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