Las Vegas Real Estate Blog

What You Should Do Now If You Plan On Selling This Fall
by Michele Dawson

Home sales during the fall are traditionally a bit slower than the frenzied spring and summer months. But fall can be a good time to sell because there are (usually) fewer houses on the market - meaning less competition - and buyers typically want to buy quickly before winter and the holidays set in.
Homes that are in the more sought-after areas, in good condition and priced well tend to sell very quickly for full or near full price. And this fall could signal the continuation of many sellers’ markets throughout the country as interest rates slowly creep up and the fear of additional increases looms.

Home buying activity has also been spurred by the fear of many potential homebuyers that this may be the last time they see interest rates under the 6 percent rate for some time to come. With this in mind, look for the home purchase business to be very active from now until at least the first quarter of 2004. This rise in home purchases could move the real estate market from a buyers’ market to a sellers’ market.

If you plan on selling this fall, you’ll want to do everything in your power to attract would-be homebuyers. One of the first things you should do is examine, and, if needed, repair any major structural systems. If you’re unaware of any, you may want to hire a professional home inspector. Chances are a potential buyer will hire an inspector to examine the house, so you might as well save yourself any surprises down the road.

The American Society of Home Inspectors says a typical home inspection includes drainage conditions, exterior surfaces, decks, chimney, the roof, windows, doors, plumbing fixtures, furnace, air conditioner, insulation, ventilation, electrical, heating, and plumbing systems.

Once that’s done, you should make sure you don’t have any loose shingles. Repair and paint your gutters, if needed. Once the structural systems are repaired or given the thumbs-up, then you should turn to appearance.

And when it comes to looks, if you’re selling in the fall, there are many things to consider, including:

Curb appeal. In other words, the way your house looks from the street - the roof’s condition, how the paint is holding up, whether the windows are sparkling, the lawn is mowed, the landscape is attractive and not buried beneath a peppering of fall leaves, and the driveway and walkways are free from toys and clutter.

Entering the house. Your front door should be in good condition. Usually when the real estate professional is busy retrieving the key from the lock box, the potential buyers are standing by with nothing else to look at but the front door. Does it need painting or staining? Also, new hardware will make it stand out, and why not adorn it with a seasonal fall wreath?

Once inside your house, the two things that immediately turn off prospective buyers are dingy walls and dirty, ill-colored, outdated, or shabby carpet. Sometimes it’s hard to be objective about the condition of your own house because you see it every day, so ask a friend, neighbor, or your real estate agent to give it a look and give you their honest opinion. Fresh paint can do wonders. Keep the colors neutral. And while you can offer buyers a carpet allowance to compensate for bad carpet, replacing it before selling really boosts that first impression and makes the house more appealing and worth more in the buyer’s mind.

Clear the clutter. If you have too much furniture, put some of it in storage. Fewer pieces of furniture will make the room seem larger and more open. Also, clear counters in the kitchen and bathrooms. Make sure closets are clean. Pack up some of your clothes now. Fewer hanging clothes in the closet will make the closet appear bigger.

Talk to the professionals. Now’s also a good time to interview real estate professionals. Ask about their experience, find out how well they know the area you’re eyeing, and talk to references. Once you have someone lined up you can follow his or her additional recommendations and begin the final phases of preparation before your house goes on the market.
Finally, you should be mindful of setting a competitive price. Your REALTOR® will begin by conducting a competitive market analysis of your house and give you an estimate of the fair market value of your home, which is a range that will fluctuate depending on the housing market in your area and how much similar homes in your neighborhood are selling for.

Don’t insist on setting the price too high, especially if you’re on a timeline. A house priced appropriately will be taken more seriously and will ultimately sell more quickly than one that’s overpriced.
Source: Realty Times

For more information, contact MillionSaverHomes.com who is local Las Vegas real estate broker at 702.212.3513.

Popularity: 14%

Foster Friendships, Nurture Your Neighborhood
by Diane Benson Harrington

In a time when so many people shut their garage doors behind them and rarely say hello, having a network of nearby friends is more comforting than ever. “We all long to connect with people and be valued in life. It helps us think, ‘I have meaning here. I have a place here,’” says Leslie Levine, author of Will This Place Ever Feel Like Home?
The happiest of homeowners agree: “My neighbors share the good and the bad with us. It’s such a relief to know that help and companionship are just a short walk across the lawn,” says one Madison, Wisconsin, woman. A year or so ago, her neighbors all rallied around when her son was unexpectedly hospitalized for a few weeks. “They got together and decided to mow our yard all summer so it would be one less thing we had to worry about,” she says.

