buyers

When you first move into a home of your own, it’s a little bit like taking a trip to a foreign land. After all, up until now, you either lived with your parents, or at school, or rented a place – and the odds are you never gave real home maintenance a thought. Things just somehow magically got done. It had nothing to do with your dad’s “Honey-Do” list, right? You just lived in a place, and it stayed nice, and after all, you had other things to do with your time than worry about all that.

But now, you’ve bought a home of your own – and Surprise! You’re the one with the honey-do list. But if no one ever explained to you what, exactly, home maintenance is all about, how are you supposed to make sure you’re getting it all done? Exactly. You won’t. That’s why we thought we’d help you out with some of the most basic-of-basic home maintenance information. We’re pretty sure after this list, you’ll discover a few other things that you’d like to pay special attention to – because as a smart homeowner, you want to protect the value of your investment. But this short list should be enough to prime the pump, so to speak!

What: HVAC filters need to be changed about every 30 days in Las Vegas (desert, dust, wind – you get it.)
Why: It will help your air conditioner run more efficiently and avoid wasting energy and money. Plus, it won’t only extend the life of this (very expensive to replace) unit, but clogged filters can also trap harmful pollutants and allergens that you don’t want lurking around your home.
How: Just turn off your system, pull out your filters and inspect them for dirt and grime. If they’re dark and look dirty, get suitable replacements from the local hardware store. When replacing them, turn the unit back on first – as this will hold the filters in place while you’re fastening the vent cover back on. (Just don’t leave the unit running without filters in place for more than a few seconds.)

What: Get your air conditioning system serviced before the heat of summer starts.
Why: Just as with a vehicle, maintaining a complex A/C system can go a long way towards extending its life. And if you’ve ever had your A/C break down mid-summer in Las Vegas, you already know repair companies are busy and not likely to get to your problem the same day. Sweat, sweat, sweat.
How: If possible, contact the company that installed the unit for a quote on their maintenance service call. Or make inquiries about reputable HVAC contractors that you can trust to come out and give your system a tune-up.

What: Test your smoke detectors and carbon dioxide detectors.
Why: Safety, for sure – and also, there’s nothing worse than a beeping ‘low battery’ signal that goes off in the middle of the night and the ceiling is 12’ high.
How: Follow the “test” instructions (there’s usually a button on the unit for this), and many brands also have a light to indicate that batteries are getting low, so you can change them out before they wake you up at 2am. Rule of thumb: Change these batteries every time you change your clock for Daylight Savings Time.

What: Test your fire extinguishers.
Why: Being prepared always beats being sorry.
How: Ensure it has easy access (not being blocked by a garbage can or anything else), that the gauge shows adequate pressure, and that it has no visible signs of wear and tear. Most fire extinguishers have a life cycle of from 5-15 years – but if you don’t know how old yours is, just be sure to check the pressure gauge each month. If the needle is in the green area, it’s functional.

What: Recaulk your windows.
Why: It’s estimated that 80 percent of winter heat loss occurs due to cracks in a home – so just imagine how much you might be paying to air condition the outside! Sealing the spaces around windows with caulk goes a long way toward solving this problem.
How: First, do some research on the type of windows you have and recommended caulking products, methods, and how often they should be done. When applying the caulk, make sure all surfaces are clean and dry, and pay attention to the temperature specifications in the product information. Since temperatures change most in the morning, it’s smart to start your project after they have leveled out.

What: Speaking of caulking – check the bathtub, shower, and toilet seal caulking, too.
Why: Intact caulk and seals prevent water from leeching into the rest of your bathroom, causing mold and other damage.
How: Inspect the caulk that seals the tub to the floor, as well as the caulk around the edge of the tub, and the points where tub faucets come out of the wall or tub surround. If the caulk is cracked or peeling, replace it with polyurethane bathroom caulk. When checking your toilet seal, look for condensation or discoloration of the flooring around the seam where the toilet meets the floor. If you see either, call a plumber to help determine the source of the leak.

What: Clean your kitchen sink garbage disposal every 60-90 days.
Why: Waste particles can collect on your blades and inside the drain – which cannot only get smelly, but can clog your disposal.
How: Freeze an ice cube tray of vinegar, put the frozen cubes in the disposal, and then turn it on.

