LAS VEGAS HOME LOAN GAME THEORY COULD GET COMPLICATED
“Las Vegas home loan game theory” sounded like an intriguing topic when the phrase first occurred to me. I thought it would mean figuring out whether a mortgage would constitute a financial move that made sense. But the more I studied “game theory,” the more complicated it got. And maybe not as theoretical as I’d thought… As far as the terms themselves are concerned, a Las Vegas “Home Loan” is exactly what it says it is: a mortgage on your Las Vegas home. “Game theory” is more obscure. For openers, “game theory” sounds like a lot more fun that it really is. It’s like the bore who wants to tell you exactly why some joke is funny—the explanation isn’t at all humorous. ‘Game theory’ isn’t about playing anything. It’s about mathematics. Professor R.B. Myerson is the authority who tells us that game theory is the study of decision-making. It’s a dissection of “mathematical models of conflict and cooperation.” That’s a pretty good thumbnail description of the board games kids play. If you remember playing Monopoly as a child, you may also remember how mad you’d get if the other players cooperated too much. Sometimes they’d trade properties with each other so that one was able to build hotels on the dark blue properties. That meant that when you landed on Boardwalk, you went broke. Professor Myerson was right: that was a study in cooperation that would make anyone feel conflict. But the Professor’s definition also says that game theory deals with the actions of “intelligent rational decision-makers.” In home loan game theory, when the process of filling out forms and gathering backup materials goes on and on, it can seem to stretch beyond anything that’s rational. But once you do get a Las Vegas home loan, the decision-making does seem both intelligent and rational. “Las Vegas home loan game theory,” then, would be the study of strategic decision-making by the person who wants to obtain a home loan and the bank personnel who give the okay. Originally, game theory only dealt with zero-sum games—the ones where if someone gains something, the other one loses. It has since expanded to include all sorts of “win-win” scenarios, but at least one world-renowned investor has a different game theory about home loans. Warren Buffett is quoted as saying: “You can take a 30-year mortgage and if it turns out your interest rate’s too high, next week you refinance lower. And if it turns out it’s too low, the other guy’s stuck with it for 30 years.” Come to think of it, that’s exactly what has been happening ever since mortgage rates started coming down! Which is why I’m pretty sure that particular home loan game theory isn’t so theoretical at all. Also not theoretical: given today’s mortgage interest rates, if you are thinking about looking into Las Vegas real estate possibilities, giving me a call is a good next move!
WHAT ON EARTH IS THE LAS VEGAS FIXERUPPER WOW FACTOR
You know what the “wow factor” is for any Las Vegas home that’s for sale—it’s the extra something that’s highly desirable and unique to the property. It could be a three-story entry hall, or a game room that’s large enough for a pool table and a conversation pit. It might be a home theater with four stepped rows of velvet-upholstered movie house seats. It might be a bricked backyard barbecue arena, with a step-down standing pit which puts the Chef of the day at eye level with the seated guests. And you also know what a Las Vegas fixer-upper is. It’s any Las Vegas property that is up for sale at a bargain price due to maintenance that is left for the new owner to worry about. A Las Vegas fixer-upper is an opportunity for prospective buyers to become owners of homes that would otherwise be out of their price range. Fixer-uppers attract prospects who are ready to dig into projects that take varying degrees of elbow grease, imagination—and also some extra cash. There’s an element of risk that’s usually attached to a fixer-upper because any major maintenance or remodeling project can run into unknown snags. So fixer-upper buyers should also possess some degree of courage! Sooooo, what in the world could the “fixer-upper wow factor” mean? For one thing, any Las Vegas home that’s listed for sale that has the ‘fixer-upper wow factor’ is a rare bird indeed. It is, as the title conveys, a residence in need of restoration—but which also has a design element (or elements) which are uniquely captivating. For prospective buyers who find those features intriguing, such a property can prove pretty irresistible. The price puts it within reach—and the design is better than anything they had been hoping to find! In other words, a home that has the ‘fixer-upper wow factor’ is, potentially, a trap. This is not to say that such a property cannot be a true bargain; lucky find; etc. Indeed, for the right buyer, it certainly can be. The caveat is that a fixer-upper with wow factor features can lure in prospects who aren’t really prepared for the ‘fixing up’ part. If they lack the extra funds it may take to bring the property back up to snuff—or lack the know-how, patience, or time such a project requires—they might be charmed into biting off more than they can chew. With indigestible results: a perpetually-unfinished property characterized more ‘yccch’ than ‘wow.’ Luckily, most prospective buyers who fall into this category get over the wow factor after a second or third visit—or after a discussion with their REALTOR®—or after taking a look at the home inspector’s report. For those who are ready to dig into the fixer-uppers, they can end up with a wow of a home…at a wow of a price! There aren’t a surplus of Las Vegas fixer-uppers with wow on the market right now—but when you take today’s mortgage interest rates into account, there are plenty of wow-producing good bargains: call me!
SPECIFIC TIPS FOR SELLING YOUR LAS VEGAS HOUSE THIS FALL
It’s October; a time of year that has a lot to recommend it. In many parts of the country, it’s the season when Mother Nature goes full throttle with the Technicolor. Sunsets can be outrageous. In some parts of the country, leaves can bid adieu with displays that put rainbows to shame. Fall weather turns the air a bit crisper. All in all, to a lot of folks, fall is the favorite time of the year. Selling your Las Vegas house in the autumn, on the other hand, can present some special challenges. Selling your house in the springtime, for instance, doesn’t include clearing the garden of the remnants of summer growth (that is unless you let it go the previous year!). The plusses and minuses of selling your house after the peak spring-summer real estate rush are over can be debated at length. What isn’t debatable is that to take full advantage of selling your house this time of year, you should be aware of a few specifics: • Keep up with the season … leaf fall for yards with deciduous plants can require almost daily attention during some periods. You’re the best judge of when the debris crosses the line from pleasantly natural into downright unsightly—but in any case, it’s a good idea to make a quick inspection part of your daily routine. • Keep up with the weather … leaf fall is one thing, but windy fall storms can turn a well-kept garden inside-out in a few hours. After a storm passes, be prepared to hose off the traces of muddy puddles and do some organized sweeping. It can make a big difference when you approach a house with a clear walkway (vs. one that looks like a typhoon just passed!). • Pet Las Vegas … they can be more difficult to manage in autumn and winter when Mother Nature can keep them indoors for longer periods or make their favorite hangouts less accessible. Being more flexible and attentive to their needs than in summertime is often necessary. • Prepare the mechanicals… if sudden chills descend, knowing that your heating setup is ready to go into action assures a welcoming environment for prospective buyers. If it hasn’t been in use since last spring, a system may produce some unpleasant side effects the first time it’s fired up. If yours one that needs a yearly checkup by the utility company, better not wait! • Anticipate success! Selling your Las Vegas home in fall and winter may take a little extra vigilance when the weather acts up, but buyers at this time of year can be more eager to close on their new home. Be organized for success, which can mean everything from having a year’s worth of utility bills ready to show, to scoping out where you’re headed next. Selling your Las Vegas home efficiently takes some organization and planning. A good first step is to get in touch with a Las Vegas real estate professional who will pitch in and help every step of the way. In other words—call me!
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