Las Vegas Real Estate News & Market Trends

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

March 26, 2020

Serving Our Kids Needs Help

Instead of real estate, today I’m discussing a local charity that needs our help.

Today I’m at Serving Our Kids, a foundation that provides meals to children in Southern Nevada who would otherwise go hungry. Many of you have called and emailed to ask how you can show your support for this charitable cause. As I’m sure you’re aware, the Clark County School District has suspended classes for the next few weeks.

Serving Our Kids is working with school counselors now to develop a system for getting food out to kids while school is not in session. Our usual 3,500 bags per week program is at a standstill until we can figure out the best way to distribute them. However, we hope you will still help us by donating. We need three main things: Ramen, fruit cups, and granola bars.

 

 

We need three main things: Ramen, fruit cups, and granola bars.



We understand that local grocery stores and warehouses are in short supply of some food items, but if you’re shopping and see one of the items listed above and are willing to give, please contact me. We’re willing to come pick up the items from you. We still have a bit of supply, but many of our shelves are empty. Local at-risk kids would truly appreciate a food or monetary donation.

If you have questions about Serving Our Kids, or what is going on with local real estate, please reach out via phone or email. I would be glad to speak with you.


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Posted in Special Message
March 12, 2020

Our Current Home Inventory

I’m sharing what our current home inventory looks like and why this is crucial information for both buyers and sellers.

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Here’s what you need to know about our current inventory in Las Vegas:


We ended January with 4,906 single-family homes on the market; that’s down almost 33% compared to 2019. We had 1,418 condos on the market, down almost 17% compared to last year. This means we’re short on inventory. 


Right now we’re sitting at 2.1 months of inventory for single-family homes. For condos, we have about 2.5 months of inventory. In a normal market, we would see four to five months of inventory. This means our current inventory would have to almost double to balance out the market.

 

 

If you’re a buyer, you’re in for a battle.



What do these numbers mean for buyers? If you’re a buyer, you’re in for a battle. You’ll have to have a very strong, competitive offer and work with a real estate agent to help position you correctly to win in this market. You’ll be competing with many other buyers. You’ll likely have to write an offer asking for zero closing costs, no home warranty, and you may have to shorten your inspection windows. 

 

What does this mean for sellers? You’re currently in an enviable position because of the shortage of inventory. If your home is in fairly good condition, shows well, and is priced reasonably, there’s a great chance you may receive multiple offers. 

 

If you have any questions as a prospective buyer or seller, give us a call or send an email. We would love to help with any of your real estate needs.

Feb. 27, 2020

You Could Be Paying More Than You Know in Property Taxes

You might be paying higher property taxes and not even know you’re doing it. Here’s how you can check.


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Property taxes aren’t the most exciting topic, but it’s an important topic nonetheless.

In the spring of 2018, a postcard was sent to Las Vegas, Henderson, and Clark County homeowners to identify whether that home was the owners’ primary residence or the home they lived in most of the time. If you filled out the postcard and sent it back, you’re set with a 3% tax cap. 

 

If you didn’t, there’s a possibility that your taxes have gone up to 4.8%. Go to the Clark County Assessor’s website and check to see what your taxes are. I checked myself and found that I’m paying the 4.8% rate, so I needed to register my home as my primary residence to have my taxes capped. Making the change equals roughly $18 per each $1,000 in taxes paid, so you could save a good amount if you do.

 

If you have any questions about this process or real estate in general, don’t hesitate to reach out to me. I’d love to help you!

 

Posted in Real Estate Tips
Dec. 20, 2019

Happy Holidays to You!

Merry Christmas, Happy Holidays and a Happy New Year!


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The holiday season has officially arrived. We hope you enjoy this wonderful time of year and make some fantastic memories with your family and friends.

We wanted to take a moment to thank you for your continued support. We love helping people make their real estate dreams come true, so thank you for working with us.

This may be a busy time of year, but we are always here to help you and answer any questions you may have. Give us a call or reply to this email.

