Housing Market

Late spring and early summer have traditionally been popular home-selling months in Las Vegas (think: kids are out of school, vacations are taken, etc.). But we’d like to share a little secret with you: If you’re planning to sell your home this year – the months of January, February and March may be the better option. Why? Competition.

It may sound counterintuitive – after all, if more people are out shopping for homes in the summer, you have a better chance of getting a buyer, right? Ah – But there’s also this little fact to remember: more houses are on the market for sale, too.

That could mean that your listing gets caught up in in the ‘avalanche’ of homes available for sale, and it could be entirely missed in the process. In fact, it’s easier than you might think for that to happen. As we revealed in a previous blog post, (“Three Universal Tips Every Home Seller Should Know”) – according to studies, 80% of prospective buyers know if a home is right for them within seconds of stepping inside.

Only seconds. Let that sink in a moment. And then you’ll probably think this: Yikes! (Of course, that also stresses how important it is for your home to be presented in as appealing a manner as possible – with attention paid to the smallest of details.)

But even just having those few seconds to grab a buyer’s attention is making the assumption that your home even made the short-list on their tour. That’s also easier said than done, because all those extra homes for sale mean more marketing, more ads, more Realtors® doing their best to highlight their client’s home over the competition. The truth is, if you’re selling during the height of the ‘buying season,’ your home is first being compared just on paper to the many, many other homes for sale also trying to take advantage of the increased buyer market.

On the other hand, if you’re selling your home in competition with fewer available listings – such as during the first quarter of the year, as we mentioned above – it actually has a better chance of making a memorable impression with shoppers because they have fewer options; there are simply fewer homes for them to choose from.

Plus, people that are looking to buy a home during this time are often more motivated. They might have a pressing matter that is pushing them to want to close on a house quickly – such as job relocation or some kind of major life change that is forcing them to move. This can work in your favor in another important way, too: Lower inventory also means you might be able to sell your house at a more favorable price – again, since buyers have less to choose from.

All things considered, there are many factors that can affect your decision on when to sell your home. One more reason it’s important to have an experience and knowledgeable Realtor® that you can rely upon to help you evaluate all the factors involved, so you can make the most favorable decision for your situation.

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 Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

You know how sometimes you just need a change? And not just a personal change – but sometimes for your business, too. Especially if your business is in Las Vegas, because there’s always something new happening in this city – and the real estate market is no exception. At New Home Resource, we thought it was time for us to mix things up a bit– and the next thing you know, “Voila!” We have a whole new look for our website!

But not just a new look – a whole new way to navigate to find the things you need. Like what? Well, we thought you’d never ask! Allow us to give you a guided tour:

Easier to Find Exactly What You’re Looking For

• Search our gorgeous current New Home Resource property listings
• Search the MLS listings through our site
• Inquire about the value of your existing home
• Learn more about our stellar Property Management Services

Easier to Learn About Us

• You should want to know more about the people you’re doing business with. Fortunately, we’re not shy – we’re happy to tell you who we are, our experience, how to contact us, and let you know where to find us on Facebook, too.
• See what our customers have to say about New Home Resource on our Testimonials page. (May as well put your feet up, because there’s lots of reading to do!)

Helpful Information About Buying, Selling, Leasing, Owning, and Enjoying Your Home

• In our blog articles, we cover pretty much every topic from the local housing market to what to look for in a Realtor, how to shop for a mortgage lender, information for keeping your home maintained, insider tips for both buyers and sellers, statistics, interior design, landscaping, holiday décor, great recipes . . . you name it, and we’ve probably written about it. (Anything you’d like to see that we don’t have? Just send your topic suggestion to Joanna@NewHomeResource.com – we’ll be happy to explore it!)

Our goal – as always – is to make reaching your real estate goals – whether buying, selling, or renting – as smooth and worry-free as possible. We think our website now does a better job of reflecting that goal, too.

For more information about how New Home Resource may be the perfect match for your real estate needs, give us a call as 702.365.1000. Or <nudge/wink!> – you can visit our new website, too!

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!

When it’s a seller’s market, competition among buyers is just a(n unfortunate) given. It’s great for the owner, of course – but frustrating when one home after another escapes your grasp because another buyer’s offer is accepted over yours.

