Jul. 2, 2008 - Can We Survive The Challenges of Today?

Today's Challenges Impact All of Us

The market today certainly is a challenge to everyone, Realtors®, real estate agents, buyers and sellers. loan officers, appraisers, even home inspectors.  Short sales talk have become a dinner topic along with foreclosures, and bank owned properties.  For sale signs litter the landscape of our neighborhoods.  Is it just me or does the main stream media just delight in putting out every bit of negativity they can find?

One of the things that  is having an  incredible impact on everyone is GAS PRICES.  They are impacting every aspect of peoples lives and I discover something new that is being impacted daily. 

As a Realtor® I need to look at working smarter.  When working with new buyers I need to really ask questions to get their desires down.  All their wants and do not wants.  Use email to send properties and ask for feed back.  Make sure that they have visited a lender of their choice and have be pre qualified so we know exactly what price range we are looking in.  Listing agents this is notice to you put as many quality pictures in the MLS that you can.  When I have my buyers in the office and we are picking out what we are going to look at there had better be pictures. Even better a wonderful video or an excellent REAL ESTATE SHOW©  If we can't see pictures well, let's just say your chances of getting your property shown goes way down.

When I take a listing you can bet I will point that out to the home owner, today more than ever pictures are worth a thousand words and more showings.  It will also behove me to make sure my presentation is such that the seller understands what a good price right up front is most important.  I have to make them understand what kind of competition is out there and why it is different than any other market in recent history.

I am a Survivor and I will survive this market.  Daily I am trying to think of ways I can work smarter and not give less service.   What can you do to make sure you survive too?

May. 2, 2008 - Homeowners are now going to sue

Should the homeowners sue?

It is now official the law office of Mainor Eglet Cottle trial lawyers are preparing several lawsuits against Realtors®, lenders and appraisers.  To quote Mr. Cottle " a triangle of professionals, every one of whom failed consumers most of the time."  Mr. Cottle said he will prove that agents, lenders, and mortgage brokers failed their fiduciary duty to explain all buying and borrowing options.  He contends that the home buyers should have been given professional  recommendations in their best interest.  Again to quote Mr. Cottle "instead agents and brokers focused on commissions and corporate bounuses and put buyers into adjustable rate mortgages that adjusted upward."

Here is the link for full article Las Vegas Review Journal

States also filing lawsuits include, Arizona, California, Ohio, Maryland and New Mexico.  These states are also claiming professional lapses could cost hundreds of thousands of homeowners to lose their property.

I can not speak for lenders, appraisers , or even other Realtors®.  I can only speak for myself and I work with a lot of buyers.  If asked about a lender I give out several cards of lenders I have worked with before.  The buyers choose their lender all on their own and the only time I get involved is to see how the loan is coming along.  I am not a lender and I would never presume to give advice on a loan.  Are there greedy and predatory lenders out there?  You bet.  Are there greedy and unethical Realtors® out there?  You bet, but for the most part they are just hard working professionals helping the american public realize the american dream of home ownership. 

Apr. 4, 2008 - Las Vegas Made the Top Towns For Empty Nester

Empty Nester's

The Curry's of Atlanta wasted no time selling their family home as soon as their youngest son graduated high school.  In Ms. Curry's words the ink was not even dry on the diploma before they sold the home and moved.  Seems more and more people are moving as soon as they become empty nester's.
Las Vegas is on the top ten list of where these empty nester's are moving too.  According to a Forbes magazine article between the years of 1990-2005 the empty nest population in Las Vegas has grown 156%. for the age population of 55-64 years of age.  To read more on this Forbes Magazine Article click here
I did a little more investigation since these statistics only went to 2005  as of March 2008 I found this: Which takes us to July of 2007.

According to a new U.S. Census Bureau report. The growth measure was based on the actual number of people moving into metro areas, not on percentage terms - by that count, Las Vegas did not crack the top ten. The report says that the Las Vegas Metro’s population increased by 59,165 people from July 2006 to July 2007.

More about Las Vegas that may contribute to people moving to Las Vegas,

• No local or state income tax
• No business income tax
• No estate tax
• 95% of companies hire locally
• Between 200,000-250,000 miles of fiber optic cable in the ground
• Cheapest operating cost in the US for a corporate headquarters
• 96,000 people (net) moved here in 2006
• Median family income up 66% from 1996-2006
• Value of a home up 168% in ten years
• Over 38 million visitors in 2006, up 31% in ten years
• Convention business up 95% in ten years
• Room inventory 132,000, up 42%
• Over $40 Billion in new construction in the next five years

I do know one thing if you are thinking about moving to Las Vegas NOW is the time:
So if you find your house

I can help you find a new house and as of Feb 2008 the medium price was $284,900 but also remember negotiations are key:)

 
 

Mar. 31, 2008 - Media Focused on The Negative

Dec. 15, 2007 - Renovations

Renovations

 Should you invest money in your home if the prices in your neighborhood are flat or declining?  When prices are going up adding money to an asset is a good idea.  When the market as it is today it is important to take in all considerations before going ahead.