If you’d like your new neighborhood to be a place where everyone gathers around a neighbor’s grill or hollers out a greeting to the kids who pedal by on their bikes, here are some ways to make that happen:

Make little things count. Haul in your neighbor’s trash cans, or take in packages from UPS if they’re out of town. If you notice they’ve left their car lights on, let them know so they can avoid a dead battery. In Chicago, one resident was so thrilled with his new snow blower that he used it on the entire block — including everyone’s driveway — when the first big snow hit.

Be there in times of need. Is a neighbor sick? Circle the wagons with others on your street or cul de sac. One Arizona man’s neighbors put together a schedule, all taking turns cooking dinners for nearly six months, while his wife struggled (and finally succumbed) to cancer.

Exchange keys for emergencies. “Getting locked out can really put someone out,” Levine notes. If you’ve been known to lock yourself out of your car, consider giving a trusted neighbor a copy of your car key, too. Leaving town? The mere act of giving your neighbors a heads-up can help establish a lasting bond. If you’ve hired a house sitter or pet sitter, let neighbors know so they won’t be alarmed by a strange face.

Tackle projects together. Pitching in for a common goal helps people feel like part of the community. Pick up trash around the neighborhood, or plant flowers in common areas. Or band together to talk to your local government about busy residential streets, nearby plans for a commercial project, or the rerouting of a major highway near your home.

Create a co-op. Instead of each homeowner in your neighborhood investing in his own circular saw or extension ladder or fertilizer spreader, chat with neighbors about creating a co-op. Everyone contributes the equipment they have and can borrow whatever they need. A baby-sitting co-op can work just as well.

Seek safety. Don’t wait until someone on your street gets burglarized. Talk to your local police department about starting a Neighborhood Watch program now.

Earn money together. In Harmony, Rhode Island, 18 neighbors each held their own yard sale on the same Saturday. One neighbor handled the newspaper ads and the rest pitched in to put up yard sale signs on a nearby road. It helps cut costs and attracts more buyers.

Write a newsletter worth reading. Forget “Little Becky starts kindergarten this year.” Take a cue from communities that do it right: Include city-related news that affects your neighborhood, discuss projects everyone can be involved in, promote a House of the Month, etc. Include classifieds (free, of course) for everything from items for sale to baby-sitting services.

Designate block captains. They can deliver quarterly newsletters door to door, welcome new neighbors, and serve as the eyes and ears if anyone on their block needs something. They also can be a liaison to the neighborhood association president.

Plan to meet new people. Just walking your dog at the same time every day can start connections that last for years. If you notice some neighbors who jog at the same time everyday, head out at that time yourself and ask if you can tag along.

Schedule regular get-togethers. One West Palm Beach, Florida, neighborhood has monthly happy hours that always meet at a different neighbor’s house. They also have quarterly block parties, complete with band, tent in the street, and a row of grills the neighbors roll out for cooking chicken and burgers. Think casual, though. Big-deal parties can seem ominous if everyone doesn’t already know each other. Consider a “bring your own spoon” ice cream social, or something equally low-key.

Be quirky. Trying something out of the ordinary tends to draw people out of their shells. One Baltimore neighborhood has an annual croquet party on the community’s common area. After the game they drink champagne punch, nibble on the finger foods that everyone contributes, and schmooze.
Source: Realty Times

For more information on the units, contact MillionSaverHomes.com is local Las vegas real estate broker at 702.212.3513.

Popularity: 13%

Remodeling? Tips For Choosing Products
by Michele Dawson

If you are considering remodeling or you are in the throes of planning for new materials, fixtures, and appliances, then you know that choosing your products and staying within budget can be a huge challenge. But it can be done.
On the back of the strong housing market, thousands of Americans are improving their homes.

“Given a resilient housing market and low interest rates, homeowners continue to reinvest in their homes in the midst of a sputtering economy,” said Nicolas P. Retsinas, director of the Joint Center for Housing Studies at Harvard University, in July.

And the National Association of Homebuilders reported last month that professional remodelers were busier in this year’s second quarter than any other period in the past two years.

If you’re remodeling, you know the confusion that festers when it comes to deciding which flooring and countertop materials, which appliances, and which fixtures will function best in your house, look good, and stay within your budget.

The National Association of the Remodeling Industry says it can be difficult to tell at face value if a product is reliable and if it will last.