Maybe that’s why just sometimes, a little out-of-the-box thinking can come in handy. Sure, money talks – but it’s not the only language a seller speaks. And if a buyer can be creative enough, they might just find a way to turn the tide in their favor. Don’t believe us? Here’s a few examples where going off the beaten path made all the difference for these buyers and sellers.

Pizza, Anyone?

As most people know, the real estate market in Portland, Oregon has been hot for a while now. So when Donna DeNicola found the home she wanted to buy last summer, she wasn’t surprised there were four other offers on the table ahead of her. In order to catch a break, her offer was above the asking price, she threw in free rent for the owners, and added one unusual clause: She would provide the seller with a free pizza every month for life. (By the way, Donna just happens to own an Italian Restaurant in Portland.) It ended up being just enough to make the difference for the sellers, because her offer was accepted over all the others.

How Much Is That Doggie In The Window?

Emily Reuter and Kyle Skellchock had spent months searching for a home in Washington, D.C. – and perhaps it was serendipity that led them to fall in love with a home that would bring a happy (and furry) ending to their search, and tremendous peace of mind to their sellers. The owners were selling their D.C. home to move to Florida, and weren’t able to take their dog, Buddy, with them. But as it turns out, Emily and Kyle fell in love with both the home AND Buddy, and when they discovered the seller’s predicament, were more than happy to offer Buddy continued permanent residence in his current home . . . as their new pet. The offer they made for the home was nearly identical to another potential buyer’s – but their willingness to take in Buddy made the difference to the seller. End result: They got the home, and the wagging tail, too.

The point, as we mentioned above, is that it’s not always about the money. As emotional as a home purchase is for the buyers, in many cases it’s even more so for the sellers. They’ve lovingly cared for it through the years and enjoyed many happy and loving memories there. And it’s not that uncommon for a seller to choose an offer (even if it’s the lowest) because they felt a kinship with the new owners-to-be.

We don’t deny that sometimes a little craziness can help convince a seller you’re the best choice. But when you’re starting out on your search for a home, be sure to get all of these ducks in a row first. They’re easy to do, and they give you just that much more of an edge when you might need it the most:

• Use a great Realtor™ and a lender who both have excellent reputations.

• Get your financing in place with a formal pre-approval letter in hand.

• Be prepared to put down a large earnest money deposit.

And when you do find the home you love, it won’t hurt to write a compelling letter to the sellers. Explain what you love about their home, why you want to live there, and perhaps share a bit about yourself. (And then maybe think about throwing a few pizzas into the deal, too!)

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!

Oh what a thrill! You sold your home! Now there are Big Plans to follow through, decisions to make, people to notify, boxes to pack, addresses to change……..oh, wait just a minute. What was that the appraiser told your Realtor®? Your home didn’t appraise for the full sales price?

Gaaaahhhhhh!

Okay. Now that you’ve had a chance to sit down and get over the initial shock of that news, let’s take a look at how to deal with it – and more importantly, some ways you can avoid it happening in the first place.

#1 – Heeding Advice.

You’re probably not going to like this part, but think back . . . when it was time to set the sales price for your home, did you insist on a figure that your Realtor® felt was too high? We’re not trying to say we told you so – but rather, provide some helpful advice for those who are planning to sell a home soon.

Your real estate professional knows the market, has pulled the comparable sales, and is aware of other homes that are currently listed. In other words, they’re providing their recommendation for a listing price based on facts – the same information that the appraiser will use to set the value. Most of the time, a homeowner is basing their opinion of the value of their home on how much they paid for it, how much work and money they’ve put into it, how much money they “want or need to get out of it”, and many other reasons that can’t really be calculated. The takeaway: Trust your real estate professional’s opinion on this matter. After all, you hired them specifically because of their skills. This is one of them.

#2: Frustration. (aka, “But the buyer is willing to PAY that price – so that makes it WORTH that amount!”)

If only. On one hand, it makes perfect sense, doesn’t it? We’ve all heard the term: “The Buyer sets the market.” But when it comes to real estate, that’s not necessarily the case. Homes, after all, are not Cabbage Patch Dolls. There are many more factors involved in real estate transactions that have to be taken into account – not the least of which is the amount of the mortgage loan. Lenders have a fiduciary responsibility to secure their real property loans, and that means we head straight back to (you guessed it) – the actual value of a home based on the market and comparable sales. The takeaway: The market sets the sales price when it comes to real estate.

