Posts in category: Selling your home

lawsuit-1Remember how you used to cringe for those people you’d see on television – as you watched Mike Wallace walk up to them with a cameraman in tow? It was everyone’s worst nightmare, because it meant some piece of information that they’d rather had stayed long buried was now front page news.

That’s pretty much the way sellers feel when their buyers discover that perhaps they weren’t completely forthcoming in the information provided on the Sellers Real Property Disclosure (SRPD). Because that’s usually about the time the buyer files a lawsuit against the seller, too. (Enter: Mike Wallace-like sinking feeling.)

Anyone Have A Pen?

Anyone who has bought or sold a home before knows that if this is going to become a digital world, it hasn’t happened yet. Piles of papers require signatures from both buyers and sellers – from contracts and disclosures to releases and quitclaims. It’s not uncommon for each party to have hundreds of pages of documents to read, complete, acknowledge, or sign.

But in that crush of documents, there’s one in particular that requires specific information that is often available from only one party: The Seller. And that is the Sellers Real Property Disclosure. It’s perhaps one of the most informative and relied-upon documents out of the bunch – because real estate agents and potential buyers will be reviewing it carefully as part of the offer process.

What Is A Sellers Real Property Disclosure?

Simply put, this is the seller’s chance to lay out anything that can negatively affect the value, usefulness or enjoyment of the property. The latest version of your state’s SRPD form is normally provided by your real estate professional, and typically requires you to answer a set of specific questions – in detail – about the condition of the home and its components. It’s the seller’s obligation to disclose these kinds of issues, and the buyer’s responsibility to be completely aware of past problems. While the types of disclosures required will vary from state to state with regard to the information that must be shared with a buyer, they can also perform another very critical function: SRPD’s can protect the sellers from future legal action.

What Potential Buyers Will Look For

As an example: It’s standard practice in real estate to give a home a fresh coat of paint before putting it on the market. Nine out of 10 times, the intention is to show the property at its best. But every so often, the seller paints the house in hopes of covering something up – such as a water leak. In reality, anything from a leaky window to loose siding, or remodeling to pets living in the home – all these things and more need to be honestly and thoroughly answered in full on the SRPD form.

Fortunately, having the latest version of these forms available to complete will help jog your memory, because the questions asked are quite specific and will cover any mechanical or cosmetic issues that have proven to be a legal problem for other transactions (generally discovered by previous lawsuits).

Unfortunately, in some cases sellers will breeze through the SRPD quickly and without giving it much thought (remember that pile ‘o paperwork we mentioned?) – and perhaps unintentionally forget to note that the air conditioning required repairs 6 months ago, or that some roof tiles were replaced after a storm a few years back. After all – there was a problem, it was fixed, so not it’s not a problem anymore, right?

Wrong. While in theory that concept may work, if a problem should occur again with any such items after a new buyer takes occupancy, there is the potential for liability on the seller’s part because they failed to make full disclosure to the buyer about its history.

What Happens If A Seller Fails To Disclose?

Remember what we said about Mike Wallace? It’s sort of like that. Because once an issue arises and the buyer discovers that they weren’t given full disclosure – the party begins. The problem is that the only ones invited to this party are buyers, sellers, real estate agents, inspectors, attorneys, mediators, and judges. And everyone discovers that no one seems to like each other very much.

Plus – it costs money. A LOT of money. All those professionals getting involved and all the repairs and inspections necessary – they’re not free. At the end of it all, if a judge determines that the seller was at fault for failing to provide information to a buyer about a pre-existing condition, it’s more than likely all going to come out of the seller’s pocket. From court costs and expenses, to repairs and even punitive damages – and it can amount to a very pretty penny.

In some cases, sellers do decide to deliberately omit information from an SRPD (completely against the advice of their real estate professional, by the way) – perhaps thinking that it’s been resolved, it won’t be discovered, or it can potentially be blamed on another source by the time it is found.

