November 2014

Found 4 blog entries for November 2014.

Las Vegas Home ValuesMost home buyers are concerned about how high their property taxes will be.  You can negotiate the price you're willing to pay for the home you buy but the amount you pay in property taxes isn't negotiable.  If the taxes on your home seem unusually high you may be able to challenge them. 

In Nevada, you only have a one month window to challenge your property taxes.  Each year, the County Assessor will review disputes for one month.  The window starts on December 15th and continues through January 15th of the next year.  If you miss this window, you will have to pay the assessed amount until next year's window.

Before challenging your taxes, we should take a look at how they're calculated.  The Clark County Tax Assessor's website states, 

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Homeowner's Associations sometimes get negative reviews.  Ever had to pay a fine for something trivial? Did you leave a garage door open?  Let the wind blow your empty garbage can down the street?  If you answered you may not be a fan of HOAs.  Some HOAs are lenient.  Others will fine you the minute they spot a dead leaf in the landscaping.

The goal of most HOAs is to preserve and maintain property values.  If you live in a well run HOA, most of your neighbors will maintain their homes.  You are less likely to have neighbors with a collection of junky cars in front of their house.  Top Massachusetts Realtor Bill Gassett posted "How To Deal With Bad Neighbors When Selling a Home".  If you live in an HOA, it will be easier to deal with bad neighbors.

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Home buyers have a total of 10702 choices of homes for sale today. This includes 8168 single family homes, 1997 condos/townhomes and 537 high rise listings.  Last month we had reached 10530.  This month's inventory is a slight increase but not alarming.  When we did our update last November, we had a total of 9251 homes listed for sale.

Short sales account for 1314 of the current listings. That's down to 12.47% of the market.  Down from 15% last November.  Only 455 of the current listings are foreclosures. That's 4.3% compared to 7.8% last year.  A total of 16.77% of today's listings are distressed.  That's a nice improvement over the 22.8% from last year.

Homes SOLD in October 2014

We sold 2238 single family homes.  Add another 550 condos and

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We have 433 condos listed for sale in the MLS today.  Available inventory has been staying at this level for most of 2014.  We sold 55 condos in the buildings we track, last month.  That's one more than last month and the highest number we've sold in one month all year.

Over the past twelve months, we've sold 43 condos per month on average.  If sales continued at that pace, the current inventory would last for 10 months.  The number of condos listed for sale still favors high rise buyers rather than sellers.

Las Vegas High Rise News

The Ogden is now offering condos for sale at 150 N Las Vegas Blvd.  This building was completed in the midst of the housing downturn.  Only a few of the units were sold before the building was taken over by creditors.

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