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; get a Buyer’s Agent as soon as possible.

Bank Owned Foreclosures continue to lead the sales volume for December in Las Vegas. About 85% of the homes that were sold this month were Bank Owned. Las Vegas Homes in the 200,000 to 300,000 range had the highest volume. We have also noticed an increase in sales of the high rise condos (Bank Owned), because of the low prices. Condo Conversions that sold for 650,000 just a few years ago, are now selling in the 150,000 range. We saw a high rise 3,000 sq.ft unit that the buyer paid 1,600,000 sell for 475,000. The High Rise Condos present a lifestyle that is not for everyone. They seem to work out well for upper income buyers that use them mostly for vacation homes. If you have pets or the need for a garage, this may not be your cup of tea. We have had clients that purchase units for use as a perk for their employees to use when they come to Las Vegas.
They also meet their business clients at the unit and use it as an informal office or place to formalize an agreement. If you are in the market for a high rise, your timing is perfect. Let your Realtor do a search in your price range and you will be impressed with what they find. You do need to be aware that the home owners associations in these properties can be quite pricy. That 3,000 sq.ft unit that sold for 475,000 had an H.O.A. fee of 2,800 per month. You get a lot of amenities, spa, exercise room, pool, etc. for your money but if you are not using them, it can be difficult to justify the cost. There are some great bargains right now. Your timing is perfect.

2009 is starting off on a positive note for the Las Vegas Real Estate Market. Many of the so called “ lookers” are starting to come out of the woodwork and purchasing homes at unbelievable low prices. We had a client last week that found a home that is selling for about half price of what is was listed for a year ago. The client said that he did not want to miss out on this bargain and be one of those people that talk about the great deal that they passed up. Timing is very important when you purchase a home and the timing could not be any better now. We recently read an article from Donald Trump that now is the time to buy. We have noticed an increase of investors purchasing Las Vegas Homes for rental income. The investors are telling us that they can see a positive cash flow on the homes in the Las Vegas Valley. The City Center project, owned by MGM Grand, is interviewing for 12,000 new jobs. Even in tough economic times, Las Vegas weathers the storm well. We have lived here since 1964 and have seen many changes. One of the main reasons Las Vegas does well, is because it is within driving distance from Los Angeles. 60% of the tourists that visit here are from Southern California and come over on the weekends. Even in these challenging times, people need to get away and recharge their batteries. Las Vegas is still considered by most to be a good value. The overall room rates are down and people are taking advantage of the low prices. Many of the hotels are offering special packages with meals and top rated shows included in the price. If you are a bargain shopper, now is the time for you. We will continue to keep you updated on the state of the economy in Las Vegas.

Desert Homes Realty prides itself on doing efficient home searches for its clients. The first question that most people ask us is where do we start? If you are going to finance your home, then you need to contact a lender that can tell you what price range you should stay in. Most lenders do not charge for this service and can really help you narrow the process down to payments that would be comfortable. There are so many choices in this market and the prices are at record lows. Consider yourself fortunate to be looking for a home at this time. When you narrow down the price, the area of town should be your next choice. If you don’t know the Las Vegas Valley well, then you really need to do some homework. The Las Vegas Valley is very spread out. If you are going to be working near the Strip area and live in the northwest part of town, you could have a commute of up to 35 miles. If that is not a concern, then the northwest has some great values and a lot of “Bang for the Buck”. If you need to be close to the Strip or Airport, then the Henderson area or the Southwest part of Las Vegas may be your best choice.
The new 215 (Bruce Woodberry) beltway has really opened up this whole valley and made areas that used to be hard to get to accessible. We advise our clients to take their time on finding an area of town that works for their lifestyle. Many of our clients want to be close to major shopping centers, hospitals, schools, churches, parks, etc. When you find the home that you really like, check out the community as well. We usually go out a mile in all directions to get a feel for the area. We have clients that do searches on our website that only want certain parts of town. They are telling us that they have so many more choices now that prices are at record lows. We are happy to do your homework so feel free to take your time. We want you to find that perfect home in the area that makes sense for you. 2009 will be your year!

Las Vegas Homes are still considered to be one of the best values in the nation. Bank Owned foreclosures are still at the top of the list in regards to total sales. We tell our clients not to overlook the new construction and usually include a tour of new model homes as part of the search. The new home communities are bending over backwards
for buyers and offering all kinds of great incentives to sell their current standing inventory. Realtors deal with the new home builders on a daily basis and know what to look for regarding savings. We have sold new homes recently that have included over 100k in upgrades including granite counter tops, top of the line stainless appliances, wood flooring, swimming pools, etc. We have also been very successful in negotiating the price and have saved our buyers a lot of money. As a buyer’s agent, we tell our clients that the price of the home should not be their only concern. When our clients pick a home that they like, the homework begins. We do all the comparable sales in the subdivision and make sure that the home is priced right for this market. If the home checks out well, we move on to the offer stage. The main goal is to make an offer that is a great deal but is realistic. Negotiation is a two way street. The offer needs to work for both buyer and seller or it will not be accepted. We have been successful at getting to the sellers bottom line and giving our clients the opportunity to get properties at the lowest price possible. Our clients will have the final say and if they are not pleased, we move on to another property. Las Vegas Real Estate is a tremendous bargain in this economy and when the housing market stabilizes, you will see the values start to come back. The housing market is the first priority of the new administration when they take office. Keep smiling, things will get better sooner than we think!

