LAS VEGAS REAL ESTATE COULD ECHO NEWS OF RISE IN HOME SALES
Las Vegas, real estate trends, don’t always trace patterns that are precisely identical to those in the rest of the state or nation, but sooner or later the local market almost always responds similarly. That’s because there is a certain amount of momentum—positive or negative—that is automatically spawned by the good or bad real estate market news reported in the mass media. So when last week’s Commerce Department report on new residential home sales was released, Las Vegas real estate watchers had reason to smile. Delightedly. It wasn’t just that the bottom line number for February’s new home sales was substantial (estimated at 539,000, seasonally adjusted annual rate); it was how all the other stats supported them. Forbes headlined that February’s numbers hit a 7-year high. The financial website Calculated Risk observed that although the report contained only two months’ worth of this year’s data, “Sales in 2015 are off to a solid start.” In fact, just about all the accompanying details were heartening. The monthly new home sales are always revised several times as final real estate figures become available, and this time ‘round, January’s already-strong numbers were revised further upward. And the Census Bureau also tracks not seasonally adjusted sales (NSAs)—and so far this year they are up a full 19% above the same beginning months a year ago. For February alone, sales were up 24.8% year-over-year. So, does that mean we should assume Las Vegas’s real estate sales are certain to jump by a full 24%, too? That would be terrific—but let’s not get carried away. For one thing, the new home sales statistics are a lot more volatile that real estate sales as a whole (new homes comprise less than 20% of the overall market). And the technical way the Commerce Department samples makes it prone to error. They put the margin of error at 15%, which makes for a lot of wiggle room. The sheer size of the sales increase makes it pretty unlikely that the trend won’t be borne out. Per Forbes, this report’s results are “viewed by economists as a measure of economic momentum and an indicator of future consumer purchases…” Those purchases are in furniture and appliances which traditionally accompany strong home sales. Forbes’ “solid start” is exactly what we would hope for—especially since it tracks activity that was taking place even before the spring selling season got underway. It’s getting started in earnest right now, so if you are interested in establishing your Las Vegas real estate trend, this is the right time to give me a call!
LIKE PEEPS AND TULIPS LAS VEGAS SPRING REAL ESTATES IN SEASON
When the first spring day comes along (as opposed to the first day of spring), a goodly proportion of Las Vegas’s residents feel the annual pull toward the garden store aisles. Even those who’ve stoutly resisted ordering seeds, gardening tools, or any of the other back yard paraphernalia the catalogs kept hawking all winter can succumb to this particular Call of Nature. Burpee, Scotts and Miracle-Gro shareholders can relax: spring has sprung. The Las Vegas spring real estate selling season starts stirring, too, pretty much in lockstep with the appearance of the tulips. Whether or not the tulips have succeeded in poking up out of the ground, it’s a cinch that by this time they will have made colorful appearances on store shelves everywhere, just like the Peeps and chocolate bunnies. Unlike the rest of the early spring’s trappings, though, the spring real estate phenomenon doesn’t disappear once Easter Sunday is a memory. In fact, it picks up steam. There are any number of explanations why spring real estate in Las Vegas is always expected to ramp up. Part of the reason is the calendar. For families with children, if a move is going to involve a change in school districts, summer vacation is the least disruptive time of year for it to happen, so spring is the time to start house hunting. Part of the reason is due to the comparative difficulty of selling a home in wintertime: not only can foul weather make it harder to keep a home at its showy best, it also can throw a monkey wrench into property maintenance and the few cosmetic fixes that almost every home could use before it hits the Las Vegas listings. The result is a certain amount of bottled-up inventory that bursts onto the scene all at once—and springtime is the single time of the year when that happens. Then there is the automatic momentum effect. When you sell a Las Vegas home, most families need to turn around and buy the next. The National Association of REALTORs® tells us that the spring real estate selling season may actually be stronger than the numbers indicate, because many sales that really did begin “in season” don’t actually close until summer begins. Spring real estate as a phenomenon is “real” enough that you can’t blame them for lines like “Spring brings rain and flowers—and possibly extra green in the final sales price of your home.” The spring real estate selling season is indeed underway, so if you are planning on listing your Las Vegas home anytime soon, now is a great time to give me a call. It’s the best way to take advantage of the traditional boom in prospective buyers!
LAS VEGAS REALTOR SELECTION SHOULD INCLUDE TEAM CHEMISTRY
When you find yourself poised on the brink of any new real estate venture, there’s no more important initial step than seeking out a great Las Vegas REALTOR® to round out your team. Without even thinking about it, everyone automatically knows that they want a real estate professional with the technical experience, communication skills, and local knowledge that such serious business requires. It also won’t hurt if your REALTOR has bottomless reserves of energy and a positive attitude to match—as well as the sympathetic human traits that make them a pleasure to work with. There are lots of conventional channels that make it easy to identify perfectly well-qualified Las VegasREALTORs (and we are lucky to have many talented ones here in the area)—but when you’re looking for the one who will sync with you and your ultimate goals, that level of rapport will most likely take an extra proactive step or two to secure. Positive word-of-mouth is a good way to start, but it’s realistic to remember that the one making the referral may or may not share your priorities in a working relationship. You will be working together for a while, and depending upon each other to make some significant decisions—some of which could be made under pressure. When the team has the good chemistry going for it, those decisions will come easier. A few ideas that people have found helpful in finding the right REALTOR: Check out a REALTOR’s Open House This is a good way to see a REALTOR at work. Whether you are buying a Las Vegas home or selling your own, dropping in unexpectedly will allow you to listen to what they say and how they interact with prospects. Don’t hesitate to be upfront about your situation: a great REALTOR will be able to help other potential buyers and deal with you without missing a beat! Use Social Media You can also start conversations with prospective REALTORs on social media to gauge how long it takes them to respond, whether or not they can give you detailed answers, and to see how they engage with other members of the public. This is a good way to tell if they use social media skillfully, building their brand while clearly valuing the people who interact with them. Consult with Other Professionals The opinions of contractors, mortgage brokers, and repair people can be valuable, too. Professional people have an insider’s view of the Las Vegas REALTORs, who work hard to get the job done efficiently. Of course, fine-tuning your choice should include doing the conventional legwork, too. Look at the REALTOR’s listings, their track records, their accolades, and where they live. The rest is up to you. Needless to say, I hope I make it to your final cut!
Categories
Recent Posts
