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Wednesday, February 26, 2014

Las Vegas Real Estate Values: The Outlook for 2014

If there is one question that homeowners and prospective shoppers have in common as we enter the New Year, it’s about the direction of Las Vegas real estate values in 2014. Small wonder: the financial market meltdown of the last decade had such a profound impact on all forms of real estate that it still has many people looking nervously over their shoulders. How likely is another tumble in the coming 12 months? Will real estate values in Las Vegas continue to rise? Knowing the answer could make a big difference to anyone planning to buy or sell a home in Las Vegas this year.

Of course, absolute certainty on that score is not possible for anyone without a time machine in their basement. But, as we look back over last year, we might gain a little bit more confidence by hearing from the experts who got it right in 2013.

Foremost among them was Dr. Lawrence Yun, the chief economist of the National Association of Realtors^®. Last year, he was dead-on.

Dr. Yun is calling for a continued rise in prices—pretty much in line with the past year’s gains. To compensate for expected mortgage interest rate gains—the likely effect of the Federal Reserve’s easing of policies that fueled 2013’s financial markets—he suspects that lending institutions will ease borrowing strictures. That’s something we can all applaud!

Overall, if Las Vegas real estate values in 2014 follow the NAR’s national prognostications, we would expect real estate value increases either like the Wall Street Journal’s quoted prediction of 6%, or of Dr. Yun’s 5%. Either would not be surprising, given last year’s Las Vegas real estate values numbers. What the NAR experts and the Journal also agree upon is a flattening of residential housing sales volume in line with 2013 levels.

How much credence can we give to what the seers predict? Perhaps a little more than usual. “The NAR forecast could be viewed as restrained in light of the housing market’s gains in the past two years,” says the Journal; and “…other 2014 forecasts are fairly close to Mr. Yun’s predictions.”

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Tuesday, February 25, 2014

First-Time Buyers Should Check Credit Scores Early

It can take years for Las Vegas first-time buyers to save up for their first home’s down payment, but even after that hurdle has been cleared, it can take even more time to secure a mortgage -- if they have neglected the other part of the equation. Their credit rating.

Before first-time buyers in Las Vegas will be able to move forward with that initial home purchase, they need to ensure that their credit score does not raise the kind of questions that sometimes derails an otherwise well-qualified home loan applicant. This has always been true, but may become even more likely as lending limitations grow increasingly strict.

But it’s the occasional recording error or misstatement that is most easily preventable. Ironically, those often affect perfectly well-qualified buyers—precisely because they have no reason to suspect that a problem could crop up.

The upshot: Las Vegas first time buyers should start reviewing their credit history one year to six months before they intend to buy a home. Since the credit agencies provide upon request free copies of every individual’s report once each year, the only hassle is having to check the details line-by-line (a single reporting error can have a big impact on an overall score). And since it’s not unusual to take 90 days or more to cure a disputed entry, the earlier a first-time buyer begins the process, the better. Individuals can file a dispute online with the credit bureaus, or can hire a credit repair company to assist with disputes. In all cases, claims should be documented and correct information provided immediately.

Once a Las Vegas first-time buyer is certain that his or her reports are accurate, is it time to relax? Hardly. It’s important to continue to monitor those scores to ensure against accidental surprises. Especially recently, after wholesale credit card thefts sowed confusion and disruption throughout the system, it’s probably wise to assume nothing. Several online services offer credit monitoring (and it’s possible that your bank might provide free monitoring).

From first-time buyers to seasoned investors, I’m here to help my clients every step of the way. Call me today!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Friday, January 31, 2014

Three Simple Tips Increase Your Las Vegas Home’s Perceived Value

Even when it is clearly necessary, if you’re like most of us, you feel a built-in reluctance to sell your Las Vegas property. Those four walls (okay, I know there are more like 40 or 80, but bear with me) contain all the furnishings and other possessions we gather through the years to create our family’s unique environment. When we come through that front door, we feel more comfortable than anywhere else on Earth.

But your home is also an investment (and what a colossal one it is!). That’s why the decision to sell your Las Vegas property—disconcerting though it may be—ought to be much more a business proposition than an emotional one.

When you choose me as your Las Vegas real estate agent, it becomes part of my job to point out the smart business decisions that will help you sell your property—even when that means altering some of what has always made the place feel like home to you.

Fortunately, sometimes there are really simple things that increase a home’s perceived value:

The front door is frequently absent from renovation lists, but as the point of entry, it does much to influence potential home buyers. Installing a bright, shiny new brass doorknob, giving the door a fresh coat of paint, or adding a traditional mailbox out at the curb can make your entire home seem more inviting.

