May 8, 2012
This really is a “no brainer”. The Las Vegas Real Estate market had to turn around. You are hearing this direct from the “horses mouth”. The Market is Back! We are noticing a sharp increase in activity and the buyers that have been waiting are now making offers. Desert Homes Realty specializes in representing Buyers so we really are a barometer for the market. Timing is everything and it could not get any better. The buys are unreal. Never have I seen such low interest rates combined with record low prices. The majority of our clients are purchasing properties as their primary residence but we are seeing more and more investors coming in to the market. The main reason we are seeing this increase is being repeated over and over by our clients. “ We don’t want to look back a year or two from now and say: Man! I wish we would have bought when the prices were really Low”. Here is a list of things that we feel will help in your Las Vegas home search.
• Bank Owned homes are king but check out some of the Corporate Owned homes.
• Inflation will drive up prices as well as interest rates. Time is running out.
• You can’t make a smart investment if you don’t get your offer accepted.
• Bidding wars are a nightmare. Stay away from them and move on.
• Keep a good positive attitude when you negotiate for a property.
• Always take your spouse with you when you shop or tour. They need to be part of the process.
April 20, 2012
Foreclosures are by far the most requested properties that our clients want to see in this market. These bank owned properties can be real steals as long as you educate yourself and realize that a low price is good but should not be your only concern. I’m sure you have all heard that “you get what you pay for”. If there are several bank owned homes in an area that you are looking in, go through all of them. Many of these will need major repairs and many won’t. You may actually get a better deal on a home that is priced a little higher but has all the major appliances and is in “move in” condition. Not everyone wants to spend the time and money to fix up a home. Take your time and look at all your options before you decide on the best value for your money. As I have said many times in the past, your timing could not be any better. Here are the things to consider when buying a foreclosure.
1. Do the comparable sales in the area justify the price you are willing to pay? If the home is priced much lower than the comparables and there are several other offers, this home probably will sell for more than asking price.
2. Are you willing to buy the property “ As is” ? You will have to sign a disclosure that you give up all your rights and accept the home in its current condition. You will have a due-diligence period and we highly recommend that you have a home inspector check the condition of the property.
3. Are you willing to keep the property 5 to 7 years? Most experts agree that the market will take at least this long to recover.
4. If the property is damaged or in need of repair, can you do the work yourself? If you can, you will save money and have control of the project. If you need to hire a contractor, your costs will go up dramatically.
5. If you want to just get a feel for the market, Google the key words Las Vegas home search or free Las Vegas home search.
March 25, 2012
If any of you have been shopping for bank owned foreclosures in the Las Vegas real estate market recently, you know that there is a lot less inventory than last year. The number one question from our clients is; How can we increase our odds of actually getting our offer accepted? One of the stories we hear a lot is that clients have spent months of time searching online, had several different real estate agents tour homes and have made many offers but none have been accepted. The answer is simple, your offers have not been realistic and you need help. Here are 5 tips that may get you on the right road.
1. Find a Realtor that you trust and feel comfortable working with. A good agent is worth their weight in gold, even at today’s high gold prices.
2. Base your offer on the current market value of the property. The foreclosures are selling quickly now and that means comparable sales in the last 6 months is a true indicator of the value. If you are making offers below the current market value, no wonder your offers are not being considered. Remember the golden rule, “ the best offer gets accepted”.
3. Loans are much more difficult to qualify for in today’s market. You need a pre-approval letter to even make an offer so get this done first before you start the looking process. If you are going to pay cash, you will need a proof of funds letter to verify this.
4. If the property has multiple offers already, then make your highest and best offer and let the “chips fall where they may”. We don’t encourage clients to get into a bidding war.
5. Make your offer as attractive to the seller as possible. Don’t ask them to make a bunch of repairs or go for a long close of escrow period. If the seller thinks you are going to be a pain to deal with, they will move on to a better offer.
February 28, 2012
Home prices are starting to rise here and have been for the last few months. This is a good sign for the market and we still have plenty of inventory. Your best bet is to find an experienced buyer’s agent that knows the town well and will look out for your best interests. Here is a list of things that should help you find that special home at a fantastic price.
• Bank owned foreclosures are dominating the market. Take advantage of these once in a lifetime values.
• Interest rates are at the lowest levels in 50 years. If you don’t buy now, you probably never will.
