The iBuyer Breakdown

Are you being driven mad by phone calls from people wanting to buy your house?

Have you been seeing the ads everywhere and wondering what’s up with these so called “iBuyers”?

Well, I’ve got you covered. Check out the following video explaining what’s going on.

 

Don’t say yes too quickly and ALWAYS have someone in your corner to protect you!

If you have questions or are curious about how much your house is worth, don’t hesitate to call me.

Do you have a need for commercial / industrial / retail space? Are you ready to buy or sell a home? We can help you with that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day…..Jeff

Extra! Extra! Great News for Condo Buyers!

Looking to buy a condominium? You could be eligible for a government-backed loan by the FHA (Federal Housing Administration) with a lower down payment under new rules that were announced Wednesday.

The new regulation and policy guidance set a new condo approval process and allows for some individual condos to be eligible for an FHA mortgage even if the condo project isn’t FHA approved. The loans only require a 3.5% down payment and allow for lower credit scores than conventional loans according to The Wall Street Journal.

Officials said the new rules would make it easier for condo buyers to apply for FHA-insured financing and open up more mixed-use projects to FHA backing. “Today we are making certain FHA responds to what the market is telling us,” FHA Commissioner Brian Montgomery said. “This new rule allows FHA to meet its core mission to support eligible borrowers who are ready for homeownership and are most likely to enter the market with the purchase of a condominium.”

The FHA stated that 84 percent of condo buyers it backs had never owned a home before getting their FHA loan. Housing and Urban Development Secretary Ben Carson said the change will open homeownership to new first-time buyers as well as seniors. “Condominiums have increasingly become a source of affordable, sustainable homeownership for many families and it’s critical that FHA be there to help them,” Carson said.

Only 6.5% of the 150,000 condo projects in the U.S. are currently approved for FHA’s mortgage insurance programs. Officials said the new policy, which will go into effect on Oct. 15, will open somewhere between 20,000 and 60,000 condo units to FHA-backed financing each year, which means more choices for home shoppers.

For an individual unit to be eligible for approval under the new rules, officials said it will have to be located in a completed project that is not approved. For projects with 10 or more units, no more than 10 percent can be FHA-insured. Projects with fewer than 10 units can have two FHA-insured units.

This is wonderful news for first time buyers that want to purchase a condo.

Do you have a need for commercial / industrial / retail space? Are you ready to buy or sell a home? We can help you with that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day…..Jeff

 

2018 housing numbers are in for the Las Vegas valley

LV-Appreciation-2018_Page_1

If you would like to see home price appreciation in the Las Vegas valley by zip code, just click here… before you do though… try to guess how much your zip code appreciated.

Was your guess close? Some areas appreciated by double digits!

2019 may (or may not) present a different picture. There are currently more than double the number of homes for sale compared to a year ago… and closed sales are down approximately 15% compared to a year ago. If you remember your economics class, when the supply increases and the demand decreases… well… that changes things.

What do you think will happen to home prices in 2019 in the Las Vegas valley?
Comment below.

Are you ready to buy or sell a home? Do you have a need for commercial / industrial / retail space? We can help you with that… just call us at 702 SELL NOW or click on this link to my website www.702SellNow.com

Choose to have an amazing day….Jeff

UNLV report says economy will remain strong

Campus Beauty shotsFebruary 2, 2017(Josh Hawkins/UNLV Creative Services)

Dr. Stephen Miller, director of the Center for Business and Economic Research at UNLV released his economic forecast report on Nov. 29 at Park MGM during a breakfast hosted in conjunction with the Las Vegas Global Economic Alliance.  This event was attended by more than 400 business and community leaders

According to Dr. Miller’s report the Las Vegas economy will remain strong over the next two years with business optimism high, however the “softness in tourism” will continue when it comes to visitors and hotel occupancy. He was more subdued and concerned when speaking about in tourism.

