We have had a lot of interest lately regarding investment properties. Since Las Vegas is the foreclosure capital of the country, clients are buying these bargains and renting them out. The rental market here is better than you would expect. CNN just came out with an article yesterday that ranks Las Vegas as the number one place to buy a rental home in the US. They researched our market and are predicting that the rental market will remain strong here over the next several years and the return on investment is very attractive. Here are some tips to consider if you are looking for an investment home.

1. Area of town is probably the most important consideration. If you do not know the city, get help.
2. Bank owned foreclosures are considered to be the best values but do your homework and get a home inspector to check the property.
3. Cash is king, if you’re paying cash you have a better chance of getting your offer accepted.
4. Check all the comparable sales in the community before you make an offer.
5. Ask the seller for a due-diligence period so you have time to do your inspection.
6. Take your time and don’t get into a bidding war. Make your highest and best offer and let the cards fall where they may.

We listen to our clients and realize that their priorities are more important than anything in the home buying process. The Las Vegas home search is not easy and if you don’t know this market, it can be very confusing. You can contact 10 different realtors and get 10 different opinions on where the best values are. The Las Vegas Valley is so spread out that it may not be worth the expense or time to commute if you work on the other side of town. Do your own research and don’t let anyone rush you into making the wrong decision. Here is some feedback from our clients that should help you in this process.

• The price of the home should not be your main focus. Of course, it’s very important but the home should be more about your lifestyle.
• Ask the neighbors in the community how they like living there and what the benefits are.
• Hire an expert to check the home for any major construction issues.
• Check the comparable sales in the same community and make sure your home is not overpriced.
• Ask for a due-diligence period of at least 10 days to check any issues the property may have.
• Do not get into a bidding war. Set your maximum price and don’t go above it.

Desert Homes Realty specializes in representing Buyers and our business has noticed a sharp increase. The interest rates are at record lows and the home prices could not get any better. What are you waiting for? Jump in, the water is fine. Elvis has left the building so to speak. Many of our clients are saying that they do not want to miss out on this opportunity. They are concerned that prices will go up quickly and they could get priced out of the market. We are also noticing that the bank owned foreclosures are getting multiple offers. This really is a good sign of things to come. Don’t worry; there are still plenty of bargains to go around. We are still seeing homes in upscale communities selling for less than half of what people paid for them a few years ago. Here are some tips that you may want to consider in your quest.

• Do not assume that the seller will come down on the asking price. Many of these homes are selling for substantially more.
• You will need help if you want to be taken seriously in this market. Sellers want to see offers written professionally.
• Don’t get discouraged if your offer is not accepted. Move on and find a better one.
• Look for homes that are new on the market. If you find that perfect home, get your offer in ASAP.
• The importance of a professional pre-approval letter is critical. Your offer will go nowhere without one.

• Don’t get caught up in a bidding war. Set you limit and stick to it.
• Price is important but should not be your only concern. Area is everything.

Las Vegas homes are at rock bottom low prices. The real reason is because we have so many bank owned foreclosures on the market that they dictate the comparable sales. We are seeing the bank owned properties getting sold but there still is an abundance of these listings available. Should you wait to see if the prices are going to continue to go down or should you step up to the plate and buy now? You will here different opinions about this but here is a list of things to consider before you make your choice.

• Your first step is to find out if you can actually get a loan in today’s market.
• Just because a home is a bank foreclosure, doesn’t mean it’s a good buy.
• Will you have to make major repairs or replace all fixtures and appliances?
• Have you done your homework on areas of town that hold their value better?

• Are you aware that many of the foreclosed homes sell for more than their asking price?
• If the home is a Short Sale, it may take as much as 3 months to find out if your offer will be approved by the bank.
• Most bank owned properties are sold “as is” so have the home checked by a licensed inspector.
• As in most cities, you are buying area and not square footage.
• If the home as a Home Owners Association, are there any special assessments due?
• If you are just looking, use our free Las Vegas home search tool.

These are just a few things to consider before you venture out in this perfect Buyer’s Market. Your timing could not be better but it’s like most opportunities, some people will see the opportunity and others won’t .

This is a very difficult time to sell a home. With all the Bank Foreclosures and Short Sales going on, It’s a fantastic time to buy but if you need to sell your home, you will need all the help you can get. The saying “ timing is everything”, could not be more appropriate than today. My advise would be to not sell at this time but if you have no choice, then you will need to be very competitive in this market. Your first decision will be to either sell your home “ For Sale by Owner” or list it with a Realtor. If you choose to sell it yourself, you have your work cut out for you. About 90% of the homes that actually get sold are listed with a Realtor and marketed on the MLS system. It is possible to sell it yourself but you will have to be competitive with the other homes for sale in your community. What ever your choice is, here is a list of things that can help get your home sold.

• Fix all items that could be considered a Safety Issue. Plumbing, Electrical, Structural.
• If the home needs paint, paint it with calm neutral colors.
• If you have carpet, clean it or replace if necessary. I hear clients say, “ I will let the buyers pick their own carpet”. Wrong choice, the home needs to look good when you show it or the buyers will loose interest.
• Curb appeal is very important. If you have dead plants, grass, broken fences, fix or replace.

• If you need to paint the interior, paint everything the same neutral color.
• Put all your clutter and personal items in storage. This makes the home appear larger.
• Offer a home warranty with the home. The buyers love this and it protects the seller as well as the buyer.
• If you have Sun Shades on your windows, take them off. The home will appear brighter.
• If you have pets, put them in an area out of the way. Cages work well.
• If you are home when there is a showing, get out of the way and don’t follow the buyers around.

The Las Vegas Real Estate prices are at rock bottom lows. The real reason is because we have so many bank owned foreclosures on the market that they dictate the comparable sales. We are seeing the bank owned properties getting sold but there still is an abundance of these listings available. Should you wait to see if the prices are going to continue to go down or should you step up to the plate and buy now? You will here different opinions about this but here is a list of things to consider before you make your choice.

• Your first step is to find out if you can actually get a loan in today’s market.
• If you are buying a home as your personal residence, what difference does it make?
• Just because a home is a bank foreclosure, doesn’t mean it’s a good buy.
• Will you have to make major repairs or replace all fixtures and appliances?
• Have you done your homework on areas of town that hold their value better?
• Do you understand the difference between an LID and an SID?
• Are you aware that many of the foreclosed homes sell for more than their asking price?
• If the home is a Short Sale, it may take as much as 3 months to find out if your offer will be accepted.
• Most bank owned properties are sold “as is” so have the home checked by a licensed inspector.
• As in most cities, you are buying area as well as square footage.
• If the home as a Home Owners Association, are there any special assessments due?
• If you are just looking, use our free Las Vegas home search tool.

These are just a few things to consider before you venture out in this perfect Buyer’s Market. Your timing could not be better but it’s like most opportunities, some people will see the opportunity and others won’t .

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.