Las Vegas, Nevada
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Jun. 21, 2007
Ever wonder what your costs will be in purchasing or selling a home? Below is a break down with items a buyer or seller may have to pay. Many of these items are negotiable, while some are not. Many of the costs vary according to the type of property sold, the lender requirements, and whether the home is in a homeowner's association.
Seller can generally expect to pay
- Owner's title insurance
- Transfer Taxes - in Nevada this is $5.10 on every $1000
- Real estate commission
- Half of the escrow fee (except VA)
- Notary fees (if applicable)
- Any loan fees required by Buyer's lender (if agreed upon in purchase contract)
- Payoff of all loans including accrued interest, statement fees, re-conveyance fees, and any prepayment penalties
- Termite inspection (if agreed upon in contract) - $75 to $100*
- Home warranty (if agreed upon in contract) - approximately $500*
- Any judgments, tax liens, etc. against the Seller
- Recording charges to clear all documents of record against the Seller
- Tax pro-ration for any taxes unpaid at time of transfer of title
- Any unpaid homeowners association dues
- Homeowner Association documents**
- Homeowner Association transfer fees
- Pro-rations on any homeowners association dues
- Any homeowner association assessments (if agreed upon in contract)
- Any and all delinquent taxes
The Buyer can generally expect to pay:
- Lender's title policy
- Half of the escrow fee (except VA)
- Document preparation (if applicable)
- Notary fees (if applicable)
- Recording charges for all documents in Buyer's name
- Termite inspection (if agreed upon in contract) - $75 to $100*
- Homeowners' association transfer fee (if agreed upon in contract)
- Pro-rations on any homeowners association dues
- All new loan charges (except those which the lender requires the seller to pay)
- Interest on new loan from date of funding to 30 days prior to first payment date
- Home warranty (if agreed upon in contract) - approximately $500*
- Fire insurance premium for first year
- Pro-rations on taxes, insurance, etc.
- Home inspection (at buyers discretion) - approximately $300 and $600* depending on size of home and is paid at time of inspection.
- Appraisal fee (if agreed upon in contract) - approximately $400+* depending on size of home and is paid at time of appraisal
* All figures are approximate
**In Nevada if there is a Homeowners Association (HOA) invoved, the homeowner is required to provide the buyer an HOA package. There are instances where there are more than one HOA involved (i.e. Summerlin, Green Valley, and others)...sometimes as many of three HOAs...documents are required for all associations and can costs several hundred dollars. These documents include but are not limited to CCR's, By-laws, Rules & Regulations, Minutes, Financial Reports)
All information is deemed reliable but not guaranteed.
Apr. 26, 2007
The way you live in a home and the way you sell it are two different things, says home-staging guru Barb Schwarz in her book "Home Staging: The Winning Way to Sell Your House for More Money." Here are some home-staging tips to help you while your home is being marketed.
Staging is not decorating. Decorating is personalizing a space, where staging is "depersonalizing" it. Staging is not about displaying a favorite color rug or ruffles someone loves. It's about selling the house. Remember, if buyers are seeing a messy house, you are throwing away money.
If you can smell it, you can't sell it. Do a sniff test and understand that odors you might be used to have to be eliminated. Have an outsider come in and do the sniff test with you.
Clutter equates to stress. One of the biggest challenges to home staging is clutter. It's just as important to get rid of excess "stuff" as it is to clean your house. Clutter interferes with the potential homebuyers' ability to mentally move into the house. They can't imagine their own furniture in a room if it's cluttered.
Consider painting the interior of the house. You might like the designer colors and/or wallpaper, but homebuyers want the house to have a cohesive, simple color scheme. Drastic color changes from room to room can actually startle potential homebuyers.
For more information or to view Barb Schwarz's CD, give me a call at 702-360-8165 or e-mail me at Mary@MaryW.com. I would be happy to loan it to you for a day.
Jan. 21, 2007
After bottoming in the fourth quarter of 2006, existing-home sales are forecast to gradually rise through 2007 and into 2008, while new-home sales should turnaround by summer, according to the latest forecast by the National Association of Realtors®.
David Lereah, NAR's chief economist, said annual totals for existing-home sales will be fairly comparable between 2006 and 2007. "We have to keep in mind that we were still in boom conditions during the first quarter of 2006 with a high sales volume and double-digit price appreciation," he said. "We're starting 2007 from a relatively low point, so even with a gradual improvement in sales it'll be pretty much of a wash in terms of annual totals. The good news is that the steady improvement in sales will support price appreciation moving forward."
Existing-home sales for 2006 are expected to come in at 6.50 million, the third highest on record, with a total of 6.42 million seen in 2007. New-home sales in 2006 should tally 1.06 million, the fourth highest on record, with 957,000 projected this year.
Total housing starts for 2006 are likely to be 1.81 million units, with 1.51 million forecast in 2007, which would be the lowest level in a decade. Builders are pulling back on new construction to support prices of remaining inventory.
The 30-year fixed-rate mortgage will probably rise to 6.7 percent by the fourth quarter of 2007. Last week, Freddie Mac reported the 30-year fixed rate at 6.18 percent - far below earlier consensus forecasts. "The current interest rate environment and housing inventory levels present a window of opportunity for potential buyers," Lereah said.
The national median existing-home price for all of 2006 is expected to rise 1.1 percent to $222,100, and then gain 1.5 percent this year to $225,300. The median new-home price, after rising only 0.3 percent to $241,600 in 2006, is projected to grow 3.0 percent in 2007 to $248,900.
"With all the wild projections by academics, Wall Street analysts and others in the media, it appears that much of the housing sector is experiencing a soft landing," Lereah said. "Despite the doomsayers, household wealth will not evaporate and the economy will not go into a recession. If you're in it for the long haul, housing is a sound investment."
The unemployment rate is likely to average 4.8 percent this year, following a rate of 4.6 percent in 2006. Inflation, as measured by the Consumer Price Index, is expected to be 2.2 percent 2007, down from 3.2 percent last year, while growth in the U.S. gross domestic product is seen at 2.5 percent in 2007, compared with 3.3 percent last year. Inflation-adjusted disposable personal income should grow 3.4 percent this year, following a rise of 2.7 percent in 2006.
National Realty News
Jan. 9, 2007
In the litigious society we live in today selling or purchasing a home involves DISCLOSURE! The State of NV, the county of Clark, the city of Las Vegas, and each individual broker have their own forms for disclosing. Here in Las Vegas we have disclosures for air noise, beltway (where it is in relationship to the subject home), hazardous material, meth (was the home ever used for a meth lab?), lead base paint (if built before 1978), a SRPD (Seller's Real Property Disclosure) which is 4 pages and addresses some of the issues in the afore mentioned disclosures, but also ALL issues pertaining to the subject property.
There are also pest disclosures (did you know there were pests in LV?), termite disclosures, mold disclosures, and construction defect disclosures, just to name a few! There is a also a 15 page booklet put out by the State of Nevada Department of Real Estate that explains all the disclosure forms and that you as buyer and/or seller should sign them to cover yourself. This booklet has a 'disclosure page’, which the buyer/seller has to sign disclosing that this booklet has been given to them.
There are other disclosure forms not listed above that could pertain to a particular property. These forms and all the other paperwork involved in the sale or purchase of a home are exactly why YOU need a REALTOR® representing YOU. Please call (702-360-8165) or e-mail me when you're ready to sell or purchase a new home! I'll help walk you through all of the required documents and disclosures.
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