traditional condo, you will find some of the same drawbacks Karen mentions.  Storage space is likely to be limited.   You will have to obey the building's rules

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Latest trends in Las Vegas Real EstateThe bargain basement deals have faded but we are still finding some great values available in Las Vegas.  As Clear Capital reported in their monthly report, the values are now found in mid-priced homes.  Las Vegas is still in Clear Capital's list of top Metro Markets at 5th place with 17.9% appreciation over last year.

The number of homes for sale in Las Vegas and Henderson continues at a stable level.  Predictions of shadow inventory flooding the market still haven't materialized. We have 6380 single family homes for sale without accepted offers. Buyers who will consider condos or town homes have a 2337 options available.  We have a total of 8717 homes for sale in the MLS.

Only 6%, or 539 of the homes available are foreclosures. Unfortunately, 13%

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Las Vegas high rise real estate

Residents of Las Vegas high rise buildings near the Strip now have a new attraction to enjoy.  The High Roller at the Linq has finally opened.  The ride takes about half an hour.  If you live in a high rise, you don't need to ride it to enjoy great views of the Strip.  The Linq itself is also a nice little Street that has a "neighborhood" feel.  Not sure the ride itself is going to be a great hit but we love how it lights up the skyline. One of the best places to see it is from our new listing at Metropolis.

Las Vegas High Rise MarketWe've entered May with 415 condos for sale in our favorite high rise buildings.  Although sales have been slow in this sector the past few months, this is a slight decline in units available.  Last month it was 446 when we did our update.

We

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Be prepared for where the appraisal may come in.Low appraisals can result in deals that are re-negotiated, delayed or cancelled. This is one reason sellers prefer cash buyers who waive the appraisal contingency. FHA and VA loans where buyers are putting little or zero down on the home are especially conservative. This has made it difficult for many entry level buyers who are competing against cash investors.

Why are appraisals causing so much difficulty? An appraisal is based on past history, sort of like looking in the rear view mirror. The appraiser uses recent comps that are  as close to the subject property as possible.  In some markets, appraisers have to subtract for a "declining market".

Now that the market is improving, appraisers may not have to subtract from the home's value. However,

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High Rise Condo at Metropolis360 E Desert Inn, #1601 L.V., NV 89109 at Metropolis just came on the market.   This 2665 sf luxury high rise condo offers 3 bedrooms, 3.5 baths with lots of closet space and parking for 2 cars in the garage. Even the laundry room is a nice size with side by side machines and cabinets. Yes, you have room for an ironing board in this laundry room. Each bedroom has its own private bath, perfect for guests or room-mates.  Finishes include travertine floors throughout, granite counters, custom tile work in bathrooms.

Metropolis has long been one of our favorite high rise buildings.  It's located just West of Paradise. That makes it convenient to the airport, UNLV, the Convention Center and the Monorail.  A short walk to the West and you're on the

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