Las Vegas Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

 

April 9, 2018

Should I Wait to Sell Until The Raiders Come To Vegas?

The Las Vegas Real Estate question of 2018 !
Should you sell now or wait until the stadium is built to get more money ?

It’s a great question that 8 out of 10 sellers are asking , so let’s dig deeper into this .

When you sell , will you still be living here in Vegas ? If prices do increase , so will the prices of the home you are purchasing .

What about interest rates ?

Let’s do the math here  ...say you have a home today worth $400,000 and you have the ability to walk away with $200,000 , and you are going to put this as a down payment on a home worth $500,000 , this would put you at an approximate monthly payment of $2100 . IF your home value does increase , for instance another $100,000 over the next couple years , and the home you are going to purchase also increases by $100,000 .. AND interest rates go up 1 or even 2 points as well ( there has been talk of 2 interest rate hikes just  in 2018 , so it’s very likely rates could increase even more ) this would bring your monthly payment to approximately $2400-$2700 per month ! When I purchased my first home 7.5 was a great rate ... this CAN happen , and likely will .
Is it worth the wait to pay more later ?

Right now in Vegas inventory is at all time lows , there are far more buyers than sellers in the market . This means multiple offers and many times ,  buyers paying above market value to be able to get the homes they want . If 8 of 10 sellers are waiting for the Raiders to come before listing , what will this do to inventory? There will be more inventory of higher priced homes

...and then there’s the economics ....

Who are the buyers now ? Aside from the locals , many of the buyers now are relocating from other states .. either because it’s still affordable to live in Vegas , or for jobs . There’s a huge amount of high paying construction jobs here in Vegas now , between the stadium and all of the new projects on the strip . Once everything is built and running , and everyone has already moved here , the average pay of the people actually working at the stadium is likely to be much lower . Who’s going to buy all of those high prices homes ?

Of course , I don’t own a crystal ball , however ..I do think the smartest plan of action is to sell now on the HYPE of the stadium, and you may get a better return !

Just some advice from your Vegas Native Realtor .

If your considering selling , talk to me about how we can get you the best return !

Trish Williams Team
Keller Willliams Realty
The Marketplace One
702-308-2878

April 3, 2018

How to Organise and Declutter Your Attic

 The attic quickly becomes the place to just cram all of the stuff you don't really need or use often, out of sight out of mind. The attic can be a great place to store a lot of items that you don’t need on a daily or even weekly basis, but for this space to be effective you’ll need it to be organized.

 

Timing Is Everything

Make sure to put some thought into when you organize your attic. Especially in Southern Nevada where it gets hot, you want to be strategic about when you go up there. The cooler months are an ideal time to organize as the temperatures in the attic will be mild. In the summer when you run your A/C the cold air will settle on the ground level of the home and the hot air will raise up to the ceiling, compound that with the heat from outside baking the roof and warming the attic space, the attic will become an oven very quickly. Also try to schedule your cleaning with the trash days, this way whatever you end up throwing out will be removed within a day or two. Some city areas have mass trash pick up days. If you think you will need to throw away large items or more items than what can fit into your trash cans, make sure to do your clean out just before this day.

 

Be Prepared

Get ready before you even start. Gather the materials you need such as boxes, trash bags, markers, etc. This will make it very easy on you since you won't have to keep climbing up and down to get the things you need. Because of the extreme temperature changes in an attic, you should choose a bin that will hold up to those changes. Heavy duty plastic bins are the best option for storage. This can also protect your belongings if there was a leak in the roof.

 

Sort Everything

Start your organization by clearing a path and a decent section of the floor space if you can. This will give you room to make several piles. The minimum number of piles you should have is two for ‘Save’ and ‘Throw Away’. You can also add a donation pile or even piles for different people if you are splitting a household. If the piles start to get too sizeable and you begin to run out of space, bring the items in the toss pile, or donate pile if you made one, and bring them to a designated area.