This is just a quick list of things to keep the basics running smoothly, but as a new homeowner, you should take the time to walk through your house and prepare a list of things that will need attention over time – depending on the features and finishes in the house you purchased. For example, if you have granite countertops in your kitchen – educate yourself about their proper care and treatment for cleaning and sealing (sealing finishes don’t last forever!), and marble flooring and baths surfaces also require specific care treatments. Testing water pressure from time to time will help you discover any in-wall or landscaping leaks that could be causing damage over the long-term – not to mention that we don’t like wasting water in Las Vegas.

For new homeowners, there’s definitely a learning curve – but by making a calendar to remind you when to take care of certain tasks each year, it can go a long way towards retaining (or growing) your home’s value.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, 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 provide the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or visit www.newhomeresource.com. Broker Joanna Piette, and agents Denise Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

One of the things that homebuyers seem to take for granted is that every real estate agent knows how to negotiate. It’s much more than simply extending an offer and writing up a contract, and it’s something that not every agent knows how to do well. Of course, it’s important that every step of the home buying process is handled properly, which is why we recommend always choosing an experienced Realtor® with a great reputation.

But it’s not unusual for buyers to be so happy they’ve found the right home, that they forget how critical it is to have an experienced negotiator on their side. In fact, it’s not only the agent’s negotiating experience that matters – but also their knowledge of the area, the neighborhood, the history of the home, and even the Seller’s agent (and then some!). Having all this information not only allows your agent to exude an air of confidence, but it also means they’ll be able to be creative, flexible, and “read the room” – making sure they get the best deal possible on your behalf.

Once you’ve found the home that you love, it’s time to move on to the next step: Negotiating the deal and writing the sales contract. The contract will put all the details in writing, but the negotiation is where the competency of your Realtor® will play a major role through this process. If you have an experienced real estate agent who has written hundreds of sales contracts, you should be in good hands. Make sure that you take your time and ask any questions you may have (because we promise you, there are no dumb questions during this stage of the home buying process!).

Buyers in hot, or even warm, markets need to remember that no one gives anything away in real estate. Sellers may very likely have multiple offers on their home, and they get to pick and choose. If your agent makes a lowball offer while others are offering list price (or even more, which is common), you very likely receive a firm, “No.” – – And just like that, the home of your dreams is gone ☹

Agreeing on a price is just the beginning. Because even if you’re thinking you got a ‘smokin’ deal’ – remember how true this is: The devil is in the details. Some of those details that can end up putting you on the receiving end of a bad transaction include the appraisal, time frame, property inspection, who pays for needed repairs, costs and fees, seller incentives – – and the list goes on. There’s no point in buying a home for a great purchase price if you’re responsible for massive repair costs due to the inspection results. Or if the buyer doesn’t have to move for 8 months. Or, … well, you get the picture.

Don’t be the buyer that an inexperienced agent uses as their “Guinea Pig” to learn what not to do. Your time, money, and life are too important for that. Make sure your Realtor® knows their stuff, because it will save you much frustration, anxiety, and grief down the road.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, 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 provide just the service you’re looking for. 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, and Kathy Paterniti are all here to help!

Unless you’re one of the lucky ones who hit that lottery jackpot or your MegaBucks dreams have come true, the odds are when the time comes that you want to buy a home, you’re going to need to get a mortgage loan to do it. (By the way, when it gets to that point, the most important rule to know is this: SHOP AROUND FOR THE BEST LOAN! Our friends at Premier Mortgage Lending help explain exactly why in this article.)

While it’s true that your Credit Score is only one element (of many) that a mortgage lender considers (in addition to your income, expenses, and other items) – it’s one of the most important when it comes to getting a more cost-effective and affordable loan.

And by that, we mean a good Credit Score gives you more options and saves you money when it comes to getting a mortgage.

How? It can play a role in getting you a better interest rate, in qualifying for a loan with a lower down-payment requirement, and can even help you to pay less in loan fees – such as Loan Origination, Underwriting, Document, and more. (Wondering how much can those fees can add up to? Take a look here.)

Mortgage Loan Rules of Thumb:

A Credit Score of 740 and above will get you the best mortgage interest rate.
A Credit Score between 620-739 may add from .25% to 1% or even more to your interest rate.
A Credit Score lower than 620 will generally require a significantly larger down payment, additional fees, a higher interest rate, and possibly stricter loan terms.

That’s Why It’s Important to Know What Your Credit Says About You.