In case we don’t hear from you, have a happy New Year!
   

 

Posted in Special Message
Dec. 9, 2019

What Home Sellers Need to Know About iBuyers

Should you ever sell your home to an iBuyer? Today I’ll give you some key points to consider.


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There’s a new player in the real estate game today: the iBuyer, or ‘instant buyers.’ They’re also known as ‘institutional flippers.’ Have you ever driven down a street and seen a sign that says “We Buy Ugly Houses” or “We’ll Buy Your House for Cash in Seven Days”? Those signs come from mom-and-pop flippers, but other recognizable brands like Zillow Offers, Offerpad, and Open Door—all these companies can also be considered iBuyer's. Here’s how they work:

A home seller visits one of the iBuyers’ websites and fills out the information about their house. The company they chose will send them an instant offer within a day or two, which the seller can accept or reject. An iBuyer’s offer comes with the promise that selling to them is a simpler, easier way to sell your home as compared to a more traditional approach. Essentially, they’re selling a speedier, more convenient way to list a home; all the seller has to do is accept the offer and then the iBuyer will take care of preparing the home for sale, marketing, and so on.

An estimated 40% of homebuyers in Phoenix have received offers from iBuyers before they even considered putting their homes on the market. That begs the question, “Should you sell your home to an iBuyer?”

My answer to that question is that it depends. Do you need to sell your home very quickly? If so, selling to them may be worth considering. However, it would be short-sighted for you not to consider the downfalls of selling to an iBuyer.

One of the downfalls associated with iBuyers is that they’ll offer you a lot less for your home than it’s worth on the open market. Not only that, but they’ll also charge a service fee and they may even have a list of repairs tied to that offer. If you choose not to make those repairs, they’ll lower their offer.

 


It would be short-sighted for you not to consider the downfalls of selling to an iBuyer.

 

It’s hard to know exactly how much sellers stand to lose when they choose to sell to an iBuyer over going the traditional route, but according to the financial website Market Watch, the average loss for sellers is around 11%; in some markets, it’s as high as 20%.

In the end, iBuyers aren’t going anywhere. They’ll continue to be a segment of the marketplace as much as the traditional path of selling your home with a real estate agent. So if you’re considering selling to an iBuyer, it’s wise to do your homework. Unsurprisingly, nine out of 10 home sellers reject iBuyer offers.

If you’re thinking of selling your home, we can provide you with an idea of what it’s worth on the market and how long it would take to sell. All you have to do is reach out to us! We’ll also address any questions you have about the virtues of selling your home traditionally versus selling to an iBuyer. We’d be happy to help.

 

Posted in Real Estate Tips
Sept. 16, 2019

How the Serving Our Kids Foundation Is Making a Difference

How does the Serving Our Kids Foundation make a difference in the lives of local children? Find out today.


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Our team is passionate about giving back to the community in more ways than just helping you buy and sell real estate. We also like to get involved with local charities, which is exactly what we’re here to talk about today.

 

Recently, I had the opportunity to meet with Dale Darcas of the Serving Our Kids Foundation at their warehouse to talk about what this organization does for our community. We also chatted about a couple of great events that are coming up, both of which we’d love for you to attend.

 

Before we share more information about those events, let’s first go over what Serving Our Kids is all about. 


“Serving Our Kids is a 100% volunteer organization that provides weekend food bags to homeless and at-risk kids throughout the Clark County school district,” says Dale. He went on to explain that this year, Serving Our Kids is working with over 70 local schools to help feed about 3,500 children each and every week.

 


"Serving Our Kids is working with over 70 local schools to help feed about 3,500 children each and every week."

 

This is absolutely incredible, but, as you can imagine, it takes a lot of food to serve all those kids. So much food, in fact, that their warehouse shelves are running low. 

 

While Dale and his fellow volunteers are, obviously, thrilled at how much the organization has grown, they’re also working hard to keep up with the extra demand this expansion brings. And that’s where those events I mentioned earlier come in. 