For those sellers who might be thinking along these lines, we have just one word for you: Neighbors. The same ones who may have helped or commiserated with you over a costly repair or problem . . . are now going to be living right there with your new buyers on the same street. Let’s just say – it’s a gamble that’s not worth taking.

In short, full disclosure up front is the only way go to. In some ways, it can actually help a seller, in fact. It shows that the seller is thorough and upfront, and that goes a long way toward giving potential buyers peace of mind.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for a newly-built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to find the perfect property for you. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

busting-myths-resized-600-250x188“I have a friend who’s a real estate agent, and they told me you should ALWAYS _______. ” Go ahead. Fill in the blank. We’ve all heard plenty of ‘facts’ about what to do, or not do, when it comes to buying and selling real estate. Some are very true, some not so much – and some not at all. In fact, there’s really a pretty lengthy list of things we’d like to help set the record straight about. But for this week, we’re going to share our top 3 topics. We’ll follow-up soon with more in future blogs.

Myth #1: Rental Property Will Always Make You Money.

The truth is, if you know the market and purchase wisely, you can more than likely come out in the black on your real estate rental investment. While people tend to think big number returns (10-14%), when you factor in local conditions that affect tenant turnover, rental down time, and maintenance or improvements required, a more likely figure is a 6-7% return on your initial investment. Pay close attention to that first sentence, though. Research values, economic conditions, and market trends before you buy. Or you could be unpleasantly surprised at year-end.

Myth #2: Adjustable Rate Loans Are Always A Bad Choice.

In fact, not so much. The devil, however, is in the details – so you want to make sure you read all the fine print and fully understand how the loan will work: When it will adjust, by how much and how often, what the rates are based on, early payoff penalties, etc. For some people, it’s actually an expedient solution. Getting a mortgage based on a lower front-end interest rate can be a good thing, especially if you don’t plan to be in the home when the rate adjusts upward.

Myth #3: My Real Estate Agent Is Making Too Much Money Off of My Home.

In our experience, there are 2 kinds of people in the world: Those who realize how hard a Realtor works on their behalf, and those who don’t. However, it’s not simply a matter of effort, which can be considerable. (They don’t just put up an MLS listing and forget about it. It takes marketing and networking, communicating with Realtors and their buyers, and much more.)

But it’s also about how commissions are split, and often split again before ever reaching your agent’s wallet. While buyers easily calculate in their heads lump sums in 6% increments, consider how far that money has to travel before reaching your agent. Half of it goes to the selling office, and half to the buying office. Then each agent usually has a 30-50% split with their broker, whittling their paycheck further. When you add expenses incurred to sell a property (advertising, fuel, licensing fees), then subtract taxes paid on that commission – what’s left is a considerable amount less than you imagine.

Yet even with all that, your Realtor is the one person you can count on to be on your side, legally and ethically required to protect your interests in the purchase or sale of real estate. In reality, it’s a great value for all the work they do to get you the best price for your home – whether you’re buying or selling.

New Home Resource helps current and future homeowners with their Las Vegas real estate needs. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

When it comes to selling your home, there are certain rules that are pretty hard and fast, regardless of the state of the real estate market you’re selling in. In a difficult market, even more creativity may be necessary so that your home stands out from the crowd and has a better-than-even shot at finding a buyer. But before you get to those bells and whistles, make sure this vital checklist of items is marked as “Done!”

1. That “For Sale By Owner” (FSBO) Sign is Not Your Friend.

Numbers don’t lie. Those who sell homes without the aid of a real estate professional find their homes on the market longer, and get a lower price – than those who have representation. From digital and print exposure to signage and industry networking, most FSBO sellers don’t have access to even a small percentage of these tools. They make a difference in your bottom line.

2. Set the Right Price.

And by this, we mean don’t overprice, and don’t underprice, either. A professional understands the market and can gather information of what comparable homes are selling for. You want everything you can get for your home, right?

