LAS VEGAS BUYERS SHOULD CAREFULLY ASSESS FOREIGN PROPERTY OFFERS
In today’s globalized economy, purchasing a foreign property has become an option for Las Vegas buyers who in earlier times would never have even considered it. As an investment, a vacation or retirement property, or as an accommodation for children studying abroad, there are many reasons why you might decide to look into purchasing a property outside of the Las Vegas market. Here are some general tips on how to go about making a real estate purchase overseas: 1. Research the Foreign Market Research the local real estate market carefully. Its cycles and trends are likely to be markedly different from ours here in Las Vegas. Don’t assume that because real estate prices are on the rise here, the same is true in any given foreign market. You should also step back to make a realistic appraisal of the overall stability of the country’s economy—it will affect your investment. 2. Check the Laws Regarding Foreign Ownership Many countries place ownership restrictions on foreigners. It’s a favorite ploy of fraudsters to “sell” foreign property in markets where non-citizens are not legally allowed to own…and it’s only one good reason you will be wise to— 3. Retain an Independent Local Lawyer You will want to consult a lawyer when purchasing any foreign property. That lawyer should be representing you and you alone. Make sure you can communicate clearly and easily with your lawyer, and that your queries are answered in a timely manner. If you find yourself having major difficulty in selecting the lawyer, that may indicate more serious issues to come. 4. Visit the Property You or a trusted representative should visit the property before buying. This may sound like a no-brainer, but persuasive pitches and affordable prices can be powerful inducements. Photos, videos, and other marketing materials are designed to present the property (or even a nearby property!) in the best possible light. At a minimum, have a friend or family member look over and photograph the actual site. You need to be firm in your insistence that the property lives up to your expectations. 5. Plan for Changes in the Exchange Rate Unless you are purchasing the foreign property outright, you may be contracting to make payments over decades—years during which exchange rates might shift significantly—impacting the actual total purchase price. Too, if you are paying for the property outright in cash, there can be a delay between when you agree to the purchase price and when the funds are transferred. 6. Translate all Documentation Once you have signed the foreign property transfer documents, you will be legally obligated to abide by all its terms, so before signing any documents, make sure that they have been accurately translated. Even relatively small differences in wording can create problems. Purchasing a foreign property can be a legitimate way to diversify your real estate holdings. Approach the foreign market carefully, do your research, and have the right local representation. But before you make a final decision, think about giving me a call to see how today’s comparable Las Vegas properties compare!
MOBILE APPS HELP ORGANIZE AND RANK LAS VEGAS LISTED HOMES
A 2013 National Association of Realtors (NAR) and Google survey found that 68% of people looking to buy a home found themselves using one or another of today’s popular mobile apps at some time during their odyssey. 2013 was ancient history in terms of the ascendance of mobile devices, so you’d have to guess that today’s percentage must be well north of that. It’s not surprising since Google Maps (or one of the navigation programs built into many new autos) is becoming so indispensable for locating unfamiliar addresses. Most of the time, I accompany clients on tours of the listed homes in Las Vegas they’re interested in checking out, but there are other occasions when they do some investigating on their own. With the sheer number of apps designed to aid in such endeavors, it’s good to know which apps help (those that won’t just take up space on your smart phone). Need to know more specifics about the Las Vegas neighborhoods you’re considering? Although it’s primarily thought of as a traveler’s aid, the AroundMe app can be a handy house hunter’s timesaver. You can canvass the immediate area to see how close you are to banks, gas stations, restaurants, hospitals, movie theaters, bistros, and much more. This is a great app to use when you’re trying to narrow down your choices between multiple locations. AroundMe is free and available for iPad, iPhone, Android, and Windows devices. You want to comprehensively check out the Las Vegas listed homes that fall within your search parameters—but as the number of possibilities expands, that can become a mind-numbing exercise. Unless you have encyclopedic recall, after visiting many listed homes it becomes more and more likely that you will forget what it was that you liked or disliked about each one, or even to mix up the details of one with another’s. Enter House Hunter, an app that lets you keep score of each home as you view it. The app comes with a standard list of features that you can customize. As you view each home, check off and rate each feature—you’ll wind up with an overall score for comparison. House Hunter costs $3.99 for iOS devices. Even before any serious house hunting begins, it’s a good idea to get pre-approved for a mortgage. Once you know the loan amount you will qualify for, the Mortgage Calculator app from Quicken Loans helps you approximate—on the spot—the monthly payments for listed homes. Simply enter the insurance payment and property tax information along with the interest rate to give you a good approximation of the monthly amount different homes will cost. The Mortgage Calculator is free for both iOS and Android devices. Between your real estate agent and your smartphone, today’s house hunters can capture and digest more information about the listed homes in Las Vegas than was common just a few short years ago. More apps seem to be appearing almost every week, so if you decide to give me a call to begin investigating today’s market, I’ll let you know if any of the newest ones are getting rave reviews!
TOP TEAM PLAYS THAT HELP A LAS VEGAS REAL ESTATE AGENT
In the weeks before you decide which of our local real estate agents will represent you and your home once it goes on the market, you’re probably looking for a Las Vegas REALTOR® with the qualities that make a great salesperson: knowledgeability, directness, personality, trustworthiness. Likeability is always helpful, but it’s only one among many qualifications. This is a business decision, and an important one for you and your family. Then, the instant you make your selection, the landscape changes completely! You are no longer on your own: you and your Las Vegas real estate agent are members of a team that’s ready to get to work on the project. You both want your home on and off the market as quickly as possible, so the smoother the workflow with your real estate agent goes, the better. Your real estate agent will already be hard at work assembling the marketing program that will attract prospects from near and far, but you can be helpful even with that effort. It’s the first of three key ideas that are often pointed to as key contributions owners can make: • Help your agent with unique selling points What makes your home different from all the others that will be listed for sale? Every property has unique selling points that don’t fit into the standard checkboxes, so let your agent know. Qualified agents are already thoroughly familiar with Las Vegas’s broad attractions, but you’ve experienced specific advantages to living in this home, in this neighborhood. Each selling point is another facet that could fire a buyer’s imagination. Having a rich store of real life anecdotes to draw upon will strengthen your agent’s ability to put your home in the limelight. • Keep it cozy without clutter Most times, an owner is still living at home, so your Las Vegas real estate agent will be working with what you have available when it comes to furniture and home décor. It’s a strongpoint when prospective buyers are able to project themselves into being the comfortable homeowners. If they’re prevented from envisioning your home as their own, they’ll be out the door and onto the next! Clearing away personal items helps with that—and keeping the clutter level low increases the sense of spaciousness. If buyers see an overstuffed closet, they’ll sense a house that lacks storage space. If kitchen counters are cluttered, they’ll think the space is too small. • Be flexible with your schedule Your real estate agent lists your house, makes sure to market it in all the many venues available, arranges open houses and showings, and spreads the word throughout the industry. During this part of the process, you help greatly by being as flexible as possible when it comes to showings. Sometimes potential buyers may seem to be placing insensitive scheduling burdens on the team—but as any serious-minded house hunter can tell you, they have their own scheduling issues, too! Selling a home is a team effort, for sure; one you can decide to launch with a simple phone call to me at my office!
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