January 2015 Las Vegas Housing Trends

The Housing Trends eNewsletter for January 2015 is up!

In this month’s newsletter you will find the latest Las Vegas and national information on the housing market.  Also included is information on mortgage, selling your home and other articles for buyers and sellers.

Please click on this link to view the Housing Trends January 2015 Newsletter http://southernnevadarealty.housingtrendsenewsletter.com

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report:

http://southernnevadarealty.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0

 

Las Vegas Homes Market Update – Third Quarter 2014

The Southern Nevada Real Estate Report* for the 3rd quarter of 2014 came out a few weeks ago.  There was good news in the report:

  • Over 3,000 new jobs;
  • Average weekly earnings increased to over $700;
  • Traditional home sales make up over 80% of the market; and
  • Bank owned and short sales make up about 20% of the market (great change);

Our home prices continue to increase each quarter.  Good news for potential Las Vegas home sellers who have taken a beating for too long.  Buyer’s should not be discouraged by the higher prices.  The prices have been increasing at a steady pace and point towards a stable market.  Recently, sellers have been more realistic in their pricing due to buyer cautiousness.  Also, investor interest in Las Vegas has declined which is good news for home buyers who were discouraged by last year’s multiple bidding situations.

Financing continues to be an issue for some home buyers.  There is good news on that front as more lenders are rolling out loan programs to assist Las Vegas buyers with financing their new home.  Condo financing is available and people who had a bankruptcy or short sale in their past are not having to wait as long to get a loan.  Buyers should be aware that some of the new loan programs come with higher down payments, higher interest rates or higher fees.

If you need a lender referral feel free to call or text me at 702-527-8864.

Elsewhere in our real estate market there was also signs of recovery.  The commercial market saw some moderate gains despite a small increase in vacancy rates.  The rental real estate market stayed pretty stable with a small increase in vacancy rates for residential rentals and a slight decrease in vacancy rates for apartments.  The average rental rates for residential rentals is $0.73 per square foot.

It is always nice to have good news not only about our local real estate market but also our local employment and wages.  The hope is that each quarter continues to bring increased stability and prosperity to our area.

Happy Holidays!

Cindy Abel, Broker/Owner of Southern Nevada Realty, LLC

If you have any questions about Las Vegas (includes Henderson and North Las Vegas) real estate, the home buying process, our great neighborhoods or anything else please feel free to contact me at 702-527-8864.  

*The Southern Nevada Real Estate Report is a joint effort of the Greater Las Vegas Association of Realtors, the Commercial Alliance and the UNLV Lied Institute for Real Estate Studies.


 

Southern Nevada Realty, LLC is a Las Vegas real estate brokerage serving Las Vegas home sellers and buyers for over a decade.  Put that experience to work for YOU!  View Las Vegas real estate broker reviews here.

Inspections and Repairs in a Las Vegas Real Estate Deal

Did you just finish a home inspection of your potential Las Vegas home and not sure what to do next?  Buyers often see an inspection report and automatically want all items cleared before they close on the home.  However, sometimes, that is not the best strategy for getting the important items repaired.  Also, what does your contract say with respect to repairs?

Our local Las Vegas real estate contract (May 2014) has the following clause:

Seller agrees to pay a maximum amount of $[X] to correct defects and/or requirements disclosed by inspection reports, appraisals, and/or certifications. It is Buyer’s responsibility to inspect the Property sufficiently as to satisfy Buyer’s use. Buyer reserves the right to request additional repairs, which may exceed the above-stated amount, based upon the Seller’s Real Property Disclosure or items which materially affect value or use of the Property revealed by an inspection, certification or appraisal. Items of a general maintenance or cosmetic nature which do not materially affect value or use of the Property, which existed at the time of Acceptance and which are not expressly addressed in this Agreement are deemed accepted by the Buyer, except as otherwise provided in this  section. 