#3: A Hot (or Cold) Market

Your market may be very active. In a rising market, low valuations are fairly common because appraisals are based upon sales that closed when prices were lower – and the reverse is true in a declining market. In other words: Sometimes appraisals can’t keep up with how quickly homes are selling in a hot market, so you’re bound to see lower-than-expected values placed on homes.

#4: Can You Do Anything to Avoid This Problem?

There are some steps you can take after the fact – but first we’d like to address a few things that you should do before the appraisal (and your Realtor® can help you with these).

• Get your paperwork in order.

o Before the appraisal takes place, gather all the information you have about your home and send it to your Realtor®.

o List all the major improvements you’ve made – along with details about the age and condition of the major systems – roof, HVAC, appliances, plumbing, etc.

o Provide the original permits for any do-it-yourself projects you did for the home.

o The takeaway: Hand every bit of helpful information you can to the appraiser ahead of time to ensure they have all the facts in their possession from the start.

• Prepare your home for company. Okay – that might sound a bit over-the-top, but we’ve said it before and we’ll keep on saying it: Your home never gets a second chance to make a good first impression.

o Think about it like this: A good appraiser isn’t going to devalue your home because it’s messy – but you know what? They’re human, too! A clean, tidy, dust-free environment is one extra way you can impress them with the (even if it’s subconscious) message that “this home has been taken care of and is in great shape.”

o The takeaway: It. Can’t. Hurt. Can we say this again? It. Can’t. Hurt.

#5: Is There Anything You Can Do After The Appraisal To Fix It?

After the appraisal has come back too low, discuss all the possibilities with your Realtor®. These can include (but aren’t necessarily limited to) the following – because every transaction has different details (and possibilities):

• Appeal the appraisal (referred to as a “Rebuttal of Value”). This is when the homeowner, the loan officer, and often the real estate agent work together to find better comparable market data to justify a higher valuation. Everyone gets to work looking for anything that helps the claim for higher valuation. It’s possible that perhaps the appraiser overlooked some comps that support your purchase value. The takeaway: It’s a hard fight – and if there is any way to avoid having to make it (like the steps listed above before the appraisal occurs) – do it.

• Order a second appraisal. But it will cost you. You’re not only paying for the first appraisal (in your closing costs), but you’ll pony up for any additional appraisals as well. They can range between a few hundred dollars and $1,000 depending on the area. If you find evidence supporting a different valuation and the original appraiser won’t consider it, this may be your next best option. The takeaway: It can be worth it – especially if the difference in valuation is considerable. Spending $1,000 to gain $10,000 is a good investment – but have your ducks in a row to ensure your chances.

• Negotiate. Sometimes, all it takes is a little bit of budging on both sides. If you’re lucky, that solves the problem. Your Realtor® may be able to arrange splitting the difference between both parties, or it may be necessary to renegotiate the agreement completely. The takeaway: Cooperation is key – and if there were negotiation issues where you gained up-front, consider revisiting those as persuading factors now.

• Let them walk away. It can hurt – but there are times that no meeting of the minds is possible. The takeaway: Again, make sure you’ve explored all the options with your Realtor®, and let their instincts guide you on this decision. It’s not personal, it’s business. One thing to keep in mind is that appraisals remain valid for 6+ months on certain loan types, so if you should get a new buyer using the same type of financing… you got it – – the previous appraisal amount prevails. This in itself should be a compelling factor to negotiate the deal you’ve got.

Just keep in mind; most appraisal companies offer a step-by-step procedure to follow if anyone involved in the deal thinks the valuation is off base. But this is one situation where following the Boy Scout motto to “Be Prepared” can help you head off a lot of frustration and disappointment after the fact.

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!

If you’ve ever sold your home or an investment property before, at some point you’ve probably asked yourself: “Why shouldn’t I just sell it myself and save the commission?” That’s a great question. And although we touched on this topic in our last article, we thought it might be a good idea to delve a little further into the details.

In fact, we’re going to champion that idea for you and help you prepare for the task! So grab your pencils and highlighters, because we’re about to give you a Crash Course in For Sale By Owner techniques.

1) Remember, anyone – including you – can sell your home. All you have to do is underprice it. That’s been proven by studies showing that “for sale by owner” properties lose between 14%-20% on the price they could have gotten by using an agent. (So saving that 3% Selling Agent commission will come in handy.)

