Recent Rise in Bank-Owned Home Activity Reported

July’s RealtyTrac foreclosure roundup showed that for the first time in a while foreclosure activity across the nation was on the increase. Largely due to an 11% month-over-month increase in bank repossessions (REOs), U.S. foreclosure starts increased 4% from the previous month. It wouldn’t be surprising if that kind of news winds up resulting in renewed buyer interest in Las Vegas’ bank-owned home market. 

Daren Blomquist, RealtyTrac’s vice president, had previously pointed out the state of the market. “While distressed properties — whether bank-owned, pre-foreclosure or short sales not in foreclosure — are still selling at a significant discount compared to non-distressed properties, average distressed property prices are increasing in many markets thanks to strong demand and limited inventory.” 

Now, that inventory is growing, too. 

Achieving the best end result from today’s REO prospects does take skill in dealing with the bank. Naturally, it’s a good starting point to team with an experienced agent. Knowledge is power, and being able to rely on a professional with a recent history of successful negotiations is the surest way to approach a bank. The guidance you get can make all the difference when it comes to writing a winning proposal.

Do consider properties that have been slow to move. Even if some bank-owned homes in Las Vegas are flying off the market after multiple offers, properties with a history of failing to sell can be your ripest targets. Don’t automatically be put off by the prospect of homes that clearly need some repairs. It may be possible to still save handsomely after adjusting for refurbishment and maintenance.

If you find a bank-owned home with potential, it’s important to steel yourself for the possibility of being outbid by a less cautious buyer. If you’re also prepared to take your time – to really play hardball with the bank — you may lose any given property, but are in the right frame of mind to make the most of a Las Vegas bank-owned home opportunity. 

Whether you’re looking for a bank-owned home in Las Vegas – or just a great property – I’m here to help my buyers get the best deal possible!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

MarceloMayol@yahoo.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

Preparing Your Las Vegas Home for a Virtual Tour

Putting your Las Vegas home up for sale makes you a key player in a marketing team led by your real estate agent. But you don’t have to attend seminars on salesmanship or study the latest marketing best seller to make valuable contributions to your team: heeding a few guiding principals will take care of that.

One of the most valuable is simply this: great marketers know they should appeal to the widest market possible. Today, we can attract a much wider market than ever before — from across the nation to (amazingly enough) buyers around the globe! It’s due to an increasingly popular tool: the virtual tour on the Web.

Because a standout virtual tour doesn’t just happen by itself, here are some fundamentals for preparing the most effective Las Vegas virtual tour:

• Disorderly rooms as viewed through any old webcam don’t make the grade. Remember that details you see as assets may be perceived as clutter when viewed through the camera’s lens. This can include personal pictures, books, ornaments and toys. When your home is free from clutter, potential buyers can much more easily picture themselves living in it.
• Make sure your furniture is placed to communicate the appearance of spacious, open areas. This may mean being willing to move furniture — even pieces that actually look great in person — away from the middle of the room.  
• Since taste is an individual matter, it is hard to present a color scheme that appeals to everyone who views your Las Vegas virtual tour. The most universal rule of thumb is to stick to neutral color combinations. While you may love a vibrant blue wall, others may see it as an unwelcome chore — on extra thing they will have to change were they to purchase your home. In contrast, neutral colors can present a blank canvass.

Getting your virtual tour right means showing a pleasing series of comprehensive views that are neat and minimally but attractively furnished. Looking for a Las Vegas Real Estate agent with the right tools to help you sell for top dollar this summer? I’m happy to interview for that job!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

MarceloMayol@yahoo.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

The Search for the Perfect Las Vegas Listing Agent

No matter what triggers your decision to sell, a crucial next step for every homeowner is selecting the Las Vegas listing agent who will bring in the best results. If you don’t already have a bead on a leading Las Vegas star producer, there are any number of factors that can help guide your listing agent choice. Some will be narrowly applicable to your home’s special characteristics, and some will be more universal.

The first consideration should be deciding whether you will be best served by tapping a specialist. Perhaps your property cleanly falls into the luxury category; perhaps it could best be offered as a supremely rentable vacation property. If it belongs in a specialized real estate niche, your first move may be to seek an agent who promotes his or her expertise dealing with that specific market.  

