Las Vegas Real Estate NOW

When a buyer receives the inspection report what can they do with that? Ben discusses with the client and what is on the report to be able to educate them. The buyer will then ask Ben “ok so now what” while they are at the property occasionally, they will discover something in the course of the inspection. That will cause the buyer to actually change their mind on purchasing the property. More com...

Leilani brings in the ten-year bond and she is excited to share charts because usually in the mortgage world they do not use charts. This week she was challenge due to the media. They were telling everyone that the feds had cut the rates. Just for everyone’s information the feds do not determine the mortgage rates, lenders go off by the ten-year treasury note or the thirty-year bond is. So, when t...

Here in Las Vegas we have about 2.2 million people and in the Phoenix metro area they have about under 5 million in population. Phoenix has double of what Las Vegas has in population and the reason why is because in the Phoenix area is more spread out. Rebecca can have a listing in Surprise and one in Chandler and now it is an hour and in half drive between the two. The cool thing about Las Vegas...

This is Young Artist Orchestra fifth year anniversary and they are trying to do something very unique this year. Years ago, there was a club called Buena Vista Social Club, they became popular and won all these Grammy Awards. So now the YAO is doing a replica and there first opening concert is called One Night in Havana. It features a local singer here in Las Vegas called Noybel Gorgoy they are te...

What should people expect during an escrow process? Escrow is a third neutral party and they don’t really work for anyone except the client. They (escrow) do everything through a written correspondence and they do not like taking anything verbally and believe it or not they do get a lot of written correspondence from different parties during the transaction. What they do with contract they take th...

We are going to talk about the monthly market update and what is going here in Southern Nevada. For August 2019 we are going to start with quick stats. Now this is single family residence only, our current available inventory is 8,208. There are 4,142 homes in escrow or pending and in the last 30 days we have sold 3,105 homes. That leaves us with a number of months of inventory an absorption rate...

Rhodes homes has been trying to build a community up on Red Rock over by Blue Diamond. What is happen is that the company is going through a financial strive and not able to pursue this community. But they are still an argument to proceed or not. If you drive by there you will see work trucks ready to start smoothing the land and clearing the land. They are planning to build 3,000 homes in the blu...

The job of an inspector is too discovery faults in a home but also to present it in a way that is understandable to a buyer. We talk about one of the most important part of buying a home and sometimes it gets overlooked. Inspectors present the material so that your client doesn’t feel like they are making an unwise decision to them information is power. There are things that sound really scary lik...

Things you shouldn’t do while purchasing a home and here are some examples. One thing that John as a lender deals with a lot is that client will say I am going to fix my credit before purchasing a home. The credit score system counterintuitive and Johns recommendation is don’t do it until you consult with an expert. Getting that advise before the client starts messing with their credit is well wor...

The Legacy Golf Course owners submitted a plan to build but there are proposals from the homeowners. They had signed an agreement and set a deal but apparently the developer wants to add 224 apartment units that will be included in the two high rises that were not part of the deal. It is a view blocker and we think that’s why the homeowners are not so happy about it. There is an interesting case t...

Let’s start first when escrow receives an accepted contract from the buyer and seller. They receive it and that is like their starting point, they have two different things that’s that start to happen at that time. Most of the time people realize its only one side of it they are contacted by the escrow officer or escrow team and introducing themselves to the client and that they will be handling t...

What does the buyers need to know about the property? Home inspections are in the benefit for the buyer and inspection companies work for the buyer and their job as an inspector is to identify any problems that they can find with the property. They do a visual inspection which means that they look at things that they can see and operate everything in the home within the nature they would operate w...

Rick gives us comparisons between 2018 and 2019 market stats, now this only single-family homes. When we do the year to year comparisons we are seeing slightly down from last year. Last year was down as well from the pervious year (2017) we are off by 8% on total of closing, even when you compare 2017 and 2018 there was an 8% decrease as well. So, we are definitely seeing decreasing of closing in...

Closing cost are part of every transaction but why are buyers charged? Closing cost are generally 2-3% of the sales price. It is high if you are purchasing a lower price point, example if you’re purchasing something under $100,000 the percentage is higher. It is lower percentage if you’re buying higher priced home because some of those fees are fixed. But those closing close will be standard you h...

Currently available are 8,416, we have 4,197 homes pending or under contract and we have sold in the last 30 days 2,882. That is the number of months of inventory 2.92 we currently have less than 3 months’ worth of inventory available for buyers. The average days in the market this past month was 40 days on the market. We compare that to last month and its similar numbers but not much of a change....

First thing to consider is interest, it can either be your best friend or your enemy. Get rid of the interest you’re paying first so there is a term called debt snowball. So, let’s say you have 4 different credit cards and you have a balance on each of the credit cards. You look at the one that has smallest balance and then work towards on the one that has the most balance. For the three credit ca...

An ibuyer is basically Wall Street or some wealthy companies that are acting like buyers in the market. So, as a seller instead of selling to Joe and Sally but now there is companies that are in the business of buying and reselling your home. They advertise on tv and all you need to do is go to their website type in information about your home and they send you a figure. They sell on convenience b...

Harvey reads an article about Lake mead and it says, “a wet winter and deal boost lake forecast.” The outlook of Lake Mead continues to improve as federal forecasters factor the benefits of an unusual wet winter and a new interstate deal that will leave more water in the reservoir. Instead of the familiar declines in recent decades the East lake of Las Vegas is now expected to finish off the year...

We have updates about these helpful programs that have extended until the end of the year. Home is possible for teachers has extended and now teachers that are in public charter schools can qualify as well. You must be full time teachers to be able to qualify for the home is possible program. Teachers can get $7,500 as long as they are in the home for 5 years it’s called a forgivable second there...

You have to check your property at least twice a year, we are in the month of June its 6 months into the year its time to check. Make sure you do a property profile, make sure you are still on title. Things can change there is a lot of fraudulent people out there, so you never know. Also, you want to make sure that your home does not have any liens, judgments, second mortgages or anything put on y...

When people do a mortgage on their home for the last 10 years they sit down with their lender and the lender might have a variety of programs. But the buyer is saying “I just want a 30-year fix don’t mess with me or play with me, I don’t even want to talk about the other programs this is what I want.” John talks about the variety of loans out and why you might want to consider some other options....

For the month of June of 2019, we are going to start off with what is available, and these are single family homes in our market here in Southern Nevada. Currently available we have 8,303 and we have 4,105 in contract or contingent. Sold 3,156 in the last 30 days we use to say the absorption rate now to make it easier we will say months of inventory. We have 2.63 months of inventory currently avai...

Occasionally, you have a deal that goes bad and earnest money is on the line. What Steven found out that was most common in disputes is that the buyer does not qualify for the loan. Even though there is a loan contingency there is nothing specifically in the contract that most of us (realtors) use and it is a GLVAR form. That says, “if buyer does not qualify for the loan” and they are pasted their...

Escrow is the part of a real estates transaction that is in the grey zone that no one really knows why its there for. Harvey asks Tracy why does it take 30 days to close an escrow? Tracy explains once you have entered a contract between the seller and buyer; escrow then gets the contract along with the earnest money now we have an open escrow. Escrow now then enters the file into their system and...

Harvey talks about an article that is states “the internet didn’t shrink real estate’s agents commission by 6% but this lawsuit might”. The article talks about this lady who bought houses multiple times because she kept getting transferred for work and decided to get her real estate license because she thought she could a better job herself. Then she realized (in her mind) that buyers’ agent was n...