3. Repairs.

Some might think waiting to do repairs ‘until the buyer’s walk-through’ is the smart way to go. Maybe they think they’ll save a few dollars if certain things aren’t ‘noticed.’ Wrong. Prospective buyers who view your home see it all . . . and often even more than you do. When they’re comparing your home to the many others they are considering, that puts you at the bottom of the list. Unless someone is looking for a fixer-upper (and for that, they’ll expect a discount on your price) – make those repairs BEFORE you start showing. You know the saying, you never get a second chance to make a good first impression.

4. Straighten Up!

Buyers also look at lots of new home models before they purchase – whether they’re considering buying there, or simply want decorating tips for the home they do buy. They’re used to seeing homes in clean, uncluttered condition, nicely presented and not crowded with “stuff.” Even if you need to rent a storage space to place extra furniture or boxed belongings, it will be worth it when you reap the reward of the best sales price.

5. Vacant Homes – Big Mistake.

Your job may have called you away sooner than you planned and you had to move out before you could sell. But when buyers view vacant homes, its emptiness gives the impression of ‘abandonment’ – and all the bad images that conjures up in maintenance neglect and more. A small investment to use a local staging company (that dresses up your home with furniture and accessories) will pay for itself in a faster sale.

6. It’s Not Personal – It’s Just Business.

Another excellent reason to have a real estate professional manage your transaction. Your home is personal to you (as it should be) – and it’s easy to let ego get in the way of a win-win transaction for both parties.

7. Disclose, Disclose, Disclose.

It’s a simple document (Real Estate Disclosure) that asks all the right questions – so that you can answer honestly about the condition and your knowledge of the workings in your home. Don’t give your potential buyers any reason to question your integrity, or worse yet, discover imperfections after they purchase. (Lawsuit, anyone?)

8. Timing.

When it comes to real estate, timing really CAN be everything. Your personal financial situation may require closing escrow by a certain date to save yourself thousands in extra taxes. Make sure you know where you stand by speaking with your accountant beforehand, and build those deadlines into your sales contract.

9. Know the Costs.

This one is simple – if you just read your documentation and ask your real estate agent questions about any numbers you don’t understand. Request a copy of your closing costs statement prior to escrow recording so there’s no financial surprises at the last minute.

10. Photos Can Make Your Home.

More than 90% of all homebuyers begin their search online – so that’s the very first place your home will be seen. Amateur photos taken with a smartphone or digital pad aren’t going to show off your home’s best side. Your real estate agent will make sure that top-quality images are taken and used to market your home in all their coordinated online sales efforts.

New Home Resource helps current and future homeowners with their Las Vegas real estate needs. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

Before you start fixing all of the expensive problems in your home that made you want to sell it in the first place, think about what needs to be done. Don’t try to upgrade or get the most expensive replacements. Just because you spent money to make your home look nice, does not mean the buyer will consider that in the price of the home. To make your home more valuable there are a few tips and tricks that you may want to consider.

The kitchen is known as the “heart of the house” and to most buyers, if the kitchen is small, cramped or outdated it is a no brainer on the home. Appeal to the emotions of a buyer. You want them to feel like they have to have that kitchen. Match your appliances, decorate with warmth, clear the counters for more space and do a little research to “open up a room” or refer back to New Home Resource’s Design Ideas for Small Spaces blog article.

Homebuyers appreciate beautiful landscaping and curb appeal but they will also appreciate an easily managed exterior. If cleaning up the outside of their house is quick, easy and minimal, buyers will be more inclined to stick with your house. In Las Vegas especially, if you have rock in your yards and minimal grass and plants to water, your home is more appealing than home sites with grass needing to be maintained. Outdoor living has become very popular among buyers so try to also embrace any patio areas and outside entertaining options. Spruce up the exterior with furniture, decorations, etc.

Flooring can be a big deal to buyers. It is not suggested that you boast about your wall-to-wall carpet. Carpet is expensive and hard to keep clean (especially with children). If you do have carpet that is not appealing to the eye, think about adding a rug or ripping up the carpet and doing a little DIY project. Here are a few ways to make your floors more appealing.

