PROBING THE DEPTHS OF REAL ESTATE LISTING LINGO
Anyone who creates listings can’t help but be drawn to critiques of real estate writing. There aren’t a whole lot of those to be drawn to, so when a respected national media titan like The Wall Street Journal comes up with an essay on real estate listing language, this is one Las Vegas listing writer who considers it a must-read. The poetic analysis in question appeared just last week. From the outset, it presented itself as a less than flattering critique: “Real-Estate Pros Pen Purple Prose” was the headline—with an explanatory blurb to the effect that higher-priced real estate listing lingo tends to get a little bit flowery. Never mind that the Journal put a hyphen between ‘real’ and ‘estate’—this was clearly going to be an authoritative commentary! Bottom line: astronomical listing prices get the most poetic language. In some cases, extremely poetic: “Majestically poised along the shimmering Gulf of Mexico” was the first example quoted, for an $11 million beach home listing. The critic didn’t bother pointing out that ‘poised’ indicates that there is, at least, a possibility that the beach home will eventually topple into the shimmering Gulf of Mexico. Instead, the point was that the example 222-word listing includes such lyrical descriptions as the ‘unique harmony’ of this ‘haven of serenity’ suitable for ‘undisturbed reflection’ (we are left to imagine how undisturbed the serenity will be once the place pitches into the Gulf). Unlike most literary commentators, the Journal’s critic relied on science and mathematics to underscore the evaluation. The Gulf house listing, for instance, registers at the “12th-grade reading level based on the Flesch-Kincaid scale.” (Who ever heard of that?) Mathematically, an analysis of recent samples of 1,000 listings found that the language used differed greatly depending on the listing price. For homes priced below $750,000, there were 13 words in an average sentence. Above $10 million: 18 words per sentence. Average syllables per word? $750,000 and below: 1.55. High end? 1.7 syllables. Average characters per word? –well, you get the idea! As someone who is more than peripherally involved (there’s a 5-syllable one right there!) in creating Las Vegas listing prose, I feel I really should point out that the number of words per sentence, characters per word, etc., really isn’t what makes an effective listing. It needs to be attention-getting, quick and easy to read (prospects don’t dawdle over listing language, most of them scan quickly), positive—and accurate! When a buyer is attracted enough to request a property showing, it better live up to the prose (purple or not). In case you were wondering, this blog registers a solid 8.9 on the Flesch-Kincaid. But in case you are soon to need a level-headed real estate agent to create an appealing Las Vegas listing that describes your own home in a way that pulls in buyers, you can call anytime!
PROCEEDING WITH CAUTION FOR LAS VEGAS BANK OWNED HOME BUYS
The return of a healthy Las Vegas real estate market has meant that you don’t hear nearly as much about Las Vegas bank owned homes. Back before the economic recovery had begun to take hold, the wave of foreclosures triggered a raft of Las Vegas bank owned home auctions and sales. It created conditions which hadn’t been seen in living memory. The combination of low mortgage interest rates and fire-sale prices allowed some fortunate buyers to become homeowners for the first time. In some instances, longtime renters who had been previously priced out of the market were able to take advantage of some once-in-a-lifetime bargains—to take the leap to homeownership earlier than they would have expected. Today, although overall economic conditions have improved considerably, some sharp-eyed renters can still find the occasional bank owned home that represents the same kind of unbelievable value proposition. The foreclosure glut may be long gone, but historically low home loan interest rates remain (at least for the moment). What also remain are the cautions that any first-time buyer should be aware of—the additional factors that should be taken into account in deciding whether to purchase a Las Vegas bank owned home. The overriding factor is the condition of the property. What seems to be an unbelievably great deal may be literally too good to be true—especially if the property has not been maintained properly. Circumstances vary, but when a home’s ownership has reverted to the bank, it is often the case that the defaulting borrower has been unwilling to keep up a property which he knew he was going to lose. That can just mean that the lawn needs some TLC…or it could mean that the roof is ready to fall in! Since bank owned homes are sold or auctioned in ‘as-is’ condition, it’s vital to do as much due diligence as possible to ascertain the true shape a bank owned home is in. This isn’t just to protect you from expensive corrections that might be needed to make the place livable. FHA loans are often a key factor in making a purchase possible at all, and to qualify for those government-backed loans, a home must be deemed to be in “saleable” condition. Broken windows, falling-down fences—even missing kitchen appliances—can delay or permanently derail a sale. If you have been impatiently eyeing your own rising rental bills, the idea of checking into the possibility of finding a suitable Las Vegas bank owned home bargain is just one possible way you might become a home owner—and sooner rather than later. The best way to find out is to go to the phone. Let’s chat! 0
TAX BREAK POSSIBILITIES TEMPT LAS VEGAS REAL ESTATE INVESTORS
There are two specific times each year when Las Vegas real estate investors find their thoughts wandering in the general direction of impending tax bills. As we approach year’s end, this is one of them. The other, of course, will be coming up in April—but this is the time of year when steps can be taken that affect the bottom line of what will come due to later on. My expertise is in Las Vegas real estate, so I don’t offer specific tax advice—as always, that’s best handled by your own financial advisor. But tax benefits (in the form of deductions) are always part of the picture when I’m helping clients find Las Vegas real estate for investment purposes. In that connection, there was one recent article that ran on the REALTOR® web site that effectively summed up seven main tax advantages that Las Vegas real estate may offer owners who rent out their property. There are specific provisions in the tax code that qualify a property for each (which is why the piece was titled “Seven Possible Tax Deductions for Rental Property Owners”), but I think listing all seven possibilities in one place is worth repeating, so here goes: • Mortgage Interest Deduction (everyone already knows this one—the most obvious and potentially the most significant). What wasn’t mentioned in the REALTOR article is the added possibility of deducting the expense for points paid in the year of purchase. That’s an expense that brings down a loan’s mortgage interest rate over the long haul while being deductible over the short haul. • Repairs – they have to be ‘necessary and reasonable.’ Likewise, improvements may qualify if they meet the same standard • Depreciation — this one is like other business assets that deteriorate over time due to wear and tear • Insurance — the expense common to many businesses • Professional and Legal — ditto • Outside labor — when you hire employees or independent contractors to ‘perform services…related to the rental.’ • Travel — if your Las Vegas real estate causes you to travel (for instance, if you live out of Las Vegas), fuel expenses and meals may be deductible. As usual, the caveat is the need to keep detailed records of every expense (your Uncle Sam isn’t the kind of uncle who takes your word for things). When you list them all together, you have to agree these make quite an attractive handful of tax deduction possibilities. They really do account for a major appeal that a Las Vegas real estate rental property can offer. To investigate the Las Vegas properties with investment potential, give me a call anytime!
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