FOR LAS VEGAS HOMEOWNERS READERS DIGEST HAS LISTS
Some of Las Vegas’s senior residents will verify that The Reader’s Digest was once flat-out the most popular magazine in the country. I don’t know how far back that began, but at one point at least, it was the time-saving way Americans kept up with what was being published in the other magazines (there were lots of them). RD boiled lengthy articles down to a couple of pages. TV is probably what spelled its decline. The internet almost finished the job—but the Digest is still going in various forms. When you come across it online, it never fails to show a whole lineup of almost irresistible Click Me sidebars. Last week, for instance, Las Vegas homeowners might have been snared by “20 Secret Hiding Places for Valuables in Your Home” (if your home will host an open house anytime soon, that one would be fortuitous); “Prepare to Be Amazed By the Gorgeous Way This Woman Transformed Her Simple Camper Trailer” (although the flashy red-white-and-blue stripes on the camper shell might have been overkill); “13 Neat Ways Milk Can Help You Look Gorgeous And Clean Your House Too!”(sour milk can renew tarnished silver; powdered milk can erase fine cracks in china). But the most relevant attention-grabber of all (for Las Vegas homeowners, at least) would have been “10 Ways to Increase Home Value with Exterior Paint.” We all know that a fresh paint job will give any home a value boost—but what are the other 9 ways? Here’s a selection of the answer: 1. Color Correct for Value—which means “use eye-catching color schemes.” This was RD’s #1 way to increase value…but I’d have to caution that if a color scheme is a bit too eye-catching, it could accomplish the reverse… 2. Perception of Color is Very Relative—When choosing color schemes, remember that the colors need to be viewed right next to each other to judge how they will actually appear to the eye. 3. Begin with the Value—The word “value” here means how dark or light the main color will be. Decide on it first, before trim colors. 4. Don’t Be Top-Heavy (Las Vegas homeowners note: this was really the only one I thought could actually increase value)—Place darker colors below lighter shades to prevent a top-heavy look. 5. Choose Colors in the Right Light—view swatches in the same kind of light they’ll be seen in). 6. Play Up the Size (use light colors to enlarge a small house and dark colors to make a large house on a small lot look smaller). I can’t really agree with #6; most Las Vegas homeowners whose houses are set on small lots would still do well to have the home look as roomy as possible. Following the original Readers Digest concept, this boils the 10 Ways down to 6. You really could shrink it all the way down to just #4—but since it would no longer be a list, that would be overdoing it. In fact, Las Vegas homeowners who clicked on the sidebar for “13 Tips for Selling Your Home” might actually benefit most from #9—which was “Get Real About Pricing.” No matter how many of the Selling Tips you wound up taking seriously, though, I would have to add one more truly practical one: Call Me!
BREXIT SHOCK EFFECT ON LAS VEGAS MORTGAGE INTEREST RATES
By the end of last week, homeowners who keep an eye on Las Vegas mortgage rates had a remarkably clear view of what the future is likely to bring. “Brexit” had all but sealed the deal. Part of the reason for the resurgence in the local real estate market has been the phenomenon of Las Vegas’s historically low mortgage interest rates. Following 2015’s first rate hike in nine years (and the promise that two or three more were in store for 2016), across the nation, financial commentators foresaw the expected gradual rise in mortgage interest rates to act as a moderating influence on home sales activity. In other words, a market that would slowly grow a bit tighter. As recently as April, that had been the common wisdom. That changed. Those who factor mortgage interest rates into their own decision about buying and selling Las Vegas property were doubtless pleased when, last month, some bad news about employment rates triggered good news about the all-but-certain Federal Reserve interest rate hike: it was going to be delayed. The delay was expected to last for months, but probably not much longer. Then came last week—and Brexit. For anyone whose vacations allowed them to remain blissfully unaware of world affairs, “Brexit” was the name given to an election Great Britain held to determine whether or not to remain in the European Union. When the votes came in, the decision was to leave. Exit. This was so completely unexpected that the bottom dropped out of world stock exchanges. Convinced that Brexit would fail, traders had bolstered markets in the days leading up to the vote. Japan’s stock market tumbled 7.9%. Theirs was the most dramatic, but here in the U.S., the Dow fell 3.4%. The British pound