As the Las Vegas Real Estate market continues to perk up, inquires about how our tours work is a common question. There is a lot of interest in our market and investors from all over the country are focusing on Las Vegas. Desert Homes Realty primarily represents buyers that are buying homes as their primary residence but we do tour investors. We have seen an increase in investors because the prices are so low and many of them can now see a positive cash flow. The vast majority of investors from out of state does not know the Las Vegas Valley and need a seasoned professional to help them find the best values. The first advice I would give anyone in this market is to start your search on our website. We do thousands of searches on a daily basis and can really save you time and money. Several years ago, we didn’t have all these fantastic tools like the Internet. If you wanted to buy property, you had to physically walk through everything to really know what you are buying. Today, with digital cameras and real time information, you can really narrow it down. Here are some helpful hints that I hope with make life easier.

• Location in Real Estate is everything. Get help if you don’t know the area.
• Pick your price range and do not go over this amount.
• The free Las Vegas MLS search is the way to go if you are just looking.
• Our website is automated. If you want more detailed searches, email us and we will be happy to help you.
• Narrow your search and when you start seeing things that meet your needs, set a tour time one week in advance.
• Bring your camera and a note pad. It is hot in the summer here so be prepared.
• If you toured Las Vegas 3 years ago and waited for the prices to hit bottom, now is your moment.
• Get a pre-approval letter from a local Nevada lender if you need a loan.
• The majority of the planned communities like Summerlin have special taxes. Ask about them.
• Timing is everything and if you are buying now, it’s like winning the Lotto.

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. Will the property appraise for the type of loan you can afford? If you want an FHA loan, the flooring will need to be completed as well as all appliances installed. Conventional loans will be an option but will require 20% down compared to 3.5% for FHA.
6. 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.

Why would you be spending your valuable time reading this unless you felt you could learn something that would help you down the road? I will do my best to share some of the more important things that I feel will put you in the right position to get the right property. In my opinion, it is not enough to research all the best buys, have your agent do all the comparable sales, and arrive at the price you want to offer, only to find out a week later that your offer was rejected. Not only was your offer rejected, the property was sold to a buyer that made an offer two days after you did and for less money than what you offered. How can that happen? It happens daily in this market mainly because the offers that look the best to the seller are the ones that get accepted. The best offers are usually the highest sales price but not always. If the property is bank owned and you are asking the bank to do any type of repairs, this is can be a deal killer. If you ask for an escrow period longer than 30 days or ask the seller to pay for appraisals or home warranties, the seller most likely will not take you serious. The key words in purchasing bank owned properties are “as is”. These sellers are already losing a lot of money on these homes and want the least amount of liability possible. Here is a list of 7 things that are important and will help you get the property you want.

1. Find out if there are other offers on this property before you have your agent write your offer. If there are multiple offers, the seller is required to disclose this information.
2. If there are multiple offers, and you feel this property is a great buy, then make your highest and best offer first. This does not mean you should get into a bidding war. Set a limit that you are willing to spend on a property and stick to it.
3. Many of the best bargains sell for more than the asking price. Don’t think that if you pay more than asking price, you are paying too much. Find out the true value which in many cases has nothing to do with the asking price.
4. If the property you want is in need of major repair, get a professional to give you an estimate before you make an offer. Your real estate agent should be able to arrange this or point you in the right direction.
5. Let us do your homework. Las Vegas Home Search are the key words for searches.
6. Be patient; don’t fall in love with a particular property and wind up overpaying. There are a lot of “fish in the sea”.
7. Don’t get greedy; put yourself in the seller’s shoes and make your offer a win-win for all concerned. Remember, the best overall offer will be the one that gets accepted.

Probably the biggest concern most buyers have today, in this current real estate market, is that prices will go even lower. The latest news on the housing market says that prices have dropped again and bank owned foreclosures continue to flood the market with no end in sight. I think we all just need to take a step back and ask ourselves is the price our only concern?
Why would we want to buy a home anyway? Here are some things to consider in this crazy market.

1. Most of the experts agree that the interest rates will have to go up. With inflation on the horizon, food prices and gas prices climbing, even if home prices go lower, you may pay more for your home anyway.
2. The real reason most people buy a home is for their lifestyle. The schools, neighborhood and pride of ownership are key.
3. When you lease a home, you can’t really make personal changes to the property like ad a pool; customize the back yard, etc.
4. Many of the new home buyers today look at this as a long term investment. 5 to 7 years is realistic for the real estate market to rebound.
5. Your Las Vegas home search can be the best investment you ever make so use your time wisely.

Las Vegas Home Search or Las Vegas Homes are the key words that many of our clients write on their search engines to find our website. When our clients get serious and want to start touring properties, most feel they need help and finding the right agent it critical.

If you are finally ready to step up and buy one of the tremendous bargains on the Las Vegas Real Estate Market, you will need help. Most of your seasoned home buyers know that a good Realtor can be invaluable. As a buyer, your agent gets compensated by the seller. You basically get their services at no charge. Real Estate is like any other business. Some agents work hard and get results and others are not real effective. The buyers market that is going on in Las Vegas now is very fast pace. No matter what you have heard on TV or the internet, Bank Owned Foreclosures are selling in Las Vegas. Don’t take my word for it, go out and tour homes with an agent. Look in the 250 to 350 price range and you will see many other buyers with agents looking that the same homes. I found a great home in Southern Highlands today for my clients. They wanted to put in an offer so I called the listing agent. There are 6 other offers and several above asking price. We have our work cut out for us but it’s common in this market. I always advise my clients not to get into a bidding war and I really feel that if it’s not meant to be, we will find a better home. If I were looking for a Realtor to work with me, here are some things that I feel are important.

