Tag Archives: real estate

10 Things To Help You Buy A House In Las Vegas Today

9 Jul

Selling real estate in Las Vegas has been a challenge the last few years.  It’s been a challenge everywhere but no market has been like Las Vegas.  Vegas was ground zero for the housing bubble and bubble burst.  We then had prices sink down down down to levels not seen for twenty years.

The government, in its own inept way, tried to help punish the banks for their willy nilly foreclosure practices and passed a law requiring them to prove they had the papers in hand to foreclose on a property.  Because they not only didn’t have those papers and can’t find them because many of them were never created, foreclosures came to an absolute screeching halt.  Many people here have been living in their homes for almost three, yes three years without making a payment and there may not be a notice of default filed on their property.

How does that help you buy a house in Las Vegas?  What helps you are knowing and understanding the following ten things:

  1. There are very few houses available and currently out of all the single family homes on the market, less than 23% of them are open to receiving an offer.  All the buyers looking for a single family home are competing for a small number of houses available for sale.
  2. 82% of the houses on the market in Clark County are priced at $250,000 and lower.  This means that if you’re buying in this price range, this is where all the competing buyers are looking to buy as well.
  3. Most condos and townhouses can not be financed. When the investors jumped ship first in 2006-2009, the banks decided financing condos and townhouses was way too risky and so quit loaning on them.  So unless you  have cash, except for a very small percentage of properties that may be eligible for conventional financing, you probably won’t be able to get a mortgage for that condo.
  4. Always assume you’re going to be one of multiple offers.  Almost every property out there that’s nice receives from 2 to 22 offers or more.
  5. If you don’t need help with closing costs, don’t ask for them.  When sellers are looking at multiple offers, they are always going to choose the offer that either:  nets them the most money (no closing costs or repairs) or closes the quickest.
  6. An all cash offer doesn’t always get the deal.  One reason sellers like cash is there is no banks to deal with an no appraiser to contend with who believes the house is worth less that the market will bear.  Even with little inventory, a low appraisal can make a deal fall apart quickly.  But a higher priced financed offer will be seriously weighed against a lowball cash offer.
  7. Understand what a home warranty can and can not do for you.  There are a number of good home warranty companies in Las Vegas and I, like many agents, have a favorite.  A home warranty is great for taking care of major unexpected repairs like an air conditioning unit that was working when you bought the house but suddenly decides not to after you’ve owned the house for a month.  Only having to pay a $60 service call is worth having to come up with $4000 to replace a central air conditioning unit.
  8. Agents seldom present offers to the seller in person.  Despite what you see on TV, most agents email over your offer with the required documents like your proof of funds or loan approval and a copy of your earnest money check to the listing agent who, in turn, may just email it on to the seller.  With sellers being located all over the country, and agents working with a large number of clients, having the ability to present offers electronically makes things much faster.  The downside is you, as a buyer’s agent, can’t easily make an emotional case for your buyer to the seller and his agent.
  9. As of today, July 9, 2012, 33% of the houses on the MLS are NOT in distress. This means they are not short sales or bank owned.  You are now dealing directly with a private seller (whether its an investor or an owner occupant) 66% of the time.  That’s a far cry from nine months ago when over 66% of the houses on the market were in distress.  However, buyers are still not shying away from short sales, because 64% of the houses over all on the market are short sales and only 8% of those are available for an offer.
  10. Last, I can’t believe I’m still saying this, don’t expect your lowball offer to be considered.  When you’re competing with a number of buyers, your offer has to be attractive to be considered.  My favorite saying is offer the highest amount you’re willing to pay and that if you don’t get the house because someone would pay $1 more than you, you’re okay with it.  No buyer’s regrets of “I would have paid that much or more to get that house.”

Las Vegas is a very competitive real estate market these days.  We don’t know how long it will stay this way, but if you’re ready to buy when the rates are the lowest they’ve been since the 1940’s, make sure you make your offer the best one you can.  Believe your agent when they explain the pricing and what you may and may not want to ask for in your offer.

You may not get a second chance.

Cirque Du Soleil house with Owner Financing

18 May

You can own the Las Vegas home of Guy LaLiberte, originator and owner of Cirque Du Soleil.  This amazing property located in a small guard gated community called “The Fountains” is everything you’d expect a Cirque Du Soleil house to be.  All the custom woodwork was built by the production crew from Mystere.

Custom paint, open floor plan, spectacular outdoor dining area in a very private back yard, you can make this home you’re very own with just $300,000 down.  Almost 8,000 square feet, 5 bedrooms, 5 1/2 baths, a huge family room, and much of the furnishings can be included for a full price offer of $1,599,999.  Want to know more, you need to call or email me about this spectacular home.