If you’re considering making a home purchase in the future, the first thing you should do is check to see what information shows up on your Credit Report – and to find out your Credit Score, too – because those are two completely different things:

• Your Credit Report will show your Credit History – including information such as who has extended credit to you, if you made your payments on-time, how much you have borrowed, and what your total debt obligation is – along with personal information about previous names and addresses associated with your Social Security number.

• Your Credit Score is a numerical value applied to you (between 300 and 850) that is based on an analysis of your credit files. This helps lenders determine how credit-worthy you are, and there are 3 main agencies (although there are many others) who provide them to consumers: TransUnion, Equifax, and Experian.

While everyone is entitled by law to receive a free Credit Report annually (you can get it at www.annualcreditreport.com) – Credit Scores are not free, but are available to purchase.

Potential buyers should be checking their credit score regularly, and at least six to 12 months before applying for a mortgage.

The bottom line is this: The higher your credit score, the more trustworthy you are to borrow, and the less interest you will pay on future loans (and not only mortgage loans, either).

The key to getting a low-interest rate on a mortgage or car loan is having a high credit score and solid credit history of paying off your debt. Start working on your credit today and nurture it for the future. Your reward? Saving money in the Business of Life down the road.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, 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 provide just the service you’re looking for. 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, and Kathy Paterniti are all here to help!

There’s definitely a formula for success in selling a home. And when it’s time for you to think about selling yours, if you’re working with an experienced and knowledgeable Realtor™, they’re going to let you know what it is. The formula will change depending on the home, the community, the city, and the surrounding area – but there are a few ‘universal’ concepts that you should be aware of. That way, when it’s time for you to plant that “For Sale” sign in your yard, you’ll be a few baby steps ahead – and sometimes, that’s just enough of a leg-up to get to a happy finish line sooner.

1. Buyers Know Within Seconds If They Want To Buy Your Home.

Yep – buying a home is a huge investment, so you would imagine people want to weigh all the pros and cons, maybe even make some spreadsheets to compare features, costs, and benefits.

You would be wrong.

Why? Because the mind processes far more information in less time than previously thought; one recent study shows that 80% of prospective buyers know if a home is right for them within seconds of stepping inside. That’s a daunting thought, isn’t it? But all the more reason that we drive home this fact: No detail is too small for the Seller to consider. Sweep the front sidewalk, clean up the leaves; tidy up the entryway, unclutter every horizontal surface. And of course, we’ve never heard of a Buyer complaining that a house is “too clean.” That’s worth remembering, too.

2. Pricing Makes A Difference – But Not For The Reasons You Think

First off, we’ll say this: Your home needs to be priced right to take advantage of every sales opportunity. We addressed that at some length in a previous article – “5 Reasons Why Your Home Didn’t Sell” – check it out here. But there’s a bit more to it than that.

It’s one thing to think you’re getting a great deal at Nordstrom’s Rack when you see that $14.99-price tag. It’s another thing to be shopping for a home with a price like “$299,999.” (You just felt a little “thunk” didn’t you?) There’s a certain sense of ‘bargain-hunting’ that is out of place with all those 9’s in a home’s sales price. Even without setting a foot on the property yet, it’s enough to turn off many buyers because it feels dishonest and “cheap.” Just don’t go there.

On the other hand, while those last two numbers should always end in “00” – you don’t necessarily want tooooo many of them showing up in the rest of the price, either. You know that feeling you get when you’re at the grocery store and your total comes out to EXACTLY $20.00? Yeah. That almost never happens – and when it does, it’s pretty memorable. If your Realtor™ has performed an accurate price evaluation of your property, the odds of it coming in to show five 0’s in a row are just about as common.

The fact is, a sales price of $200,000 seems arbitrary – like you just plucked that figure out of thin air – and that makes your valuation suspect, to say the least. Stick with the facts, and base your final listing price on firm data.

3. There’s A Reason Why There’s A Home-Staging Industry

Buyers. Love. Staged. Homes. How do we know that? Those homes sell faster. Often by 50-70% faster. How’s that for an eye-opening thought? You don’t necessarily need to shell out the money to hire a professional stager – because these days, you can find a myriad of helpful tips online about how to do much of it yourself. But it does boil down to two things:

1. If you’re still living in the home during the listing period – consider renting storage space to streamline what furniture and belongings are on display. After all, you are moving, right? May as well take this opportunity to start packing and simplify the look of the house. It takes a good eye and a commitment to a bit of heavy lifting – but more often than not, it will pay off with a quicker sale.