 

First, Dunes and Trails ATV Club will be hosting a bagging event at the Serving Our Kids warehouse on October 10 at 6 p.m., and we’d love for you to come and help out.  

 

You can take a peek inside their warehouse for yourself right now by checking out the video above. 

 

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

 

Posted in Special Message
Aug. 30, 2019

Why You Should Call a Pro to Get Rid of Pests in Your Home

When it comes to pest control, you’re better off calling a professional than doing the job yourself.


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Today my guest Jerry Cornell of Bug Fighter Pest Control will talk about why you’re better off hiring a professional exterminator to handle pest control in your home instead of trying it yourself. 

 

Many people prefer to make the trip to Lowe’s or Home Depot, buy some pesticides, and spray their own home rather than call a professional (I do the same thing). And the ironic thing is, you can buy nearly all the same pesticides that an exterminator can. The difference between hiring a professional and trying to do the job yourself, though, is that these professionals are a part of a highly regulated industry that features a lot of continuing education. 


In other words, they know the state and federal regulations regarding pest control, and they know which insects are in your home and the proper chemicals to use to get rid of them.

 


"Spraying your home brings invaluable peace of mind."

 

If you’re new to the Las Vegas area and you moved here from California, we have a lot of the same insect problems that California does. Black widows, scorpions (the smaller, the deadlier), centipedes, wasps, and cockroaches can all cause problems for Las Vegas homeowners. 

 

So how often should you have your home sprayed? At Bug Fighter Pest Control, they spray the exterior of homes once a month from March through November. They don’t spray during winter since most of the insects are dormant then. Spraying this often will maintain a nice perimeter around your home so you don’t have to spray the interior as often. For commercial properties, they spray year-round and do both the interior and exterior. 

 

Each situation is different, but if you have small children or pets in your home, you can rest assured that once a chemical dries, the area it’s coating is perfectly safe. 

 

The bottom line is, spraying your home brings invaluable peace of mind. The last thing you want as a homeowner is to see roaches scatter every time you open your front door, or spiders hanging from the ceilings. You pay a lot for the home itself, so you should have a clean environment you feel safe in. 

 

If you have any questions for Jerry or you’re interested in having your house sprayed, you can give him a call at (702) 714-1536. 

 

As always, if you have any other real estate questions for me or you’re thinking of buying or selling a home soon, feel free to reach out to me as well. I’d love to help you.

 

Posted in Real Estate Tips
Aug. 12, 2019

4 Reasons to Use a Real Estate Professional

Here are four reasons you should work with a Realtor when purchasing new construction.


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So why is it better to work with a Realtor when looking at new construction homes?

 

1. Representation. If you walk into that new home sales office without an agent, you’re no longer allowed to have your own representation, which is very important to have when navigating through the new home sales process.


2. It’s absolutely free. The builder pays your agent’s commission, not you. You have nothing to worry about on that front.

 


"Always call a professional first."

 

3. Leverage. A good real estate professional will have two or three lenders, landscapers, home interior designers, and flooring companies on hand so that you can use these resources as you need them. This will also help you compare their rates to what the builder is charging you for various features.

 

4. Negotiations. The home I’m standing in today is under contract with one of my buyers. When we went under contract, we were able to negotiate $40,000 off the total purchase price simply by asking the right questions. When you use a strong negotiator, you can save thousands of dollars.

 

Please keep these points in mind before you go into a new home development with any intent to purchase. Always call a professional first.

 

If you have any questions about this or other real estate topics, don’t hesitate to reach out to me. I’d be glad to help you.

 

Posted in Real Estate Tips
April 4, 2019

What Kind of Credit Score Do You Need to Purchase a House?

Even if you think your credit score is low, there are plenty of ways you can still become a homeowner. Here’s why.


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I’m joined today by Brian Maier of Mortgage Box to give the answer to a big question many people have: What kind of credit score do you need to purchase a house?

