Skye Canyon Master Planned Community Announced

 

Skye Canyon master planned community has been announced and will be located in northwest Las Vegas.  Situated on 1,700 acres, this master planned community will eventually have 9,000 homes along with hiking and biking trails.  This community is being developed by Olympia development which is best know for the award winning Southern Highlands community in southwest Las Vegas.  Skye Canyon, will be located near Grand Teton and US 95, just north of Centennial Hills and adjacent to Providence master planned community.  Ground breaking is set to take place in early 2014 with homes available by late 2014.  To get the latest updates on Skye Canyon master planned community, use this link and then click on "Contact Us".

Brand New Homes on Sale

Most national home builders are publicly traded companies and there fiscal year will end with the calendar year.  What this means for consumers wanting a new home is now is the time to buy and make it quick.  Any home builder with standing inventory is shaking in there boots right now.  They need the inventory off the books regardless of cost or loss.  There are some good specials to be had here in Las Vegas.  Some builders are including all appliances and will pay all closing costs and even willing to drop the already reduced price.  The price on new homes has shot up over the past few months but with these year end specials, they are a great deal.  After December 31st, the builders won't mind the homes sitting again until the jump in the market that happens virtually every spring.  For the latest deals check out brand new homes on sale and ring in 2014 in a beautiful new home.

Brand New Townhouses from $122,990

The prices of homes in Las Vegas have shot up over the last several months.  I have found an amazing deal in northeast Las Vegas.  Brand new townhouses available from 122,990.  These are not just basic townhouses either, they feature two car garages and include granite counter tops and are being sold completed meaning all appliances and window coverings are included. 

The community, Cliffs at Dover,  located near Nellis Air Force Base has easy access to I-15 and is a guard gated community with a clubhouse and swimming pool.  Once completed the community will have 500 homes.  These brand new townhouses from $122,990 are selling quickly and have great financing incentives for first time home buyers. 

Las Vegas Real Estate Stabilizing

The Las Vegas real estate market has been hot over the past few months.  It appears the heat just like summer is leaving.  The Greater Las Vegas Association of Realtors announced yesterday that the average home price in September was down 1.1% from August 2013. 

There are several reasons this may be.  I can attest that as an active Realtor in Las Vegas I have seen some neighborhoods that have dropped a couple thousand dollars but this is certainly not across the board.  I expect the main reason in the average price dropping is that more lower priced homes were sold and fewer higher priced homes.  When you average it this will show a slight drop.  Prices certainly are stable and are not falling like a brick. 

As a Realtor in Las Vegas my main objective, besides providing the best service to my clients, is keeping a pulse on the market.  The market started cooling in the middle of August and is not chugging along with no help from the government shutdown but I will save that for another post.

If you have been thinking of selling, now is a great time as prices are up significantly for the year.  Las Vegas real estate is stabilizing and you can get a free report on the current value of your home here.

Las Vegas Becoming A Buyers Market

No, Las Vegas is not becoming a buyers market anytime in the immediate future.  However, the market is certainly stabilizing.  There are now nearly 6,000 single family homes available which is up about 50% in the past month.  Multiple offers are still happening in various parts of the valley.  Particularly the southwest and Henderson areas.  Now, sellers are getting greedy.  With more homes on the market, prices have stopped rising so quickly even falling slightly in a couple areas. The new thing I am seeing daily in working with home buyers is that the sellers are asking to waive the contingency on appraisal.  I don't recommend doi9ng this unless you are able to pay the difference in cash.  See homes in Las Vegas here.

Relocating to Las Vegas

Now that you have realized you are relocating to Las Vegas, where do you live.  Unfortunately budgets sometimes dictate where we live but you still have choices.  If you plan on purchasing a property, learn the area and be realistic with your expectations.  Summerlin and Green Valley are very desirable area in the Las Vegas valley.  If you intend to purchase a home in Summerlin or Green Valley plan on paying at least $150,000 for a condo and over $200,000 for a house.  There are adjacent areas that are less but home prices have risen over 40% in the past year and the great bargains are simply nonexistent.

Foreclosures are still plentiful here in Las Vegas but with the recent price increases, banks have realized this is their chance to make some of their losses back.  Foreclosures are now typically listed at top price and do usually need work.  Inventory remains low, so just getting your offer accepted is a good deal even if it means you are paying top dollar. 

Set your dreams of the mansion aside and think really where you want to live.  What is important, being close to work, having great restaurants in the area or having easy access to the freeway?  These are the things to think about and then make your decision where to live.  Relocating to Las Vegas has never been easier with Mike Kruse as your Realtor / personal moving guide.

What Higher Interest Rates Mean For Las Vegas Real Estate

People have been asking me over the past week, what higher interest rates mean for Las Vegas real estate?  The answer is complicated but in the short term, I view it as a good thing.  How can higher interest rates possible be good?  It is easy, the higher rates will send some home buyers to the side lines and this will bring multiple offers to a stop and the people that really want a home will still be able to get into one, just without the fight now.  While they may pay a little more to own the home, current rates of 4.5% are still considered historically low.  Even if rates go into the 5%-6% range, most people will still be able to get the home they want.

Now the down side to what higher interest rates mean for Las Vegas real estate.  Sellers, will see home prices stabilize and the large increases over the past 6-8 months are already slowing.  I do not see a housing bubble or a decrease in prices at all.  I think the only way housing in Las Vegas would decrease in value in the near term is if interest rates shot over 7%. 

The bottom line is inventory of homes on the market is increasing so the law of supply and demand are kicking is and prices are leveling off.  Buyers will be able to buy and sellers will be able to sell.  This will certainly be more of what is considered a "normal" market. 