2. If you’ve already moved out of the home – think about adding some furniture and accessories back into it, even if it’s only to stage the main living areas. For a potential Buyer, viewing an empty home is a little like making whoopie with the lights on (ack!) — i.e., every flaw is visible. (Unless you’re J.Lo.) PLUS, most people aren’t capable of fully visualizing the potential of space in a home when it’s completely empty. Help their imagination see your home for what it really is: The. Awesome. Place. They. Want. To. Live.

As we referenced above, your specific home has unique attributes that a professional Realtor™ will help you recognize and capitalize on to help you get to that fabulous trifecta of “Offer-Escrow-Closing.” But knowing these handy tips can help, too. If you’re planning to sell your home soon – we’ve got a lot more of them we can share with you. All you’ve got to do is ask us!

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!

We’d like to share this article that was posted in Las Vegas Review Journal. This is a more positive outlook on the current state of the Las Vegas housing market.

BY HUBBLE SMITH
LAS VEGAS REVIEW-JOURNAL
Posted: Jun. 8, 2011 | 10:08 a.m.

The number of homes sold in Las Vegas and their median price increased slightly in May from the previous month, though prices are down 11.3 percent from a year ago, the Greater Las Vegas Association of Realtors reported Wednesday.

Realtors sold 3,991 single-family homes, condominiums and townhomes in May, up from 3,902 in April and 3,653 in May 2010. Single-family home sales increased 7.9 percent, while sales of condos and townhomes increased by 14.4 percent, compared to May 2010.

The median price of a single-family home sold in May was $126,000, up 0.8 percent from $125,000 in April, but down 11.3 percent from a year ago.

“This was the first time so far this year that both of these key indicators increased in the same month for both single-family homes and for condos and townhomes,” Realtors association President Paul Bell said. “We’ll take anything positive these days.”

Bell said he sees a positive trend in the increasing number of home sales involving “traditional” buyers and sellers, as opposed to investors and lenders who have dominated Southern Nevada sales for many months. He noted that the number of traditional home sales increased in May as the percentage of sales involving bank-owned homes and short sales declined.

“It’s a gradual trend, but it certainly is an improvement over what we’ve been seeing,” he said.
Realtors’ statistics showed 51.4 percent of existing homes sold in Southern Nevada in May were bought with cash. That’s down from 51.9 percent in April, but remains near record levels.

Las Vegas-based Residential Resources reported 1,322 REO, or bank-owned, sales in May, or 43.1 percent of all closings; 985 regular sales, or 32 percent of the total; and 758 short sales, or 24.7 percent of the total.

Assuming that owners of homes listed for short sale have stopped making payments, that’s a financial stimulus of $5.54 million flowing into Southern Nevada’s economy and not going to financial institutions, said Frank Nason, president of Residential Resources.

He based his estimate on an average mortgage payment of $750 for principal and interest and 7,389 short-sale listings in Las Vegas.

“I started thinking about this in national terms estimating that there is probably quite a large stimulus occurring,” Nason said. “Is it purposeful stimulus or just a serendipitous result of the slow approval process? I don’t have any answers to the larger questions.”

The least expensive closing was $10,052 for a home at 1812 Princeton St.; the most expensive was $15 million for a home at 7030 Tomiyasu Lane, according to Residential Resources.

The number of homes for sale on the Multiple Listing Service increased slightly, to 22,767, in May, up 7.7 percent from a year ago. About half list pending or contingent offers.

Bell said real estate agents are seeing a tightening of inventory in master-planned neighborhoods such as Summerlin, Green Valley and Seven Hills, and near employment centers.

Rob Jenson of ReMax Central said the Las Vegas housing market shows stability in the lowest price range with less than six months’ supply. It gets softer in the mid-range and luxury markets. “Once the price hits $600,000, the supply more than doubles, then it just goes up from there,” Jenson said.

The monthly value of single-family home transactions tracked through the MLS increased 0.3 percent, to more than $491 million. For condos and townhomes, sales volume was more than $76 million, up 11.9 percent from April.

Realtors’ statistics are based on data collected through its MLS, which may not account for new homes sold by builders or for sale by owners.