2) Great news! You get to keep your schedule wide open! At least, that’s if you want to make sure you don’t miss any prospective buyers. Because without an agent, you need to be on-call 7 days a week to show your property. If you’re not, of course, that means fewer offers and even less possibility of receiving a full-priced offer. (Then again, you might want to put a value on your time as you’ll be losing income for taking off work.)

3) That also includes taking time to market your property – whether with flyers, or online ads, or signage, or any other non-MLS methods you can think of. You’ll be paying for the cost of all this marketing, along with putting in hours of your time to let the public know your home is available for sale. Of course, without the instant and mass exposure of an MLS listing, you won’t have as many places to market your property as a real estate professional. That will mean less showings, fewer offers, and a lower sales price.

4) Tell yourself: “I can always list it later if it doesn’t sell.” If you first attempt a “for sale by owner” without success – and later decide to list with an agent – you may have already eliminated many potential buyers who saw or knew of your home in the first place. One of the reasons is this: In real estate, the first week your home is on the market is considered its “Golden Time.” That’s typically when you will get the most interest and the most money for your home. And the longer it’s on the market, the less money people are willing to offer.

5) Put on your “negotiating” hat. Because you’ll be the one to field all the phone calls, emails, and inquiries that come in about your property – and you’ll need to know the right things to say – such as how to ask pre-qualifying questions to determine if a buyer is financially able to buy your home. (No sense taking the time to show it if they aren’t.) That’s all before you find a buyer, of course. Once an offer comes in, keep in mind all it takes is one missed call to potentially kill a deal. But if you do get a contract – then you’ll need to make sure to meet with the appraiser and home inspectors, too – so be sure to schedule your time accordingly. (Oh, and know that “More than one in three appraisals contain inconsistent property ratings.” So you need to brush up on how appraisals are done, too.)

6) Put your attorney on stand-by. Because the odds are you probably don’t understand the contract process well enough to avoid legal problems, or how to explain to a buyers’ agent how you want things drawn up. You’ll also need to have the right forms and real estate disclosures on-hand to comply with the real estate laws in your state. Without an attorney (and they’re cheap, right?) – you won’t have any protection between you and potential buyers. And by the way, with the new TRID regulations that have recently gone into effect, buyers have even more protections than ever before.

7) You may still need to pay a Buyer’s agent commission. Most serious buyers are already working with an agent, so some of those phone calls will be to see if you will “cooperate” with them. If you don’t, they won’t even bother to show your home to their client. If you do, you’ll be paying them the standard commission at closing (generally 3%). That means you’re putting in all your time and money into saving only half of the full commission (3%). You might want to make sure that pencils out.

8) Be prepared to do it all more than once. Not every real estate transaction gets through to the end, for many reasons. Some can be avoided (with the help of an experienced professional), and some can’t – but estimates of real estate sales that fall through range from 10-20%. If yours is among them, you’ll need to take the time, effort, and money to start over again (more marketing, calls, showings, inspections, paperwork, contracts, fees, etc.). Of course, you’ve lost your “Golden Time” opportunity – so it will probably take longer, and you’ll get fewer and lower offers – but you’ll never be bored!

Okay, we do have to admit to a little bit of tongue-in-cheek with the foregoing information – but the point is, all of it is true. And while some sellers may be up to the task, potential FSBO sellers should be aware of these facts:

• Only half of home sellers who try “for sale by owner” actually sell their home on their own.

• In 2013, the typical FSBO home sold for $184,000 compared to $230,000 for agent-assisted home sales. (That’s a difference of 20%.)

• FSBO sellers list the following difficulties with selling on their own:

o Understanding and performing paperwork

o Getting the price right

o Preparing/fixing up home for sale

o Helping buyer obtain financing

o Attracting potential buyers

o Selling within the planned length of time

o Having enough time to devote to all aspects of the sale

All of that is contrasted with these most recent statistics:

• 88% of sellers were assisted by a real estate agent when selling their home.

• Recent sellers typically sold their homes for 97% of the listing price.

• The typical home sold was on the market for 5 weeks.

Perhaps the biggest mistake made by most FSBO sellers is this: Placing too little value on their own time. In truth, working with a professional real estate agent will more often than not net you better results.