dropped; the dollar rose. The reason Las Vegas mortgage interest rates could be affected by a distant overseas political event is due to the currency ramifications. When the dollar is seen as more stable than others, it rises in value. That causes U.S. products sold overseas to become more expensive, producing a drag on the economy. Since growth might falter if the Fed were to add the additional burden of higher interest rates, it seems all but certain that mortgage interest rates will remain where they are for longer than had been assumed. Possibly, for far longer. The Wall Street Journal pointed out that “central banks will bolster growth by easing policies and, in the case of the Federal Reserve, delaying potential rate increases.” Forbesheadlined “Brexit Makes That Federal Reserve Rate Rise Recede into The Future;” they predicted a future of “near zero interest rates…far longer than expected.” London’s Financial Times went even further, suggesting “the possibility of the Fed reversing last December’s quarter-point rise.” On Friday, The Washington Post noted that U.S. mortgage interest rates “already hit rock bottom this year…nearly a three-year low.” They quoted one analyst’s post-Brexit observation: “If you’re a borrower, don’t wait to lock your rate as this opportunity may not last long.” The Brexit phenomenon is certainly not reason enough for anyone to buy or sell a home—but when the decision is already in the works, current Las Vegas mortgage interest rates can’t help but make the prospects more attractive. Call me if you are interested in further investigating just how rewarding today’s market can be! 0
FOR LAS VEGAS HOUSE SITTERS PREPARATIONS AVERT EMERGENCIES
Midway through Las Vegas real estate’s busy selling season also finds us at the beginning of many a homeowner’s personal vacation season. For those whose homes are on the market, one of the benefits of having a close working relationship with their Las Vegas real estate agent means that they can take off for their out-of-town holiday without having to worry about losing prospective buyers. If my clients instruct me to continue showings in their absence, it’s no problem; likewise, if they’d prefer to hold off until their return, the showing schedule is juggled accordingly. When a house sitter is part of the picture, it’s a low-stress showing situation, as well. Good house sitters keep their client’s property in order on a day-to-day basis anyway, so with the agreed-upon advance scheduling, showings can proceed as usual. It’s especially nice when the Las Vegas homeowner returns to find good news on the real estate front! There are two truisms about leaving your most valuable asset—your home—in the care of any house sitter. The first is to select the sitter wisely. It’s usually best to go with a neighborhood favorite: someone who is local to Las Vegas, who comes highly recommended by neighbors, and who views house sitting as a professional calling. That doesn’t mean he or she should necessarily be a full-time house sitter (many great sitters have other jobs). It does mean that, since it is at least a part-time occupation, he or she has a reputation to preserve. Cousin Mark or Aunt Mildred might be more than competent enough to do the job, but if it seems to them more like an imposition rather than a calling, the results can be less than top-notch. The second necessity for getting a satisfactory (and safe) house sitting result after a first-rate house sitter has been recruited is to provide the raw materials that allow them to do their best job. In the house-sitting realm, those raw materials consist of good information: the vital information that you usually take for granted, but which is necessary to oversee the proper functioning of the property. The information should be made available in a carefully assembled and written list. Some (not all) of the items you gather could include your on-the-go contact information at each destination; alternative contact persons; names and phone numbers of any service persons scheduled to be working on the property; emergency numbers for the Las Vegas maintenance professionals you rely on for things like plumbing emergencies; and—at the top of the page, right after “911”—the Las Vegas emergency numbers for police and fire departments. Elsewhere, near the TV and other electronics, it’s also considerate to write out in explicit detail how to turn them on. As we all know, in today’s world, that can require a page or two… When your property’s operations/emergency list is complete, be sure to reserve some time to go over the items with your house sitter—before Getaway Day, when the schedule can easily grow too hectic to do the briefing properly. And if your house really is currently on the market, include your real estate agent’s contact information— which I hope is mine!
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