Click this link to search for your new home.

Ride The Real Estate Wave

If you already own a home, you have been riding the real estate wave.  The good news is the surf is up.  With prices here in the Las Vegas area up over 30% just since the beginning of the year.  While it has been tough for home buyers, especially buyers that are financing, there is hope in sight.  The bad news / good news is that interest rates have crept up a bit over the past few weeks.  While not significant, it will put a few people on the sidelines.  Additionally, some buyers will get a little more aggressive with their offers so they can seal a deal before rates inch higher. 

Foreclosures have been down a bit but banks seem to be taking steps to continue foreclosure processes.  33% of home sales here in the Las Vegas area in May 2013 were still short sales.  If you purchased a home from 2004 - 2006 you are still likely upside down.  If you are in a position that you cannot or don't want to ride the wave any longer, short sale now.  The short sale process takes several months and you must close escrow before December 31, 2013 to avoid paying taxes on the difference between your mortgage payoff and your sales price.  Effective January 1st that will once again be considered income and you will be responsible for any taxes owed on that deficiency.

Really overall there is no better time than now to ride the real estate wave.

Sell Your Home in 72 Hours

Here in Las Vegas you can sell your home in 72 hours.  The current market is crazy and with the continued low interest rates, buyers are everywhere.  Prices are up 30% over this time last year and there are fewer short sales because prices are up.  In April 2013, 55% of home sellers received cash at the close of escrow. 

Here is the deal, I have a buyer with $1 Billion dollars in cash wanting to buy homes.  If you don't want people trampling through your home, this is the way to go.  This buyer will pay current market value and will not try to under cut you. 

With my 72 Hour listing, you sign the listing agreement, I contact the buyer and tell them about your home.  They will either view the property or write an offer based on the photos I take at the listing appointment.  If after 72 hours, you do not have a fully executed contract and you are free to go about your business. 

The only fine print is that the home must be in the Las Vegas valley.  This deal is valid until the billion dollars is spent.  No reason to wait when you can sell your home in 72 hours.  Contact me at 702.286.3434 or email mike@lvhomesbymike.com

Las Vegas Homes Are Undervalued

According to Trulia, Las Vegas homes are not just undervalued, they are the most under valued in the United States.  The Las Vegas housing market is under valued by 24% according to the study.  I could not agree more as I am seeing this everyday.  Multiple offers well over list price are normal in the current real estate market here in the Las Vegas valley.  Buying a home is not an easy task.  In a normal market you would go find the home you like, negotiate the price and be done.  Now finding the home is most of the battle.  Just this week I experienced a situation where I presented my clients offer in person in hopes of winning over the other 13 offers. 

Some people will argue that with prices going up that this is another housing bubble.  Jennifer Robison at the Las Vegas Review Journal said it best "The only bubbles in Las Vegas are in the nightclub champagne."

If you want to purchase a home, you need to be aggressive.  Don't pay attention to the list price.  Go based off what you feel the value is and comparable sales in the area.  Unless you are paying cash, you will need the property to appraise at the sales price in order for you to get a mortgage so don't be afraid that you are over paying.  In some instances the appraisals are coming in low but sit down and review the appraisal with your agent.  You may still be better off paying the appraisal difference in cash than starting the race to find another home.  As long as Las Vegas homes are undervalued, expect multiple offers and sales prices well over the list price.  It is a great time to be a home seller.  To buy or sell a home in the undervalued Las Vegas home market use this link.

Buyers Smell

Saying buyers smell, I don't mean they stink.  Home buyers use more than their eyes when deciding on a home to purchase.  I have shown several homes over the past few days, most vacant properties.  As soon as the front door is opened, it hits you.  The smell! 

When selling your home not only does it need to look good, it needs to smell good too.  It is amazing what a coat of paint can do and if you have pet or cigarette odors in your carpet you may consider replacing it.  Not only will your home sell faster, it will likely get more in return than the cost of the carpet. 

On nice days or evenings, open your windows and allow your home to air out and let the fresh air in.

If your home is listed  for sale make sure to empty the trash regularly and make sure their are no dirty dishes in the sink.  Odors can be more offensive to people than holes in walls.  A hole in a wall, a prospective buyer knows they can patch but a smell they are unsure what it will take to get it gone.

Click here to search for your new home that is odor free.

What Will My Payment Be?

When shopping for a home, the question always in your head is "What will my payment be?".  The best thing to do before you even begin home shopping is to find out how much home you can afford and what payment you are comfortable with.  Speak with a loan office at your bank, credit union or local mortgage broker.  Find someone reputable.  The number 1 reason real estate transactions don't close is because the loan officer fails to perform or flat out lies to their client.  Another great resource for a reputable mortgage person is your real estate agent.  I have a group of people I work with on a regular basis and I know who can and cannot get the job done properly and professionally.  Get pre-approved and you know what you can afford and an idea of what the payment will be.

Lake Las Vegas Real Estate

As the weather heats up, our minds turn to cooling off. Where better to cool of than Lake Las Vegas.  Lake Las Vegas real estate is on the rebound just like everywhere else in the Las Vegas and Henderson areas.  With homes ranging in price from $228,000 up to $4 Million.  Condos start in the mid 100's. 

There is life in the Village at Lake Las Vegas too.  All the hotels in the community are open as well as Casino Monte Lago  and all the shops and restaurants in the village along the lake.  Oh, don't forget about the golf. 

The Italian architecture along with the peaceful serenity of the desert makes Lake Las Vegas a place like no other.  Being out at Lake Las Vegas is like a world away from the rest of Henderson and the Las Vegas valley.  Although still close enough to be on the Las Vegas strip in 25 minutes.

