Las Vegas Real Estate NOW

There is almost 6 trillion dollars in equity in homes across the US. To be exact there is 5.8 trillion of home equity out there. So, there is over $100,000 worth of equity of each home now is also for people that owe their home free and clear. When you talk about taking equity from your home and the idea John that gives is that we create multiple revenue streams for yourself to make or create weal...

We have seen a lot more of reversed mortgage these days and we think for the right person it is a good product. In Johns viewpoint is a person that who has let’s say limited monthly income coming in and they make their money last as long as they can. They need to keep their obligation on the monthly basis as low as possible. That person can benefit from the reversed mortgage but is all depends on...

Inspections versus appraisals whenever someone is buying a home there are two different inspectors that go in the property in their behalf. An inspector goes in and does what is called a home inspection that inspector is going to be in the home several hours and inspector is going to look at all sort of things. They check if there are any issues with plumbing, avac system, the electrical and he wi...

There was a wonder concert it was Westside Story they have young musician preforming. Learning how to preform big events and to experience how to work with professionals. LVYAO is the only free tuition in Nevada for musician and any child can go and join. All they have to do is audition and it’s only a one-time fee of $50.00 for the application other than that the rest is free. If you know anythin...

There has been rumors that interest rates might be going down the end of 2019. Rowe explains from what they been hearing, seeing and reading it looks like its pointing towards that direction. Versus before they were seeing that interest rates were slowing creeping up. If interest rates actually does dip, we should see big increase in volume and it also gives the opportunity to the buyer. Who maybe...

Harvey read an article that states that Las Vegas is the number one place to invest for real estate in Unite States. In Las Vegas luxury home median price is 1.5 million and it has been growing in the luxury market in Las Vegas. It has expanded dramatically in Summerlin and then you have the development in Henderson and Ascaya and so forth. High Rise are blowing of off the market they are liking o...

First topic to discuss is what is the current market doing right now from an appraiser point of view? Paul expresses that the market has slow downed in recent the months, but he excepts it to continue going up. From last year we had a 12% increase not just in Las Vegas but also in the whole country. Usually an appraiser is slow during holiday months (just like realtors) but then once the summer co...

A topic that we continue to discuss is wire fraud and it keeps on happening and the numbers are increasing at a high speed. Tracy Ruccia, President of Equity Title of Nevada explains that they deal with at least 3 or 5 times a week with their company hackers trying to get the wire. Tracy says those are closed attempts by what she means is that usually the sellers or the buyers has been hack becaus...

In April 2019 we have 7,832 single family homes available on the market. There are 4,077 homes that are pending or under contract right now. There are 2,501 homes that have sold in the last 30 days. That creates an absorption rate of 3.13, absorption rate once again is the number of months it takes to sell the current inventory. Last month the numbers were similar we had a few more homes in escrow...

Nevada housing division has brought out this new program called FTHB (First Time Home Buyer). The program is 4% of the loan amount a little bit better in rate. With this program you couldn’t have owed a property within the last three years. This is a misunderstanding with FHA, people think its only for first time buyer and it is not true. You can still get this governmental program if you have owe...

Self employed buyers are a unique group but not here in Las Vegas there is a lot of small businesspeople in town. They don’t have that W-2 to turn in to John what they provide is usually a financial report from their business and that financial report might not show as much income. Cash flow might be different than profit but there are programs out there. There are regular conventional products to...

There was an article in the newspaper last weekend about these large buyers buying property. These are the people that offer cash to sellers “hey seller I have cash and I can close early.” The title of the article is “Home Flippers” these big home buyers, aka websites that give you quick offers and quick deals. These sites do not like being called “flippers”, but they are and as realtors we have t...

There are a few fundamentals things that are out there that are just wrong that some people believe about the VA loan program. John breaks it down for the older veterans that have believed that their benefit expires, and this is not true. Whether you fought in WWII, Korean, Vietnam war there is no expiration to your home loan benefit with VA Loan. Second thing is that a veteran can use their VA lo...

How do lenders come up with interest rates? What goes into the determination of someone’s interest rate? Leilani gets asked by clients “well why is this lending program have this type of interest rate and why doesn’t the other have this.” Leilani explains that it has a lot to do with what the current market rates are doing, rates can change on a daily basis they can change up too 4 or 5 times a da...

Harvey and Darren discuss on short term rentals in Las Vegas. They both have different options, now short term rentals are illegal in Clark County. The way Harvey feels about the short term is that he doesn’t want his next-door neighbor leasing out to people on a weekly basis to people visiting Las Vegas. To Harvey it is specifically to Las Vegas because of where we live in a town that is consider...

Let’s talk about those occasions when title insurance is required for on a nonstandard manner. When title says this term, it means it is a method on requiring title. These are titles that are home purchased that were foreclosed, trustee sale, and you can also acquire by bidding on a non-judicial HOA foreclosure. It is difficult to acquire title insurance for these types of sale, but Equity Title h...

For March of 2019 we use our February data and this month we currently have 7,726 available homes on the market this is only for single family homes. Currently have 3,586 homes in escrow and 2,085 that have sold in the last 30 days. That is an absorption rate of 3.71 again, absorption rate is the number of months it is going to take to sell the existing inventory based on the current rate of sale....

Not all real estate agents are Realtors and we have a lot of real estate agents in town. Realtors are licensees who are members of the Greater Las Vegas of Association of Realtors and they also belong to the Nevada association and the National group. One very important part of being a REALTOR, is having fiduciary duty to your client. The basic meaning of fiduciary duties is loyalty to that client....

What we do at Southern Fidelity Mortgage or any loan officer that is out there. We want to make sure that the borrower is eligible to qualify and there is so many different programs that are out there. That the borrow may not know about these programs and it is a really good idea for them to start speaking to a lender. Some buyers don’t realize how little money they really need to purchase a home....

Everyone is all upset about their tax returns because they are not what they used to be and there are numerous reasons for that. Let’s start off with the change in the tax break, everybody’s tax rate went down in 2018. When your tax rate goes down and if you have not changed your withholding. Your withholding is going to automatically go down. The reason for that is that your net pay is calculated...

What happens to the people that cannot do the normal loans and is there other types of loan they can qualify for? There are other options that is worth offering to people the idea of that is non-government, non-inside the box types of loans. These have really pushed in our market and it is becoming a larger segment of the market place out there. On a normal mortgage there is all kinds of reasons o...

Harvey has said this before if you listen to the show, his partner Joel says this “figures lie and liars figure.” This is the thing guys $300,000 median price is affected by so many factors. First, how many more homes over million dollars are we selling now than we did in the recent past? A lot more even if you take it off the top bunch there is still a lot in that million-dollar segment. The othe...

Upcoming events that are for Young Artist Orchestra of Las Vegas. I do know there is concert at the end of this month tell us about this video game music. Yunior explains that this is something that has been happening all over the country where people are going out to these concerts with an orchestra in it. Instead of hearing classical music like Mozart you’re hearing music from video games. It se...

Let’s talk about property profiles, we use these all time as real estate agents. Every time I have a seller interested in selling or a buyer buying, we reach out to Equity Title to pull a report. Basically, what a property profile is a report that is generated computer-based report. Generated of the characteristics of the property so we will show bedrooms, baths, square footage, lot square footage...

When we look at the stats this month, we are going to see a continuing trend. Inventory continues to climb now this is only single family homes in our market. Currently we have 7,795 homes available that is just single family not including condos, townhomes or high-rises. In escrow or under contract we have 3,041. Lastly sold in the 30 days we have 1,647, that is an absorption rate of 4.73. That i...