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!

(Or: How To Lose Money By Not Hiring One to Sell Your Home)

Everyone loves “a deal.” In fact, if you’re like most people, finding a great deal on a product or service doesn’t only save money, it just plain makes you feel good. You were smart enough to know where to look, you put in the time to do the research – so you should feel good, because these days we all need to spend our money wisely.

Which means it’s only natural that for any big-ticket expenses, people are going to look around for the best price. But unlike a discount on a new appliance or a smokin’ price on an airline ticket, when it comes to real estate there’s more to take into consideration than simply the commission rate you pay an agent. Or for that matter, you may even wonder if you need to hire an agent at all.

We hear that a lot, actually. And to be truthful, we completely understand the motivation. The mere fact that you are about to sell your home means you’re dealing with big numbers. So it only makes sense to ask questions about the value you’re receiving for those fees.

If you’re like most homeowners, you’ve probably got more than a few more questions on your mind about the benefits of hiring an agent vs. doing it yourself. But whether you decide to work with a Realtor or not, it’s only smart to have all the information in order to make an informed decision. In our experience, many sellers don’t stop to consider some of the following points – and as a result, it can end up costing them money.

1. “Why should I pay an agent’s commission at all?

Naturally, this is a common question. So common, in fact, that studies have been done to see how transactions fare when handled with and without a real estate professional. The results show that when an agent is not used – transactions typically net the seller between 10-20% less cash when it’s all said and done. What does that mean? That working with an agent to list your home will generally pay for itself – and then some.

Part of why that happens is explained below. But it’s not only a matter of counting the actual net proceeds at closing. There are many other ‘intangibles’ that sellers need to consider if they’re going to forge ahead on their own.

2. “What, really, does an agent do for me – that I can’t do myself?”

Great question! Without an agent , here’s what happens:

• Sellers need to determine the value of their home in the current marketplace and neighborhood. Contrary to what people think, it isn’t simply a matter of getting a “Zestimate” on Zillow. For one thing, the estimates calculated by Zillow are created by mathematical formula. That means they don’t take into account the specifics of your property – such as upgraded items, water features, cul-de-sacs, and other potentially desirable features that set your home apart from the competition. Independent research has shown that Zillow estimates can range from 8-20% off actual market pricing. For a $200,000 home, that can mean an incorrect valuation between $16,000-$40,000. (Can you see that money leaving your net profit already?)

On the other hand, not only does a real estate professional have access to Multiple Listing Service (MLS) historical data and proprietary information gathering systems – they also know the area, and in many cases, are even familiar with the specific homes that you will be competing with for a buyer. Providing a detailed analysis of what has sold and is for sale in your specific area is part of an agent’s service – and allows you to ensure your property is priced right, seen often, and gets the best results.

• Sellers need to market their home themselves. Without the mainstream access of the MLS, sellers must spend time and money on advertising and getting the word out that their home is for sale at all. Whether it’s through newspapers, online ads, flyers, direct mail to Realtors – it takes a lot of effort to make your single home noticed in a busy real estate environment. Taking photos, putting up signage – it’s a lot of work; and worse, without a network it might net you only minor results. At best, sellers are able to make a small local part of the market know their home is for sale. At worst, it means that having a much smaller pool of potential buyers limits the offers and opportunities for a speedy sale at the best possible price.

Of course, this is all in addition to the time it takes you, as the seller, to maintain your property in ‘show-ready’ condition at all times. There may be repairs to be made, or even just the day-to-day maintenance of living in a home and trying to make it as welcoming as possible to potential buyers by keeping it clean and clutter-free. (Many sellers consider that a full-time job in itself!)

On the other hand, a professional agent not only has an internal network of support and services that takes care of creating both an online and print identity for your listing – but your home gets marketed to all the other agents in the area. You know – the ones who are representing real, pre-qualified buyers. The combined reach of the MLS and the broker’s own marketing programs mean that once your home is listed, the word is OUT.

• Sellers need to handle the paperwork, contracts, and documentation on their own. That can be a scary proposition if you’re not familiar with the laws concerning real estate transactions. Failure to provide information or contractually cover all your bases can not only result in failing to close the deal – but can involve potential legal ramifications via lawsuits and costly settlements – both now or even years down the road. And all for an oversight you simply weren’t aware of.

