DEALS ON HOMES IN ANTHEM COUNTRY CLUB
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FIRST TIME HOME BUYERS DESCRIBED IN YEARLY REPORT
The upheaval in global financial markets over the past few years may have been unnerving for almost everyone, but among the hardest-hit group was first time home buyers, in Las Vegas and across the country. Many had to deal with the stress caused by an uncertain economy, the fallout on business and job security, and, more directly, a pronounced increase in the difficulty of securing mortgages. The good news for Las Vegas first time home buyers is how the national situation has stabilized. It’s confirmed by the increase in the number of people interested in buying a home for the first time—which has climbed out of the slump. The latest NAR (National Association of Realtors®) annual Profile—a yearly report describing home buyers and sellers—shows that new entrants into the residential market accounted for 39%, just 1% shy of the pre-crash mark. If you’re selling an Las Vegas home this summer and have priced it attractively, it could pay to be mindful of this important segment of our market. So just who are Las Vegas’s first time home buyers? That’s where the NAR report gives us some important clues. Three-quarters of first time buyers across the nation fall into the category of current tenants —those living in rented accommodations—with 18% still living with parents. As you’d expect, almost all (98%) of that segment hope to fund their purchase with a mortgage, with 81% preferring a fixed-rate loan. Some first time home buyers plan to use personal savings for the down payment, but many others plan to get help from family. (Las Vegas home sellers take note: one possible incentive to make your listing stand out might be to include an offer to cover closing costs.) Three-quarters of respondents were aged from 22-42. The single most common reason given for buying a home is to start a family (70%), and of those buying a home for the first time, 51% are married couples. With proportions like those, any home in a family-friendly area should benefit by pointing out attractions like local parks, playgrounds and superior schools. Maybe the most interesting statistic in the report was that 28% of the first time home buyers were already making plans to move again within five years! It may follow that, at least in many cases, first time home buyers in Las Vegas may not want to deal with remodeling issues. Attracting them could be the final reason to bring your property into “move-in” condition. Well thought-out marketing is the key to success with any listing, whether it’s catering to Las Vegas first time home buyers or to any other segment. If you are thinking of selling your own home, a call to me and a some preliminary groundwork on a marketing plan that will work for you is definitely in order!
3 THINGS TO KEEP IN MIND WHEN NEGOTIATING A HOME PURCHASE
Negotiating tactics. It’s a topic that business authors adore. This is perennial best-seller territory…so much so, you could probably fill a moderate-sized home library with titles like The Art of the Deal and Getting to Yes. When it comes to negotiating a home purchase in Las Vegas, fine-tuning your offer—finding the balance between writing a winning offer and writing the most advantageous offer—can present a real challenge. Add to that the national headlines that tell us that there are more bidders out there vying for the same properties, and it makes sense to listen to what the experts have to say about the most successful tactics. When you’re negotiating a home purchase in Las Vegas, some of the most repeated generalities are applicable: • Keep your cards close to your chest Kenny Rogers sings about it, and every poker player agrees: when you’re negotiating, it’s almost always prudent to volunteer as little information as possible about yourself and your home search. If you aren’t considering any other properties, don’t let the sellers’ agent in on the fact. Never lie, of course; but find a polite way to be vague. The less you say about personal connections to the property, the better. Stick to the numbers and terms. • Keep Your Paperwork Smart Likewise, if you are approved for, say, a $350,000 loan, but are writing an offer for $325,000, instruct your mortgage broker prepare a pre-approval letter with the amount of your offer—not your full buying power (that’s just asking for a higher counter offer!). • Negotiate for the win, not just to win If you get caught up in negotiation, it can cause you to lose sight of the big picture, which is winding up owning the property you want. If a seller won’t budge on price, ask yourself if the property is actually worth the price they are asking. Canny buyers keep in mind that this isn’t about “winning” by getting sellers to come down to your bid, it’s about winning by getting the Las Vegas home purchase that makes sense for you. If the comps support the price (and you know you’ll be delighted with the house) do be open to weighing the merits of the deal…even if it’s not as rock-bottom as you had hoped. A home purchase in Las Vegas is a complex, sometimes emotional process—but going in with the right mindset can make all the difference. Good luck hunting! If you’re looking for an agent to help you every step of the way, I’m standing by all summer waiting to lend an experienced hand!
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