Las Vegas Going Green

By Stephen Roberts | May 7, 2010

Habitat for Humanity is going green in a big way here in the Las Vegas and Henderson Valley. The Habitat for Humanity Organization, which is a non-profit organization that provides affordable housing to lower-income residents who participate in the houses construction and paying the mortgage, has unveiled two completely green homes here in Las Vegas.  The homes are designed based on the Leadership in Energy and Enviornmental (LEED) criteria, which wil result in lower energy bills and improved indoor air quality.

The two prototype homes were built with funding help from the MGM Mirage Voice Foundation and the Lincy Foundation, along with materials donated by local building suppliers.  Due to the high cost, not all homes will be built by this high standard but many efficient features of the home may be copied.  There are many top of the line features in this home that will not be replicated to all of Habitat for Humanity homes.  The improvements will benefit the future home owner who will greatly save on their energy bills every month.  A typical Habitat for Humanity home costs around $130,000 to $150,000.  The family selected to live in the environmentally friendly house will only pay the cost of the house, without any profit margin for the organization.  The families also must put in 300 hours of volunteer labor and have a full time job to be qualified to purchase the home.

For more on Green Real Estate visit our website and look under Go Green.

Topics: Green Real Estate | No Comments »

Summer Tourism in Las Vegas

By Stephen Roberts | April 30, 2010

There has been an increase in demand for Las Vegas vacations lately, bumping up hotel room prices and airfares for summer travel.  Though travelers may not like the bump in prices, Las Vegas is still well positioned to take advantage of the high demand of travelers this summer.  Travelocity.com reported that the average hotel room price in the U.S. would go for $144 a night.  The average price for a hotel room in Las Vegas is considerably less at $100 a night.  Though Las Vegas has recently fallen behind Orlando for the top tourism city in the country, Las Vegas still has a lot to offer for potential tourists.  MGM’s new CityCenter development has drawn up a lot of curiosity from tourists and will help increase the number of tourists that visit CityCenter this summer.  Las Vegas also has the advantage of having a wide variety of attractions that appeal to different markets as well as varied hotel prices for different demographics.

The best value about Las Vegas vacations this summer is the packages.  The spa packages, golf packages, entertainment packages, etc. are all at great rates.  Las Vegas also has the benefit of having lower than average air-fairs when you compare to other tourism cities in the country.  The national average air-fare for round trips is $471.  Las Vegas sits significantly lower at $398, giving Las Vegas a great advantage when tourists are picking the best value for where they want to travel.  Hopefully this summer we will begin to see Las Vegas climb out of the recession and lower the unemployment rate due to high demands for tourism.

Topics: Henderson Nevada Homes | No Comments »

Benefits of a Home Inspection

By Stephen Roberts | April 8, 2010

Although new tax breaks and great housing prices in Henderson, Las Vegas and Summerlin make buying a home easier and more cost-effective than ever before, it can still be a daunting task to undertake the path to home ownership. In addition to the stress of moving, you’re probably worrying about things like loan processing fees, down payments, mortgage options, and closing costs. Even with a financial advisor and a realtor at your side, these can add up to quite a bit of hard work!

However, almost every homeowner will tell you that these costs are definitely worth buying a NV house. Not only are you purchasing a place to call home, but you’re making a financial investment with potentially huge returns. That’s why you should always consider a home inspection before signing on that dotted line, even if the added expense isn’t one you’re looking forward to.

What is a Home Inspection?

Many people equate a home inspection with a home appraisal, and with good reason. At their core, the two processes are very similar: in both, a trained professional goes through the home and inspects it with the intent of informing all parties involved on making the smartest buying and selling decisions.

However, the similarities stop there. Home appraisals are done to give buyers, sellers, real estate agents, and financers a better idea of what the home is worth (based on “surface” things like square footage, number of rooms, and amenities like a fireplace or granite countertops). A home inspection, on the other hand, is all about informing buyers about the potential problems that lie underneath the surface.

For example, a home inspector will be able to answer the following questions:

What a Home Inspection Does for You

Although most home inspections cost the potential homebuyer hundreds of dollars up front, they typically end up saving homebuyers thousands of dollars in the end. When you get a home inspection, you can not only step away from a purchase that might not be right for you, but you can also require sellers to either “fix” the problems before you buy the home, or adjust the price in order to allow you to make the repairs.

Of course, there’s also the benefit of knowing that the home for sale in Henderson that you purchased is safe and comfortable. It can be difficult to know just what a house has in store for you until you’ve lived in it for a few months. A home inspection is the best way to take the house for a “test drive” before you make the investment. And with so many choices currently on the Nevada real estate market, you’re in a perfect position to make a smart, financially-sound choice for your entire family.

Topics: Henderson Nevada Homes, Las Vegas Nevada Real Estate, Summerlin Nevada Real Estate | No Comments »

Las Vegas Economy On the Rise?

