Have Short Sale Questions?

Las Vegas Short Sale Help

Call Me Now... I have the Answers 702-348-7191

lv map
LAS VEGAS HOMES Search...Click on the map to search Las Vegas homes, foreclosures and short sales.

Archive for February, 2011

When it comes to selling your home, the little things count too, and they can count big, especially if you are considering a short sale in Las Vegas. A new article by Christine Haughney in The New York Times gives some pretty unbelievable examples of small changes that home owners made to increase the value of their home. Here are a few of them:

1. If your home is cluttered, subtract 5% to 15% off the asking price. Homes that are cleared out of too many books, toys, etc. generally sell faster and for up to 15% more.

2. Buy a closet full of expensive shoes. No, seriously. They will end up paying for themselves and more. Potential buyers often unknowingly want to live the life they envision a new home will provide. And if the seller is able to maintain a lifestyle that includes a closet full of expensive shoes, the buyer will want a piece of that life.

3. Get rid of any old, dirty, or worn rugs. No potential buyer wants to move into a home that they envision is dirty. Replacing a prominent, old rug with a new $400 rug can up the asking price by up to $5000.

4. Get professional lighting advice. It may cost somewhere between $100 and $200 but the pay off on a $900,000 home is an additional $32,500 on the original asking price.

5. Buy new, fresh towels and pillows. After spending $700 on both, one home’s original asking price went from $450,000 to being sold for $475,000. That’s an increase of $25,000!

Some of these ideas might sound like flukes that the home owners just happened to be lucky to benefit from. But when it comes to selling your home in Las Vegas or considering a Las Vegas short sale, it’s good to have an agent that will think outside the box to get you the best value for your home. Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process. If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

So, you’ve decided to sell your home. You have the internet and that sign in your front lawn. What could possibly go wrong? Lots. Whether you are one among many in the Las Vegas short sales market or just ready for a change of scenery, here are four tips to help you when selling your home:

1. Don’t attend your own open house.

This one is probably more difficult for some than others, but if you are selling your house, you really shouldn’t be around at the open house. All the reasons you might think your home would be great for a potential buyer might not translate. Instead allow the buyers to give unbiased, objective feedback to the agent. This will only help you in the end.

2. Do hire an agent.

What can an agent do that a for-sale-by-owner can’t? To start,  you won’t get on the multiple-listing service (MLS). That means that other agents are not going to know that your property is for sale. An agent can also show your home for you, which saves you the time of having to be home whenever a potential buyer wants to come by and take a look. Last, having an agent during the closing will help you understand all of the legal complexities.

3. Don’t pick the wrong agent.

If anything is worse than having no agent, it has to be having the wrong agent. A meeting with an agent should be like a job interview because this person is going to be working for you. It can also be helpful to meet with an agent in her office. Not only will you find out how organized the agent is, but you’ll have a better feel for the environment she works in and whether her level of professionalism is conducive to being able to do a good job for you.

4. Do explore all of your marketing options.

When you meet with your real estate agent, discuss the different marketing tools that he or she has available. This should be done in the beginning when you are setting up a contract.

Considering selling your home?  Search all Las Vegas Homes for Sale using our free, interactive map-based search. Or call Kathryn Bovard direct at 702-348-7191 so she can assist and navigate you through the entire process.

The Greater Las Vegas Association of Realtors reported that cash buyers made up 51% of all Las Vegas homes purchased in January, a first ever for Las Vegas. And this number will only be increasing due to Las Vegas’ emergence as one of the most affordable housing markets in the nation. But what is so exciting is who these cash buyers are that purchased more than half of existing home sales.  Most of them are, in fact, investors who will keep buying homes in cash as long as lending standards remain tight, prices remain at bargain levels and the availability of lower-priced, bank-owned homes is plentiful.