Buyers are attracted to spacious rooms. If you have a cramped hall or dining area, think “mirror”. Adding one or two large wall mirrors automatically make any home that much more expansive.

If you enjoy your oversized television, you’re part of a not-so-silent American majority. That’s all well and fine, but unless the room is a man-cave, it’s likely that a television which overpowers the space will make buyers feel that the room is too small. Consider swapping for a size-appropriate set to help you sell your Las Vegas property.

Even on a miniscule budget, minor changes like these can attract interested buyers in this winter’s market. Looking for more creative ideas to sell your Las Vegas property? Why not call me today?

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

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Searching for Homes has Never Been Easier.

Text 1ZRL to 87778 to download your FREE Realty ONE Group Mobile App for 24/7 Access to Las Vegas Real Estate Listings. It puts the Power to search right in your hands. Also, with the touch of a button, you can reach me directly with any Real Estate Questions. Realty ONE Group - Marcelo V Mayol

Sunday, January 26, 2014

Surprising Las Vegas Rental Home Advantage: Allow Pets

Many Las Vegas landlords are automatically less than enthusiastic when they hear a prospective tenant’s question, “Do you allow pets?” Small wonder. The specter of damage from unsupervised four-footed co-inhabitants is a real possibility (despite the assurances of their doting masters).

Yet that kind of automatic landlord reaction might turn out to actually result in a questionable business decision. Some undeniably real benefits can accrue to those who open their Las Vegas rental home to tenants who own pets.

Don’t believe it? Here are just some of the reasons why renting a home to a strong applicant with a well-cared-for, healthy pet can benefit both parties:

1. Widens the Number of Potential Candidates Allowing pets into a rental home materially increases the eligible applicant pool, giving a Las Vegas rental home owner more latitude to select the best applicant. How many more become eligible? I checked this, and came up with jaw-dropping numbers. 47% of households own at least one dog (not to mention the 95,000,000 million that owned cats). The numbers prove what we know already: a huge number of Americans are ga-ga over their pets.

2. Respectful Tenants A Firepaw.org survey comparing pet owners with non-animal-owning tenants showed that, on average, damage done to rental properties is about equal between the two groups. The takeaway from that is the biggest surprise: just because pets are living in your rental home in Las Vegas doesn’t mean that the property will suffer. It seems that grateful pet-loving renters just try harder to keep the property in good condition. They do the worrying for you.

3. Higher Rent Renters with pets can be willing to pay some additional rent for the privilege of keeping their furry loved ones with them. Pet-owning renters are not likely to shy away from Las Vegas rental home listings that specifically allow pets — even when a “pet rent” or other fee is part of the bargain.

If you are considering buying an income property next year, I provide resources for my clients every step of the way. I hope you’ll feel free to contact me anytime with your Las Vegas real estate questions.

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Saturday, January 25, 2014

One Decision Las Vegas Home Sellers May Not Even Consider…

When you put your home on the market, one of the decisions it’s easy to overlook is whether to engage a Las Vegas home stager. Especially if you know you have a good eye for décor or have experience in the visual arts, it may not seem necessary to call in a heavy-duty home staging pro to get your place in shape to sell.

It’s certainly not a requirement for listing, but using a professional home staging company can be invaluable for a number of practical reasons:

Your home is lived-in

That does give it a warm, comfortable feeling, but that’s seldom as saleable as a home that presents itself as open and slightly under-furnished. Prospective buyers react favorably when they can easily picture their own belongings in the living spaces. A Las Vegas home stager is expert at knowing how to achieve a clean, less lived-in atmosphere with a minimum of disruption.

Save on unnecessary repairs and renovations

Most are necessarily so close to the product (their home) that it’s next to impossible to see it with fresh eyes—the way the prospects will. One of the costly fallouts can be decisions to make repairs and renovations that don’t increase the home’s value by as much as they cost. Some such improvements (like over-painting interior or exterior areas) actually comprise décor choices best left to the future owners. A professional stager has field experience and a good sense for which updates are cost-efficient—and which could be counter-productive.

You stand to earn back more than you spend

Engaging a Las Vegas home stager can cost anywhere from hundreds to thousands of dollars. That might seem like an iffy decision since you can’t know that it will ultimately pay off…but it’s tempting when you realize that successful pros are in business because of their track record of making Las Vegas houses look great—great enough to become worth more money to buyers!

Using a professional Las Vegas home stager is just one of the ways we create successful home sales. If you are looking to list your Las Vegas home in the New Year, do give me a call to get started!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990