LAS VEGAS BARGAIN HUNTERS ISLAND HOMES FOR SALEREALLY ON SALE
The good news is, yes, you read that headline correctly: there are drop-dead gorgeous oceanfront Island vacation homes on sale for you right now—this summer! The bad news, however, (depending on your vacation and travel plans) is that these homes for sale aren’t as convenient (geographically speaking) as some others. They are in Greece. There’s always a catch, isn’t there? CNNmoney’s website reported last week that the recent escalation in Greece’s financial trouble has produced a notable increase of interest from foreign investors. Reports indicate that prices are discounted anywhere from 30% in the most popular islands to as much as 50% in less relaxing places. Like Athens. Alexandros Moulds, who is an Athens-based associate at the global property firm Savills, says that buyers are mostly from Europe, but also the Middle East and Asia. So why not add our Las Vegas buyers to the pack? We like vacation homes, too! There are reasons why Las Vegas locals might consider a Greek investment property, aside from the travel benefits. A Greek island home, for example, can be a nice earner. Rental incomes are attractive—but it’s wise to keep in mind that islands like Mykonos are incredibly seasonal, grinding to a complete halt each winter. The truth is; I can’t sell a single one of these stunning, bargain-priced Greek island homes to you. As a licensed real estate agent here in Las Vegas, I am an expert in local homes for sale, and – while a trip to Mykonos sounds fantastic, the homes for sale in Las Vegas need me here this summer. So while there might not be any oceanfront homes for sale in these parts at a 30% – 50% discount, there are a great many welcoming Las Vegas homes for sale this summer—and interest rates are still, for the moment at least, temptingly low. Call me anytime this summer to discuss your search!
LAS VEGAS HOMEOWNERS SHOULD EXPECT HOME REMODELING INCREASE
The number of households belonging to older adults is on the rise across the nation, and (let’s face it) the homes themselves aren’t getting any younger. So states the Harvard University’s Joint Center for Housing Studies’ Housing Perspectives (JCHS), which recently published the projection that, if true, makes it likely that Las Vegas home remodeling activity will spike in the coming years. Abbe Will, the research analyst for JCHS, drew this conclusion: “Since much of the housing stock is currently ill-equipped with even basic accessibility features, older homeowners aging in place will need to invest in retrofitting their homes to age comfortably and safely.” In other words, even for homes that remain in their owners’ hands, home remodeling activity could grow markedly. Home remodeling is no minor industry. Home improvement expenditures by older homeowners already topped $90 billion in 2013—making it a significant economic contributor. Now the JCHS projects that it could surge by an extra $17 billion annually over the next three years. Welcome, news indeed for the construction and design industries, who had been in the doldrums until recently. But what does this mean for Las Vegas homeowners who plan to sell shortly? When considering a remodel, if you want your home to attract potential older buyers, consider the innovations modern designs have made for individuals in that demographic group. That will be the competition. JCHS’s analysis notes, “… not even a third of (existing) homes have what could be considered basic accessibility features, such as a no-step entry and bedroom and full bathroom on the entry level.” Both young and old can appreciate other features, as well. Wider hallways in a kitchen remodel one example. Another is bathrooms showers with ‘edgeless’ design, which holds appeal both to Millennial buyers (for the sleek, modern look) and to seniors with limited movement. A bedroom on the main level that can readily be converted to a master if needed can be attractive to older homeowners—and also to anyone looking for a guest or au-pair suite. Investing wisely by thinking long-term when it comes to home remodeling plans is part of strategic home ownership. If you are considering selling your Las Vegas home at some point, it doesn’t hurt to inform yourself about forward-looking trends. Wondering what today’s buyers are looking for? I’m here to help with all your Las Vegas real estate-related concerns: call me anytime this summer!
HIGHER MORTGAGE RATES IN LAS VEGAS PROJECTIONS TEND TO AGREE
Now that we are deep into July, with summer in full swing, there might be vague thoughts running through your mind about some potential real estate moves—but certainly not until the fall. Right now all most of us are thinking about is whether another chilled glass of summer-something-or-other is in order. Las Vegas mortgage rates and what the folks in Washington might be doing to affect them are not exactly what occupies an idyllic July afternoon. But if you’ve been paying attention to any newscasts long enough to reach the dull-as-dishwater economic stories they throw in toward the end of the broadcasts, you may also have an inkling that conditions are about to change. And the evidence does suggest that mortgage rates in our Las Vegas face a likely increase come fall. If your vague suspicion does come to pass, and if you’re among those considering buying or selling a home in Las Vegas this year, now should be the time to stop “thinking” and start “doing”. Exhibit, A for that proposition, comes from one Michael C. Fratantoni, who happens to be the Chief Economist of the Mortgage Bankers Association (MBA). When he recently spoke at the National Association of REALTORS® office in Washington, he made no bones about it: mortgage rates will continue upwards, with a first significant Fed hike likely in September. September! The 30-year fixed mortgage, which we all know has lingered at historic lows—below 4%—for several years, is likely to hit 4.4% by the end of 2015 , then move beyond 5% next year. It’s enough to stifle any thoughts about that frosty beverage. The good news for Las Vegas homeowners planning to list is that Fratantoni doesn’t believe any of these factors will keep the nations’ buyers away. After a pretty lackluster 2014 performance, the MBA forecasts a 14% year-over-year increase in purchase-money mortgage originations in 2015—and nearly 9% in 2016. Nationwide, incomes are also expected to rise, and with new household formations on the rise, the national real estate market looks to remain in fairly good balance. While it seems there’s no instantaneous need to drop all your summertime activities to rush your home onto the market, with mortgage rates in Las Vegas expected to rise sooner rather than later, it’s certainly worth making it a priority to give me a call this week. After that, there will be ample time to finish enjoying that delightful chilled summer beverage.
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