If that’s not the case, and if you know somebody who has sold a home recently, ask him or her for details about the experience. While online forums offers plenty of reviews, the most dependable way to get a candid and unbiased opinion on a local Las Vegas listing agent is to ask someone who has had recent personal dealings. Ask what they liked best about their listing agent, and what, if anything, they would have changed.

In any case, before settling on the listing agent in Las Vegas who will be your marketing partner, speak to an alternate candidate or two. Don’t be afraid to offend them if they don’t wind up as your first choice: remember, they are pros. And (incidentally) it won’t hurt that more than one agent has advanced knowledge that your property will soon be on the market!

Even when time is a factor, don’t rush too much in choosing your listing agent. A few extra days devoted to making the right decision can save weeks (or months!) later. If you are preparing to bring your home to market, I always offer you a no-obligation in-home consultation — and always put the strength of my network to work for you.  For proof — just ask!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

MarceloMayol@yahoo.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

De-Stressing the Move to a New Las Vegas Home

The Census Bureau tells us that 43 million people move households each year. That definitely makes it a Big Business opportunity! You would think that huge commercial empires would have sprung up to take care of every tiny detail (for a price), but in truth, those companies generally serve a minority of corporate clients. For most of us, we can plan on being pretty much on our own. 

If you are going to be headed for a new home in Las Vegas (or know someone who is), there are a few things you can do to make this summer’s move to a new home a little easier.

Before you move to your new home, make sure you get ahead of the curve: reserve some advance time getting everything organized.  In the process of packing, you’ll work more efficiently if you have more than enough boxes and trash bins at the ready. By having ample storage containers available, you can pack your belongings slowly and in an organized manner.  

If you have young children, arrange childcare well in advance of the move. Unless your children are older and able to help, your suspicion that they are not wholly compatible with the moving process will prove to be correct.  

Inform your utility providers well in advance of your move. The few minutes spent could give them the option of a smooth transfer of services to your new property — sometimes even avoiding restart service fees.

Let your bank know that you are moving your residence. This will reduce the risk of your sensitive banking info ending up lost in the mail (or in the wrong hands). It also makes it much less likely that your bank will block your account for suspicious activity when you first begin using your cards in your new town.

A new home in Las Vegas will be an exciting beginning – so if you’ve already found that home, congrats!  If you’re just getting the search started, or are preparing to sell before you find your next, contact me this week to go over your options.

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

MarceloMayol@yahoo.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

Las Vegas Investors Eye Fannie Mae Foreclosure Study

Las Vegas investors have dozens of possibilities vying for their business at all times. Las Vegas real estate investment opportunities come in a variety of forms: raw land, single-family residences, and multifamily rental housing in many forms, from duplexes to apartment buildings. Investors compare the various offerings according to the likelihood of return on their investment vs. downside risk. 

Foreclosure represents the ultimate risk — so no matter how unlikely it might be, canny investors study the histories of real estate investments that have stumbled. Whether Las Vegas foreclosure statistics or national trends provide the data, projecting the likelihood of such ‘Close Encounters of the Foreclosure Kind’ is part of an investor’s due diligence.

That’s why my eye was drawn to several published reports about Fannie Mae’s recent nationwide study. It drew an interesting connection between an investment properties’ relative location and the rate of potential default (foreclosure). National data is weighted toward big city populations, yet I think it’s a relevant approach to weighing the likelihood of a Las Vegas foreclosure. Location is a given, and here, it’s relative location that’s important:

• Locating close to workplaces matters. Each additional minute of commute time raises the risk of default by 3.7%. Put another way, each additional five minutes of commute time makes the likelihood of foreclosure 18% greater!
• Public transportation is significant. If 30% or more of a neighborhood's residents commute by rail, the risk of a local default is reduced by a full 58.4%.
• Mixed-use areas are a positive. When there are 16 or more retail establishments nearby, the risk of default is reduced by more than a third.
• (This is one we could have guessed) — affordability is key. If a multifamily building fits Fannie Mae’s definition of ‘affordable housing,’ foreclosure risk is reduced by 61.9%.
• Parks matter. If the property is located within one mile of protected green space, the risk of foreclosure is reduced by 32.5%.