• Are we compatible? Do we communicate well?
• Is the Realtor interested in what’s best for me or just looking for a commission?
• Does the Realtor really know this market or are they just going through the motions?
• Is the Realtor a Specialist?
• Is this person a good negotiator? Can they negotiate the best price possible?
• Can they save me time and narrow down what I really want?
• Are they computer savvy and get me all info I need to make a decision?
• Are they patient and realistic?

Getting your offer accepted is goal of this whole process. What good is it to spend countless days, weeks and months to find that perfect property only to get out bid or rejected. This situation can be frustrating but is very common in the Las Vegas market today. I have talked about this before but it really bears repeating. Unless you are an expert negotiator, you need all the help you can get. Your Realtor has a responsibility to look out for your best interests. A good buyer’s agent will be experienced in the negotiating process and will do the correct homework to put the buyer in a good position to get their offer accepted. All buyers want to get the best deal possible and that is the ultimate goal of an effective buyer’s agent. Right now, the best values for the money continue to be the bank owned foreclosures. We are still seeing homes sell for less than half of what people paid for them just a few years ago. The big difference we are seeing now is that the activity is dramatically increasing. Multiple offers are common place and the “good ones” are sold in a few weeks. This is all good news because if you are a buyer, this probably means that the bottom is behind us and the market is on an upturn. As a buyer, you still have a nice window of opportunity but it will get smaller as the inventory decreases. Timing is everything in Real Estate and if you’re a buyer, your time is now! You really couldn’t have picked a better time to be property hunting. Enjoy!
Here are a few more tips to help.

• Find out what areas of town had the least amount of depreciation.
• Ask the neighbors if they like living in the area.
• If crime is a concern, call the police department or go to their website.
• Sales price or asking price should not be your main concern.
• Value received for dollar paid is the main concern.
• Bidding wars are the enemy. Try to avoid them at all costs.
• Do not ask bank owned properties to make any repairs. “As is” is the key.
• Always send a pre-approval letter with your offer. If you are paying cash, show proof of funds.

Las Vegas Homes are selling well this March and we continue to see multiple offers on the bank owned foreclosures. This is a good sign that the bottom of the market is starting crawl its way back up. Many of our clients are surprised when they actually see all the activity going on in this market. “ We thought it was all just hype” said Bob and Lisa of Corona, Ca. “ but now that we see the offers being made, we feel the market will rebound”. Most of our clients feel that it will be a slow process and plan on at least five to seven years. If you have taken the time to read this blog, I feel it’s my responsibility to share good things. Here are some tips that I know will help you.

1. Pick a price range that is comfortable for you and stick to it! Don’t waste your time looking at things that will strain your budget. I will say this. You may never get this opportunity again to buy a home this cheap so spend your money wisely.
2. Location is more important than anything else. If you do not know this town, you need to learn quickly and your realtor is key in helping.
3. If you are looking for an investment property, find out where the best schools are located. Rental property demand is always high for homes in good school districts.
4. You will need an experienced negotiator as your agent when you make your offer. Someone who has current knowledge of the REO process and knows what the bank is really looking for.
5. Don’t give up if you don’t get your first offer accepted. Realize that your timing is perfect and good things come to those who are patient.

You finally found that perfect home. You have spent months searching the internet and your Realtor has shown you so many homes that you can’t remember one from another.
You knew the minute you walked in the front door that this is the one. The floor plan is perfect and the kitchen is exactly what you want. Stainless steel appliances, maple cabinets and your favorite color of granite counter tops. You want to make an offer so your Realtor calls the seller’s agent to find out if this home is still available. Oh No, there are 4 other offers but the seller has not accepted anything yet. What should you do? The asking price is really low, even for a bank foreclosure. None of the other homes that you looked at in this price range even come close. Maybe that’s why there are 4 offers. Here is a list of things that I have learned over the years that have gotten many offers accepted.
• Don’t get greedy! This is the number one deal killer. The offer should be a win for the seller as well as the buyer.
• Bank foreclosed homes are usually listed at close to the bank’s bottom line. Don’t offer a low ball price. If you do not think the home is worth the asking price then move on and look for something else.
• Don’t ask the seller to make repairs if the home is being sold “As Is”. You will have a due-diligence period if your offer is accepted to check for costs to repair.
• Put your best foot forward. If your credit is great and you are putting down 50% your offer may carry more weight than one with a higher offering price.
• Agree to use the seller’s Title Company. This may not seem important but it is.
• Present a full approval letter with your offer. Use a local lender if possible.
• Do not ask for a long escrow period. The sooner you can close the better.

I hope these tips will help. The object of all this is to get the home, not find out what the seller is not willing to take. Your offer needs to be realistic. The banks are already taking a big loss on these foreclosures. Time is running out. This is your window of opportunity

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 our client’s most important things that they look for.

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 are at historic lows, the interest rates are very low. Timing is everything. 2011 is your year. Good Hunting and have fun.

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 Wow, 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.
• Many of the buyers that get their offers accepted, belive in the “take some and leave some” theory”.
• Realize that the banks are losing a lot of money on these foreclosures. Don’t get greedy.
• 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”.
• Get ready, you just hit the Lotto.