 

There’s a lot of misleading information online when it comes to credit scores. Each lender uses different restrictions and overlays when it comes to approving a loan—ideally, you’ll want to have a credit score of 620 or higher.

 

However, there are programs that accept scores of 580, and some even accept scores as low as 500.


If your score is over 700, it usually makes the most sense to go with a conventional loan. These loans are driven by credit scores; 740 and higher is the top tier, but for each 20-point increment that your score drops, your interest rate rises. This goes all the way down to 620 for a conventional loan.

 


"There are programs that accept scores of 580, and some even go as low as 500."

 

Below this, you have to start looking at FHA and VA loans. FHA loans aren’t based on credit score when it comes to pricing—the interest rate is the same, regardless of a 600 score or an 800 score. Depending on your score, there’s a point where it may make more sense to take an FHA loan over a conventional loan.

 

If your score is under 580, an FHA loan typically requires additional compensating factors—a 10% down payment, for example. If you’re over 580, you can still put 3.5% down on an FHA loan.

 

Credit-monitoring companies like Credit Karma can be a little misleading; there are many credit scoring models out there, but lenders use FICO scores. While your Credit Karma score may be 580, our report could say 620. The opposite could also be true, but you can’t know for sure until you speak with a lender.

 

I’d like to thank Brian for giving us some great insight into how credit scores relate to loan programs. Feel free to give him a call at 702-432-5626 or email Info@MortgageBoxNV.com.

 

And if you have any other questions or need more information, reach out to me. I look forward to hearing from you soon.

Posted in Real Estate Tips
Feb. 28, 2019

How Much of a Down Payment Is Required to Buy a Home?

Today I’m joined by Brian Maier from Mortgage Box to discuss and dispel some misconceptions that people have regarding down payments.


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Brian Maier from Mortgage Box finds it surprising how many people think that they need to put 20% down on a home. If they’re saving up for that long, it could be years before they have enough, and they’ll have missed a lot of opportunities in that time. That’s not to mention the appreciation rate; a home that sold at $200,000 two years ago is selling for over $250,000 today. We can’t accurately predict future appreciation, but based on past appreciation, home prices are going up faster than people are able to save for.


The fact is that you don’t need to put 20% down to buy a home. In fact, the majority of Brian’s borrowers put way less than that down. There are programs for first-time homebuyers and for those who are simply buying a primary residence that allow for a down payment as small as 3% out of pocket. He’s also able to get his borrowers lender credits, which help to cover closing costs.

 


"If you’re looking for a loan program that will allow to you put less than 20% down (or nothing at all), your first step is to align yourself with a great lender."

 

In essence, you could get into a $200,000 house with only $6,000. That down payment could also be entirely comprised of gift money from a family member.

 

Other programs like the VA loan don’t require a down payment at all. To qualify for the VA loan, however, you do need to be either in active duty in the military or a veteran. Unlike the FHA and conventional loans, the VA loan doesn’t require you to have monthly mortgage insurance when you put less than 20% down on a home. Another nice feature of the VA loan is the option to do jumbo VA loans, which allow you to borrow up to $1 million and you don’t even have to stay within the conforming loan amounts, which is $484,000 in Clark County. However, once you exceed the conforming loan amounts, the VA loan will no longer be zero-down and you’ll be expected to put a little bit down.

 

In addition to the rate of appreciation, another thing working against those who are saving up for a down payment is the general trend of interest rates. We’ve had a 10-year bull market run, and over the next few years, rates are projected to increase. By waiting to save for a down payment, it may actually end up costing you a lot more down the road, with home prices and interest rates both on the rise. Those two factors combined could end up pricing you out of the market altogether, so it’s better to put less money down to get into a house, which allows you to budget your payments and ride your home’s appreciation over time.

 

If you have any questions about this or other real estate topics, don’t hesitate to reach out to me at the Ravago Group.

Posted in Real Estate Tips