• Air-conditioning is getting more and more expensive. Look for a home that has energy efficient building materials.
• Look for A/C units that are rated high in efficiency. The newer, the better.
• If the home has low E windows, it’s a big plus.
• The direction the home faces is important. Windows facing direct sunlight will increase the temperature dramatically.
• Many of the newer homes are on smaller lots. If you need RV parking, you may need to look in more established areas.
• Do not ask the banks to make repairs. These homes are being sold “As is”.
• Remember, the goal is to make an offer that gets accepted.
January 26, 2012
Many people are not aware of the difference between a “ Buyer’s Agent” and a “Seller’s Agent”. The traditional Seller’s Agent represents sellers and specializes in listing properties. The Seller’s Agent signs a contract or listing agreement and has the responsibility to get the seller the most money possible for the property. If you, as a buyer, call the phone number on a listing sign and ask to see the property, there are a few things you should be aware of. First of all, if you meet the listing agent by yourself at the property, you should know that this agent represents the seller, not you. It is legal for the agent to work with you directly but they must disclose to you that they have a conflict of interest and it must be in writing. A lot of people are not aware of the relationship between the Seller’s Agent and the property owner. Most of the experienced professional Seller’s Agents will recommend that buyers find representation in the form of a Buyers Agent. Most buyer’s agents do not charge a fee to their clients and get their compensation from the seller. There is a trend towards buyer’s agents starting to charge for their time if they are setting up tours for clients that are just getting a feel for the area and have no intention of buying anything. Most people understand that no one could afford to work for free. If you are ready to start your journey for that perfect home that you have dreamed about, you owe it to yourself to find a good buyer’s agent. Probably the most important thing you should look for is someone who communicates well with you. You really do need help in your search and especially when you find the home you want and need to write an offer. Unless you are experienced in writing Real Estate contracts, you would be at a big disadvantage. Can you imagine finding the right home after several months of looking, only to loose it because your offer is unrealistic. Do yourself a favor; find a Buyer’s Agent as soon as possible.
December 25, 2011
If you have been shopping in the housing market lately you probably have seen or heard of “Short Sales”. What is a short sale? A short sale is a property that has not been foreclosed but is for sale at less than what the owner owes the lender. The owner has contacted the lender and has agreed to put the home on the market at current market value. Since home prices are at record lows, many people owe more than what their home is worth. We have seen many short sale listings that are selling for less than half of what the seller paid for the home. Once an offer is accepted, it is submitted to the lender for approval. This process can be lengthy and can take up to 3 months. The reason for the long process is because the lender is agreeing to lose money and the decision needs to be approved by management. We have been successful at getting many of these short sales approved but you must be patient. Here are a few things to consider when looking at short sales.
• If you need a home in the next 30 to 45 days, a short sale may not be a good choice.
• You will need a pre-approval letter to submit with your offer.
• You may get into bidding wars so get a good Realtor that knows the short sale process
• Many of the short sales actually sell for much more than the asking price.
If your offer is not accepted, move on and find a better bargain.
• Keep Your Las Vegas home search fun and don’t get discouraged.
December 21, 2011
Our Las Vegas home search helps many new home buyers find the home that meets their needs and in a price they can afford in the most time efficient way possible. If you need help, we look forward to the challenge. Send us an email and include a check list of the most important things that you want or need. Here are some examples of previous client’s most important things they look for in the Las Vegas real estate market.
1. Price Range. Price is not the only concern that buyers have when they purchase a home but it is number one on the list. We need to know the most you are willing to spend and if you are going to get a loan or pay cash. If you are getting a loan, you will need to secure a pre-approval letter from your lender of choice. In most cases, this really is your first step in the home buying process. There really is no need for you to shop for homes or tour homes that are not in your price range. Your lender will also narrow down a price range that will give you payments that you will be comfortable with.
2. Area of Town. The Las Vegas Valley is very spread out. Buyers have many choices in this Buyers Market and can really narrow their search to an area that fits their lifestyle. If you like to be near the Strip or the Airport, but still want to live in a suburban environment, then Henderson may be your choice. If you like mountain views and cooler summers, then Summerlin should be considered. It really is a matter of personal preference and there are many great places to call home in Las Vegas.
