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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

www.TheMayolRealtyGroup.com

www.YourVegasHomesValue.com

Friday, January 31, 2014

Searching for Homes has Never Been Easier...

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

Friday, November 22, 2013

Tight Lending Standards Create More Seller Financing

November's Mortgage Credit Availability Index shows a slight relaxation in lending standards — but as most Las Vegas home buyers and sellers will agree, getting a mortgage is still difficult. With mortgage availability benchmarked at 100, although it’s currently at 111 ½, compared with the 800 it stood at in 2007, today’s is still a tough environment.

That’s why Las Vegas seller financing is being considered by more homeowners. When a home is owned outright, seller financing can draw a higher selling price (with future interest payments as a bonus). But before making such an offer, Las Vegas homeowners need to consider all of the ramifications: there is more involved than just the assumption of added risk.

Of course, ordering and examining a buyer’s credit report is the starting point. If the story it tells needs too many explanations, it’s time to walk away. Foreclosing on a seller-financed home can be more difficult than through a traditional foreclosure —particularly if the financing documents are substandard.

At first blush, seller financing might seem to simplify the whole transaction, but in fact some details usually handled by a bank must be hammered out:

• Who will pay for the appraisal; who for the inspection?
• Who is going to be responsible for property taxes and upkeep?
• Will the deed be transferred to the buyer right away, or only after the home is paid off?

Those issues point out why a “handshake deal” can’t be recommended for a Las Vegas seller financing arrangement. Just consider the last two points: if the deed hasn’t been transferred and taxes are in arrears, whose credit is harmed?

A good attorney will draft an agreement that nails down responsibilities and penalties for a buyer default as well as a detailed payment structure. A well-drafted seller financing agreement protects both parties by preventing misunderstandings and providing an unambiguous inducement for good behavior.

Given the right buyer, clear communicating and a framework cemented by the proper paperwork, Las Vegas seller financing can provide the missing element that makes a sale possible. If you will be listing your own Las Vegas home this fall, when you give me a call, we can discuss many of the different paths to success.

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Wednesday, November 20, 2013

Inspection Can Prevent Drug-Growing Nightmare

This could be any new Las Vegas homeowner’s worst nightmare: shortly after closing on their new house, a family in Canada discovers over $100,000 in hidden damages — the kind of damages that have to be fixed before the house can be deemed safe for occupancy. The cause? HGTV’s Mike Holmes made the discovery after doing a proper inspection on the property: the dream home they’d just bought had previously been used as an indoor marijuana-growing operation!

Believe it or not, it’s an increasingly familiar scenario. Last year alone, our own U.S. DEA busted more than 2500 “grow-ops.”

The damage such operations wreak on homes can be staggering. Increased humidity leads to warped wood, crumbling walls, and health-endangering black mold outbreaks. Holes are punched in walls and floors to run ducting. Electrical panels are circumvented to disguise high energy use, resulting in illicit wiring schemes that create true fire hazards.

Drug operations may be a rising current problem, but the issue is an older one: when housing modifications are hastily covered up, the next unsuspecting owner pays the price.

So, as a buyer in Las Vegas, how do you avoid purchasing a home with the grow-op kinds of damages?

A thorough inspection is a must — but there are also some telltale signs you can be aware of yourself. You’ll want to be aware of mold, especially in corners of walls and ceilings. Look for patterns of screw-holes in the walls (where reflective sheeting would have been put up) or on the ceiling (where grow-lights would be hung). Ventilation is a huge issue for growers, so look for patched-up holes in walls and ceilings, modifications to fireplaces, and unusual numbers of roof vents.

Outside the house, your own inspection should include signs of electrical meter tampering or clumsy outside wiring. And look for evidence of hasty masonry patches (especially in the garage).

Fortunately, any of our reputable Las Vegas inspection companies should be able to spot more obscure signs. If you will be buying this fall or winter, I’ll be able to recommend some of the best. The first step, however, is to start your search!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Monday, November 18, 2013

Mistakes to Avoid As a First-Time Home Buyer

When a Las Vegas first-time home buyer begins hunting for the prize that has to serve both as a satisfactory home base and a solid investment, most feel a mixture of excitement (a home is a landmark achievement!) and maybe just a touch of apprehension. Like any expense you’ve never encountered before, it’s appropriate to take extra care the first time out — and to pay attention to what experience teaches. Along those lines, here are some mistakes that are easy for a first-time home buyer to make. Fortunately, they’re also easy to sidestep:

1. Waiting for a better rate

Adjustable rates may well be about as low as they’re going to get right now – and some signs point to an increase in the coming months. For a Las Vegas first-time home owner who will be taking out a loan, if the property is right, hesitating to make a commitment based on a loan rate gamble is seldom a good idea.

2. Thinking short term

Consider thinking of a home as a lifetime investment. Even for those who are single or newly-wedded, it’s possible that being open to a house with extra rooms could end up saving considerably on moving, transaction and agent fees, taxes, etc. It’s equally important to look at neighborhoods and how they are changing and developing. If you do resell your home, location can make a big difference in how.

3. Underestimating hidden costs

The monthly mortgage payment isn’t the ultimate bottom line. When a first-time home buyer comes across a property that fills (or exceeds) everything he or she has been looking for, if the mortgage payment looks to be right, it’s easy to overlook other homeowner expenses. Experienced buyers make hardheaded estimates of maintenance fees and property taxes — they will be every bit as consequential as the mortgage bill.

For a first-time home buyer in Las Vegas, when thoughtful perspective goes into your final decision, it’s that much more likely to be a decision that pays off in the long run. If you are preparing to buy this fall, I’ll be standing by to help get you started!

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

Monday, July 29, 2013

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