Naturally, avoiding any possible future Las Vegas foreclosure is Job One for all my real estate investor clients. For up-to-the-moment information on the state of today’s market, join them: contact me anytime!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

MarceloMayol@yahoo.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

Las Vegas Property for Sale: Appealing Retirement Investment?

Who doesn’t give a quick second glance when they drive past a Las Vegas property for sale? Our curiosity seems almost automatic, even when we ourselves don’t have the slightest inclination to move out of our own home. 

For more and more people, there’s a new reason for more serious rubbernecking when they pass one of those ‘FOR SALE’ signs. It’s about retirement. 

Boston College’s Center for Retirement Research tells us that Americans’ retirement ages are rising steadily. Gallup has a more significant finding: when current workers expect to retire. At least 40% think their own retirement age will be greater than 65.

That goes along with the underlying concern serious people have about their own income during their golden years. For them, second glances at Las Vegas property for sale may be completely pragmatic: that property might represent a large chunk of their future retirement income.  

One of the reasons to give it serious consideration is the rest of the investment landscape. I’m no financial advisor, but I do listen to my clients’ attitudes and concerns. Although interest rates now seem to be on the upswing, at present their savings accounts are earning no real return — it’s hardly even an investment. In contrast, today’s property values look likely to appreciate over the long run.  

Then there’s the stock market. After the last few years’ gains, people can hardly be blamed for suspecting the accompanying risk quotient has been growing right along with the returns. On the other hand, an appealing Las Vegas property for sale just feels like a comparatively secure investment. Properties don’t just disappear!

Evaluating a property for sale through the prism of its retirement value doesn’t mean it can’t contribute returns long before then. Renting it out on a residential or vacation basis can provide an extra income stream at any time, sometimes with associated tax benefits. 

Consulting a trusted financial advisor is the prudent first step when considering the option of Las Vegas property for sale as an investment. Then I’ll be here to contribute my local expertise — and this summer, we’ve got some terrific prospects to choose from!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

MarceloMayol@yahoo.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

Contemplating a Short Sale? The time to act is now!

#LasVegasShortSales

Homeowners, if you're contemplating a Short Sale the time to act is now! The Mortgage Forgiveness Debt Relief Act of 2007 was extended through the end of 2013. Some Short Sales can take several months to complete, so don't wait!

CONTACT ME TODAY and get rid of that upside down/sinking house!

Marcelo V. Mayol

702-812-9990
MarceloMayol@yahoo.com

www.ShortSaleInfoLV.com

Do Outdoor Kitchens Boost Las Vegas Home Values?

With summer weather upon us and Las Vegas home values on the rise, it’s natural to follow the urge to get going on outdoor-oriented improvement projects. One of my (and my buyers’) favorite added features is the outdoor kitchen. That temporary folding table you used to see next to the rollaway barbecue is now frequently supplanted by a fully equipped permanent installation.

But if you are planning on selling soon, it’s easy to overdo the outdoor kitchen idea. Las Vegas home values don’t always return every dollar spent, so with likely investment returns in mind, here are a few guidelines to help you jazz up your outdoor area without breaking the bank.

— Whether you have a large backyard or tiny one, amount of space isn’t what matters as much as the setup. Plan your kitchen so the cook faces toward the entertaining area. When guests can interact while the cooking is going on (and the chef isn’t stuck facing the wall), the fun of outdoor entertaining comes naturally.

— You’re building an outdoor kitchen, so be sure the surfaces are built to withstand the elements. Outdoor-rated appliances and a low-maintenance paint finish on cabinets will combat corrosion…and keep your kitchen looking fresh for when you plan to sell! Also, consider elevating the cabinet so you can more easily hose off underfoot messes.  

— An outdoor fireplace can warm memories in even the steeliest of potential buyers. Who doesn’t love thought of warm summer evenings spent gathered around a firepit? But let’s be practical – a gas fireplace insert is far handier than a real wood-burning firepit. You don’t need to pay to run a gas line outside either – there are plenty of freestanding gas fireplace models to choose from.  

While not likely to bring nearly the same return as a total kitchen remodel, adding simple outdoor kitchens can be a simple way to both enjoy backyard space and increase potential home values in the future. If that future is coming sooner rather than later, do contact me before you commit to any remodeling projects…I’ll be happy to discuss current Las Vegas home values with you anytime!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

MarceloMayol@yahoo.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

Brief Multiple Choice Quiz on Las Vegas Mortgage Rates

This is one of those multiple-choice questions: which is true – A, B, C, D, or E?

