Las Vegas Real Estate Blog

The Las Vegas Sun is reporting that Clark County school officials are exploring a plan to purchase and hold land in the Las Vegas area for the purpose of selling Homes to teachers.

Rising housing prices in southern Nevada is being given as the top reason why teachers are turning down jobs or not applying for positions in the area. A similiar program is used at the University of California in Irvine. Administrators believe the program could be running by summer 2008.

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

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Las Vegas Real Estate News ran a great article on the importance of home inspections.  It points out while many buyers have the standard inspections performed, they fail to follow up on many of the recommendations the inspector makes.  Reluctance to spend additional money is often cited as one of the reasons.  However, as the author points out, “Spending several hundred dollars to ensure a wise investment is minimal compared with the cost of correcting serious problems.”

Another reason is lack of time.  While sellers would like to see the shortest turnaround time possible, buyers should negotiate for a longer time frame in which to  ensure that all inspections have been made to their satisifaction.  The author suggests asking the seller for an extension and sweeting the requesting by removing  the  inspection contingency subject to an extension of time to complete specific further inspections.

To read the article in its entirety, click here.

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If you are the kind of person who enjoys watching hours of HGTV and idolize Bob Villa, then you are probably a person that salivates at the idea of buying a fixer upper. Fixer uppers can provide great opportunities for do-it-yourselfers, but can also potentially provide you with a nice profit when you decide to sell.

Here are a few things to consider when purchasing a fixer upper:

William Nickerson, author of the book “How I Turned $1,000 into $5 Million in Real Estate in My Spare Time,” recommended spending $1 to increase market value by $2 or more. Sure, sometimes that’s not going to be possible when you have to repair a leaky roofs or damaged pipes. You aren’t going to get that type of market value return mentioned, but they are essential repairs that need to be made. Just take these types of repairs into consideration when taking on a fixer upper.
Other things to consider are: location, schools, and crime rates.

A decent neighborhood, particularly for a home that you are going to live in, is an absolute must. When looking, ask yourself if you would be able to resell this house to someone else. Would they want to live in this neighborhood.? Why? What makes it an attractive location?
Schools are also important — even if you don’t have kids. Chances are you will either have them down the road or sell to a family that has kids. As a parent that has moved more than once, I can guarantee you one of my first questions is always about the quality of the schools.

High crime rates not only effect your ability to enjoy your home and to feel safe, but it impacts your property values. High crime equals low property values. What good is sinking money into a home where the property values plummet because of crime? Sure, you might find a real value or bargain screaming to be bought and fixed up, but again, would you, or someone you later sold your home to, feel comfortable living there?

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

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Las Vegas-based MillionSaverHomes is not your typical real estate brokerage. The company believes that individuals selling their homes should “sell smart”. One aspect of selling smart is not to pay the traditional 6 to 7 percent real estate commission demanded by a realtor or broker. Technological innovations, such as the Internet, have made marketing and selling a house a relatively easy and cost-effective process. So why should consumers still have to pay high commission rates?MillionSaverHomes does not think sellers should have to pay it either and have introduced two new commission programs. The first program offers sellers a one-time, flat fee rate of $2,995 to sell their home. For this low rate, sellers have their homes listed on a variety of marketing real estate venues including the Multiple Listing Service (MLS), Realtor.com, and MillionSaverHomes.com. Additionally, the seller can still expect to receive the same type of full service often associated with a traditional real estate sale such as assistance in completing the Seller’s Property Disclosure, the Purchase and Sale Agreements, and with the actual contract negotiation process.

The second program allows sellers to sell their Homes for only a 1.9 percent listing commission. This option showcases properties through the use of a iPIX 360×360 virtual tour, multiple photos, full-color fliers, Yahoo! Classifieds, BuyVegasHome.com, and much more. Under this program, a seller with a home selling for $300,000 can expect to save over $12,000 dollars in commissions when compared to the traditional 6 percent commission rate.