Imagine waking up with the sun glistening off the lake and nearby foothills block the city lights just enough for picture perfect views of the stars at night.

To view homes and scope out Lake Las Vegas real estate use this link.

Where to Live in Las Vegas

I get asked all the time, "what are the good areas?".  Real estate professionals or Realtors, cannot legally speak to what a good or bad area is.  It is open to interpretation. What is a good area to you may be a bad area to someone else.  So deciding where to live in Las Vegas can be overwhelming to someone new to the area.  Ultimately you need to decide if schools are a factor and what about shopping or dining, do you want to be in the middle of it all or in a rural area. 

Each area of town offers something unique that other areas do not.  Here are just a few examples:

South West Las Vegas: New Wet & Wild water park
North West: Easy access to Mt. Charleston and Floyd Lamb State Park
North East: Close to Nellis AFB and downtown Las Vegas.
South East / Henderson - Lake Mead National Recreation area and Boulder City

Use this link to view school rankings and crime by zip code and discover where to live in Las Vegas !

Searching For The Perfect Home

When you are searching for the perfect home, be realistic with the market.  Don't fool yourself, it will only lead to disappointment. If you are serious about purchasing in the Las Vegas or Henderson real estate market currently, don't expect to find a 2,500 sq. ft. home with 4 bedrooms for $150,000 unless you are willing to go near downtown or the northeast area of the city.  In most areas of the Las Vegas Valley, home prices are nearing $100 per square foot.  Even higher if you are looking in Summerlin. 

With interest rates still remaining very low, most people don't realize they can raise the purchase price while still remaining well within their budget as far as the monthly payment goes.  If you are searching for the perfect home and you know what to look for to stay within your budget, the buying process will be much easier and you will be happier.  I stongly recommend speaking with a loan officer to see what you qualify for and get an understanding of what your payment will be before looking at that first house. 

Click here to begin searching for the perfect home or I can also put you in contact with a licensed mortgage professional.

Equity in Las Vegas Real Estate

The real estate market here in Southern Nevada had been so poor for so long that short sales and foreclosures were the norm.  Now there is equity in Las Vegas real estate.  Last month 55% of existing home sales were traditional sales, meaning the sellers sold for a profit.  This is the first time this has happened since 2008.  For someone contimplating on selleing a home, now is the time.  Buyers are buying because interest rates remain low and they are afraid prices will continue to rise, so they want in now.  If prices do continue to rise many buyers will be priced out of the market and we may begin to see a retreat in prices again which will also mean more inventory.    To see where you stand on your homes value, click here for a free report, emailed directly to you.

Buying a Home in Las Vegas

Buying a home in Las Vegas in the current market is certainly a challenge to say the least.  As of this morning there are 3,605 single family homes on the market in the Las Vegas valley which includes Las Vegas, North Las Vegas, Henderson and Boulder City.  That is roughly about 3 1/2 weeks supply.  A good market where everyone that wants to get a home can, on the 1st offer typically yoiu need at least 8,000 homes to be available.  Inventory obviously remains very low.  The lower the price, the tougher the purchase.  Even in the $400,000 range it is a challenge simply due to lack of supply in some neighborhoods.  There are areas in the Vistas village in Summerlin where there are 3 subdivisions without a single home available and it has been that way for the last 2 months.  In these neighborhoods, if a home does come on the market, the owner can just about ask any price and take offers.  Multiple offers are happening everywhere in the Las Vegas valley.  If you have just started looking and you think you found "the" home, you will soon realize buying a home in Las Vegas is more difficult than you think.  Be prepared to pay up to 25% + over the list price if you really like the home and don't even think about asking the seller for any concessions such as closing costs or doing repairs.  With that said, I did get 2 accepted offers for clients last week.  Buying a home in Las Vegas is a challenge but worth the effort.  Click this link to browse and see what is available today.

Homes in Inspirada Community of Henderson

Homes in the Inspirada community of Henderson have been sprouting up since 2007 just west of the Anthem community.  Inspirada is a master planned community that has a real sense of community.  The neighborhood was designed with outdoor activities in mind.  Parks, pools and walking trails are just a few of the distinct features in the community.  The homes and townhouses that lie on the interior of the community all have "rear loading" garages, meaning garages are located in the back of the homes and they are accessed via alley ways.  Some homes are situated on "walks" instead of streets.  The walks have 6-8 homes and in place of a street between them there is a large grassy park like setting, giving the illusion of a large front yard.  All homes in the Inspirada community of Henderson also have access to at least one community pool.  Some townhomes feature rooftop patios.

The Inspirada community is still being built out.  The current home builders in the neighborhood are KB Home and Toll Brothers.  The homes range in price from the mid $100's to high $300's and range in size from 1,000 Sq. Ft. townhouses to large 3,000 Sq. Ft. single family homes.  The homes are 1 and 2 story with some a few 3 story townhouses and Brownstone style condos.

Click here for homes in Inspirada community of Henderson as well as homes throughout the Las Vegas valley.

New Whitney Ranch Community

The new Whitney Ranch community being built by DR Horton will have over 200 homes when completed.  This is the first new community in this area of Henderson in several years.  Popular because it is close to the Sunset at Galleria shopping center along with restaurants and shopping along Stephanie Street and Sunset Road.  The subdivision features one and two story homes and prices start in the high $200,000's. 
 