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Essentially, at the time of contract, a buyer may request a certain dollar amount to go towards repairs or items required to be repaired by an inspection or appraisal (appraisal conditions).  However, at the time of contract, buyer often doesn’t know what repairs are needed in the home.  The inspection doesn’t come until the home is under contract.  That is why often the contract will have a buyer requesting zero dollars for repairs.  Sellers often see this in a contract and mistakenly think they do not have to pay for any repairs.  That is not the case.
The contract specifically states:
Buyer reserves the right to request additional repairs, which may exceed the above-stated amount, based upon the Seller’s Real Property Disclosure or items which materially affect value or use of the Property revealed by an inspection, certification or appraisal. 
This gives the buyer the right to go back after an inspection to request more repairs.  Generally, this is done using a form called, Buyer’s Response to Home Inspection.  A buyer can request certain repairs be completed or ask for a dollar amount to be credited at closing to cover repairs.
Does this mean the buyer can go crazy and start asking for all repairs? Not necessarily.  It is a good idea for a buyer to realize that when purchasing a resale home – the home will not be perfect.  There are always minor items that need to be repaired and the buyer will generally be responsible for completing these repairs after closing.  The contract addresses this fact as well:
Items of a general maintenance or cosmetic nature which do not materially affect value or use of the Property, which existed at the time of Acceptance and which are not expressly addressed in this Agreement are deemed accepted by the Buyer, except as otherwise provided in this  section. 
As a buyer, it makes sense to go through the inspection report with your agent and determine the items you want repaired. Keep in ming, it is best to focus on major items and leave small minor items for you to do after closing.

Cindy Abel is the Las Vegas real estate Broker and Owner of Southern Nevada Realty, LLC.  Cindy has been helping Las Vegas buyers and sellers since 2001.  Feel free to call or text her at 702-527-8864.  Las Vegas real estate agent reviews can be read here.  

Search the Las Vegas MLS 

Las Vegas 55 Plus Guard Gated Home for Sale

las vegas 55 plus - golf course - del webb

Golf Course and Strip View

I have a beautiful Las Vegas 55 plus home for sale in the guard gated community of Stallion Mountain.

Upgraded and Golf Course Frontage

for $280,000

This home features:

  • Two Bedrooms and a Den
  • Two Bathrooms
  • Two Car Attached Garage
  • Great Room
  • Upgraded Kitchen with granite, breakfast bar, appliances, pull out shelving, staggered cabinets
  • Hardwood and Tile Flooring (NO carpet)
  • Golf Course Frontage Lot
  • Strip and Mountain Views
  • Courtyard in front of home
  • Covered Patio

las vegas 55 plus - guard gated - golf course

There is so much more to this home.  Also, the community itself offers its active adult residents a clubhouse, pool, spa, billiards, fitness and more.

View other properties for sale in this neighborhood – click here

Solera at Stallion Mountain

Solera at Stallion Mountain

For more information please contact Cindy at 702-527-8864.

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The Falls – Las Vegas Condos for Sale

 

The Falls - Las Vegas condos for sale

The Falls, a great Las Vegas condo community.   Located in zip code 89148, the SW part of town near Warm Springs and Durango Road.  This complex is in a great location near grocery, shopping, and restaurants.  You are approximately 15 – 20 minutes from The Strip and Airport.

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The Falls - Las Vegas gated community

View Condos Currently For Sale in The Falls

The gated community features a resort style pool and clubhouse for residents.

The Falls - Las Vegas gated community

More information: 702-807-3339

At a Glance Details:

  • Zip Code: 89148
  • One – Three Bedroom Condos
  • 843 – 1237 sq. ft.
  • Covered Parking
  • Year Built: 2003 – 2004
  • Gated
  • Community Pool and Spa
  • Clubhouse
  • Fitness

Las Vegas condos for sale - The Falls - SW

Other Pages of Interest:

Spanish Palms  – SW Las Vegas Condos

Condos in Las Vegas Near Strip

Los Verdes – Las Vegas Condos near The Strip

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Henderson Community: Old Vegas Ranch

old vegas ranch

Old Vegas Ranch is located in Henderson, NV.  This gated community features single family and town homes.  Away from the hustle and bustle of the city, residents of Old Vegas Ranch have access to walking trails, skateboard park, pool, playground and green space.

old vegas ranch
Home Details:

  • Square footages range from 1079 – 2207
  • Year built from 2003 – 2004
  • From 2 – 4 bedrooms available
  • 1 – 2 car garages

There is a homeowners association in this community.  The community is located in zip code 89002.

old vegas ranch

To view currently available homes for sale in this Henderson, NV community click here.

Receive homes via email – click here.

For more information, call me at 702-807-3339.  This is for sales only, I do not deal with rental properties.

Relevant Pages:

Henderson Nevada Parks – Rodeo Park

Southern Nevada Realty, LLC serves buyers and sellers in the Las Vegas, Henderson and North Las Vegas area.  View what our clients have to say about us on our Las Vegas real estate agent reviews page.