A) If the headline reads LAS VEGAS MORTGAGE RATES ON THE RISE! it means it’s time to buy (quick) before they go up further!

B) If the headline reads LAS VEGAS MORTGAGE RATES FALL! it means it’s time to buy (quick) to cash in on the savings!

C) If the headline reads LAS VEGAS MORTGAGE RATES UNCHANGED! it means it’s time to buy (quick) while the rates are stable!

D) All of the above.

E) None of the above.

My answer is below (and it’s not even upside-down), but before anyone even looks down there, I’d like to mention that there is an equally valid second question, which would read ‘sell’ instead of ‘buy.’

This week is a good time to be pondering both questions. It looks as if the long-lived swoon in mortgage interest rates is about over. “Looks as if” is a carefully chosen phrase, because what seems inevitable in finance has a strong track record of proving wrong. One of the dangers that our current environment presents is that everyone has been correct (about mortgage rates staying in the cellar) for such a long time that they’ve grown accustomed to rates being predictable. They aren’t.

So the answer to the question is (drum roll, please): E). 

It’s a trick question: when it comes to buying or selling a home, doing anything “quick!” just because of a one-week dip or rise in Las Vegas mortgage rates is a bad idea. It’s a big decision, one that should be entered into with care and forethought. But if you were to remove the “quick!” from the question, I’d personally tend a little more toward D), but only because I don’t think local mortgage rates are likely to fall right away. And rates today are still, historically, very low. 

Good time to buy, good time to sell. Thoughtfully.

Digging for Hidden Treasure: ‘Invisible’ Las Vegas Home Listings

The actual percentage is nearly impossible to pin down, but something like 15%-20% of the nation’s homes for sale aren’t listed at all. You might assume that every homeowner with a property for sale would relish the effective marketing that comes through the multiple listing service, but there are at least four ways home listings in Las Vegas sometimes don’t include everything that really is for sale:

Pocket Listing: Occasionally agents choose to withhold Las Vegas home listings from the open market. Reasons vary, but they might wish to keep a choice property for their own brokerage’s clients, or they might seek to create an air of exclusivity around the listing. Digging for these off-market home listings can require energy and persistence, including regular searching through the websites of independent and luxury brokers, contacting scores of agents, or (a good deal simpler) making sure you work with an agent whose own Las Vegas real estate network is deep and current.

FSBO: This is the “For Sale by Owner” group, usually comprising about 10% of the market. These properties are easier to find. Just drive through the target neighborhood looking for yard signs without a brokerage logo. Sometimes you will even find Las Vegas FSBO home listings on the MLS if the owner is offering a commission to buyer’s agents.

Closely Held Transaction: When transactions are arranged between family members, neighbors, or other acquaintances (about 3% of the total market), they frequently close without appearing on Las Vegas' home listings.  

Expired Listing: When homes aren’t sold within the expected period they can disappear from Las Vegas home listings. These make up most of the hidden home listings that are still available. A heads-up agent will often be aware of the situation, and if the property fits your criteria, can help you uncover them before others do. 

If this summer finds you already on the hunt for a home in Las Vegas, or you are just getting started, or are hitting a dead-end in your search, I stand ready to help you land the right property. Contact me today to see what my network can do for you!

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Finding Prime Commercial Real Estate in Las Vegas

According to a recent consensus forecast, analysts expect to see steady growth in commercial real estate fundamentals over the next few years. This latest collaborative report by Ernst & Young and the Urban Land Institute may well give added impetus to local commercial real estate investors: the sampling of sentiment among economists and analysts predicts nation-wide growth rates rising to 3.1% by 2015. 

That kind of rebound could well have this summer’s investors eyeing commercial real estate in Las Vegas with renewed enthusiasm. To begin taking advantage of this rapidly improving market sector, reviewing the basic ground rules is a good starting point: 

1. Setting Parameters

When buying commercial real estate in Las Vegas, wise investors set their parameters with precision. Whereas residential real estate sector activity doesn’t necessarily hinge on detailed short and medium-term planning, commercial real estate is the opposite. After identifying financing sources, plotting capital and other costs against rental income will be needed to show how worthwhile the investment will be.