Lease Options – Good & Bad

16 May

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It doesn’t matter if you’re a buyer or a seller.  Lease options are both good & bad.

The Good As A Lease Option Buyer – 

  • You can earn your down payment and closing costs by giving the seller/landlord a larger deposit
  • You can get credit each month from the rent you pay that you can also use towards your down or closing costs
  • You can try out the house before you buy it
  • If you decide you don’t like the house or the neighborhood, you don’t have to buy the house
  • The landlord/seller can’t sell to anyone else until you decide you don’t want to buy the house

The Bad As a Lease Option Buyer –

  • You don’t get your deposit back if you don’t buy the house
  • You don’t get your monthly rent credits back either
  • You don’t get the tax write-offs like you do when you buy
  • You can be evicted if you don’t pay because you are still a tenant

The Good As A Landlord/Seller –

  • You get a larger deposit from your tenant buyer
  • You may get a little more rent each month that you only have to credit the the tenant buyer for if they complete the sale
  • You get a tenant who will take much better care of the property because they hope to own it
  • It’s easier to get rid of a bad tenant that it is an owner financed buyer because you can evict them instead of foreclose on them
  • You can sell the house at a retail price instead of competing with the bank owned or short sale properties in the neighborhood

The Bad As A Lease Option Landlord/Seller –

  • The buyer is still just a tenant and you are still a landlord
  • Depending on your arrangement with the tenant, you may still be responsible for the maintenance and upkeep of the house
  • You don’t get all your money at once

Lease optioning a house can be very beneficial for both sides of the deal.  Make sure to do your homework, get it in writing about who takes care of what (utilities, upkeep, repairs, etc.).  Know the risks on both sides.  

Now go lease option a house.

Monterey Condo at Las Vegas County Club with Owner Financing

7 Feb

This is a fully furnished condo at the Monterey, a condo community inside the guard gated Las Vegas Country Club.  Spectacular location within walking distance of the Strip, sumptuous dining, outstanding entertainment, easy to get around Monorail and of course across from the award winning golf course at the Las Vegas Country Club.

If you’re looking for terms, this condo has them.  Only $10,000 down and owner will carry the balance for 5 years at 10% interest only.  If you don’t need terms, because you’re paying cash or have your own financing, contact us for a significant discount.  The seller is open to creative terms.

This particular unit has an amazing strip view from the balcony, a custom bar area that could also be used as desk space, comes with or without furnishings, and has tons of upgrades.  Rather be downstairs, we have some one bedrooms downstairs as well.  And there is even a two bedroom condo available in this community.

Don’t let this one get away.

Owner Carry Only – info@ownercarryonly.com or 702-531-4798

Las Vegas in 2012

19 Dec

Every one is speculating on what they think will happen to Las Vegas and the real estate market in 2012.  Is it going up, is it still going down, when we run out of distressed properties, will there be another bubble?

No one know for sure except that there will never be any place like Las Vegas.  People come here for a variety of reasons for work, play, lifestyle, retirement, climate or the opportunity to say they live in a place every one has heard of and some day want to visit.

Personally, I moved here because I was tired of shoveling snow.  Spending 8 years in Lake Tahoe, dealing with an average of 265 inches of snow on my driveway every year since we lived at 6700 feet above sea level was something I was anxious to get away from.  Also, having grown up in Los Angeles, I missed having the excitement and choices a bigger city brings.  Combine that with a wide variety of entrtainment, housing choices and employment options, Las Vegas seemed a great fit for my family.

As I look towards 2012 and put in my two cents about the real estate market, I believe that we have somewhat stabilized as far as prices go.  We may drop a percent, possibly two over the next year, but just in the last month, our available inventory went from just under 12,000 properties to under 9,000.  Prices are incredibly low and our average 3 bedroom 2 bath home sells for approximately $115,000.

Loans are not going to get any easier to qualify for with our politicians are busy fighting with each other, and not forcing the banking industry to make any real changes in the way they do business.  That means people that still see the value in owning their home, or investors who realize its only a matter of time before the market starts to truly correct itself are busy looking for deals in our market.  They are looking for a viable way to enter our real estate market.

If you were one of the many casualties of the bubble, having lost your home to foreclosure or short sale, but would still rather own than rent, you need to consider dealing with a seller who is open to creative financing.  Currently, that’s only about 1% of the houses available in our market, so competition is fierce, but doable.

Don’t let this opportunity pass you by.  Whether or not you have great credit,if you have provable income and a nice deposit sitting earning 1/2 percent in the bank (if you’re luck) then you need to put it towards real estate because at this state of the game, its only a matter of time before it bounces back.