Once you have removed all of the unwanted items, it’s time to pack it all up. We aren’t done sorting yet. Group like items with each other in bin and store boxes full of similar items together. When putting the boxes away take note of boxes that you may need later such as holiday decorations. Place these boxes in an easy to access location.

 

April 3, 2018

How to Evict a Relative Who Has Overstayed Their Welcome

It is not uncommon for homeowners to run into issues with tenants who overstay their welcome, but when it is a family member the subject gets even more touchy. They promise they won’t be a burden on you or your home, and in the beginning that may be true, but after a while they start to get too comfortable or have just been in your home too long. If you ask them to leave and they refuse to budge it may be time to take legal action in the form of an eviction. Here are a couple things to think about before you start.

 

Eviction is not a one size fits all process. Different cities and states have different guidelines and procedures that need to be followed to go about eviction legally. For example, in Nevada it is illegal to do what is called constructive eviction. This is that act of changing something in the home to make the home either inaccessible or uninhabitable for the tenant. This can include turning off the utilities, changing the locks, removing necessary fixtures such as a toilet, etc.

When starting the eviction process be sure to consult a lawyer that specialises in tenant and landlord laws. They will have all the knowledge you need to keep you out of trouble and make the process as smooth as possible with their guidance. Nevada is a tricky state when it comes to eviction, many of the laws protect the tenant outright, so you really want to make sure you are not conflicting with the law.  Generally, this is what you will need to do to evict someone, but always be sure to check with your lawyer before taking action.

  1. Serve the tenant a notice to vacate, this is a warning. This notice should state when they must vacate by and why you are evicting them. Most places require 30 days notice. Be as clear as possible in this notice. If you are willing to allow them to stay if they perform a certain action, make that very clear as to what they must do and by when. The notice has to be written carefully. The assistance of an attorney is very helpful in this portion.

  2. If the tenant does not leave or perform the actions you requested, you will need to file an eviction petition with the court. You may ask for an unlawful detainer hearing. This is when a judge will listen to your reasons for eviction and look over your notice to vacate. If the judge rules in your favour they will issue an order of eviction and writ of possession. This gives you your property back.

  3. If the tenant still refuses to leave, they are now in violation of the court. You can now involve the authorities, but bare in mind this will strain family relations so be tactful when doing this final step.

Some basic principles to follow when renting out your home to a relative or otherwise include;

Don’t accept rent if you are trying to evict someone. During the eviction process there is a time limit that the tenant has to leave, but by accepting rent you will be restarting that time frame.

Put it in writing if someone is going to be living with you or in a home you own for any extended period of time. You will want to outline what you expect from the tenant. If you allow your nephew who just recently graduated from college to live with you as long as they are looking for work and picking up after themself, put it in writing. This will protect you if the tenant breaks the rules and you want them to find a new place.

Try to work it out when you can. Sometimes paying someone to leave will cost you less than the legal fees involved in forcing them to leave. This can also save the relationship with your relative.

March 28, 2018

How to Declutter Your Home While Still Keeping All of Your Stuff

Clutter has become a bit of a taboo word. In recent years many people have searched for ways to bring themself to part with objects that they may no longer have use for anymore, from thanking the items before tossing them, to donating item or even just outright selling them.  But what about those of us who still enjoy the items that make up our ‘clutter’? There is a way to fake it; to make it seem like the clutter is no longer there while still maintaining all of these items.

 

Group Like Items Together

Items can appear like they are clutter when they are in fact just in the wrong place. By categorizing  your items you reduce the appearance of clutter. For example, group items like all shirts go into one drawer, or all extra toiletries go into a designated drawer/cabinet, etc. This creates an organized look to the space. It also will make finding any given item a lot easier too! Another optical trick is to group items by size or color. You could easily group books or even nicknacks this way to give shelving a cohesive feel.

