Las Vegas Real Estate NOW

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...

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...