On the other hand, real estate agents know the law. And a good one not only knows what is required to meet its demanding specifications, but also knows how to anticipate and head off potential problems – simply by the scale of their experience.

• Sellers may still be working with a buyer’s agent, even if they’re going the “For Sale By Owner” route. If you think about it, here’s what that means: You’re going to pay the buyer’s agent to protect the buyer’s interests – but you’re not willing to pay a seller’s agent to protect yours. Ouch.

On the other hand, having an experienced agent on your side, who knows the market, often knows the other agents, knows the business, and follows-through – can give you a considerable leg up in negotiating a deal more beneficial to you.

• But even if you’re not going to agree to a buyer’s agent fee, there’s another drawback. (And just so you’re aware – that’s how most FSBO listings start, by saying “No real estate commissions paid!” But due to lack of activity, it doesn’t take long for sellers to agree to pay the buyer’s agent commission just to get people to see the property).

The drawback we’re talking about? You need to screen potential buyers. Are they financially capable of completing the purchase? Are there any mortgage lender requirements they cannot overcome? You’ll have to do the footwork, make the phone calls, and ask the ‘uncomfortable’ questions about their personal situation so that you can protect your own position. Believe it or not, people will make an offer, you’ll take the property off the market, and only discover weeks or even months later that they may have to sell their own home first, or they don’t have the ability to get a mortgage loan at all. So the closing never happens. And in the meantime, you’ve lost the chance to sell to a truly qualified buyer.

On the other hand, (are you sensing a pattern here?) your agent knows the dance. They set the conditions, they follow up to make sure they’re met, they talk with the escrow and mortgage companies to keep on top of every single requirement the buyer has agreed to. That means problems are discovered and dealt with quickly – and all on your behalf, because your agent is working for you.

Buying a home is an emotional investment, not only a financial decision. And for that reason alone, it is critical that every step in the process is properly handled – the first time around.

Why is that so important? Because perception matters when it comes to real estate. The length of time a home has been on the market, whether the listing price has changed and why, if it has gone into and then fallen out of escrow – all these facts and many others will collectively play a role in the success of your sales efforts.

If it’s all done right, the property is considered “hot” and “in demand.” If not – as in the case of a failed FSBO effort that is ultimately then listed with an agent for sale – it can give potential buyers the perception that there’s something wrong with your home. And quite frankly – with all the other homes available for sale – it’s not worth the risk to them of finding out.

Much like people – a home doesn’t get a second chance to make a great first impression. If your goal is to sell at the right price in a reasonable time frame, a decision not to hire a real estate professional can be a very costly one, indeed.

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!

This year, Las Vegas has been reaping the results of the long-term recovery in the real estate market with many economic indicators headed in the right direction – Up. A drop in unemployment, more new homes starts, an increase in the sale of resale homes – overall, we’ve seen a consistent improvement each month across the board. And that’s a welcome change for home owners / sellers, buyers, and the real estate industry as a whole.

And the good news continues: New home builders are seeing more first-time buyers entering the market, and as the job market improves, Millennials are beginning to transition from renting to owning. Single-family home sales have hit a 9-year high nationwide – and here in Las Vegas, the median price of homes has increased by 10% compared to June 2014.

Granted, for several years, it seems there’s been nowhere for the market to go except up. Due to the uncertainty in the job and housing markets over the past seven years, 7.4 million home sales have been lost. And while many of those sales may never be recovered, the housing demand is now being driven by population growth, higher employment, and improved incomes. It’s all great news – with industry analysts predicting that the U.S. housing market should continue to improve into 2016.

Adding to this resounding recovery is the fact that more buyers are once again able to become owners. Those who were hit hard by the recession have spent the interim years rebuilding their credit and recovering financially. And many who experienced short sales or foreclosures have moved past the mandatory imposed waiting periods imposed before they could obtain a new government mortgage loan. (Although thanks to a special financing program from one local Las Vegas lender – Premier Mortgage Lending – buyers are also eligible to get non-traditional financing as early as one day after a foreclosure or short sale is completed. Visit AnotherChanceNevada.com for more information.)

When you combine all these excellent reports from all sectors of the U.S. economy – and add in that mortgage interest rates are still at long-time historic lows – more and more buyers are able to pick the home they love and receive that “Loan Approved” phone call we all hope for.