 

Store Items Where They Are Used

‘Everything has a place and is in its place.’ But does this place make sense? It seems like a no brainer to put items where they are used, but it is quite common for items to be stored a good distance from where their designated task happens. Storing items like umbrellas by the entrance, coffee mugs near the coffee pot, pet foods near their bowls, etc. It is when these types of items are not in the most effective location that we get cluttered areas.

 

Look Up

It’s easy to run out of space when you only use the floor or maybe a table to organize your possessions. You can free up some of that floor space by adding hooks or shelves to store your items. However, be strategic with your use of wall space. It is easy to cram a huge stack of bins into a closet, but what happens when you have to get something out of the bottom bin? Whatever is in there may as well not exist at that point. When utilizing vertical space take note of how easy or difficult it will be to get your stuff back out. If you think it will be too challenging reevaluate your plan.

 

Furniture Can Provide Hidden Storage

Take a look at your furniture and see if any of them could be holding any hidden storage. Beds are a major gold mine for storage as many frames have enough space underneath to hide away short storage containers or items, or maybe behind the couch. You can also find furniture with storage built in such as ottomans, coffee tables, and even couches. When buying a new home also look for homes with built ins or out of sight storage.

 

Corral The Cords

Tangled cords can quickly make a room look more cluttered than it actually is. By organizing the cords you eliminate this issue. You can find many organizers from boxes that double as a charging station, to a cord cover to conceal them to help with this task as well.

 

Worst Comes To Worse, Rent A Storage Facility

 

If you really are out of space there are always storage facilities. Running out of space can make you think you have to throw things out that may make you feel regret later.  

 

March 28, 2018

Downtown Las Vegas Increasing In Value

According to new reports, Downtown Las Vegas is the new place to be. New data shows that the two areas with the highest growing home value rates are Huntridge and “Downtown East”. According to Zillow, these neighborhoods have seen an over 31% rise in home value.

Downtown East, which consists of homes within, Bruce Street west, Charleston Boulevard south, and the 95 curving North and East, had a median home price of $111,000 in February. The slightly larger neighborhood of Huntridge, which includes homes in the Historic John S Park, South Ridge, Showboat, Crestwood, and Francisco Park neighborhoods, had a median home value of about $162,000. It is only natural to see growth in these nearby neighborhoods after the recent efforts to expand downtown’s culinary, cultural, and business footprint in that past few years.

A long time homeowner expressed that they had seen more and more young people and first time home buyers moving into Huntridge, including Mitchell Wilburn and his wife Andrea who bought a three bedroom home in February for about $210,000. When asked why he had chosen this neighborhood by Fox 5 he explained, “We are of the hip downtown, shiftless-artist types and we love very period, kitschy mid-century design.” He also noted that the pink piano bathtub sealed that deal, and that this home may have been their last chance to own property that could increase in value. “In our age bracket, hardly anyone is anywhere near able to compete with the viciousness of house-flipping and renting hustlers.” She said.

Additionally, homes in the Charleston Heights neighborhood, Winchester, and Rancho Charleston also are increasing in value.

 

The data chart listed below is courtesy of Zillow.

 

Fastest Growing Home Values

Posted in Market Updates
March 22, 2018

Thinking Of Buying A Fixer-Upper…Better Read This First!

 Buying a fixer-upper is one of those endeavors that looks so fun on TV (thanks, Chip and Joanna Gaines), but make no mistake; in real life, it’s a huge risk, and a whole lot of work. So before you set out to swoon over some hovel you dream of transforming into your dream home, you should learn a few things about how to find a diamond in the rough rather than a money pit-and how to do the math to make sure it’s worth all the sweat equity you’re about to pour into it. So here’s what you really need to know about buying a fixer-upper

Find The Worst House On The Best Block

Rule No.1? You can’t go wrong with the age-old adage of buying “the worst house on the best block,” says Dan Bawden, Remodelers Chair of the National Association of Homebuilders and veteran fixer-upper contractor. The reason: the high price of comps-I.e homes of similar size nearby-will have a positive effect on the price of the homely bargain you’re buying. Once it’s fixed up, of course.