The builder, DR Horton, is putting a lot of pride and craftsmanship in this new Whitney Ranch community.  Granite counter tops are standard in the kitchen and they offer great options for built in desks and additional cabinet areas throughout the homes.  With homes ranging from 2,430 - 3,180 square feet, there are plenty of options for every family.  With average lot sizes over 6,000 square feet and larger lots available, this provides for great opportunity for outdoor spaces, barbeque area, outdoor dining and even a swimming pool. 
For your personal new Whitney Ranch community tour, contact me to set an appointment at 702.286.3434 or email mike@lvhomesbymike.com.  Click the following link to find additional homes in the Whitney Ranch community .

Preparing to Sell Your Home

Before you put that for sale sign up, there are some basic things every homeowner should do to get the highest price for their house when selling.

1) Curb Appeal - Actually drive by your home as if you are looking to purchase.  How does your home look from the street?  Need to pull a few weeds?  Spending $30 on a few plants and flowers at the local nursery can get you thousands back when you sell.

2) Stage your home. Do you want potential home buyers looking at your photos or your house.  Take down all personal items, this will allow buyers to picture their belongings in the home.  Have as little as possible on those beautiful granite kitchen counters.  Keep the bed made and the house clean.  You never know when the next potential buyer will come through, be prepared.  A clean home that looks good can get more offers and up to 20% more than the exact same home that is cluttered and un-tidy.

3) Ask friends and family for honest feedback and be open to criticism. Be willing to make the changes people suggest.

Just following these couple steps will help you sell your home quickly and at the highest price.  If you are in the market to sell you home in the Las Vegas, Henderson or North Las Vegas area, I will be glad to assist you through the process.  Click here for a home price evaluation.

Brand New Henderson Neighborhood For Sale

In the Whitney Ranch area of Henderson, there is a brand new subdivision that just opened this weekend.  I had the privilege of touring the community on Friday before anyone else.  There are 1 and 2 story homes on 6,000 Square foot lots and larger.  The homes range from 2,430 - 3,180 Sq. Ft.  This are is the first brand new community in this area of Henderson in several years.  Prices from the high $200's - mid $300's these homes are a great value with how close they are to the shopping, dining and entertainment areas of Henderson.  Contact me directly at 702.286.3434 to arrange your personal tour of DR Horton at Whitney Ranch.  Homes are currently under construction and will be available to move in soon. Avoid the multiple offers you are fining everywhere else and buy in a  new community in the early phases and get built in equity.

Silverado Ranch, Real Estate Hotbed!

The Silverado Ranch neighborhood in south Las Vegas is a current hotbed for real estate in the Las Vegas area.  For most people when buying a home it is the old adage, location, location, location.  Silverado Ranch is all about location.  With easy access to I-15 and I-215 plus easy access to Las Vegas Boulevard and the "Strip" and of course there is all the shopping and dining along Eastern Avenue plus easy access to The District at Green Valley Ranch.  Entertainment? Yes, Silverado Ranch is the location for that as well with the South Point, M Resort and Town Square all within a few minutes of the neighborhood.  There is something for every lifestyle in Silverado Ranch and it also is an affordable neighborhood in comparison to nearby Anthem and Green Valley.  If you are looking for a home for sale in Las Vegas, consider Silverado Ranch, use this link to search homes in Las Vegas and Henderson, NV

Home Prices up 30%

The Greater Las Vegas Association of Realtors (GLVAR) announced on Tuesday that home prices in the Las Vegas valley are up 30% year over year, ending March 2013. Additionally, home prices in the area soared up 7% between February 2013 and March 2013, that is a huge jump in a single month. Anyone looking to buy a home in Las Vegas or Henderson, this comes as no surprise.

Getting Your Offer Accepted

In the crazy market we are in, with the lack of inventory, it is important your offer stands out and makes the seller scream "SOLD!" when they see your offer.  Below are tips for you and your real estate agent to ensure your offer gets the most attention.

1) Make It Clean - Do not ask for anything extra.  If you can, pay your closing costs, don't ask for them to be paid by the seller.  That beautiful sofa in the living room, don't ask for that either.  I will always ask the seller for a home warranty and I always ask my clients to get a home inspection when purchasing.  Where I encourage my clients to make a concession is do not ask for repairs after the home inspection.

2) Give the highest offer you are comfortable with.  An extra $2,000 dollars equates to about $12.00 a month in your payment.  Wouldn't you hate to lose the home over $12.00 a month.

3) Bump up the Earnest Money Deposit.  If they are asking for $2,000 EMD offer $2,200.  The seller will appreciate the gesture and know you are a serious buyer.

4) Have your agent contact the selling Realtor.  Know how many offers you are competing with and when the offers will be presented.  This will give you insight as how you need to structure your offer.

5) Pay cash or offer additional down payment if you can.  Home sellers love cash. 

6) Don't get emotionally attached.  This goes even after your offer is accepted.  If you are financing you need the property to appraise and if it is a short sale, the mortgage holder (bank) can come back a month or so later and say, sorry, we need X amount of dollars.

Just keep a stiff upper lip in the home fight and remember at some point you will WIN!

The $155K Home Buying Experience

To give you a real time taste of the Las Vegas real estate market, I will share what I experienced today with showing qualified clients two home in Henderson, NV.

The first home was listed last Tuesday but the notes on the MLS stated the home was only available for showing from 11:00am - 4:00pm Saturday April 6th.  I called and made an "appointment" for my clients to view at 3:30pm.  We walk up to the home, another family is leaving and another pulling up.  We walk in, the home is absolutely immaculate, nice back yard and great roof deck with a view of the mountains as well as the Las Vegas Strip.  The home while nice and clean was not over done with crazy upgrades.  The owner of the home was taking Realtors business cards and jotting names on a long list.  I asked if she knew of any offers and the answer was "at least 20". 

