Las Vegas Real Estate Blog

With the market slowing, new home buyers stand a good chance of finding a great deal.  That is, if all their ducks are in a row.  What does this mean?

It means you should be evaluating your financials to make sure everything is in order a few months before you even begin looking.  Doing so, allows you to address any potential red flags that a lender may discover when approving your mortgage.

Before looking, you should:

1.  Clean up your credit report - check for inaccuracies, open credit card accounts that should be closed, and any delinquencies that require explanation.  If there are issues, contact the appropriate credit reporting company to pursue.
2.   Know your credit score - many credit reporting agencies can provide you with your FICO score.  Your FICO score is important to lenders.  Many will not discuss a loan with you unless your FICO score is a particular number.  To complicate this process even more, that number can vary between lenders.

3.  Figure out your price range - sit down and figure out what your monthly income and expenses are.  Then, estimate any additional costs to be incurred with a house such as higher utilities, association fees, homeowner’s insurance, appliances, home repairs and even yard maintenance.  It all adds up, and adds up quickly.

Understanding your financial situation before you begin the buying process, can help alleviate possible pressure and frustration down the road.

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

Popularity: 22%

The Reviewjournal.com is reporting a new trend among LV residents. While there are no hard numbers to back up this new trend, it appears that more and more residents are choosing to swap big houses in the city’s outskirts for smaller high-rise condominiums in the urban core of LV.

Condo sales executives estimate their properties’ proportion of local buyers range from 15 percent to 35 percent. Salespeople add that the vast majority of those buyers say they plan to live in their units, rather than rent them out as investments.

Some converts are tired of the drudgery of house and yard maintenance. Others are looking to downsize. Is this a trend likely to continue? If so, how will it impact the current housing market in LV?

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

Popularity: 20%

Hal Rothman’s article, The New West, New Retirement Destination, states that Baby Boomers will continue to redefine and dramatically impact the Western states real estate markets. While many may believe that real estate in these markets have reached its apex, he says “think again”. Professor Rothman believes the West will supplant Florida as the nation’s leading retirement destination.

Locations such as Phoenix, Las Vegas and Rio Rancho will continue to grow with the addition of more Baby Boomers. Their influx will further drive up land prices and change the face of communities across the West.

In regards to Las Vegas, Rothman says, “retirement has already altered the economic structure of the real estate market. From 1985 to 2002, the average home cost roughly $150,000, making the community a wonderful choice for middle-class retirees, civil servants, federal employees, military and otherwise, and union workers from the Rust Belt. Since then, housing costs have doubled-the spread of the coastal disease of perceived scarcity accounts for much of the increase-and who the retirees are has changed. No longer blue-collar, they have become professional class, owners of stocks and bonds who manage their own 401Ks. The demands this constituency makes on social services, local government, and infrastructure is considerably greater then their less affluent peers.”

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

Popularity: 19%

Fifty-eight-year-old Douglas Hoffman is accused of chopping  down more than 550 trees, worth $250,000, to preserve his view of the Las Vegas Valley.  His wife allegedly told the police he did it, but his lawyer states his client denies the allegations.

This case is unusual because it highlights the value that many Valley residents place on their panaoramic view of the Strip and mountains.
A few homeowners have even sued neighbors and developers claiming they paid for a view when they bought their house, and now they are losing it  because  neighbors/developers have planted trees.

Maybe life is truly stranger than fiction….

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

Popularity: 18%

Trying to place a realistic value on your home is not always easy. For your own peace of mind, you’d like to know what your home is worth before you put it on the market. So, where do you start?

There are four primary sources for determining the value of your home. They include:

1. Governmental - Start by looking for your county’s property appraiser, tax assessor, recorder or clerk online. If you can’t find the information you need, call the appropriate office.

2. Visit websites that estimate home values - There are a few good sites such as Zillow, Homekeys or Redfin

3. Review asking prices at the NARs website, Realtor.com - while the site doesn’t estimate home values, it lets you know how much your neighbors are asking for theirs.

4. Cruise the neighborhood - read the classified ads in the newspaper, gather fliers from “for sale” lawn signs, and attend open houses to chat with real estate agents.

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

Popularity: 16%

Another Hollywood star is moving to town. Actress Pamela Sue Anderson has recently purchased a $2M, 2-bedroom, 2000 sq. ft. penthouse at the Panorama Towers. Other celebrities including actors Tobey Maguire and Leonardo DiCaprio have also bought units in the same development. The project is scheduled for completion in 2008 so have that “welcome to the neighborhood” gift basket ready to go.

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

Popularity: 15%

For the second week in a row, 30-year mortgage rates dropped. Freddie Mac reported rates on 30-year, fixed-rate mortgages averaged 6.32 percent this week, down from 6.34 percent the previous week.

Experts attributed this latest decline to positive news on inflation easing investors’ worries about price pressures. Hopefully, the trend will continue and lessen the predicted market slow down.

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

Popularity: 22%

Homeowners insurance is a must.  Not just because mortgage companies require it, but it just makes common sense to insure one of your largest assets.  The price you pay for your homeowners insurance can vary greatly depending on the insurance company, your coverage, and even your credit history.

When buying homeowners insurance, here are a few things you should consider:

Shop Around.  Remember it isn’t just about securing the lowest price.  It’s also about finding a company that has quality service should you need to file a claim, or that can provide you options that will work well for your particular situation.

Increase Deductible. The higher your deductible, the more money you can save on your premiums. Most insurance companies recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25%.

Multiple Policy Discount.  Some companies that sell homeowners, auto and liability coverage will take 5 to 15% off your premium if you buy two or more policies from them.

Home security.  You can usually get discounts of at least 5% for a smoke detector, burglar alarm or dead-bolt locks. Some companies offer to cut your premium by as much as 15 to 20% if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations.

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

Popularity: 16%

One million dollars just doesn’t buy you the kind of house it use to in LV. Sure, you can still find yourself a nice home with the standard amenities, but don’t expect much in the way of builder upgrades.

A Dime a Dozen takes a look at the recent trend in luxury homes in the LV area. Homeowners want more upgrades and these upgrades will cost you. According to the article, true custom homes with marble tile, granite countertops and the latest technology will run you closer to $3 million.

Sales of million-dollar homes have more than tripled from 192 in 2003 to 642 in 2005. Whiles sales for three-million dollar homes have more than quadrupled from 9 homes in 2003 to 41 homes in 2005.

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

Popularity: 8%

Home builders are nervous.  The market appears to be cooling and buyers are slow to step up to the plate.  What’s a home builder to do to attract a new home buyer?  How about a few extra perks such as granite counter tops, free landscaping, or fancy carpeting?

If you are thinking of buying a home in 2006, then this may be your lucky year.  Homebuilders in locations like Las Vegas and San Diego are heaping on the perks.  Homebuyers are demanding–and getting–:

• New kitchen cabinets;
• Granite countertops;
• Center kitchen islands;
• Backyard landscaping;
• New stainless steel and upgraded dishwashers, microwaves and refrigerators;
• Upgrades to commercial ovens;
• Built-in microwaves; and
• Upgraded flooring, such as bamboo

While these cosmetic extras may appear attractive, remember that most builders get them for cost so they aren’t that big of a deal.  If you want a true deal, negotiate for reduced closing costs, interest-rate buy downs and cuts in home prices. These packages can cost a builder more, but still are being used by roughly 7% of developers.

And, a reduction in price, no matter how small, will mean lower property taxes and lower monthly payments.   In short, a reduction in interest rates can pay off big over time.  So nix the desire for granite counter tops and push for the lower interest rates.

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

Popularity: 14%