LAS VEGAS SELLERS BENEFIT FROM REMODELING WITH LUXURY TOUCHES
Sometimes the experts who project trends in residential housing and real estate find that they have to correct their predictions. Once the final statistics are in, if they consistently reveal errors as wide of the mark as 50%, it’s just embarrassing. Such was recently the case with Harvard’s LIRA remodeling project—and for those of us who represent buyers and sellers in the Las Vegas home market, the resulting revisions were meaningful. Harvard’s Joint Center for Housing Studies’ statistical barometer for home improvement activity is known as “LIRA”—its Leading Indicator of Remodeling Activity. And as their research analyst Abbe Will wrote recently, it had become evident that “the quality and reliability of the LIRA’s benchmark data series declined markedly.” When your benchmarks are no longer meaningful, there is only one thing to do: it’s called “re-benchmarking.” In this case, it caused JCHS to overhaul the very activities that it was attempting to measure. Instead of just projecting home improvement spending alone, the new “re-benchmarked” LIRA is broader. It adds maintenance and repair spending to remodeling activity. What do the new findings augur for Las Vegas’s home market prospects? First the good news: it looks as if the new projections should be much more reliable. And the graphs reveal a strong surge in national remodeling spending—not only for the remainder of this year but for well into 2017. When remodeling spending is strong, real estate values (and prices) rise, too. For Las Vegas homeowners, the addition of the right kind of improvements is one way to bump up the value prospective buyers see a property. One feature that Las Vegas’s luxury homes share is a well-planned, open kitchen. Where that is precluded by structural elements, one work-around is the addition of new appliances with a contemporary look. Stainless steel ovens and refrigerators have a way of creating a “luxury home feeling”—even when the spaces they occupy are relatively modest. Another feature that signals opulence is at least one luxury bathroom. Spa-style baths can go far in that direction—and the resulting photography can add major eye-appeal to a listing. More modest improvements like changing out faucets for brushed nickel or other metal finishes (not gold, please!) can make outsized differences. Add fluffy new towels, and perhaps a scented candle—and the formerly so-so bathroom can become a mind-changer. With LIRA’s home improvement activity projected to strengthen more than 8% this year—and promising further acceleration into next (to nearly $325 billion!)—it demonstrates the faith that consumers across the nation have in the growing value of their home investments. If you are evaluating the merits of various possible improvements for your home, I hope you won’t hesitate to give me a call. I’ll be glad to offer some incisive feedback on the preferences we have discovered with today’s Las Vegas buyers!
10 LEAST POPULAR LISTINGS AMENITIES INCLUDE SOME SURPRISES
You don’t have to be planning to add your own home to the Las Vegas listings to be curious about how it would do if it were up for sale. If you are considering a change of residences, it’s twice as likely that you have been checking out the latest listings in Las Vegas to see what comparable properties are asking, which are already under contract, and which have been listed for the longest times… Most important in the interest any listing elicits is the photography—combined with the Big Three: Asking Price; Number of Bedrooms; and Number of Bathrooms. But there is also the list of possible amenities—and how each stacks up with buyers across the nation. Some of them seem to attract the most eager buyers, while others seem to draw the most yawns. I’ve done an informal (and definitely unscientific) audit of what the leading commentators have come up with as “least popular” home amenities. Here’s a sampling of the 10 top least exciting contenders: Elevator. Almost every source mentioned this. People don’t want elevators in their homes, except for a small percentage of seniors. This is fortunate because very few Las Vegas listings ever include them. Two toilets in the master bath. Not terribly surprising, but not to be confused with two sinks in the master bath, which (at least here in Las Vegas) is a definite plus. Cork flooring. Cork has excellent thermal and acoustical qualities. It’s lightweight, warm to the touch, hypoallergenic…but, alas! None of that seems to matter. Unpopular, apparently. Wet bar. This could have some connection to the next: Wine cellar. The vintage wine storage problem is, apparently, not high on most folks’ gotta-have-it lists. Daycare center nearby. This is a surprise—you’d think it would be a strong positive for professionals with little ones. Perhaps this is a reaction to negative news stories about daycare centers in places other than Las Vegas…or perhaps since other properties are within the same “nearby” radius, it’s just not enough of a differentiator to make it a listings winner. Two story family room. Although this can be a delightful architectural feature, to some buyers it might hint at would-be grandeur that could make a family room less cozy. Two-story foyer. Ditto. Laminate countertop. Not surprising: stone seems to rule the roost in countertop mentions (as it has for years). One commentator found that Gen Xers “hold laminate countertops in the same disregard” that their elders hold for next-door baseball or soccer fields. Pet washing station. Sorry Fido; looks like it’s off to the groomer for you. There they are—but if your own Las Vegas home has one or more of these attributes, never fear…we’re experts at coming up with creative approaches for marketing them in new and exciting ways. Give me a call when it’s time to start creating your listing!
FOR LAS VEGAS BUYERS SELLERS HOME INSPECTIONS MEAN JITTERS
It’s probably just an inevitable part of the human condition. For almost everyone, awaiting any Las Vegas home inspection is pure, unadulterated jitters time. Nail-biting time. Edge-of-your-seat time. It isn’t because anyone seriously expects any of our Las Vegas home inspectors to be ogres. Certainly, the inspectors I recommend are uniformly courteous, professional, and quite empathetic. They should be empathetic, because of the situation—which consists of a buyer standing by, ready to become the proud owner of seller’s Las Vegas dream house. With only the home inspection remaining to be conducted… In other words, the inspector is asked to perform a professional service, the purpose of which is to uncover any previously unknown defects. Potentially derailing the otherwise blissful scenario of uniting of the buyer with a house. That is why, on the back of both seller’s and buyers’ minds, there is usually some form of this scenario: the seller is in the act of dropping the front door keys into the outstretched hand of the buyer, only to have the home inspector snatch them out of the air. Caved-in roof has suddenly materialized; termite-infested inner walls discovered; fireplace housing found to actually be made of strawberry jello (all right, I made that one up). The point is, if you have house-hunted extensively to little avail—then finally found THE place of your dreams, you really really don’t want your Las Vegas home inspection to turn up any bad news. Ditto if it’s your home about to be sold. With the additional factor that if some defect turns up that you knew nothing about, you still could wind up looking like a jerk… Given the tension and anxiety involved with the profession, it’s just short of miraculous that our home inspectors aren’t all fighting peptic ulcers. The reason is probably because, when all is said and done, performing a thorough home inspection is a high-skill accomplishment—one of great value to both buyer and seller. For the seller, the home inspection ritual is an exercise that bolsters the buyer’s confidence in the wisdom of such a momentous transaction. Without it, who knows how many homes would not change hands as readily? For the buyer, even when no defects are discovered (as is often the case), the home inspection report serves as an invaluable handbook, filled with useful details about the nature and status of the residence’s structure and systems. Some agents believe they should spare jittery home buying clients a nerve-wracking experience by counseling them to stay away during the actual home inspection. However, accompanying the inspector is a valuable way to get in-depth knowledge about the workings of their new residence. Plus—there’s no better way to get over those jitters than to acquaint yourself with the real value you are about to acquire. Having an experienced Las Vegas agent on your team is an excellent way to prevent any jitters from developing in your home buying process—another good reason to call me!
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