The second home we went to was 4 blocks away and listed for only $100 less than the previous home.  This home has an overgrown, weed filled front yard.  The inside was very basic and 200 sq. ft. smaller than the previous property.  This home also has no offers and has been on the market for a month.  While my clients we not amused with this property they knew they have no chance of getting the first home since they do not want to pay over list price, they are considering putting in an offer on this second home just so they can get into a place to call their own.

Las Vegas Real Estate Looking up

Yesterday I wrote about Las Vegas having the highest appreciation of home prices in the US.  Well, last night I had the opportunity to list to  Professor of Economics at UNLV Stephen Miller speak.  He took to the stage in front of approximately 200 real estate professionals.  He had all kinds of charts and graphs to discuss where the Las Vegas real estate market has been and where it is headed.  Professor Miller demonstrated several time the "bubble" in the market from 2007 - 2012.  Additionally Professor Miller also showed how the market is recovering and that under no circumstances does it appear that we are entering another bubble.  The bottom line is the housing market crashed so bad, the recovery we are seeing actually appears modest but is expected to continue.  Professor Miller also stated he expects interest rates to remain low for quite some time.

The event I attended was at The M Resort and was sponsored by Chase Bank.  I have to just say, I am very impressed with the mortgage programs Chase offers, particularly for first time home buyers and condo financing which has been an issue here in Las Vegas the past few years.

If you are looking to buy or sell in the Las Vegas or Henderson area, please contact me for a free consultation.

Las Vegas on the Real Estate Rebound

Las Vegas has the fastest rising home prices for both single family and condos in the United States, this from Chief Economist at Trulia, Jed Kolko.  Until recently this spot had been held by Phoenix, AZ but due to a large number of investors coming into the real estate market her in the Las Vegas area, prices are up 26.4% year over year. It has only been 13 months since prices had bottomed out here in Las Vegas during the economic downturn.

Anyone that has been looking for a home recently knows the battle out there when it comes to buying a home.  Multiple offers are still happening everyday, although the higher the price of the home the easier the fight gets.  Homes prices under $150,000 are getting more scarse so expect to put in several offers before you get your accepted.  Prices of homes over $250,000 have less competition but in certain neighborhoods, like some areas of Summerlin, you may have 10 buyers thrying to get the same home.  There simply are not enough homes on the market.  If you are looking to sell, now is the perfect time.View Homes Here

Home with a Pool, Please!

Here in Las Vegas where the temperature is over 110 degrees for weeks on end every summer, homes with pools are very popular.  Does every home have a pool? No, in fact, only about 10-15% of homes in the Las Vegas valley do have pools.  About another 10% are in neighborhoods with community pools. 

Things to remember with pools, the cost to keep a swimming pool up can be up around $100 a month year round.  As spring warms up and you are looking at homes and you think, summer is coming, I need a pool, remember the cost to keep it up and also expect to pay a premium of $10-20K for that beautiful water oasis that you may only use once a week for 3 months a year.

It is all about convenience too.  Having to step only feet into your private yard to take a dip and cool off sure beats getting in the car and hitting up one of the public pools or even one of the resorts on the strip for their overpriced water retreat.  When you put it in those terms the cost of your own pool is fairly insignificant. 

Oh, if you are relocating to southern Nevada and think you will just buy a lot big enough to have a pool built.  Talk to a local pool contractor first.  Here in the Las Vegas area, many neighborhoods have hard soil called Caliche.  Caliche is known as "nature's cement" and can be very costly to dig a pool in some neighborhoods.  When you look at homes with pools you will notice they are usually only 5-6 feet deep here in the desert and this is due to the cost of digging in the hard soil.  In southern California it is common to have a 9ft deep pool.

Find Home with Pool Here

Buy a Home or Rent a Home?

I have written about this topic before but as the market changes, some of the questions as well as the answers change.  Even though prices have risen over the past 6 months or so on homes here in southern Nevada, unless you have "free rent", it is better to buy in most cases. 

When making the decision to purchase there is more to think about than the cost now.  Think about the future, with rent you kiss that money goodbye every month. With a purchase a portion of the payment goes toward making that home yours and is essentially putting the money back in your pocket.  Additionally, as prices continue to increase you are building equity in the home and essentially making money.  Now as the past few years have proven, equity is not a guarantee. 

There are other things that factor into making a home purchase too like the age of the property.  In a rental the landlord or management company take care of maintenance issues.  When you purchase a home it becomes your responsibility.  This also make for a great reason to purchase brand new, the builder provides a warranty for anything that breaks in the home. 

There are some upfront expenses when purchasing a home such as the down payment, closing costs, appraisal and home inspection.  I do have ways to minimize your out of pocket expenses too, including down payment assistance programs.  Contact me for a personalized report emailed directly to you to see if purchasing makes sense in your situation.   

Real Estate Prices, Going Up?

I would like to thank the Las Vegas Review Journal for their annual report on real estate values here in the Las Vegas valley.  This map is probably what interests home owners most when they are thinking of selling their home. All but 3 zip codes had price increases for 2012. Click this link Las Vegas home values report from LVRJ.  Also email me at mike@lasvegashomesbymike.com and I will email you a copy of the detailed PDF file that shows each zip code and value on a Las Vegas valley map.

Perfect Investor or Handyman Home

View Home Here
This new listing close to downtown Las Vegas is perfect for an investor that is willing to complete the interior remodel that has already been started at this great property.  This home features 3 large bedrooms and is 2,025 square feet and is a deal at $99,900.  Plus additional square footage with a storage shed and a separate building that is set up as a game or party room.  Both outbuildings are in perfect shape and the main home needs flooring in the living areas and 1 bedroom plus a little TLC.  Both of the bathrooms and kitchen are in working order.  Just bring your appliances.  The home is located not far from the up and coming Fremont East District of downtown Las Vegas in the historic Huntridge neighborhood.