Bawden’s rule of thumb is that you should aim to spend 20% to 25% less than what a property in good condition would cost in the area. Do your research and make sure you’re comparing apples to apples. Look at price per square foot and numbers of bathrooms and bedrooms. And understand that price isn’t the only factor to consider (more on that next).

Find A Fixer-Upper That Needs Cosmetic Changes

Bawden cautions against buying anything with major flaws that will eat up your renovation budget. The best fixer-uppers are ones that mostly need cosmetic updates-things like kitchen and bathroom renovations, new floors, siding repair, or wallpaper removal. When it comes to big things like foundation problems, termite damage, or evidence of water damage (especially in coastal areas), these should be deal-killers. If you’re considering a house that needs serious upgrades  to the electrical systems, roof, or HVAC, make sure you’re getting enough of a discount to cover the expenses of these repairs, which can be sizable.

Get A Contractor To Estimate How Much It’ll Cost

If you are planning to hire a contractor to do the work, have him give you a bid for the job before you make an offer on the house. You may have to pay the professional in a few hundred dollars to walk through a potential home and estimate the renovation costs, but it’s worth it.

“Think of it like another home inspector,” suggests Bawden. Once you have your figure for the remodel work, add at least 5% for unforeseen issues since there will always be some surprises. Even the best contractor can’t see through walls, and you don’t want to blow your budget if you pull up the linoleum in the kitchen and find rotten boards below.  

Do The Math Before You Make An Offer

The time to figure out if a fixer-upper is really a good deal is before you buy it.It’s easy to get swept up in planning a major renovation, but for your long-term financial well-being, you have to make sure the numbers work first.

To get the green light, you should know confidently that after your renovations are complete, you can sell the place for at least as much money as you’ve put in (ideally more). Got that? Even if you plan to live there forever, this is key. Because life is unpredictable, You never know when you’re going to have to move unexpectedly, so you should never invest in a home where you can’t recoup the costs if need be.

So first, determine what the house would sell for with the upgrades you’re planning. Let’s say hypothetically $300,000. Let’s also say that your contractor tells you it’s going to cost $80,000 to do your repairs (including your 5% wiggle room). To make the numbers work, you should not pay more than $220,000 for the house. If for instance, the home’s seller won’t accept less that $240,000, that may mean you should rethink your renovations and spend only $60,000.

Finally, determine whether you can live in the house while doing the renovations. If not, you’ll have to factor in rent during the time it takes to renovate (and you’ll want to give yourself a few months’ padding there too).

Stick To Your Budget

While totaling your reno budget, make sure you’ve picked out the inishes you want, too, because it’s very easy to splurge when shopping for things like faucets, backsplash tile, or appliances. “You can go to the store expecting to spend $60 on the faucet and fall in love with a lever-handled faucet that looks like angel wings…and costs $250,” says Bawden. “It’s human nature to say ‘Why are we spending all this money to cheap out on the little things?’ but it can add up fast and really inflate your budget.”

-Article courtesy of Horseman’s News January 2018

March 22, 2018

Who Pays Closing Costs?

 Closing costs: a generic term tossed around by mortgage originators, real estate agents and even your neighbor. But what are these fees all about? Read on to learn the basics of closing costs and how they will affect your home purchase.

What are closing costs?

Closing costs, or settlement costs, are one-time expenses charged in connection with the origination of your loan. They cover additional costs like loan origination fees, loan discount points, appraisal fees, title search fees, title insurance premiums, survey fees, transfer taxes, recording fees and credit report charges. Closing costs will be disclosed to you on your Loan Estimate Disclosure and Closing Disclosure.

How much should I set aside?

Closing costs typically run between 3% and 5% of your home’s purchase price, which gives you a general idea of what to budget for even before receiving a Loan Estimate from your lender. Your loan type, down payment amount and the state in which the home is located will all determine how much money you need to set aside for closing.