Beautiful NW Las Vegas Home for Sale

Las Vegas NW home for sale - large fenced backyard with pool and spa

Maybe this one is for you (or someone you know)?   A fantastic NW Las Vegas home for sale.

The Basics:

  • 5 Bedrooms
  • Loft
  • 4.5 Baths
  • 3 Car Garage
  • Pool/Spa
  • RV/Boat Parking
  • 3417 Sq. Ft.
  • 12,000+ Sq. Ft. Lot
  • Gated Community
  • Corner Lot

Priced at $450,000.  $430,000 – Price Reduced!

The basics already tell you this is a great home.  However, there is more.  This home features an updated and upgraded gourmet kitchen with granite counters, upgraded stainless appliances, tiled floors, breakfast bar and wine fridge.

Las Vegas NW home for sale - gourmet kitchen - granite - stainless

Also, you will love, love, love the resort styled backyard.  This is a gorgeous space with a heated pool/spa, gazebo and covered patio.

Need more information?

You can find it here or call me at 702-527-8864 or simply fill out the form below.

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Cash is King in Real Estate

An article in CNN Money  reports all cash deals hit a record 43% of home sales during the first three months of 2014.   Here in Vegas, we have been seeing increased cash deals since last year.

What does this mean for a buyer who is financing?

Well, it means you have to present a very strong and clean offer in order to stand a chance.

You have to understand, a financed offer means uncertainty for a seller until the day of closing.  Firstly, there is an appraisal to be completed by your lender.  Appraisals can bring up pricing issues or require repairs to the home (usually happens with FHA and VA loans).  Secondly, today’s strict underwriting guidelines can mean delays in closing and sometimes non-approval of a loan (even for pre-approved buyers).  Loans can take 30 – 45 days to process.  That means the seller has to wait out the lender process hoping that it all turns out fine.

All of this makes a cash buyer very attractive.  A cash buyer generally doesn’t do an appraisal which means the seller can expect that the price offered will stand at closing.  Additionally, a cash buyer can close quickly – no lender to wait on for money.  This gives sellers peace of mind.

Buyers who are financing properties need to remember their cash competitors and the seller’s point of view when making offers.  Some things you can do to increase your chance of an acceptance are:

  • avoid low ball offers;
  • don’t make unreasonable demands in your offer;
  • go conventional financing (unfortunately, some sellers won’t consider FHA or VA financing);
  • pay your own closing costs;
  • avoid adding to many contingencies to your offer (such as, making your offer contingent on a home selling).

The key is to keep your offer clean and make it as strong as possible.  That will give you a better chance of getting an acceptance.

Do you need a lender referral?   Call/text me at 702-527-8864.

Thanks,

Cindy Abel

 

Condos in Las Vegas Near Strip

Here are a few Las Vegas condos located near or on The Strip.   Perfect location for a vacation with easy access to airport, entertainment, and shopping.

Call or text Cindy to get your Las Vegas condo search started: 702-527-8864.

Want a list of condos emailed to you?  Give us your details:

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Bella Vita

Guard gated, community pools, clubhouse.   Minutes from the Strip – West of I15.

Manhattan

Guard gated, clubhouse, fitness rooms, BBQ area, green space, elevator buildings with interior walkways.  South Strip.

Los Verdes

Gated, two level buildings, community pool.  Minutes from The Strip – West of I15.

The Falls

Gated, community pool, SW location.

There are just a few.  There are much more.  Contact us and get information via email:

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Thanks!

Buying a Home is Simple

There are only a few steps to buying a home.

1.  Money

Image courtesy of pod pad / FreeDigitalPhotos.net

Image courtesy of pod pad / FreeDigitalPhotos.net

Cash or financed?

2.  Search

Subscribe today ========>>>

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Image courtesy of phanlop88/ FreeDigitalPhotos.net

Start looking.

3.  Agreement

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Image courtesy of nongpimmy / FreeDigitalPhotos.net

Make an offer and get it accepted.

4.   Investigate

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Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Make sure this is the one.

5.  Close

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Image courtesy of David Castillo Dominici / FreeDigitalPhotos.net

Start moving. Yes, five simple steps. For those of you who need more details – call me (702-527-8864) or keep reading my blog posts. I will continue to expand and explain on each of the above.   🙂

Cindy Abel is Broker/Owner of Southern Nevada Realty, LLC in Las Vegas, Nevada. Read what her clients think about her here. Search the Las Vegas MLS 24/7.