“Our programs provide sellers with clearly defined, easy to understand options,” said John Vanhara, President of MillionSaverHomes. “We want our clients to know exactly what they can expect when doing business with us. The response, to date, has been overwhelmingly positive. People appreciate the clarity and the fact that it really works. Their homes are selling and they are walking away with more money in their pockets. What more could you ask for?”

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

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National City announced that it may sell some mortgage lending units as soon to reduce its exposure to subprime lending as demand for home loans declines.  Subprime loans carry higher interest rates because lenders make them to less creditworthy borrowers.

National City is not the first to cut its subprime exposure.  Ameriquest Mortgage Co., one of the biggest subprime lenders, said it will fire 3,800 people and shut 229 branches.  Additionally, the Mortgage Bankers Association estimates that mortgage originations will decline 18 percent this year to $2.39 trillion, and fall further in 2007 as borrowing costs rise.

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

Popularity: 12%

The GREENGUARD Environmental Institute lists Nevada among the top 10 States for high mold. The significance for homeowners? Because mold damage is now excluded or severely limited on standard property insurance, concerns about the financial impact of a mold outbreak in a home or business continue to rise.

“Mention mold right now, and the Gulf Coast comes to mind first, but the contamination on real estate hit by hurricanes was generally less significant overall than mold growth caused by inferior building materials or poor construction,” said Carl Smith, CEO/Executive Director of GEI, a non-profit organization working with lenders and developers on mold risk mitigation techniques. “It’s counterintuitive to think of shopping centers in Phoenix or casinos in Las Vegas as being at risk for mold, but it makes sense when you examine the causes of mold and problems often caused by modern building practices and materials.”

According to Smith, many buildings and houses in dry climates develop mold issues when moisture is nurtured within walls and windows that are tightly sealed off from consistently hot conditions outside.

As mold decreases property values, it could force many owners into default, forcing mortgages into a “non-performing loan” category, the worst- case scenario for lenders. That classification causes a negative chain reaction from ratings agencies, regulatory authorities, and shareholders.

Top 10 Relative Hazard Mold Ranking
Texas 2.95
Florida 2.50
Oklahoma 2.45
South Carolina 1.91
Nevada 1.90
Arizona 1.90
California 1.73
South Dakota 1.47
Tennessee 1.33
Kansas 1.25

Bottom 5 Relative Hazard Mold Ranking
Wisconsin .06
West Virginia .07
Alabama .13
Massachusetts .18
Minnesota .19

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

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The Nevada Taxation Department is reporting that the total value of property in Nevada has increased by a third in the past year, to just under $114.5 billion.  This is nearly $1 billion less than collected last year because of the Legislatures 2005 decision to cap residential real estate property values.

The majority of the reduction was in the Las Vegas area, where total property tax collections will be $727.5 million less than they would have been without the caps.   Without the current caps, at 3% for homes and 8% for businesses, property tax collections would have gone up by almost 33.4% of the total assessed value.

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

Popularity: 12%

Home Builders Research data is reporting that sales of single-family Homes in Las Vegas were down 17% in May and that there currently is a 7½-month supply of housing options on the market. Additionally, sales of newly built homes, which make up 40% of all sales in Las Vegas, were roughly flat compared to last year. The research supports previous data that suggests the Las Vegas area has definitely become a buyer’s market.

Las Vegas is a market with many options. With the number of condos listed for sale up 67% from last year, and dozens of projects under construction or recently completed, buyers and investors will definitely have a smorgasbord from which to choose.

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

Popularity: 13%

The U.S. Census Bureau has ranked Las Vegas the second-fastest-growing city among the 30 largest cities in America between 2000 and 2005. Las Vegas’ 14 percent population increase was second only to Fort Worth, Texas, which grew by 16.6 percent during the five-year span. Eight of the 30 large cities lost population between 2000 and 2005. Las Vegas was the fastest-growing city among those with a population over 250,000 between 1990 and 2000, increasing its population by more than 85 percent during the decade.  Source:  In Business Las Vegas

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