Paul Bell, president of the Realtors association, was recently quoted in Hubble Smith’s article in The Las Vegas Review Journal as saying, “I’d say we’re fortunate to have these buyers in our community. These smart-money buyers are voting with their pocketbooks on the future of our local housing market. It shows domestic and worldwide interest in real estate here because we’re seeing many international investors buying property here at an amazing rate.” Basically what this increasing percentage of investors as buyers tells us is that they obviously think our market is undervalued and see potential for growth. And this could translate into a wonderful opportunity to seize the market by buying a home now before the growth spurt that investors are predicting. Although many investors are buying deteriorating homes to renovate and then rent or sell them at a profit, a buyer in this market has other options too.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search. Whether buying a Las Vegas Home or renting, don’t try to go at it alone. There’s lot of resources online, and an email to a local real estate or mortgage pro can set you in the right direction.

The short answer? Well in a recent Las Vegas Sun article economist and director of the Lied Institute for Real Estate Studies, Nasser Daneshvary, says he hopes so. Asked in an interview with Buck Wargo if banks were turning to short sales, Daneshvary responded, “There was good news until the end of November because short sales were increasing and foreclosure sales were declining. But December’s numbers showed foreclosures were higher. I think 2011 will be the year that short sales surpass foreclosures, but that’s optimistic.” Daneshvary recently finished a study on the effects of foreclosures and found that they have a devastating effect on neighborhoods to the tune of a 33% drop in value on homes.

But it’s not all bad news. When asked where Daneshvary sees home prices going in the future, he replies that he believes the price has bottomed out. So have we returned to 2004? Not exactly. The era that Daneshvary deems as “crazy price appreciation” is over. But buying a home is still a financially responsible move. Daneshvary goes on to state, “I think the whole attitude of households in the United States has changed. More and more people are accepting that having a house is not a quick investment. Having a house used to be called a long-term investment but even that’s gone. Having a house is a long-term savings.” And while saving may not sound as exciting as investing, it’s much less risky. In fact, with careful planning, it’s almost risk-less. It’s no secret that foreclosing on a home is bad news for the homebuyer, but Daneshvary’s recent study makes clear that when one of our neighbors goes under, we all take a hit.

If you are a Las Vegas area homeowner facing a possible foreclosure and wanting to learn more about your options, including a Las Vegas short sale, contact us today for a no obligation short sale consultation.

How common are housing bubbles? In a recent article from The New York Times, Robert J. Shiller, professor of economics and finance at Yale, explores the question of how common housing bubbles are, and what’s more, if we should expect another one soon.

Schiller argues that the most recent housing bubble and burst is unlike any other housing cycle in history, nationally or internationally. Prior to our current market, housing bubbles had been smaller and more regional. But by examining past booms and busts in the market, Shiller hopes to give us insight into our present situation as well as guidance for the next decade.

The 1970′s sets itself apart as the only decade in the early 20th century to have a bubble of national significance. The cause? An increasingly growing belief that the earth would not be able to sustain the growing population and in turn land would be in greater demand, thus raising its value. Then the Federal Reserve came down hard on credit in the U.S., bursting the bubble and leading to the recessions of the early 1980′s. Although there were scattered housing bubbles prior to this, they were infrequent, usually decades apart.  The larger bubbles, such as the farmland bubble that Schiller mentions, were also either infrequent or unprecedented, and many of these occurred in times of less regulation aimed at stopping bubbles.  This all  suggests that the current housing bubble will also be rare.

Ultimately Shiller maintains that given the history of land bubbles combined with the new policy restraints, a new housing bubble looks unlikely to happen again anytime soon.  Though it will take some time for the housing market to recover, the ultimate source of bubbles is the way the public thinks about a market.  With bubbles, the culprit is unfounded enthusiasm.  And since most people, Schiller says, view housing as an investment, we won’t likely hear any “pops” in the future.

If you are a Las Vegas area homeowner facing a possible foreclosure and wanting to learn more about your options – including a Las Vegas short sale, contact us today for a no obligation short sale consultation.

las vegas mls search

lv map
Click on the map to start your Las Vegas area property search.
  • 11655
ResidentialShortSale.com provides useful information to the community about Las Vegas Short Sales, Nevada Foreclosure Mediation, and the Las Vegas Short Sale process. We are Las Vegas Short Sale Experts who know the Las Vegas Real Estate Market.

You can also search all Las Vegas Homes for Sale from this site.

short sale consultation

Do You Have a Real Estate Agent You Can Trust to Handle Your Short Sale?

Call Now: 702-348-7191