What is a Loan Estimate?

An LE, as it is more commonly known, is an itemized list of fees and costs associated with the loan that the lender must issue to the borrower within three business days of a completed loan application. True to its name, a Loan Estimate is just that—an estimate. Some closing costs can change, but, if they do, your lender may provide you with a revised LE and explain the changes. You can use Loan Estimates to compare the closing costs for different lenders and compare the actual closing costs shown on the Closing Disclosure when you ultimately close on your mortgage loan.

How do these rules apply to new construction homes that are yet to be built? Once the initial LE is issued on a home that is scheduled to close more than 60 days out, any estimate changes must happen by the time the interest rate is locked and within 60 days after the contract.

Can I get assistance with closing costs?

The short answer is there are no guarantees. Many people buying resale homes ask the seller to pay the closing costs during negotiation, but if homes are selling quickly in your area or there is more than one offer on the table, your real estate agent may advise against it. If you choose to buy a new construction home, check to see if the builder is offering closing cost assistance as a sales promotion at any of their locations. If you’re active or former military, you may also find that you may qualify for a Veterans Administration (VA) loan that may cover some or all of your closing costs.

March 22, 2018

Financing a Hi-Rise Condominium in Las Vegas

 Did you know it is possible to purchase a high-rise condominium in Las Vegas with as little as 10% down? Many people think it is not possible , but contrary to this misbelief, it is . There is even FHA financing available at the Ogden in Las Vegas http://ogdenlv.com/Condominiums can be financed using non-warrantable condo loan products , some of which offer as little as 10% down . I have recently assisted a buyer in such a purchase at the newly released Juhl condominium project, http://juhllv.com/, in downtown Las Vegas . This buyer had spoken to many of realtors and lenders that told him that financing was not an option , luckily , he came to me , and as always I researched to find out how this could be possible . If your interested in finding out more please contact me , Trish Williams Keller Williams Realty The Marketplace One 702-308-2878. I make your homeownership dreams a reality .

March 22, 2018

Fouth of July Safety Tips

 

For many Americans the Fourth of July means fireworks and Barbecues. However, this holiday isn’t all fun and games. Every year 50,000 fires are started on and around the Fourth of July, so to keep you and your families safe The Trish Williams Team compiled a list of tips to keep you and your family safe.

1. Be Aware of Packaging. Be careful not to buy fireworks that are packaged in brown paper as these are usually used in the large, professional displays and are very dangerous without proper knowledge of how to operate them.

2. Remove Highly Flammable Substances. Make sure your yard is clear of flammable substances such as pine needles, dry leaves, dead grass or dry hay if you have or are nearothers who have horses. These substances are easy to catch on fire and will cause fire to spread quickly.

3. Have Water Ready. Make sure you have a bucket of water and/or a garden hose ready in case a fire does start. The best option is to have a gardening nozzle attachment on your hose and have the water turned on; this will allow you to be able to put out fires much faster since you won’t have to run to turn the water on first.

4. Choose Proper Attire. Try to stay away from clothing that are overly baggy or have a lot of draping material as this can easily get in the way and catch on fire. Also wear closed toed shoes, especially if you will be operating the fireworks, to protect your toes from stray embers.

5. Designated Firework Operator. Due to the dangers of fireworks,make sure to have a designated firework operator. Just like a designated driver you will want your firework operator to be free of any negative influences from alcohol or other inebriating substances that could slow their reaction time or lower their inhibitions.

6. One at a Time. Be sure to light one firework and moving a safe distance away each time, allowing the firework to finish completely before lighting the next.

7. Never Point a Firework at Anyone. Pointing Fireworks at others is very dangerous because the can easily cause burns and severe damage especially when making contact with parts of the body like the eyes.

