AmazingVegasHomes

Thursday, August 8, 2013

FSBO Conundrum: Can I Still Use My Real Estate Agent?

According to the National Association of Realtors, last year there was a 14% decline in the number of For Sale By Owner (FSBO) properties. Despite that decline, FSBO properties are still available in Las Vegas – and in an inventory-challenged market, you might find one of them is a pretty tempting buying opportunity.

But here is where caution is warranted — and where you may be amply rewarded by seeking a Las Vegas buyer’s agent to represent you. There’s more than one reason why:

FSBO owners may, er, hide things

It can be tempting for FSBO sellers to cover up problems that would have been picked up if a seller's agent had been involved. By using an experienced buyer's agent, you stand a much better chance of identifying those common problems. A qualified inspector (your agent will recommend a good one) can help you spot the more well-hidden ones.

FSBO properties usually cost more!

Statistics bear it out: it’s estimated that FSBO properties can cost 10 to 20% more than those listed via real estate agents. Owners in Las Vegas just tend to overestimate their property's worth and selling potential. And without the counsel and guidance of a real estate professional, sellers usually establish a stronger emotional attachment to their first listing price. The presence of your buyer’s agent (with a notebook full of comps) is sure to power up your negotiating stance!

Legal issues

One of the main reasons to team with an agent is the plethora of legal issues that are interwoven with residential real estate sale transactions. By using an agent, you stand to identify any contractual mishaps before they are executed — and well before costly repercussions materialize. Since many owners who take the FSBO route in Las Vegas are usually short when it comes to real estate transactional expertise, there may be required disclosures and important paperwork that they have missed. You don’t want to find that out too late.

If you wind up seriously eyeing a Las Vegas FSBO home this summer, save future headaches by including your buyer’s agent commission in your offer. More questions? I’m available for consults this week!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Tuesday, August 6, 2013

National Mortgage Rates Up — But Purchases Still Climbing!

For Las Vegas homeowners and soon-to-be homeowners, it looks like the end for deeply depressed mortgage rates. Nationally, rising rates have temporarily created a downdraft in home loan applications.

According to the Mortgage Bankers Association, mortgage applications fell 4% in the first week of July after plummeting 11.7% the week before. ‘The Market Composite Index’ is the measure of mortgage loan application volume — and it decreased 4.0% from a week earlier (on a seasonally adjusted basis). Altogether, national mortgage applications so far this July are about a third below their level of a year ago.

The drop in applications comes as no surprise to those of us who keep a steady watch on mortgage rate trends. But there is one accompanying fact that wouldn’t have been as predictable. As USA Today notes, “Despite the rise in rates…the four-year average for home purchases continues to climb since it turned upward in November 2011.”

So what do these apparently contradictory stats mean for Las Vegas residents preparing to sell or buy a house?

Whichever part of the equation you fall into, it’s certainly time to get moving! If you’re considering selling, you will want to put your home on the market to take advantage of the still historically low mortgage rates in Las Vegas. It’s often the case that rising mortgage rates spur a last-minute home-buying rush. If you’re planning on buying in Las Vegas, rising mortgage rates are a pretty good indication that it’s time to put the pedal to the metal.

Either way, if you’re thinking of buying or selling in Las Vegas this summer, I’m standing by to lend a hand. Give me a call to discuss the full picture — including the latest price movement in area neighborhoods.

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Sunday, August 4, 2013

One-Liners To Make Selling Your Home Happen

If you’re thinking of selling your home in Las Vegas this summer, you’re likely to have already considered different approaches to making it stand out from other properties. Will you repaint in the entryway? Stage the living spaces? Should you upgrade the appliances — or leave them as is to keep the asking price as low as possible?

Those are all pivotal decisions, and I would be delighted to offer advice on how each is likely to affect the sales effort. But there is also a less prominent element you may not have considered: the impact the text of your advertising will have on your marketing and – potentially – the overall results. The regimented way listings are presented tend to impart them with a similarity that may not be warranted. Overcoming that effect can make your message draw attention…and prospects.

According to real estate conversion content specialist Karen Hutton, next to the main photograph, the headline is everything. Hutton’s territory is Queensland, Australia, which goes to show how universal marketing truths are. Says Hutton of the headline tactic, “It must arouse curiosity, use meaningful specifics…and be intriguing.”

Some of my favorites noted on her marketing website?

Keep Your Cool: Coffee Just Around The Corner

I’m not sure what this means — it’s why I’d have to read the ad!

Designer Retreat In The Heart Of Town

A perfect marriage of two sales points in just seven words

Go Slow: A Home For Relaxing and Entertaining

A lifestyle pitch that sounds entirely credible

An Urban Getaway To Complement Nature

Instant appeal to city-dwellers who wish they could live in the country

Good Bones: Ready For Your Inner Designer

Clever way to avoid the negative sound of ‘fixer-upper’

If you’re thinking of selling your home in Las Vegas this summer, I’ve got many more sources of inspiration for creating standout marketing designed to get your home S-O-L-D. Contact me today to schedule a strategy-building session. There’s no obligation, and the ideas we discuss can make all the difference to how you approach the many options that are immediately available in today’s market!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Friday, August 2, 2013

Buying a House in Today’s Exciting Las Vegas Market

Buying a house for the first time! It means you’ll be joining the club: the home ownership club that Americans have traditionally recognized as emblematic of the fullest community membership. It’s an exciting endeavor — one that ushers in a whole new realm of pride, maturity…and of a truly major commitment.

It’s the show of responsibility that’s the reason home ownership bestows automatic respect from the community. It is, after all, unmistakable evidence of long-term stability, as well as commitment to deal with the future with all it holds — known and unknown. That commitment is something all homeowners share.

Today, buying a house in Las Vegas means entering a changing market. Still-historically low interest rates continue, but now they have started to rise. Broader lending prospects are improving along with that rise (which is the good news). But especially for first-time buyers, it should also mean that it is doubly important to think of the long term, and to let caution and prudence lead to a buying decision that will prove to be the right choice for the future.

What that means when buying a house in Las Vegas, especially when taking advantage of an attractive adjustable interest rate (ARM) loan, is to plan for the likelihood that monthly repayments will eventually increase. Before taking advantage of a great deal, consider whether you will be able to manage monthly repayments if they jump by 1, 2 — even 3%. Although it’s only natural to expect that your family income will grow as time passes and professional experience broadens, cautious buyers keep their budget in line with actual current finances. And they make hard-headed estimates of the upkeep expenses that accompany home ownership.

If the past seven years have taught anything about buying a house, it’s the advantage of tempering optimism with realism. I’m here to help my clients make educated real estate decisions for the short term and long term. If you’ve been preparing to make that exciting first buy, I hope you will give me a call to meet and discuss your goals and the current market – I’d love to hear from you!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990