ONE KEY ELEMENT THAT DISTINGUISHES A TRUE LAS VEGAS LUXURY HOME
When you are selling your Las Vegas luxury home, you are marketing to a narrow niche of the home-buying public. They’re high-end customers, certain to be very smart, business-savvy—and they will know their own mind. They will be hunting for value, of course because the asking price warrants it. But they will also be looking for a property that has elements that are unique—that appeal to buyers who hope to find a residence not duplicated elsewhere. Because of that characteristic of the market, there can be no one-size-fits-all, cookie-cutter approach that will be uniformly effective as a sales approach. There are, however, a few hallmarks that the most successful REALTORs® have discovered are shared by the most appealing luxury homes. They boil down to value; exclusivity…and to story-telling. The exposure element is the more straightforward. It used to be that the only important element was to be had in print media: magazine, newspaper, brochure and flyer. Still important, today the much wider reach is had through internet and social media. Like all Las Vegas real estate prospects, buyers interested in the current crop of luxury homes are most likely to investigate using at least some online research before scheduling an in-person visit. And what they experience on the web will be influential in how eager they will be to make time for that visit. It goes without saying that for every Las Vegas luxury home web presentation, the quality of the imagery has to be first-rate—Professional real estate photographers do more than highlight key room features shot from eye-pleasing angles. The best know how to paint with light—to shape viewer experience by selecting the time of day and color of light and shadow that will convey the mood. Sometimes a true online video tour, complete with well-produced music and narration tracks, can also be the most effective tool—as long as the online viewing experience is brief, intuitive and easy to navigate. But no matter which medium and format is pressed into service, the goal is always to create a viewer experience that is unique and memorable. And it should have a story. That ‘story’ could be anything from an interesting history to a setting or view that is, unique. It can be an overpowering constellation of luxury home features, or a history of owners that includes prominent community or cultural luminaries. It can be standout architectural innovations, landscaping worthy of a Homes and Gardens centerfold, or a layout that just happens to be perfectly well-matched to a particular client’s family—any and all can qualify. The single indispensable part of the mix is that the property’s unique character comprises a story worth retelling. It’s human nature, after all every Las Vegas luxury home buyer, whether they realize it or not, would like to be able to tell friends and colleagues about their new luxury home! If you have a Las Vegas home with its luxury story waiting to be told—or if you’re in the hunt for one—I hope, you will give me a call!
REVERSE MORTGAGE RULE OF THUMB LOOK BEFORE YOU LEAP
You’re at home in Las Vegas, watching TV and trying to unwind, when all of a sudden here comes another baby boomer celebrity, looking into the camera, giving you his most sincere, trustworthy look, then assuring you that a “Reverse Mortgage” really isn’t too good to be true (even though it sounds like it is). What could be better? Any Las Vegas homeowner 62 or older can apply: then the bank pays you instead of the other way around! You could even use part of the tax-free proceeds to pay off the other mortgage! Or go to Monte Carlo and break the bank! (The trustworthy celebrity only hints at that one). You don’t have to pay back the loan until blah blah blah, the property remains yours, etc. etc. etc. What could go wrong? Short answer: quite a lot, actually. Long answer: if you don’t plan for the long term consequences, this can be a potentially disastrous maneuver. As a quick and painless way to raise cash, it often is too good to be true. For openers, the actual name of this loan is not ‘reverse mortgage’— it’s an HECM, Home Equity Conversion Mortgage—a much more descriptive name. It allows 62+-year-olds to ‘cash out’ the equity they’ve built in their Las Vegas home. Not all of the equity; just some. As soon as they no longer live in the home, the loan must be repaid in full. The problems are all in the details. Detail 1: Payback Suppose a husband and wife live in an Las Vegas house owned by the husband. He applies for reverse mortgage, dies 11 years later, leaving the house to his wife. Because the reverse mortgage becomes payable when the mortgagee (the husband) “leaves” the property, the loan becomes due and payable. So the spouse may be forced to sell the home in order to repay the loan. But it’s also possible that the same thing occurs when the mortgagee is permanently relocated to a nursing home. Detail 2 (and it’s one you really have to take into account): Interest Most often, no payments are made on reverse mortgages. Unless the trip to Monte Carlo ended well, it’s likely that the balance owed remains. However, interest accrues on the loan at the “prevailing rate”—which may be a misnomer, because reverse mortgage interest rates are often high. Over the long run, the amount owed could eat up most of the value of the house. The spouse could be left with very little to live on. Details 3,4,5…etc. While the fees charged for a reverse mortgage are capped by the government, they’re still much higher than those for traditional loans (possibly why the trustworthy boomer celebrity got involved in the first place). Because credit scores aren’t used to determine eligibility, higher fees are charged to help cover lender risk. Then there are requirements for keeping up the property (what if illness causes a temporary lack of attention?), paying taxes on time…and other circumstances that could cause the loan to be called in, forcing sale of the home. Yes, a reverse mortgage can be a valuable resource for some Las Vegas retirees on limited incomes. However, before even thinking about committing, it’s vital to sit down with a trusted financial adviser. If it turns out that selling or downsizing makes a lot more sense, calling me is the next step!
THE HOLIDAYS ONCEAYEAR OPPORTUNITY FOR SELLING A LAS VEGAS HOME
I’m always a little surprised that more people don’t take advantage of the holiday season to sell their Las Vegas home. The spring selling season may be the most popular, but there are a host of reasons why, for a home that is already market-ready, you might think twice about waiting to list it. Among the leading reasons that make this an especially advantageous time of year to sell an Las Vegas home is the financial motivation for some prospective buyers. Especially when an individual’s financial picture changes toward year’s end, a few prospective buyers find that the tax advantages of a purchase in the current year are reason enough to speed a sudden purchase. Classical supply and demand forces add another reason the decision to sell a home in Las Vegas now could be a good one. Since Las Vegas listing volumes taper off toward the end of the year, the choices are relatively few, increasing the value of each to motivated buyers. Experience tells us that the average holiday-season buyer does tend to be more highly motivated, if for no other reason than that they are choosing to house hunt over all the other activities the season calls for. In short, this is not the season for lookyloos. There is also the advantage that holiday decorations add. The emotional appeal of a well done (not overdone!) display can augment a Las Vegas home’s underlying curb appeal. Add to that the fact that all of us tend to be a bit more emotional during the holidays, and it wouldn’t be surprising to find buyers more flexible in what they are willing to bid. As every merchant has come to realize, the holidays are shopping days. For those who will be traveling for the holidays, rather than that being a reason to put off listing, those days can be ideal times to sell your Las Vegas home. The house will be unoccupied, clean and available for showings at any time of day—the perfect situation for turning the otherwise slow holiday season into a standout to those buyers who need a home now. I will be working throughout, so give me a call if selling your Las Vegas house is an idea that makes good sense. The more available you make your home during the holidays, the more likely you’ll find a buyer during this hectic time of year.
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