Prices Rising, Here is Proof

Back on February 27th, I blogged here about new homes in Las Vegas from $135,000, well fast forward one month and 2 days and the prices on the same homes now start at $152,000.  That is $18,000 in 31 days or $580 everyday.  Obviously the market will not sustain these types of increases because if they did, these homes will be over $300K by years end.  But if anyone is out there on the fence, thinking about buying now is the time before you get priced out.

Springing for a Move

It is spring time here in the desert.  As I am typing this, my office windows are open and I hear the birds singing.  Spring is also the time of year when most people decide to move.  Deciding the city or neighborhood to move to is usually the easy part.  Finding the perfect home and selling your current home and having everything coordinated time wise is where it gets tricky.

Having a great real estate agent isn't just nice, it is necessary.  If possible use the same agent to sell your current home and purchase the new home because they know your selling situation and can guide you best in the purchase of your new home.  When moving out of state or to a different city using the same agent is not always possible but the agent selling your home may be able to refer you to an agent they know in the area you are moving to.  That way the communication is open and there are no surprises.

Having a real estate agent that not just shows you property but actually works on your behalf to negotiate a great deal plus communicate the process along the way is vital to your move going as planned.

If you need to sell or purchase a home in the Las Vegas, NV or Henderson, NV area, please check out my website I will be glad to provide you the service you want and need.

Selling the Investment Home

A lot of people dabble in real estate investing by having one or two properties.  What happens to many investors is they have an issue with problem tenants.  Tenants that destroy the carpet and put holes in walls and of course don't pay the rent.  These property owners end up asking themselves, "Why am I doing this?" 

Investment property owners sometimes just don't realize how much work it is to be a landlord.  From the calls about the A/C not working to the letters from the HOA that the yard has weeds and chasing down the renter for the rent every month. 

Property management companies will take off much of the burden of being a landlord for a price.  Many companies charge 8-11% of the monthly rent.  But they also take care of any issues with disturbing the home owner minimally. 

Many of the homes coming onto the market are these investment homes where the property owner is just tired of being a landlord.  Now that prices have come up some they are able to turn a bit of a profit and cash out.
www.lvhomesbymike.com

Purchasing New Construction

With the recent inventory shortage of homes in the Las Vegas and Henderson areas, many people are turning to new construction, where they won't sell to investors, so they can get a new home. New construction is a great option but it comes with pluses and minuses. 

 The biggest hurdle is your time frame that you need to move.  If you need to move in 30-60 days and you purchase new construction, it may not work.  Unless the home builder has what is called, "standing inventory" or "quick move-in" which is a home ready or almost ready to be moved into.  The other down side is typically the price you see is the price you get, new construction is usually not negotiable.  The home builder may also "dangle a carrot" such as pay some of your closing costs if you use their mortgage lender of choice.  Occasionally, they will offer other incentives such as including a refrigerator or washer and dryer.

On the plus side of getting a brand new house is it is brand new.  New carpet, new paint and the peace of mind of new plumbing, electrical and roof.  Plus, most new home builders offer a home warranty for 1-10 years depending on the builder and the component of the home. Getting to choose what you want in the home is also a plus but remember that is also adds to the cost of the home.  That beautiful model you tour with the Italian marble floor and granite counter looks different than what is included at the price on the sheet given to you.
lvhomesbymike.com

Know Where You Buy Your New Home

Knowing where you buy your new home is not as easy as it sounds.  You know you want a particular area but do you really know the neighborhood?  It is up to the buyer to perform what is called "Due Diligence".  Due Diligence is learning about where you are buying.  Was the home the scene of a horrific or high profile crime? You need to know what is going on in the area too.  Anytime you purchase a home in Las Vegas, at some point in the process you will need to sign what is called a "Gaming Map".  The Gaming Map shows all areas zoned for gaming, because there are casinos here in Las Vegas.  I know you did not know that.  Where are the nearest train tracks and airport flight patterns?  This is all stuff you are responsible for knowing when you purchase a home.  Also be sure and scope out neighborhood businesses, are they family friendly or adult oriented? If you are interested in schools it is up to you to get that information as well. 

My website will help with your Due Diligence, this link has information on School & Crime Information in the Las Vegas, Henderson and North Las Vegas areas.

Retiring in Las Vegas

Where have you thought living when you retire?  Las Vegas has been and will continue to be a hot spot for retirees.  The great climate is just one of the reasons people are choosing to live in Las Vegas.  Even though June thru August are extremely hot, the beauty of the other 9 months make it all worth while.  Besides, isn't that what air conditioning is for? 

Don't want to be bored when you retire, Las Vegas offers year round entertainment inside and outdoors.  From the multiple award winning gold courses like TPC at Summerlin to the Rio Secco Golf Course in Seven Hills. 

 How about nightly entertainment?  Uh this is Las Vegas, there are 100's of shows at the Las Vegas Strip Resorts as well as lounges and local smaller venues as well.  There are even companies like Fill A Seat that offer yearly membership for unlimited shows for the cost of a ticket to one show.

With Lake Mead National Recreation Area nearby there is boating and fishing along with hiking trails close to the Lake.  Plus hiking and biking at Red Rock Canyon features some of the most beautiful scenery in the United States.  Still concerned about the summer heat?  Mount Charleston is a great place to cool off.  Typically 30 degrees cooler than on the Las Vegas strip and less than an hour away.  With winter sports like skiing and snow boarding and summer on the mountain is perfect for a picnic or a hike.

