The Las Vegas Market is Hot

Ok, I should clarify that: Segments of our market are hot. I’ve been looking for some properties for my clients in a master plan community called Summerlin on the west side of Las Vegas. A lot of my clients are investors coming back into Las Vegas to capitalize on our down market. Properties that are listed around the $150 sq /ft price range in Summerlin, and under $350K are selling like hot cakes. Yes, we’re even seeing multiple offer situations on many of them. So contrary to frightening media report of a complete collapse of our market, there are still parts of town that are selling like crazy. In fact, I’ve personally seen banks intentionally price a property so under market in order to create an “unofficial” auction. Click on the picture below to see the recent sold properties since March 1, 2008. Take a look at the list price versus sales price. Many times the sales price is higher than the list. How is that possible in a down market? Foreclosures are ruling the market right now and banks want to get them off of their books. If you’d interested in foreclosures in Las Vegas, please give me a call directly at 702-683-2169 or email me with questions. Thanks!
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Las Vegas Real Estate and the Media

I was driving down to a doctor’s appointment yesterday and I was listening to State of Nevada on NPR. They were talking about, surprise, the “sub-prime melt down and the foreclosures looming in the Las Vegas Valley.” If you’d like to listen to the program click here. As I was driving down the road I heard a caller who was 26 with a 720 fico score, if you’re not familiar which fico ratings check out this website. He asked the guest if he would be able to get 100% financing in six months and the guest said NO! I was so annoyed that this guest blatantly gave WRONG information that I called up KNPR and told them my latest client’s story.

First time home buyers who used an FHA program plus the assistance of a non-profit organization who gifted them their down payment. Hmmmm…sounds to me like they got 100% financing to me.

I called and said that I was frustrated with the guests because what he said is simply not true. This is where a good Realtor, like me :), comes into the picture. You need a Realtor who is up to date with the market and is aware of what kind of loan programs are available. I’m not a mortgage broker, but I am aware of what is going on in the market. Also, I work with top mortgage brokers who know what they’re doing and can assist my clients through the mortgage process. Before all that happens, your Realtor needs to locate the right property, and NEGOTIATE the heck out of a deal. NOW is the time where buyers are running the show. I have been able to negotiate 10-15% off the market value because sellers just want to sell. Did you know only 5% of the properties on the market right now are selling. Let me say that again, 5%!!! There are over 22,000 homes on the market, not including condos, and townhouses. Buyers can ask for anything right now, and if the seller doesn’t want to sell, there are plenty willing to negotiate. Another client of mine just got a killer deal out in Summerlin. Call Felipe Crook and I’ll help you find a great home and I’ll negotiate aggressively to save you the most amount of money possible. My cell is 702-683-2169 or you can email me at Felipe@felipecrook.com

How to Sell a House in a Down Las Vegas Real Estate Market

Ok folks, I’ve been doing real estate for four years now.   I’m not wet behind the ears, but not a veteran yet, but I’ve been paying very close attention to the market over the last year.  I have not been as aggressive with my sellers as I should have been.  In a market like we’re in right now, where there are over 30,000 resales on the market, and thousands of new homes still standing vacant, to sell your home you MUST be aggressive.  Sold Statistics of Properties in Las Vegas   Take a look at the link to the left to see the depressing graph. If you don’t need to sell right now, DON’T.   Rent out your property or try to refinance to get a better rate.  If that’s not possible, here’s what you need to do to sell a house in a market that continues to decline. REALLY listen to this because this will make the difference in getting an offer and sitting vacant for 8 months.

  •  #1 Factor is PRICE! In a declining market, when a house sells, that is the NEW price for the neighborhood.  That becomes the  new price from where all buyersPrice Tags negotiate.  A buyer WILL NOT PAY A HIGHER PRICE IN THIS MARKET.  When there are 30,000 houses on the market they will move on to the next seller who is realistic because THEY CAN!! Does that make sense?   So if you are aggressive with your price from the beginning, you will get an offer quicker, and will save your equity by being ahead of the market not chasing the market.
  • Presentation and Staging!!  Now while price is important, your property need to look like a model.  You would be surprised at how many homes I’ve seen with dirty Stagingdishes in the sink,  closed blinds with out any light, unmade beds, cluttered surfaces.  It’s SHOCKING at how many seller’s don’t think about these things.  When I talk about staging, I don’t want seller’s to freak out about buying new furniture, and changing EVERYTHING in their home.   It’s amazing what a little decluttering, and rearranging can do to give buyer’s a sense of value.  Often a couple of hundred dollars spent in the right places can translate into THOUSANDS!! It’s worth the effort folks!  Check out my post about staging.   I’m sure you’ve heard about Curb Appeal too right?  This is a VERY important factor. It’s the first thing they see when buyers visit your home.  Make sure you don’t have any weeds or bad patches of grass.  Your landscaping should reflect care and pride.  If you don’t have a green thumb, ask for help.  Most of the times just a little bit of effort can produce a massive result.
  • Marketing!  This is not really the realm of the seller, but any help from a seller doesn’t hurt.  My team markets properties a lot.  We market to our local demographic, regional demographic, and the international community through websites and virtual tours.  Virtual tours help sell properties 3 times faster than properties without tours. However, a virtual tour of a property that isn’t staged doesn’t help you very much which brings me back to the second point-STAGING!!
    There aren’t as many buyers out there as there used to be, so attracting as many as possible is the goal.  Californian buyers make up about 35% of our buyers, so marketing to these states is something my team does.
  • Let Go of how the Market Used to be.   So Many sellers, and realtors for that matter, have not let go of the good ol’ days.   I wish they were here again…the days of selling a listing in 8 hours.  Yes, my first listing sold in 8 HOURS!!  We’re not there anymore.  To sell a home you have to find a Realtor will to work hard for you, and be completely honest and forthright.  Statistics are the best way to be informed, and if you want any, ask me.  Your Realtor should be very knowledgeable about what has sold, for how much, and how long it took to sell.  If they don’t, they might not be in touch with the market and you could have your property sit for months while other properties are selling.  Remember this though, if you are purchasing in this market, you will save a LOT of money.  Back in 2003 you couldn’t wait a day to put in an offer. It was NOW or never.  You couldn’t ask for anything extra.  Now you can.  You can ask for a LOT actually.

If you would like to learn more about how my team works, please contact me directly at 702-683-2169 or email me at Felipe@felipecrook.com.  You can also visit my website to search for homes at Http://www.VegasHousesForYou.com

I hope I can be your Realtor of Choice.

Felipe Crook