Monthly Archives: January 2018

REAL ESTATE MARKET ESTIMATE IN 2018

Going into the New Year, it is important to know what to market is estimated to be; especially if you plan to buy or sell your home in the Las Vegas area this year. Most studies estimate that 2018 will be the best housing market Las Vegas has seen since the last housing crisis. New homes are being built all over the Las Vegas area, so not only are the Market/ Real Estate booming in the Las Vegas area, so is the job field. With all these homes being built, these giant corporations like KB and Toll brothers are looking for workers. Experts are saying this is the best the Las Vegas job and Real Estate have been in over 7 years.   Those stats were not only for new homes, or new builds. Those are also stats for home that are just on the market. Las Vegas has seen more investors pop-up to buy and flip homes in the past two years than they have seen in the past. Buying a new home/ flip home is perfect for those of you who do not have the time and money to buy a “fixer upper”. Purchasing a home in Las Vegas that has already been fixed with new cabinets and flooring will make your busy life easier. Not everyone has the monies and time to buy a home, and before moving into it completely rip out the old carpet and put new flooring. With people living in all different budgets, I know it is not possible for everyone out there to purchase a home that is already remodeled, so buying that home that is a little cheaper, with older cabinets and carpet might be the only way to go. When you are purchasing a new home or your first home, the first thing you are going to want to do is talk to a lender. Seeing how much you even qualify for before starting to look for home will really help you and your agent when you start looking. If you look before you get pre-approved you might be looking and falling in love with home that is 250k when you only qualify for 180k. That only wastes you and your agent’s time. Before you even start looking or talk to a lender, you should first start to save, the market here is so intense, and homes go on and off the market in the same 24 hours, so if you are not prepared before you put in an offer, and it could really hurt you in the long run. In 2018 studies show that the market is only going to go higher, and higher. It is not predicted to slow down anytime soon, so if you are looking to sell your Las Vegas home now is the time.. Homes in Las Vegas are WAY over market prices, and sellers are getting well over what they paid for the home, so even making a profit on 100k after closing costs. So get out there, talk to a lender, save some monies, and purchase a home in the Las Vegas valley in 2018!

PURCHASING A VACATION RENTAL IN LAS VEGAS

Coming into the New Year, there has been a lot of talk about people wanting to buy vacation homes in Las Vegas. As news broke out about the Raiders coming here, and now having a professional hockey team, The Golden Knights, more and more people want to purchase home in Las Vegas without living in them full time. Do not get me wrong, a vacation home would be amazing to have, but it is not all sunshine and swimming pools. You really should do your research on the homes in Las Vegas before purchasing one, and also finding the perfect agent to help you with your out of state needs. First things firsts, the location of your vacation rental is very important; buying something so far from all the sports arenas really might hinder you from finding a renter for the time being. Finding a home that is conveniently located in Las Vegas where most tourists want to visit will really make a difference in how many renters you will get over the year. Knowing the cost up front so you are not left with any surprises is very critical in purchasing a vacation home in Las Vegas. Not only will you need to come up with agent fees, closing costs, and maintenance cost; you will need to think about the fact you will be furnishing a second home. Most people will not rent a vacation home if it is not furnished unless they are a long time renter.  If you are an out of state owner, I would recommend someone to care for the home. Unless you plan to come every time you have a renter, it would really make a difference to hire a property manager like Black and Cherry Real Estate that could do walk through, hold deposits/keys, release deposits back, and create a legal document between you and the renter so things do not fall back on you as the owner. Buying a vacation home in Las Vegas might cost you a little bit more than it would have cost a few years back, be prepared to have bidding wars, or for your dream vacation rental to have multiple offers on it. Right now the market is insane, and it is only going up in value. Get with an agent and really go over what you are buying. Making sure inspections are done thoroughly and the inspector is taking his time. Nothing worse than you buying a rental, and the first renter discovers the shower leaks and there is mold growing. Spend the extra monies on having an inspector go through the house with every single detail is more worth than a cheap inspector that just walks through and does not find any problems. When buying a vacation rental in Las Vegas, you can also look for brand new homes. They might be a little pricier, but they will be built in a convenient area, and you will not have to worry about if that past seller had mold and did not disclose it. The Las Vegas market is changing every single day, so if you are looking to purchase a vacation rental, an agent at Black and Cherry Real Estate can help you find your dream home.