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

MarceloMayol@yahoo.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

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

MarceloMayol@yahoo.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

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

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

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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Getting a Mortgage in Las Vegas

Getting a mortgage in Las Vegas these days can be more involved than in years past, not least because their historically low rates make them so desirable. That loan can make or break a fantastic deal — the kind of deal you don’t want to lose when you come across it! Central to the process of getting a mortgage is your mortgage broker…but how do you know when you’ve found a great one? 

These are some of the qualities I believe most often point to the answer:  

• Truly outstanding mortgage brokers get tons of referrals from previous clients and their real estate agents…while other less well-appreciated or experienced brokers must constantly solicit new business. BUT (a very important ‘but’) that is not to say that a mortgage broker who solicits isn’t perfectly well qualified; simply, if you have selected a broker through his marketing, be sure to ask for a few recent references — and speak with them! 

• Getting a mortgage often obligates as much as a third of a household’s income, so it’s vital that it fit properly into the overall financial picture. A great mortgage broker asks the right questions to find a product that best fits your long-term goals, even when they aren’t the easiest ones to ask.

• The rules governing mortgage transactions have changed significantly in the last few years — and they were plenty complicated to begin with. Learning much of the process on the fly is part of the challenge facing brokers who are new to the field. When you are getting a mortgage in Las Vegas, if you suspect yours will be anything other than a straightforward process, it may be best to look past a newly licensed broker. An easy way to learn how much experience your broker has is to inquire about his work experience over the last 10 years.

Getting a mortgage in Las Vegas can be complicated, but it’s often decisive for your real estate transaction. I’ll be happy to introduce you to some of my proven local favorites. It’s one way we’ll be ready to go when we find you the perfect house!

*** LET US DO THE SEARCHING FOR YOU ***

Marcelo V. Mayol
702-812-9990
www.VegasHomesDistress.com

Some websites provide a property search feature, but you still need to come back and search again and again to stay on top of the market. The current market is changing at such a rapid pace that you would need to check several times a day just to stay current.

Now there's a better way. Sign up for the Dream Home Finder service and let someone else do the tedious research for you. No obligation and no cost. When new listings come to market that match your needs, you will receive an email with the property address, photos, and all pertinent information. Just click on the link or fill in the form above.

Las Vegas Dream Home Finder (FREE SEARCH)

Marcelo V. Mayol
702-812-9990
http://www.vegashomesdistress.com/

Still searching for that perfect home?

CLICK ON THE PICTURE ABOVE for a BETTER WAY TO SEARCH for FREE.

Most websites provide a great property search, but you still need to come back and search again and again to stay on top of the market. Now there's a better way. Sign up for the Dream Home Finder service and let someone else do the tedious research for you. No obligation and no cost. When new listings come to market that match your needs, you will receive an email with the address and photos of the property.

Best Deals - Las Vegas Foreclosures

Marcelo V. Mayol
702-812-9990
www.VegasHomesDistress.com

Some websites provide a property search feature, but you still need to come back and search again and again to stay on top of the market. The current market is changing at such a rapid pace that you would need to check several times a day just to stay current.

Now there's a better way. Sign up for the Dream Home Finder service and let someone else do the tedious research for you. No obligation and no cost. When new listings come to market that match your needs, you will receive an email with the property address, photos, and all pertinent information. Just click on the link or the picture of the For Sale signpost above.

Don't Miss Out on the Newest Listings - CLICK NOW!

Marcelo V. Mayol

702-812-9990

http://www.VegasHomesDistress.com/

Some websites provide a great property search, but you still need to come back and search again and again to stay on top of the market. Now there's a better way. Sign up for the Dream Home Finder service and let someone else do the tedious research for you. No obligation and no cost. When new listings come to market that match your needs, you will either get a call or an email, whichever you prefer. CLICK ON THE PICTURE ABOVE!!!