TOP 6 APPROACHES SET UP LAS VEGAS OPEN HOUSE SUCCESS
The debate continues about whether open houses are effective for marketing Las Vegas homes. Yes, sales do still originate from them, but the percentages have been declining since social media and online listings changed the way Las Vegas prospects look for their next home. Whether an open house is likely to garner qualified traffic is a decision that clients and I work out together on a case-by-case basis. The choice has to do with the nature of the property, its location, history, and the state of the current Las Vegas market. Some properties are much better suited to being shown on a one-on-one guided tour basis, where questions can be answered and strong points pointed out; others shine in any circumstances. When it’s decided that an open house looks to be a productive event, preparing the property will be nearly identical to that for any showing. The only difference is that more prospective buyers will not have any idea about the house—they will not have seen any photos or taken a video tour. For the owner, then, preparing begins with projecting how those prospects will take in the property. This is a list of the six approaches that are most often cited as being keys to preparing for open house success: First Impression. Most commentaries point to the perennial first impression as being decisive in how the entire open house will be experienced. “First impression” is defined as the prospect’s takeaway from what happens during the walk from car through the entryway. It rates extra attention, so in addition to making it as inviting as possible (via landscaping and paint touchup where it’s needed), if the route unescorted visitors should take is ambiguous, strategically positioned arrow signs make your welcome explicit (in fact, a “Welcome!” Isn’t a bad idea, either). Clean clean clean. “Clean” can include not just sparkling floors, sinks, and countertops—it means clean air, too: a few clean-scented floral plug-ins make it easy. De-clutter. This could also be #2. You could argue that if a crowd shows up, clearing open space is even more important than usual (but it’s really important always!) Stash personal items. This is 85% true; but the goal is to create the impression that this home is ready for its new owner. Massive family photo displays should be packed away, but a few personal favorite décor items can add a people-friendly touch. Light and bright. Curtains open, lights and lamps on. The rest. The last of the “Top 6” tips is hard to determine—there are many candidates that are cited with equal frequency. Setting the dining room table used to be a leader, but formal dining rooms are disappearing fast. Setting out a Las Vegas information sheet with great nearby Las Vegas restaurants and shopping venues is certainly a good idea for those new to the Las Vegas. Being mindful of temperature control is important when weather might drive visitors away, as is buying new towels for the bathrooms and setting out cookies and lemonade, water or tea. Las Vegas open houses are just one of the many ways your home can be offered to the public when you decided it’s time to move to a new place. All of them start with an easy first step: calling me!
BUILDING WEALTH THROUGH LAS VEGAS INVESTMENT REAL ESTATE
Thoughtful Las Vegas investors find themselves in an increasingly uncertain environment. Although the official cost of living numbers indicate that inflation isn’t much of an issue, few Las Vegas residents who mind the family budget are convinced. Even if that were currently the case, even fewer think it a situation that will last indefinitely. At the same time, dollars banked in savings accounts earn next to nothing. And at this point, many feel that trusting in the stock market requires nerves of steel. Last week, The Wall Street Journal was reporting that even the biggest hedge fund managers, convened in Las Vegas for their annual SALT get-together, were displaying “decided pessimism.” Unnerved by their inability to guarantee future value to their clients caused a “mood that was anything but festive.” It’s not surprising, then, that lately real estate is the ownership investment class type that’s on the rise. Las Vegas investors may agree with analyst Grant Cordone, writing recently in Entrepreneur magazine: Income-producing real estate is one of the few investment classes that, as a hard asset, has meaningful value. The property’s land has value, as does the structure itself, and the income it produces has value to future investors. Income producing real estate investments do not have red and green days, as does the stock market. These qualities are augmented by some of the outside factors affecting the nation at large. U.S. News’ Moneyfeature gave property managers some good news about rental rates with its spoiler alert: “rental hikes are not going away.” It predicts a solid 8% increase for the year. That kind of income growth—which has already been steady and sustained for years—coupled with the “real” nature of investment real estate makes favorable comparison with most other investment classes easy to accomplish. During times when future events are as uncertain as they are today, the appeal of get rich quick schemes and other risk-laden ventures succumbs rapidly. Especially given the abundance of solid Las Vegas real estate investment opportunities that are out there this spring, even those who haven’t really considered the idea in the past might be well-served to weigh the idea seriously. As an investment category, real estate comes out as the class act—one that’s easily accessible…in fact, opening the doors to the many Las Vegas opportunities is just a phone call away!
LAS VEGAS HOME LOAN INTEREST RATE OUTLOOK CHANGE IN THE WIND
Those of us who keep abreast of where our Las Vegas’s home loan interest rates are likely to head haven’t had much to keep track of lately. By the end of last week, that was beginning to change. Ever since the Federal Reserve’s single boost in their Fed Funds rate by a quarter of a percent last December, the interest rate scene had been quiet. At that time, a gradual increase in the Funds rate had been predicted by nearly every observer. It’s the benchmark rate by which banks determine their prime interest rates, which are generally about 3% higher; our Las Vegas’s home loan interest rates are closely related to those. But the widely hailed gradual rise in rates failed to appear in January; then again in February—the result of the Fed’s Governors getting cold feet. The economy, battered by some nasty weather and further rained upon by disappointing employment numbers, was judged to be simply too uncertain to have more cold water poured upon it (interest rate hikes do that). The consensus view gradually turned to an expectation that home loan interest rates were stuck in neutral. This month began with most observers sticking to their guns. The 24/7 Wall Street web site ended April with the headline “Little Chance (or None) Seen for Fed Rate Hike.” They elaborated that “Some economists feel that the rate hike risks have all but dried up for 2016…it does imply that rates will rise far slower than what had been expected…” Las Vegas businesses (Las Vegas real estate among them) generally stand to benefit by the continuation of the stimulative effect of low interest rates, so having rates frozen at historically low levels is treated as good news. Sooner or later there will have to be a return to normal interest rate levels, but in the meantime, few voices argue very strenuously against the status quo. That quiet was broken last Wednesday with the release of minutes from the Fed’s last meeting—the gist of which seemed to be that a June hike in rates was now being seriously considered. Most press reports made it sound as if a rate hike was imminent; but closer scrutiny made that considerably less than a sure thing. What had really been enunciated was subtle. CNBC’s Kate Rooney had the clearest take in an article about Wall Street trying to make sense of the Fed’s announcements. Since Fed Chair Janet Yellen’s statements in March had led all to believe no rate hike was anticipated, the new strong statement may have been intended to undo too much reliance on that. What was really being said was that a hike would be likely if current positive trends continued, rather than that newly strengthening trends were required. Most importantly, NO prediction was being made: everything would depend on the data (and events like the British vote to leave the European Union). The bottom line for where home loan interest rates were likely to head? The best call is that unfolding events will determine that—and even the Fed itself awaits what’s to come. The one absolute in all of this was that right now, our Las Vegas’s home loan interest rates remain extremely attractive. It’s nice to have at least one certainty—which continues to be that it’s a very good time to call me!
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