“Based on our assessment of national and Nevada trends in 2017 and 2018, we believe that the Southern Nevada economy will continue to see improvement in 2019 and 2020,” Miller said. “The data are telling us a very positive story about the Southern Nevada economy. It’s on an upward trend, and the economy is on solid ground.”

CBER (The Center for Business and Economic Research) projects the economic growth in the Southern Nevada economy will generally outperform the national economy, since it started the recovery later and from a much deeper hole than faced at the national level, Miller said.

Miller went onto say that the economy has been bolstered by an increase in construction and will be aided in part by population growth, which will increase just above 2 percent in 2019 and 2020. Job growth will remain strong through 2020.

Dr. Miller also stated “On the negative side, the level of uncertainty as expressed in the gyrations of the stock market and the potential for policy errors by the Fed in responding to the expansion in economic activity promulgated in large measure by the corporate and personal tax cuts.  The Fed’s concern about an overheating economy could lead to pushing interest rates too high, too quickly and plunging the national economy into recession. The risk that this occurs seems small at the moment, but it is a risk all the same.”

Are you ready to buy or sell a home? Do you have a need for commercial / industrial / retail space? We can help you with that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day….Jeff

Happy New Year – 2019 should see more growth from the housing market

 

Here we are in the first week of the year 2019 in the Las Vegas Valley and indications for the housing market look good for this year.  Reports from Real Estate Analysis companies show that Las Vegas is still one of the strongest markets and will continue through the year.

People from all over the country are moving to Las Vegas for many different reasons – the Southern Nevada area is still very affordable so you can a bigger bang for your buck.  Retirees like that as well as people that no longer can take the cold weather in many parts of the country.

With the Raiders moving here, many employees, not just the team, are moving here since their headquarters will be located in Henderson.  Other companies like Google are bringing non-gaming businesses jobs to the Valley.

New home builders are still actively developing new neighborhoods in all areas of the valley with Summerlin offering not just single-family homes, now including new attached townhomes and condos in both low-rise and high rise buildings.  In 2018 we saw Las Vegas have a 15 percent appreciation and it predicted that 2019 will be half at seven percent. The appreciation level continuing to rise, even at a slower pace, is a positive sign (the national average is three to four percent).

If you are thinking about buying an investment property, now is the time to act.

Are you ready to buy or sell a home? Do you have a need for commercial / industrial / retail space? We can help you with that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day….Jeff

 

Looks like there are going to be more changes to laws on short term rentals.

As we are all aware Las Vegas and Clark County has seen a growth in population and the housing market in the last few years.  With growth comes change – and we will see changes in laws regarding short term rentals.

Make sure to check the HOA rules on rentals to start before you do anything. Almost all HOAs have a minimum of 30 day leases required and some are as much as a year.

To bring those who do not know the current rules here are what is currently on the books:

1) City of Henderson – minimum 30 day lease

2) Unincorporated Clark County – Minimum 30 day lease

3) City of North Las Vegas – no rules at this time

4) City of Las Vegas – You must apply for, and get approved, for a special use permit – only 167 approved to date – approval process includes inspections by the city, the neighbors giving their approval, the HOA approving, getting city and state licenses, paying hotel room tax, etc.

As a recent article in the RJ stated – there are approximately 3,000 illegal short term rentals in the city of Las Vegas and another 4,000 in the county. Last year, in the entire valley, there were over 500,000 booked nights in the short term rentals. In 2012 it was less than 20,000.  That is quite a difference!

If you don’t think the hotels have taken notice of this jump in short term rentals you may be enjoying the recent marijuana law changes too much.

Last week, Lois Tarkanian, proposed a revision to the law eliminating short term rentals in the City of Las Vegas. There are a number of reasons for this:

First and foremost– a short term rental is a commercial enterprise (like a liquor store or an auto repair shop) and people don’t want those in residential areas.