Get estimates and then factor in cost overruns.  (10-20%) 
Figure out how much more your home will be worth after the renovation. (Talk with your Realtor®)An appraiser can also tell you market specific what some of your renovations are worth.  Case in point the brand new Cost vs Value index is out.  Lets take a bathroom remodel the average cost for this in New England (CT, MA, ME, NH, RI, VT) is $38,617 and your cost recoup will be 65.9% but if you live in the Pacific ( AK, CA, HI, OR, WA ) the job will cost you $43,884 but your recoup here will be 83.5%  The national average across the board show the cost at $37,202 and the recoup is 66%.

The report showed these projects with highest national percentage of costs being recouped.

88% siding replacement
85% wood deck addition
81% window replacement (wood)
83% Kitchen remodel (minor)
Be sure any project you do has building permits, appraisal standards have tightened along with the credit and an appraiser may not count say a basement remodel as livable space if it was not done with building permits.  

If you are planning in the home for a long time it makes sense to add value to your home.  If you are planning on selling soon check with your Realtor® before you do anything major.  There is always the normal things you should do it to get ready to sell your home.  Paint inside if needed, clean carpets, take down personal pictures and de clutter.  It might not hurt,with the market the way it is to bring in a professional stagger. The outside should have the bushes trimmed and toys and trash put away.  The first view of the house is the most important.

Nov. 16, 2007 - Are lenders hurting their own business???

What is the hold up with the lenders??

I am really starting to believe that the lenders are sabotaging their own business and in turn is hurting our economy.

Buyers are putting in offers on short sales and it could be six months before the bank or mortgage company comes back with the price they want to see. (Based on a BPO) they had done six months before. In the meantime prices have dropped again because they did not move to give compatibles in the marketplace. Not only that but the agents that they are choosing to give the bank their opinion on the property do not take into account for things that drop property values such as overhead wires and being backed up to the street.

Now the waiting for an answer may be OK for an investor, but what about a family that is moving and needs to get into a home. Six months is too long for them to wait. They move onto another property that they can get into right away.

I have had a listing for over a year, we got an offer on it and based on what was going on with the property and the market, it was a fair offer. Yesterday, over six months later we finally got an answer as to what the bank wanted out of the property. They want $15,000 more than the offer and prices have dropped. This happened to be an investor that made the offer but he now has walked away for the deal with no counter offer. (another 6 months???) So next for this property will be foreclosure and the bank could have sold it.

I am disgusted at this turn of events. Buyers of America Hurry Up and Wait

Oct. 25, 2007 - Check out the Stats of the Neighborhoods

Want to Know About the Neighborhood of Your
Dreams?

I have discovered this pretty neat site you can go and check out any neighborhood you are thinking about moving into. To make it even better you can compare more than one zip code at a time and see the stats side by side.

www.zipskinny.com

Give it a try and let me know what you think.
Zip Codes of the Las Vegas Valley including Henderson, North Las Vegas, Green Valley,
Summerlin.

89118, 89119, 89120, 89121, 89122, 89123, 89124, 89128, 89129, 89130, 89131, 89134, 89135, 89139, 89141, 89142, 89143, 89144, 89145, 89145, 89147, 89148, 89149, 89156,

Nellis
89191

Henderson
89009, 89011, 89012, 89014, 89015, 89016, 89052, 89053, 89074, 89077

North Las Vegas
89030, 89031, 89032, 89033, 89036, 89084, 89086

Dec. 20, 2006 - Joeann Fossland Visiting for Web Womens Giving Circle

Sep. 20, 2006 - Median Prices Las Vegas

Las Vegas Stats and Median Prices

Year to Date

Aug. 4, 2006 - Appraisers: NOT TOO LIBERAL

Appraisers are being tighten up by the lending institutions.  When the market was steamy hot and appraisers were working 24/7 to keep up with the home sales they were being a little liberal and the comps were changing so fast that it was hard to tell fair market value or not.  Now things have slowed waaaaay down and the lenders are changing some of the the criteria here in Las Vegas.  They are not giving as much value for things that they did in the past.  They are not allowed to factor in builders upgrades that can add $10,000-$50,000 dollars to the price of a home.

It is harder for a home to be appraised for what the prices were at a year ago.

As if the home sellers are not having a hard enough time.