8. Be Cautious of Duds. If a firework malfunctions do not try to relight it. Wait at least 20 minutes before picking the dud firework up and immediately soak it in a bucket of water or under an amply amount of water from a hose before throwing the firework in the trash.

9. Soak Well. Make sure to soak all fireworks in either a bucket of water or under an ample amount of water from the hose before throwing them away. This will ensure that the possibly smoldering finished firework does not catch anything in your garbage bin on fire.

10. Pet Safety. Pets often go missing on and around the Fourth of July due to getting spooked by the loud noises so keeping your pets safe is important. Make sure all of your pets are micro-chipped and the chip is up to date on all of your current information so that if they do get out it will be easy for your pet to be returned to you.

11. Keep Your Pets Inside. Make sure your pets are inside and secure. Close doggy doors, all entry doors into the house, and windows to keep your pets inside. If your pets are normally kept outside, bring them in. Even if they are in a dog run or a crate outside bringing them in will ensure that they don’t get burnt by stray falling embers.

12. Keep Your Pets as Calm as Possible. An easy way to keep pets calm is to turn on the TV or play some music. This will create a sound buffer and muffle the loud bangs and pops from the fireworks. If your pets are overly frightened by fireworks consult your veterinarian to see what you can give your pet to keep them calm.

March 22, 2018

Are There Really Multiple Offers on All The Homes In Vegas??

This certainly depends. If your price point is under $300,000 and you are looking for a turn-key, move-in-ready home in Las Vegas…you absolutely will be competing with other buyers trying to find the same. In the past year I’ve seen prices steadily increase, as buyers are racing against the market trying to get a home before they are priced out completely.

So are the Realtors bluffing, do they really all have multiple offers?
I’ve had many clients wonder the same, and the truth is, if you want to call the bluff and not offer higher, by all means do so. However, many buyers realize after an offer or two (or three or four) gets rejected, that you need to come in strong and make your offer catch the seller’s attention.

How can you get a deal on a house and not overpay?


Again, harsh reality here. Have your realtor check the comps in the neighborhood, I typically suggest to my buyers not to go more than $5000 above the last closed comp if the condition, upgrades and features are all similar. We all want to get a deal. We all want to feel good that we paid a good price. But you really have to consider what is a deal? If your considering offering $220,00 for a home, and the last closed model match was $ 215,000, so you don’t offer higher because you feel like it’s not a good deal, How much did you really accomplish when you find yourself in months later still trying to make offers on homes, but now those same homes are up to 230,000 , and you still haven’t gotten a house? Do not get me wrong here, I am by no means promising that you will have any amount of equity within any amount of time, I am just commenting on situations similar that are happening right now in this market.

Aren’t Sellers supposed to pay all of the buyers closing cost?


Again, another misconception. In a buyers market where there are more sellers than buyers, buyers can ask for different types of concessions such as closing cost and usually get them with no problem. In a competitive market where you are competing with other buyers that are not asking for any concessions and offering full price or above, why would a seller consider your offer over theirs?


What if the house does not appraise for the amount that I offered?


This is why it is so important to make sure your realtor looked at the comps in the area. As I mentioned before, in most cases you do not want to go any higher than $5000 over the last closed comp. Even then, an Appraiser may determine that the value is lower, which at that point you go back into negotiations with the seller. Some sellers will ask you to meet them in the middle on the Price reduction. For  instance if the home appraises at 215,000 your offer price was 220,000, the seller may ask that you pay $2500 above the appraisal. Some sellers will reduce the price to appraised value without question. Others will refuse and decide to put the home back on the market till they find a buyer that is willing to pay over appraisal, or a cash buyer. Please keep in mind that there is no way to force a seller to sell their home at any price below the contract price . This is why it’s really important to have a great Realtor to negotiate on your behalf to try to work out the best deal possible for you.


If you need a great Realtor who knows the market and is keen on these situations, we would LOVE to help you!! Please contact Trish Williams Team, Keller Williams Realty The Marketplace One at 702-308-2878.