Second – the number of complaints the police, and government officials, have received have skyrocketed. Complaints such as loud parties at all hours of the night, cars parking and blocking neighbors driveways, trash and damage to neighboring homes, fighting, belligerent people, the list goes on and on.

Third- many lawsuits by other commercial businesses (like liquor stores or auto repairs shops) have been denied because they wanted to open in a residential neighborhood.

Fourth- lawsuits by owners who have been denied permits to have a short term rental stating that the process is unfair.

Fifth – lawsuits by people living in the city and county against the city and county for not enforcing the laws that are on the books.

There is a lot of support in the council for this change, and you can bet there is a lot of money pouring in from the hotels to encourage passage of this law. It was not in the article but the county code enforcer said that the city is not processing any more applications until this is resolved. He also said that the city, county and Henderson are “aggressively” going after people who are illegally doing short term rentals sending out up to 500 cease and desist orders per week. People, who are trying to hide their addresses from the ads and think they won’t get caught, are getting caught by code enforces posing as potential tenants. With a $1000 a day fine, this is turning into a big money maker for the various cities and counties. I guess someone has to foot the bill for all the Tylenol (from the headaches…)

I did a short 4 minute video on this subject in February 2018 – click on this link to view (https://youtu.be/gk5FszAemUs)

As I learn more I will pass it along!

Are you ready to buy or sell a home? Do you have a need for commercial / industrial / retail space? We can help you with that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day….Jeff

Home Appraisals are (usually) Necessary When Buying a Home

Whether you are buying or selling, if the buyer is not paying cash (and on occasion, even if they are) the home appraisal is a one of the most important steps in the process and could make or break a deal on either side. So what exactly is a home appraisal?

A home appraisal is an expert opinion of a home’s value and it assures the lender that their loan will be in line with the fair market value of the property. A home appraiser is a licensed professional who has completed the required training, apprenticeships, and exams to carefully and impartially provide opinions about the value of real property, according to the the world’s leading organization of professional real estate appraisers.

This means your appraiser is not going to give a low estimate because they didn’t like your furniture. But rather, according to the Appraisal Institute, appraisers put together a series of facts, statistics, and other information regarding specific properties – then analyze this data, and develop opinions of value. The appraisal report will include recent sales information for similar properties (comps), the current condition of the property, and the location of the property as to how the neighborhood impacts the property’s value.

In most cases the buyer will need to cover the cost of the appraisal. Both the buyer and the seller should meet with their agent and find out what comparable homes in the area have recently sold for, which will give clues as to how much the property will ultimately appraise for.

If an appraisal comes in lower than you feel it should, the seller’s agent can use his/her knowledge of the area to challenge the appraisal. Home prices in the Las Vegas valley have been increasing so quickly that the comps that sold six months ago don’t yet reflect this improvement. There may not be adequate comps in your area, so the appraiser might have referenced comps from a less desirable community.

You have the right to see a copy of the appraisal report. Look it over as carefully as you look over your credit card statement each month you might just find errors or omissions and if that is the case the appraisal can sometimes be corrected.

If the appraisal is not adjusted enough to get to the original contract price, and both parties still want the sale to go through, it could make sense to split the difference, with the seller dropping the price a bit and the buyer adding cash to the down payment. For example, if the difference between the sales price and the appraised value is $10,000, the seller could lower the price by $5,000 and get the buyer to bring another $5,000 to closing. This solution depends entirely on the relative willingness and financial positions

of the two parties. Of course, neither party is obligated to compromise and if a new agreement is not reached, the buyer and seller can part ways and (most real estate contracts contain a provision that states) the buyer will have their earnest money returned to them.

When an appraisal comes in low, don’t panic. Remember to stay calm, assess the situation, and let your agent walk you through the process. Often, there is a fair and equitable resolution for all. It just may take some extra time.

Are you ready to buy or sell a home? Do you have a need for commercial / industrial / retail space? We can help you with that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day….Jeff