Las Vegas is certainly a city where there is always something going on but you can also lay back and enjoy the serenity of the desert southwest.

Update on the Las Vegas Real Estate Market

The past few months here in the Las Vegas valley have been crazy to say the least in terms of real estate.  Currently there are 3,396 single family homes on the market in the Las Vegas valley.  That is the lowest it has been in a while.  Home sellers are continuing to receive multiple offers in a short amount of time.  Home Builders have caught on and have continued to raise prices, so people purchasing new homes are paying a premium.  The exception to this is in niche segments of the market such as 55+ communities, prices have been fairly stable and high end homes over $600,000 prices are going up but by smaller percentages.  Buyers need to be prepared for a battle to get their offer excepted.  Offers must be clean and free of any seller concessions and probably over list price in order to get an offer accepted.  As spring begins, more people tend to list there homes on the market but also more sellers are looking.  The real estate analysts predict only a 5% increase in home values for this year.  In order for that to remain the supply needs to double what it currently is. 

For further info on a particular neighborhood, visit my website and click on Market Insider at the top and enter the zip code you are interested in.
    www.lvhomesbymike.com

What is the Real Estate Market Doing?

Ever wonder what the real estate market is doing in your neighborhood? The link I have pasted below and will place on the side of this blog shows trends in prices, crime and even local school testing stats sorted by zip code.  http://www.lvhomesbymike.com/mimarket/zip/89123/

Home Buyers Take Notice

Are your looking to purchase a home and have been fighting to get your offer accepted, there may be good news.  The number of homes on the market has increased by 600 over the past week.  Working as a buyers agent over this past weekend, I discovered there are not quite as many offers being placed on homes.  If you are looking in the price range of under $160,000 it is still fierce but appears to me moderating even in this range where a couple weeks ago you would be fighting with 20+ other offers on one home.  For a higher price range of $200,000 + it appears multiple offers are not even normal at this point which is fantastic news for buyers. 

Condo Vs. Townhouse

VS.

I have had several clients recently have questions regarding the differences between a condo and a townhouse.  There are a few main differences and sometimes it is hard to tell the differences apart.  I recently sold a brand new townhouse and I will call it that because it seems to have more townhouse qualities than condo but the builder actually refers to them as condos.

The main differences are the number of adjoining walls with another home.  Typically a townhouse will only have an adjoining wall with one or two other units versus a condo will usually share walls with 3 or more units. It is not uncommon for townhouses to only share one adjoining wall on the garage only.

A second difference is a yard.  Condos typically do not have front or back yards at all and require little if any exterior care by the owner.  A townhouse usually will have a small front or rear yard if not both. 

Lastly, condos usually do not have attached garages and townhouses do. 

A lot of newer townhouses have separate adjoining walls so they are essentially built like a single family home but simply have walls that touch each other.  Roof and exterior walls are blended to look like one building.

Avoid Foreclosure

The media the past couple days has been blasting about the foreclosure rate here in Nevada being the second highest only to Florida.  While this may be the case, it is due to the law makers in Carson City delaying foreclosures last year.  Unfortunately for people that have not been paying their mortgage payments the past year of so, your time may be up.

Banks have now, once again, begun processing foreclosures.  If you are afraid of this happening to you, short selling your home may be a viable option.  If your mortgage is backed by Fannie Mae and you qualify to complete a short sale, you can receive $3,000.00 for relocation.  A short sale on your credit is only a scratch compared to foreclosure.  Additionally, if you have a second mortgage or any other liens, you can be cleared of those debts too. 

My experience and expertise in selling real estate is an asset to you.  If you want to find out if Fannie Mae backs your mortgage, simply email me at mike@lvhomesbymike.com.

7/1 ARM's Coming Due!

Did you get an adjustable rate mortgage in 2006 or 2007?  This was a very popular mortgage during the housing boom because it made homes "affordable", and I use that term loosely.  What the 7/1 ARM meant was your purchased a home and the rate did not increase for 7 years.  Is your alarm going off yet? If not it will be soon because these mortgages are about to reset.

 If you are under water on your home you may be in trouble.  If you are not under water on the value of your home, I strongly suggest refinancing as soon as possible and taking advantage of the low rates. 

For those of you under water, which here in the Las Vegas area, it is a lot of us.  Now may be the time to consider a short sale.  The reason I say now is because the mortgage relief act has been extended through the end of this year only.  It takes time to do a short sale and if you close after December 31, 2013 you will have tax implications if you sell your home and have a deficiency.

Prices are up so banks are more willing to do short sales for a variety of reasons. Please contact me for a personal consultation if you are on the fence about selling your home.

Las Vegas Real Estate Market Haywire!

The housing market in Las Vegas can be described as one way... Ridiculous.  Depending on if you are a buyer or sell that ridiculous can be good or bad.  The inventory as of this morning is 3,490 single family homes plus about 1,000 condos or townhouses.  The problem lies that there are bout 4,200 homes purchases and closed every month in Las Vegas.  So bottom line is there are simply not enough homes to go around. 

Who is buying these homes?  There are two main groups purchasing, first are the investors, trying to grab everything they can before prices go too high.  The second group are first time home buyers that simply want to purchase a home.  The second group are the one getting effected the most because the investors come in, pay cash and get their offer accepted.  The first time home buyer is typically relying on a low down payment and financing the bulk of the purchase and needs to rely on the home appraising for the purchase price in order to get the mortgage.  If you are looking to purchase right now, the best thing to do when writing an offer is as follows:

1)Do not make a low ball offer on a property you really like.
2)Make the offer clean - meaning don't ask for too much if anything.
3)Find out from your real estate agent what the seller is asking for from the buyer.
4)Don't get excited.  It may take making multiple offers before you finally get one accepted. 

