LAS VEGAS PROSPECTS WEIGH ADVANTAGES FOR NEW HOMES VERSUS OLD
Several different surveys confirm that if you ask American consumers which they prefer, close to twice as many say they would choose to move into a brand new home rather than an existing one. But—and there are several important ‘buts’—when it comes to today’s typical Las Vegas house hunter, that answer can be a little misleading. For one thing, house hunters who don’t even check out the Las Vegas’s pre-owned house listings are few and far between. In actuality, when someone begins to think seriously about buying their next home, it’s highly unlikely they will be able to resist taking, at least, a cursory look at the Las Vegas listings. The previously-owned homes that are now for sale aren’t just easy to find—they’re manifestly hovering a single click away on every computer and mobile device. Given the current state of intelligent search engines—which seem to be watching us more closely than we are watching them—at the first inkling that we could be interested in finding a home, alluring Las Vegas listing pictures start popping up onscreen all by themselves! That makes a difference because even if the majority of buyers might lean toward buying a new home with brand new construction, as soon as they start seeing the variety of existing homes, most people find at least some that are interesting. And previously owned residences certainly do have some intrinsic advantages, with their established communities, tree-lined older neighborhoods, and frequently, more interesting architectural detail. It’s also true that many new homes in Las Vegas tend to be built on smaller lots than the older ones—which touches on another central issue: the matter of cost. Forbes claims that the acknowledged rule of thumb is that brand new homes often cost “up to 20% more than a similar existing home”—that is, one with the same number of rooms, square footage, acreage, etc. That having been said, there are the undeniable advantages that go with the Las Vegas’s new homes. They meet today’s construction standards and design preferences, often with walk-in closets, open floor plans, and expansive master baths. Who wouldn’t favor a new kitchen outfitted with energy-saving built-in appliances, sparkling new bathrooms, brand new flooring and carpeting? For many, a new home that holds the promise of no visits from the repairman for at least a few years makes for a low-stress situation that’s worth the budget premium. And even that tradeoff can prove less costly than it might seem, given the prospect of reduced maintenance outlays for a number of years. Like so many other aspects of buying a home, the choice between one acquired from a previous owner or a new home winds up being strictly a matter of personal preference—and it’s also a fact that those can change in surprising ways once you get out and explore today’s offerings in person. The best way to get started: call me!
DO IT YOURSELF LAS VEGAS REAL ESTATE AGENT DOWSING
Whenever a buyer or seller is set to enter the market, they find themselves faced with the task of identifying the Las Vegas real estate agent who will serve them best. There are many of us to choose from—and not a lot of guidance on how to proceed. Maybe there should be something like a Real Estate Agent Dowser. You remember dowsers—the folks who divine where to drill for ground water. Most do it by walking around, holding a dowsing rod (usually Y-shaped). When it shivers or points down, BINGO! That’s where the water is. Pay the fee and call the drilling company. Now, it’s said that there is absolutely no scientific evidence that dowsing works. Yet there are plenty of folks who live out in the country who will tell you that, of course, it’s hard to believe, but still… That’s why dowsing is a real occupation. Just ask any one of the American Society of Dowsers’ 3,000 members… Here in Las Vegas, when you set out to find a real estate agent to help with buying or selling a home, there is no American Society of Real Estate Agent Dowsers to help. Fortunately, the Las Vegas’s real estate agents aren’t as hard to find as underground water pockets—but even so, detecting which of us is best suited to be your partner is no “gimme.” One good solution is to interview the candidates with an eye toward finding out how they stack up against three practical benchmarks: • Selling Skill. A great real estate agent is a great salesperson—easy to talk to, sympathetic to your needs—genuinely likeable. When you are interviewing potential agents, offer an objection or two to test how seamlessly the conversation proceeds. The most valuable sales representatives are those who can adapt to resistance without batting an eye, or let negativity prevail. • Current knowledge and experience. Being able to provide accurate and fact-based market information and analysis is an important indicator— as is having successfully performed in a variety of Las Vegas real estate transactions. • Negotiation Skill. When all else points to a good fit, discuss the terms that candidate proposes between you. Your chosen real estate agent will be negotiating on your behalf—so your agent’s ability to present hard business matters in a relaxed and amenable way will serve you well. When you become your own real estate agent dowser, you won’t need a witch hazel stick to point the way. A few thoughtful interviews will do the trick—and I hope you’ll be sure to give me a call as soon as you go dowsing!
NAVIGATING THE LAS VEGAS SHORT SALE PROCESS
Any dedicated bargain hunter who scours the Las Vegas listings is not surprised to find among the most deeply discounted entries one of two notations: foreclosure or short sale. Everyone knows what the “foreclosure” designation means—it’s been repossessed by the bank. It’s an REO (real estate owned). By discounting the asking price, the lending entity invites buyers to take the property off its books. It is here that the economists’ favorite acronym, “TANSTAAFL” (There Ain’t No Such Thing As A Free Lunch), comes into play. Foreclosed properties have frequently been neglected by their previous owners, who are not happy campers. So the cost of rehabilitation must be factored in before any offer is made. Still, foreclosures can represent real opportunities for buyers with patience and determination. Slightly different are foreclosures’ first cousins: our Las Vegas’s short sale listings. There are any number of unforeseen circumstances that can cause an owner to fall into financial distress, but when their home has to be repossessed, the impact on the borrower’s credit is immediate and drastic. It can make finding a new place to live difficultly, and can even make future employers hesitate to hire someone whose record includes that kind of hefty unpaid debt. Las Vegas properties which fall in the “short sale” category are those in which the borrower has been unable to keep up with the mortgage payments, but who is arranging for the lender to agree to accept a payoff that’s less than the full amount owed. When a short sale is finalized, the result is still some damage to the original borrower’s credit, but less than had a foreclosure proceeded. The buyer will benefit from what should be a substantially lower price than a comparable Las Vegas property would bring—and a home that is usually in better condition. An eager lender can also sometimes offer favorable financing terms, too. But remembering what the economists say about TANSTAAFL, there are also these points to keep in mind: • Short sales involve extra bureaucratic red tape. The fine print includes items such as the lender having to approve details of the sale—and that can result in nerve-racking delays. • Although the owner is usually trying to keep a short sale property in good shape to facilitate the deal, banks won’t allow a short sale until the borrower has seriously fallen behind in payments. That can mean an inability to keep up with the expense of proper maintenance. As in a foreclosure, canny short sale buyers make certain they know the cost of rehabilitation. • The possibility of sticky legal issues needs to be recognized. For instance, if the seller has filed for bankruptcy, it could squelch the whole deal. Negotiating a short sale can be considered a “collection activity”—and those aren’t allowed in most bankruptcy courts. If one of our Las Vegas’s foreclosure or short sale-denoted listings has grabbed your attention, I can help. It will require attending to some technical issues attached to the specific property—but I’ll be pleased to help you navigate the process from beginning to end!
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