Contractors affiliated with NARI say there are many considerations to keep in mind, including:

Price isn’t necessarily indicative of quality. Try to judge each product on its own merits and do not use price as a factor in determining quality.

If you have a question about the life of the product or its effectiveness, talk to your remodeler. If he or she cannot help you, seek advice from professional showrooms or from the manufacturer of the product.

Don’t make uninformed decisions about a product — find out its strengths and weaknesses over other choices available.

Divide the cost of an item by its anticipated longevity to figure the annual cost. An expensive product that will last for 20 years may be a better choice than an inexpensive product that will only last five years. Product life should be a factor in your selection process.

Ask about manufacturer guarantees and service options available on each product choice. Some offers will be better than others. Written copies of manufacturer warranties should be available from your contractor.

Talk to your contractor about which product will best suit your needs. Some materials wear better than others in given circumstances. For example, painted surfaces might chip and peel more in a humid environment like the bathroom. Your contractor will be able to guide you toward the best choice for your lifestyle and environment.

Some products have internal parts that will need to be replaced at some point. Ask your contractor about the maintenance and repair costs for each of your product choices. You don’t want to spend a lot of money on a fixture that can’t be repaired down the road.

Some products are better investments than others in adding to the resale value of your home. Your contractor should be able to offer an opinion on whether a specific product is a good option for your particular situation.
If energy efficiency and saving money on your utility bills are a priority, then you’ll want to look for an Energy Star label — a federal designation that means the product uses less energy than its counterpart. Energy Star product categories include dishwashers, refrigerators, central air conditioning, ceiling fans, programmable thermostats, light fixtures and bulbs, home electronics and office equipment.

Finally, don’t make hasty decisions. Do plenty of research and think about the future of the house. For example, if you know you’ll be selling five years down the road, choose products that have universal appeal — don’t choose the red appliances or the blue carpet. Go with materials that are durable, have a good reputation and are timeless.

Source: Realty Times

For more information, contact MillionSaverHomes.com who is local Las Vegas real estate broker at 702.212.3513.

Popularity: 11%

Numbers Adding Up In Real Estate
by Peter G. Miller

There have been several numbers floating around in real estate during the past few weeks that ought to interest anyone now living indoors. In basic terms, the numbers say home values are soaring and property demand is likely to remain strong for years to come.
First, the good folks at the Federal Reserve have issued their quarterly flow of funds study, a document that tells us something about how the economy is doing.

For the second quarter of 2003 we find several important items:

Home values nationwide totaled $15.3966 trillion at the end of June — up $199.7 billion from the first quarter and a rise of $3.8837 trillion since 1999, or 33.73 percent.

Despite the upward surge on Wall Street since March, the value of corporate stock stood at $5.0072 trillion at the end of the second quarter — down $3.9849 trillion from 1999. That’s a loss of 44.3 percent.

The net worth of U.S. households is on the rise — at the end of June household wealth stood at $41.2488 trillion, up from $39.5807 trillion in the first quarter. That’s an increase of $1.6681 trillion or 4.2 percent. This is remarkable given that we have some nine million people out of work and nearly two million who have simply given up looking for jobs.
The figures above do not tell us that all home values have risen or that every property is a good investment. Instead, what they say is that in general the demand for housing has been strong and remains strong because real estate has been a good place for most people to put their money.

The other number that should interest everyone comes from Fannie Mae: In ads broadcast in the Washington area, Fannie Mae says that, “The population is growing, and with it the American Dream of homeownership. In fact, with four million babies born in this country each year and millions more families moving to this country in pursuit of the American Dream, we expect the population to grow by 30 million by 2010.”

Imagine the U.S. with 30 million more people in just over six years. How are we going to house so many people?

Let’s assume that our 30 million additional citizens will want to live in today’s major population centers. Do you think commuting might be a little tougher? Do you think home prices will rise or fall given increased demand?

It would be nice to suggest that new home construction will handle the load, but that seems unlikely in a world where development is loudly opposed every time an unusual rodent, gnat or flea rambles within 40 miles of a given site. And “smart growth” advocates, who want to restrict development, only add to the problem.

Past results surely do not guarantee future trends — but past results plus the addition of 30 million people are hard to ignore. If you want to know one reason why real estate demand will remain strong in the future, just look at the nation’s delivery rooms, airports and harbors.
Source: Realty Times

For more information contact MillionSaverHomes a local Las Vegas real estate broker at 702.212.3513.

Popularity: 5%

Developer touts new condo project’s pricing package