I was speaking with a co-worker that had a listing for a single family home and she received 110 offers within 3 days.  No doubt it is a battle out there right now if you are trying to buy a home. 

Don't give up, if you are in need of a good Realtor that will be persistent and work for you, contact me at 702.286.3434 or email me at lvhomesbymike@gmail.com

Is My Home Still Underwater?

Here in the Las Vegas real estate market homes underwater have become the norm since 2008.  Underwater, meaning that the mortgage on the home is more than the value of the home.  The market has shifted once again, thankfully, placing many home owners back in positive equity.  If you plan on living in your home and are able to make your payments, then it really doesn't matter if you are underwater or not.  Although it certainly doesn't feel good that you are paying on a home that is not worth what you owe.  If you are in a position that you need to sell your home is where if you are underwater or not is crucial.  Basically, if you need to sell and you do owe more than your home is worth is where you need to consider doing a short sale.  Short sale is when your mortgage holder, typically a bank, agrees to let you sell your home for less than is owed.  When this happens, the goal for the homeowner is to forgive the remaining balance on the home after it is sold.  Therefore releasing the former owner of any liability for the mortgage deficiency. 

Depending when and how much you paid for your home and any down payment will determine if you are underwater still.  Home prices have gone up about 25% over the past 6 months and continue to rise in recent weeks. So many people that have been underwater no longer are. 

The best way to find out where you stand is to have a Comparative Market Analysis done on your home to determine the value.  I offer this analysis free with no strings attached simply by emailing me at lvhomesbymike@gmail.com 

How to search for a home in 2013

Here we are in 2013 and you are ready to buy a home.  Last time you went house hunting there were all those magazines at the grocery store to pick up and browse through.  While those magazines may still be there, the houses in them are long gone. 

We now live in a world of instant gratification and it could not be more prevalent than in the world of real estate here in the Las Vegas area.  Listings come onto the market and within hours have multiple offers.  How does anyone get a chance at these homes?  The secret way must be on the Internet. Right?  Well the Internet does have great access to homes on the market and certainly better than magazines but sites like Zillow and Trulia will showcase homes for weeks if they are short sales and waiting banks to approve the sale to an offer already accepted.  How about Realtor.com, while Realtor.com is essentially direct access to the MLS this must be the perfect website? Realtor.com also will show properties contingent upon bank approval that have accepted offers. 

The best source for finding properties currently available is your Realtor.  Your Realtor can set up a personalized search specifically for you with the criteria you are looking for in a home and set it to automatically notify you as soon as the home comes on the market.  In the real estate business there is a phrase, "time is of the essence" meaning having the 1st offer in gives you a leg up on the competition.

When you do find that perfect home, don't get too excited until you have an accepted offer signed by the seller. 

$138,000 Brand New Las Vegas Home!

Don't let that title fool you.  This is true.  Here in the Las Vegas area prices have risen consistently over the past 6 months and within the past 30 days, most accepted offers for resale homes have averaged 12% over list price.  This make purchasing a brand new home all that much more enticing. Don't have to wait for your offer to be "Accepted" or be in a fight with 12 offer offers, yes that is happening. 

With brand new construction, you get piece of mind in knowing that everything works and even has a warranty.  Additionally, in most cases you get to choose what goes into your new home and it is completed when you get the keys. 

Here in  Las Vegas, purchasing a brand new home has become the easy way to buy. Contact me for information of new home communities throughout Las Vegas, North Las Vegas and Henderson.  Also get the latest market conditions by following me on twitter @lvhomesbymike.

Update: As of 4/24/13 Townhomes are available at $137,990.  $138,000 for a brand new Las Vegas home is a great deal.  Bidding wars are still happening so take advantage of this smoking deal because prices continue to increase.

Las Vegas is a Seller's Market

The real estate market here in the Las Vegas area has truly become a seller's market.  What is a sellers market?  A sellers market is a period in which the home seller is in the drivers seat in the selling process. That means the seller does not have to make many concessions to a buyer in order to sell his or her property.  What does this mean for the buyer:

1) Multiple Offers - more offers on a single home means you are less likely to get that house.

2) Higher Prices - Over the past 30 Days, homes in  Las Vegas have sold for an average of 12% over the listed price.

3) Less from Sellers - In most cases the buyers have to pay their own closing costs and the sellers are less likely to do any repairs you request. The seller's though is you, the buyer, are just lucky to get the home.

The good news is that with prices going up, many home owners are no longer under water and we are seeing fewer short sales and more "traditional" sales.  Traditional meaning the seller actually makes money on the sale of the home.  One thing is always constant and that is the real estate market is always changing, it never stays the same even day to day. 

For more information if you are planning on buying or selling, contact me directly at 702.286.3434 or for the latest local real estate market conditions, follow me on Twitter @lvhomesbymike.

2006 All Over Again!

The current real estate market in the Las Vegas valley is like 2006 all over again.  The investors are flooding the market and there are simply not enough homes for everyone that wants to purchase one.  This has driven prices up 25%+ over the past six months. 

There is good news though if you are looking to buy there is new construction popping up all over the Las Vegas valley.  There are new townhomes as low as $120,000 and new houses as low as $135,000.  Typically the homebuilders will only sell to people that intend to occupy the home. 

For the latest information on the Las Vegas real estate market follow me here or on Twitter at lvhomesbymike.  Contact me at mike@lasvegashomesbymike.com and mention you saw this blog and I will pay for a home warranty when you use my services to buy or sell a home in the Las Vegas or Henderson, NV area.