The question that many people will be asking this year will be undoubtedly what will happen to home prices in this tough economy? Will they continue to go down or have we hit the bottom? Everybody claims to be an expert and opinions are a dime a dozen. It is possible that prices will continue to drop and you will be able to buy a 3,000 sq.ft home on the golf course for 50,000. ( Just Kidding ). This scenario would be unrealistic but I’m sure someone believes something similar. No one really knows for sure what will happen and when the market does turn around, the self proclaimed experts will tell you they knew it all along. We don’t claim to know the answer and we certainly don’t try to predict the future. All we can tell you is right now, the prices for homes in the Las Vegas Valley are at record lows. We are selling Bank Owned Foreclosures at almost half price. An example is a home in Aliante that someone bought for 510,000 in 2006, that our client paid 302,000 and closed escrow December 17. This home is highly upgraded, has 3,100 sq.ft and is in a gated community. The buyer said he is not concerned about the market in Las Vegas and bought the home to live in. He said that even if this home would drop lower in price, it will go back up in the next 5 years and be a good investment. The timing to buy a home now is prime. Las Vegas Homes will continue to be a good investment over the years and one thing we will predict is Las Vegas will continue to grow.

Desert Homes Realty has been involved in the Las Vegas Real Estate Market for the past 9 years. We pride ourselves in getting our clients the latest information available to make the home buying process a pleasant experience. We have one of the most experienced and knowledgeable teams in Las Vegas and listen to what our clients tell us. Response time seems to be very important to clients when they sign up on a website that offers to do free home searches. We like to ask our clients why they choose to do business with us and the most repeated answer is “ you were the first one to do the kind of search we wanted”. What they mean is they want specific criteria and only in the price range that they can afford. If a client only wants to look at single story homes, 3 car garages in Henderson for 250,000 then that is all we show them. Why would you want to waste your time looking at homes above your price range or with 2 car garages when you have 3 cars? You really have so many choices in today’s market so why settle for less? The Las Vegas Valley is so spread out that you really need to pick your part of town wisely. If you don’t need to be near the Strip or the airport, then the Northwest part of town would be a good choice. The value or “ bang for the buck” is good. Another good value is in Aliante where Station Casinos just opened a new hotel. Check this area out and notice all the new construction going on, even in this economy. If you are not familiar with Las Vegas and you are moving here, then your Realtor can really help. Do not let yourself feel rushed when you are shopping for your home. Your Realtor should make sure that you see all the homes that meet your criteria before you choose. It is also a good idea to go home and weigh all the pros and cons and talk it over with your mate before making any offers. Consider yourself lucky to be shopping for a home in this Buyers Market. It doesn’t get much better than this.

2009 started off on a good foot for Las Vegas on New Years Eve. The town was sold out and broke last year’s record. Even in tough economic times, people want to enjoy life and Las Vegas continues to be a top choice. Room rates were lower this year and the Hotels did not generate as much income but were pleased. The Consumer Electronics Convention started Monday and continues to be the largest convention in Las Vegas. We have noticed an increase in clients on our website doing home searches and asking us to do personal more detailed searches and setting appointments to see properties. The homes that continue to lead this great buyers market are the bank owned foreclosures. Many of our resent clients only want to look at the bank owned homes because they feel that these are were the real bargains are. We tell our clients that just because a home is bank owned it doesn’t mean it’s a good deal. You need to do the comps in the particular area of town and the actual subdivision of the home you are considering. Right now, the Northwest part of Las Vegas seems to be where the best values are. The overall lot size as well as square footage seems to be larger for the price in this area of town. We are finding that when our clients make offers here, we can run into multiple offers. We are comfortable working in multiple offer situations and will work hard to get your offer accepted. We know what the banks are looking for in a buyer and will help you put your best foot forward. There is nothing more frustrating than finding the right home only to have six other people find it and make offers before you. That is where your Realtor will be helpful and use their experience to put you at the front of the line. We try to make this as painless as possible.

With the home prices at record lows, first time home buyers are starting to take advantage of this market and finding the home they want at a realistic price. The majority of the buyers are buying their homes to live in and not as an investment. Many of our clients are telling us that they want to find a home in the next 30 days and are afraid they will miss out if they don’t. We are finding some great deals but are also running into multiple offers at above asking price. We have been very fortunate and have a lot of experience negotiating for our clients and pride ourselves on getting offers accepted. About 85% of the homes being sold in the Las Vegas Valley are Bank Owned Foreclosures. You as a buyer, really do need help in this process and should find a Realtor that you feel is looking out for your best interest. You will notice that all of the Bank Owned Foreclosures are being sold by Real Estate Companies and listed on the MLS. We specialize in representing Buyers and will do the negotiating with seller’s agent for you.
There is a lot involved in this process and it can be time consuming. We tell our clients not to get discouraged if the home they want has multiple offers. We will find out all the details and have gotten many offers accepted with this scenario. The main thing that we like our clients to focus on is finding a home that meets their lifestyle needs. We will do the homework. There are a lot of choices in this market today and we look forward to seeing that smile on your face when you find the perfect home.