But to find out if you’re able to get that good news, you have to ask! Discover if you can get back into home ownership by contacting a real estate professional or mortgage lender today. Here at New Home Resource, we’re making it possible for Las Vegas residents to do it every single day. You could be among them.

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!

It’s no secret that the real estate market has had a tough go of it these past few years here in Southern Nevada. But now, all the data and statistics are gathering to indicate that the housing marketing in Las Vegas is back in action. If you’re wondering what the local perspectives are as to what’s in store for both new and resale homes in the valley, here are some of the notable highlights:

Las Vegas Home Prices Are Up 8% Over Last Year

The Greater Las Vegas Association of Realtors (GLVAR) reports that local home prices and sales stabilized in May 2015 – with the median price of homes sold through MLS rising from last year’s $195,000 to the current median of $211,250. According to GLVAR President Keith Lynam, “Overall, home prices have been stable this year, and demand is steady in our housing market.”

New Home Prices, Sales, and Permits Up This Year In Southern Nevada

As reported by Vegas, Inc. recently:

• New home sales have risen over last year by 8.9%.
• Builders pulled 680 new home permits in May – for a total of 3,289 year-to-date – a jump of 23.3%.

Clark County Unemployment At Its Lowest Level Since 2008

Few things will drive down a housing marketing like unemployment. If people don’t have jobs, they can’t buy. That’s now changing in Southern Nevada, as recent statistics show that area unemployment rates fell to 6.6% – and that’s music to everyone’s ears.

Available Home Inventory Is the Current Challenge

While new home builders are racing to meet demand, it’s clear that one thing needed to balance the market is additional inventory. It wasn’t too long ago that such a statement would have been considered wildly optimistic for Las Vegas. But in a move to address the issue, banks are finally beginning to take action on eliminating one of the last dark clouds on the Southern Nevada horizon – cleaning up the books on foreclosures. In doing so, yet another obstacle to the housing market will be eliminated – and it’s a step in the right direction for the Las Vegas economy.

Indeed, even as prices are stabilized and beginning to climb, consumers are seeing the value in returning to homeownership. With mortgage loans becoming more readily available and low interest rates playing a key role, it’s clear that the housing crisis now in the rear-view mirror and the Las Vegas valley’s economy is once more on the rise.

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!

A place to call home – it’s different these days. Between changing family dynamics, lifestyles, technology, and multi-generations living under one roof, new building trends have evolved – in our opinion, for the better. Take a look at some of the features and uses that builders are increasingly incorporating into home designs, and tell us what you think about them.

Universal Design

One element on the rise is comfort and accessibility for people of all ages. Single-story residential communities are more and more popular, with features such as wide doors and hallways, flexible floorplans, creative storage and sleeker design for items such as grab bars, shower seating, and cabinet and closet pull-downs. Forward planning like this makes it possible for homeowners to not only accommodate multiple generations living longer under one roof, but allows them to age in their own home without sacrificing either independence or style.

Multi-Functional Rooms

Every inch counts these days, and it’s a popular philosophy in new homes. It’s possible to design stylishly yet practically, and builders are proving that more every day. Intimate pocket spaces such as nooks and alcoves, transition spaces that work with built-ins, versatile home offices, and even main-level laundry rooms that include with storage for art or craft hobbies. They’re changing the face of what we used to know about home use.

Outdoor Living

Bring that outdoors – in! We’re seeing it more every day with inspired indoor courtyards, extended verandas, patios, and decks that are replacing the traditional backyard. Outdoor kitchens, living rooms, fireplaces and gardens to relax, entertain, and dine in style are in demand, and builders are accommodating with style.

Smarter Storage

The square footage of homes might be shrinking a bit on average, but that only means that smarter storage is in even higher demand. Spaces that were previously overlooked and underutilized are being tapped for extra stowaway space, including stairways, window seats, and even walls.

Smart and Energy-Efficient

The next generation of millennial homebuyers is looking for technology that fits in with their lifestyle. And they also choose to be kinder to the planet – which puts energy-efficiency at the heart of the home, too. These two elements continue to evolve and intertwine, so builders are eager to include them both into homes that are easy to program and will also save resources.

We’re keeping our eyes open for what’s new in home design nationwide. We invite you to share with us the trends that inspire you.

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!

“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!