Targeting Location 

Commercial real estate in Las Vegas becomes increasingly popular when returns warrant. Since different areas offer differing characteristics, recognizing those that can affect performance is vital. One approach focuses on parts of Las Vegas where further commercial development may be restricted — it could favorably or unfavorably impact demand there. Likewise, areas trending toward higher consumer affluence and spending power are locations that may hold promise for attracting premium future tenants.

2. Selecting Your Agent  

There’s certainly no harm in being picky when it comes to choosing your commercial Realtor®. Examine their portfolio — is it strong? Are they well-connected, or relatively new to the field? You’ll want to explore your investment possibilities with someone who knows the local commercial real estate market inside and out.

Directing your money carefully always reaps superior returns.  If you are interested in exploring commercial real estate here in Las Vegas and are looking for well-connected representation, contact me today!

Las Vegas Real Estate Agents Emphasize Value Improvements

On Thursday, Bloomberg’s online news service confirmed what we had been hearing in more general terms: “Sales of previously owned U.S. homes climbed more than forecast in May…and prices jumped, indicating more progress for residential real estate.” Agents here in Las Vegas would also not have been surprised at the national surge in selling prices “by the most since October 2005”. If you were already inclined to sell your own Las Vegas home, it looks more and more as if this summer will be a propitious time to jump on the opportunity. 

As real estate agents gear up to maximize the market’s improvement, homeowners are also weighing some of the more popular alternatives for boosting valuations when it comes to selling — 

• Prospective homebuyers are increasingly energy savvy, so when new appliances need to be updated prior to sale, the more energy-efficient they are, the more worth highlighting they will be. Las Vegas real estate agents know how to emphasize a property’s ‘green’ attributes.  
• If you have an attic or a basement that is currently serving little purpose, conversion can pay off. Basements are often the more affordable option since they call for little structural remodelling. Conversions can be into a games room, office, or utility area. Attics are often best converted to bedrooms or office space (or at least staged to suggest the possibility).
• In Las Vegas, real estate agents love to offer properties with decks — especially in the summertime.  If you are prepared to engage in a little DIY, adding a deck can be among the most cost-effective of improvements. According to HGTV, the cost of a professionally built deck starts at about $15 per square foot, with more elaborate installations featuring costly hardwoods or composite materials running closer to $35.  

Even if you do not intend to sell, a little extra money invested in your home may be a dollar-wise idea. Thoughtful investments can enrich your own living experience AND attract higher prices when the time comes to move on. If you’re looking for a real estate agent in Las Vegas, call me today to go over other improvement ideas.

Water Management Saves Las Vegas Homeowners $$

Sometimes it’s only after Las Vegas homeowners finish preparing their properties for sale that it hits them how much they could have benefitted had they made those improvements earlier. Some of the improvements that appeal to today’s homebuyers make real pocketbook sense: in the long run, the savings they bring can easily pay for themselves. 

Take water. Summer weather makes us think more about water conservation — but conserving it is only one facet of household use. Leaky faucets are the most well known issue. On the surface, they may not look as though they are wasting enough water to worry about, but when savvy buyers hear that ‘drip drip drip’ when they’re touring properties for sale, they may already know that a single slow drip can easily amount to a whole bathtub every day. This is usually the easiest problem to fix — often repairable with simple DIY tools. Those with properties for sale in Las Vegas having multiple dripping faucets might also consider recruiting a plumber for the job, just to make sure that that’s not a symptom of more widespread problems apt to crop up come inspection time.  

More hefty savings come your way by upgrading toilets to models that display the Water Sense label. Research shows that over their lifetime they can save literally thousands of dollars. Las Vegas properties for sale with several of these installed have a feature worth bragging about.

One connection that’s important but often overlooked is the fact that water can be an energy hog! As much as 14% of a home's energy bill goes to heating it. Preparing properties for sale can include the simple fix of a thermal water tank jacket. These insulating wraps are easy to install, and keep tanks from cooling too quickly. If a water heater needs replacing, another option is to look for the improved insulation that’s a built-in feature of some newer energy saving models.  

If you’re looking to buy or sell your Las Vegas home anytime soon, I’ll be here all Summer long to help with your real estate plans.  Call me today!