It’s hard to think about spending money and time on fixing a house you are trying to sell, but it will be worth it. The value of your home can significantly change when minor fixes and decoration changes are a big factor in your buyer’s eyes. There is no way to tell which efforts will attract the most buyers, but some research or advice form your qualified real estate agent could really get you going in the right direction!

If you are looking for a new home or wanting to sell your current home, please contact a New Home Resource Realtor® today at 702-365-1000. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

Is it time to sell your home? Do you already have a price in mind? It really does not matter what you or your listing agent thinks the house is worth. Did you know that the buyer actually determines its value and eventual price? Pricing a home is more than just estimating, it is comparing similar homes for sale, tracking the market and documenting present inventory.

The problem with pricing your home too high is that it won’t sell. When it doesn’t sell people tend to switch listing agents and the home is priced lower. At this point the price is still too high and your home has been on the market longer than expected. Bringing in a third agent, who does research, compares and analyzes the market and home prices in the area, your home now even lower, and it finally sells. Because it was on the market for so long, the selling price is lower than what you originally could have gotten for it. This is where the importance of the advice of your listing agent comes into play!

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Don’t always go with the agent who suggests the highest listing price. Good listing agents want you to get the most money possible out of your home sale and know that there are many factors that go into determining a price. The range of pricing will be determined by location, temperature of the market and improvement needed to the house. If you are determining which agent to use and can’t decide between a few, ask for a track record. Most likely, the agent with the lower fees will show more price reductions and a longer time on the market!

If you are looking for a new home or wanting to sell your current home, please contact a New Home Resource Realtor® today at 702-365-1000. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

 

 

The Las Vegas housing market is continuing to climb while the percentage of buyers who are willing to pay cash hits its lowest point in 4 years.

“Greater Las Vegas Association of Realtors (GLVAR) reported the median price of existing single-family homes sold in Southern Nevada during June was $199,900, up 2.5 percent from $195,000 in May and up 14.2 percent from June of 2013. That’s the highest median home price GLVAR has reported since September of 2008. The median price of existing condominiums and townhomes sold in June was $109,000, up 6.9 percent from $102,000 in May and up 26.7 percent from one year ago.”

Read more about the Las Vegas local home buyers and the ever so entertaining housing market…

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If you are looking for a new home or wanting to sell your current home, please contact a New Home Resource Realtor® today at 702-365-1000. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

 

 

Every year home designs change in size, style and price. Listed here are a few “hot” trends that have become more common in the buyer’s eye… 

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1. Automated Controls: With automation becoming the way weorganize things why not include it in the home? Buyers are now more and more interested in automating their home. With just one system, from a phone, computer, etc., they want to be able to control the lights, fans, air conditioning, alarm system and more.

2. Outdoor Living Area: This trend has been around for a while but still makes the list. Having an outdoor living space is just as comfortable as indoor with furnishings, curtains, televisions and the addition of fire pits.

3. Energy and Water Efficiency: Appliances, lighting and furnaces that are energy efficient are very important to some buyers. Sometimes the amount of energy a home can conserve could make or break the buy.

4. Going Green: Interests in sustainable products and materials is always attracting attention. Now companies offer at least one item or line that fits the “going green” movement.

5. Kitchen and Bathroom Styles: Usually buyers have a kitchen and bathroom style in mind before they actually look at homes to buy. Trending now are the more “transitional’ looks – middle ground between traditional and contemporary styles.

 

If you are looking for a new home or wanting to sell your current home,  please contact a New Home Resource Realtor® today at 702-365-1000. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

 

 

Home prices have soared, dropped and then climbed again all in the last few years. It is hard to predict and assess the housing market in Las Vegas when it is more of a roller coaster than a joy ride. We have finally reached a point, in almost a decade, where prices have shown signs of being “normal”. Property value is still expected to climb in the coming months but at a very slow rate. Short Sales and Foreclosures are no longer addressed as common and forecasts of a slowdown in home values are showing to be wrong.

