One Stop Las Vegas Homes, Real Estate Las Vegas, Nevada
LAS VEGAS HOUSING TRENDS AND TIPS E-ZINE - #6
Numbers With Interest After the incredible run up in housing prices in Las Vegas last year, many people wondered if the proverbial “bursting bubble” was next. Obviously not, if you take a look at the 1st half 2005 prices. Demand remains strong despite the higher prices. At the July 19 Crystal Ball Mid Year Economic Forecast, both Steve Bottfeld and Larry Murphy predicted continued rising prices for both new and existing home sales through the end of this year.
If you want to get this information for third quarter 2005 as soon as it is released, then you will want to be at the Stardust Hotel & Casino on October 28, 2005.
Larry Murphy, President of Salestraq™, will present Salestraq's third quarter housing statistics for Southern Nevada. Steve Bottfeld, EVP of Marketing Solutions, will review his Company's quarterly survey results and the latest trends in the mid-rise condo complexes. For more information and to register now, Click Here!
Sales Activity by Zip Code June 2005 To view sales activity for all residential properties by individual zip codes, please Click Here!
Fast Facts Ever wonder whether the home you are considering selling or buying is priced right?
As real estate professionals, we know that the single most critical skill we must master to survive and prosper in residential sales is the correct pricing of properties. The Code of Ethics Article 1, Standard of Practice 1:3 states:
"Realtors®, in attempting to secure a listing, shall not deliberately mislead the owner as to the market value."
As any veteran knows, there's only one reason listings don't sell: price! So, let's look at some tips on pricing saleable listings that work repeatedly in developing a systematic market analysis. This is the criteria we use to price properties accurately:
1. Only use sold data. Recently, FNMA has allowed appraisers to include one currently active listing to show that the subject property isn't over-priced. However, FNMA wants to know that value has been established and that translates to sold and closed, so….
2. Only use comps that sold on a new loan. FNMA knows that those VA, FHA or Conventional loans all had appraisals and that further establishes value. Since the market fluctuates …. 3. Only use comps that closed in the last six months. If the market is appreciating 12% or more each year, the time frame can be cut down to the last three months. 4. Beware of going outside the immediate subdivision to find your sold comps. According to appraisers, the number one reason agents get low appraisals is for ignoring the comps that were in the immediate subdivision of the subject property. There are solutions to finding the comps when they simply are not in the immediate subdivision or area. 5. Do not compare new construction sales to pre-owned sales. It can be a challenge when a seller needs to sell a 6-month-old property in an area that the builder is still building. In most regions, that seller will lose money. His "better than new" property has experienced the same depreciation as owners who "drive the new car off the lot." He's got stiff competition from the builder who can offer allowances and incentives and he'll lose every time if he isn't competitive on his price. And when it comes to age…. 6. Avoid using comps that are more than 5 years age difference. This does not apply to historical properties or "exotic" properties, but in most situations, you have the opportunity to select sales in an immediate area that may have a range of ages. Building trends tend to change about every five years, so using this guideline keeps those sales truly "comparable" to your subject property. 7. The biggest tip is to stay within a close range of the seller's square feet. Staying within 150 sq.ft. of the subject property on properties smaller than 2700 sq.ft. and staying within 300 sq.ft. of properties up to 5000 sq.ft. was one of the best ways to develop a tight price range. Over 5000 sq.ft., use the 10% of the subject property rule that appraisers follow. (Source: Cheryl Fairbanks, author and national speaker)
Places in the Sun 15th Annual Pacific Island Festival The Las Vegas Hawaiian Civic Club and Cox Communications Las Vegas are celebrating the city's 100th birthday island-style! The festival will take place September 17 and 18 at Lorenzi Park. With over 100 booths, the festival will feature live stage entertainment, Hawaiian crafts and island food! Admission is only $2! And you can also participate in the raffle for a chance to win 2 round trip tickets to Hawaii! For more event information, call (702) 229-6383.
News To Move By If you're moving soon, you will need to change your address. You can now do this quickly and easily online through the USPS website. Visit https://moversguide.usps.com/?referral=USPS.
Don't forget that when you move you will probably have a lot of clothes and other items that you will be giving away. You can visit http://locator.goodwill.org to find your nearest Goodwill Donation Center. ----
Quotable Quote Whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it. Begin it now. -Johann von Goethe ----
"Don't Keep Us A Secret" Please spread the word about 'The One Stop Las Vegas Housing and Trends and Tips' e-zine. Your friends and family are also welcome to receive a free subscription by visiting www.onestoplasvegashomes.com . And, if you know of anyone who is currently interested in buying and/or selling residential or commercial real estate in the Las Vegas Valley, we would love to assist them in fulfilling their dreams. Please ask them to call the 'One Stop For Las Vegas Homes' Team at 702-419-2728 or send an email to Bill Hall at bill@onestoplasvegashomes.com -----
'The One Stop Las Vegas Housing and Trends and Tips' e-zine is published by the 'One Stop For Las Vegas Homes' Team - Dreams Fulfilled! - of Liberty Realty, www.onestoplasvegashomes.com, 702-419-2728.
Million dollar views from this beautiful 30th floor unit. Balcany with South Strip & North Strip views. Jet tub in master bathroom. This unit is a must see with well designed floor plan & breath taking world famous Strip views.
Buying
Or Selling A Home? Do You
Want To Know If The Market Is Hot Or Not! Sign
Up For Our FREE News Letter
Realty One Group The "One Stop For Las Vegas Homes" Team 1333 N. Buffalo Rd, Las Vegas, NV, 89125 Ph: 702-419-2728 Fax: 702-974-1005 Email: BillHall2004@cox.net
