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.