3. Size( square footage), number of bedrooms, baths, etc.
4. Lot Size. Larger lots are getting harder to find but are still available in many areas.
5. Schools. Very important for buyers with children. Let us know and we will get your questions answered.
6. Bank Owned Homes. These are where most of buys are in this market today. If you would only like to look at Bank Owned, let us know.
You could not have picked a better time to shop for Las Vegas Homes than now. The prices and interest rates are at historic lows. Timing is everything. Make 2012 your
December 1, 2011
When people ask about the Las Vegas Real Estate Market, they always ask if we have hit bottom yet. My response over the past few months has been to check it out for yourself. Our company specializes in representing buyers and we really have noticed a dramatic increase in activity in this market. A lot of our clients are telling us that the handwriting is on the wall. They feel that the market has no where to go but up and as soon as all the bank owned foreclosures get sold, supply and demand will increase prices. The historically low interest rates will also have to go up soon and now, more than ever is the time to step up. If you have read a few of my blogs, you have heard me talk about this before. What we hear most from our buyers is this statement. “ I don’t want to look back a year from now and say , “I wish we would have bought when things were really cheep a year ago”. I’m sure that some buyers in this market will get better deals than others. I’m sure some will get lower interest rates and lower payments but I’m sure most of us will agree that now is a great time to buy. Your timing could not be better. I will include some things that I think are important in your search.
• Bank Owned listings are different than traditional listings in a normal market.
• Find out why banks list their properties at almost to good to be true prices.
• The price or “asking price” is not your main focus. Look at the total picture such as location, amenities, etc
• Yes, their loss is your gain and isn’t it about time.
• Negotiation is a two way street. Both parties need to agree before the offer is accepted.
• Stay in a price range that does not make you “house poor”.
November 9, 2011
If you have been watching the news, you know that the Real Estate Market in the Las Vegas Valley is heating up. Many of the buyers are taking advantage of the historic low prices. Interest rates are at their lowest since the 1950’s. All of the experts are predicting that prices will start to increase shortly.
The window of opportunity is getting smaller but it is still visible. We have been talking about this for several months and if you are ready to find that dream home, the timing is perfect. My advice would be to buy a bank owned foreclosure and do your homework. If you are paying cash, you will have more flexibility and can purchase some of the exceptional bargains that are not available to someone who needs to qualify for a loan. The longer these homes sit on the market, the lower the banks drop the price. If you are looking for one of these super deals, we can help. Here are a few tips that may help your search.
• Consider the location to be your primary concern, not square footage.
• Multiple offers are common place in this current market. Don’t get discouraged.
• Have a licensed home inspector check the property within your due-diligence.
• If the structure of the home is damaged, make sure you get a pro to give you an estimate.
• Not all bank owned homes are good deals. Get professional help if you are in doubt.
• If the home is in an association, make sure there is no litigation. Read the HOA documents.
• There is a reason why some homes sit on the market for long periods and don’t sell. Be cautious and find out why it hasn’t sold.
• Find a Real Estate agent that specializes in representing buyers only.
• Understand that to get your offer accepted, the offer should be a good deal for both the buyer and the seller.
• Use our website to do your Las Vegas Home Search.
October 20, 2011
Sometimes, when first time home buyers start their search, they are concerned that they may miss something. No one wants to find out that they paid too much for their home or that they did not shop around enough. Buying a home is probably the single most important and expensive purchase that most people will make in their lives. We know this to be true and take pride in finding the right home for the client. Not everyone has the same wants and needs. A good agent is a good listener and lets the client pick the criteria that fits their lifestyle. If the area of town is the main focus then that is where you should stay. We encourage our clients to look at all the homes in their price range and area of town. It is similar to the saying “leave no stone unturned”. This strategy helps the buyer feel comfortable that they have seen all of the other homes in the area. When you do find the home that you really like, you know it’s the one for sure. Here are some considerations when you find the right home and want to make an offer.
• Does the area of town you like dictate a higher price?
• Have you done any homework online to see how this area of town has held up in these tough times?
• Are the schools in the area considered good to excellent?
• If this area is considered a planned community, does it have any special tax assessments?
• Is the home highly upgraded and if so, how much value does this ad?
• Does this home meet the requirements for the type of loan you are qualified for?
• Are you going to ask for time to check the condition of the home?
• If this home is under priced in the market, are you willing to pay more than