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With all of this insight and the unpredictable market how do you know when to sell? How about when to buy? It depends mostly on your priorities and goals. If you wait until you’re ready to buy or sell a home you will most likely never do it!

Why it might be a good time to Buy a home:

Affordability – Houses in Las Vegas are still more affordable than in other large cities around the United States. It is very likely that as a 2-income household you will be able to afford a home that is large enough for you and your family.

Choices – There are almost double the number of houses for sale now as there was last year at this time and the prices of homes are only expected to rise.

Why it might be a good time to Sell your home:

Better odds of finding a buyer – As the economy improves Las Vegas jobs are opening up which means people could be moving or hunting for a home, which greatly improves your odds of selling.

Cutting your losses – If you bought when the market was low, this may be your chance to make a nice profit by selling your home.

If you are looking for a new home or wanting to sell your current home,  please contact a New Home Resource Realtor® today at 702-365-1000. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

There is always more to things than meets the eye and that includes selling your home. Since the market fluctuates so often, it is important to know what kind of a process you will have to go through before you decide to sell your home. Here is a checklist of how the usual house selling process will be laid out…

1.) Decide to sell! – Consider the market before you make the GIANT decision to sell. Something to also think about is whether you will want to buy a new home before or after you sell your current home. 5.) Advertising – photographing your home and creating ads. This will also include showing your home. Your agent will guide you through this.
2.) Choose your agent. – This is very important as the agent with be in charge of advertising, showing the home and legal requirements for selling your home. 6.) Going on the Market – Buyers will contact your agent and arrange a time to view your property.
3.) Determine your selling price – Your property’s location, size, age and features are assessed along with current market trends. 7.) Sale and negotiation – Your agent will negotiate a final selling price and the buyer will pay a deposit
4.) Legal Agreements – You and your agent will create a legally binding contract with specific details about your selling process. 8.) Under Contract – Banks will work out details to finalize the sale meeting legal and financial requirements.

New Home Resource is happy to walk you through this process whenever you are ready. Our agents work hard every day to make sure that we are doing our best to get you the very best. Whether you are looking to sell your house or looking for a new house, New Home Resource will make it happen! Unknown-1

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     Thinking of selling your home? Have you thought about making any improvements before you sell? Be careful what projects you complete and what projects you leave unfinished! Most buyers are attracted to a certain neighborhood because of the location and pricing of the homes. Making your home seem updated won’t necessarily set it apart from the other fairly new homes. If you are thinking about selling your home here are a few “quick fixes” that could help you.

Flooring –

Hardwood: If you have wood under your carpets get rid of the carpet and refinish the floors. Hardwood flooring is in high demand!

Carpeting: If you don’t want to strip your carpet, think about replacing it with a tan color. Neutral colors are much more inviting in a resale.

Ceramic Tiles: Over the years, grout between tiles can become very dirty, giving your floor a ‘checkerboard’ look. Believe it or not, this is a big turn-off to buyers. Professionally steam cleaning or even acid washing your tile floor can take it back to a new look. Be sure to replace any unsightly broken or cracked tiles.

Kitchens & Bathrooms –

Cabinets: If your cabinets are damaged or worn, you should consider refinishing them. The newest kitchen rehab projects are including the painting of cabinetry, and at very reasonable prices! If your cabinets are very worn, you can even embrace the rustic look by painting in a way that embraces the wear and tear, giving the room new personality. Replace the hardware with knobs and pulls that are more updated or relevant.

Sinks: Make sure the sink is not stained and the faucets don’t leak. These are turnoffs that buyers won’t overlook and it is usually an easy fix.

Roofing & Exterior –

Roof: If the roof is torn or leaking, repair it. This takes a day or two but is not extremely expensive and is worth it. Be sure to save any receipts, for the new owner, from professional companies making repairs.

Landscaping: The first impression is always the most important so the outside of the house and the landscape should be clean and welcoming. Curb appeal is number 1!

Buyers want a home that is clean, convenient and ready to be occupied. The newer and cleaner your home looks, the more appealing it is to your buyer.