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.