By Stephen Roberts | April 6, 2010

According to recent statistics released by the Las Vegas Convention and Visitors Authority, visitation got off to a good start here in Las Vegas in 2010.  The visitor volume in January of this year was 2.88 million people, that is a 4 percent increase over January 2009.  There was also a 1.8 percent increase in the weekend occupancy rates here in Las Vegas in 2010, despite the fact that there was a 5.8 percent increase in the amount of rooms in the Las Vegas inventory.  The average hotel room rate is down which is a good thing for consumers.  The January 2010 room rate was down 4.9 percent from January 2009.  The statistics also show that though visitors have been more willing to come to Las Vegas, they have been a little less willing to spend as much money gambling.  Let’s hope that these numbers continue to rise and the Las Vegas economy can get back on its feet.

For all your real estate needs contact Steve Roberts at 702-739-4392.

Topics: Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update | No Comments »

Homebuilders Anticipate Economic Recovery In Las Vegas

By Stephen Roberts | April 2, 2010

The Las Vegas homebuilding Industry has high hopes that 2009 was the bottom year and 2010 will be the beginning of recovery.  Despite the $8,000 federal tax credit incentive to first-time homebuyers, the sales of new homes here in the Las Vegas and Henderson Valley fell an astounding 48 percent according the SalesTraq.  The number of new home sales dropped from 9,965 in 2008 to 5,184 in 2009.  That’s a long way away from the 38,705 homes that builders in Las Vegas sold in 2005 during the housing boom at the peak of the market.

It is hard to imagine a recovery of the economy without the recovery of the housing market leading the way.  If you are building homes you are going to build schools, roads, retail centers, etc.  Many homebuilders are expecting 2010 to be a rebuilding year, where they can focus on building different types of homes that better meet the demand of the time.

The large problem in a state such as Nevada is that many prior homeowners are underwater.  Many homeowners owe more on the mortgages than the homes are worth.  These people will not be in position to buy a new home for quite a while.  There is also a concern that recovery may still be stifled because a lot of subcontractors have gone out of business due to the recession.  Once there is high demand, it may be difficult for homebuilders to keep up.  There also may be a shortage of materials such as lumber.

As we approach summer in 2010 we hope to see not only the housing market recover, but the economy as a whole.

For all your Real Estate needs contact Steve Roberts at 702-739-4392.

Topics: First time homebuyer tax credit, Henderson Nevada Homes, Homebuyer tax credit, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, foreclosures | No Comments »

Buying a Historic Home in Nevada

By Stephen Roberts | March 13, 2010

For many people living in or moving to NV, the best real estate purchase is one that combines the comfort of home with a piece of history. Buying a historic home in Henderson, Las Vegas or Summerlin is fairly common in today’s market, thanks to an incredible real estate climate and one of the most dynamic historic districts in the state.

However, if you’re simply looking at the intricate architecture and are thinking how great it would be to own a piece of the city’s history, you might want to take a step back and consider all the work involved in becoming a historic home owner.

Home Quality

The most important consideration for purchasing a historic home in Henderson is the quality of the house. Whether you’re looking at a bungalow or a mansion, you have to remember that time is rarely kind to real estate.

In addition to outdated materials (like plaster instead of drywall or lead pipes) and difficult-to-work-with architectural styles, you have to consider the costs of restoring the house with authenticity in mind. Many materials are no longer available or can be costly if you want to maintain the historic integrity of your home. The same is true of the availability and cost of craftsman qualified to work with your particular home.

Nevada Housing Regulations

Many historic homes are overseen by governing bodies that regulate what you can and can’t do to your own home. If you’re in the market to purchase a historic home, make sure you know who you will have to go through to get the right permits for renovation, or if you’ll need to register and pay a fee to get your home listed as an authentic historic site. You might also want to note what kind of tourist interest you will get from having a historically-listed site.

Financial Investments

Fortunately, not everything about owning a Henderson historic home is hard work! Historic homes, when restored with authenticity, safety, and modern comfort in mind, are an incredible financial investment. Many people are willing to pay top dollar for homes that are in perfect shape or that have a keen attention to detail.

Many local governments also offer tax credits and tax freezes for those who maintain a certain level of quality in their registered historic homes. This means that a historic home can be a great investment, as well as a beautiful piece of architecture.

Finding and Buying Your Historic Home

When refurbished to contain all the modern amenities today’s families need and enjoy, a historic home can become a showpiece – both for your own visitors as well as those interested in the history of Henderson, Summerlin and Las Vegas. As with all real estate purchases, however, this one should be made after much consideration and under the guidance of your trusted agent.

Topics: First time homebuyer tax credit, Henderson Nevada Homes, Homebuyer tax credit, Investment, Las Vegas Nevada Real Estate, Mortgage Rates, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate | No Comments »

Las Vegas’ Home Values

By Stephen Roberts | March 5, 2010

“I think we’re tremendously undervalued right now.  One reason I saw that is because you can’t replicate a home today for what you can buy it for.” –Larry Murphy (President, SalesTraq)

No part of Las Vegas or Henderson was left unaffected by the dramatic drop in home prices last year.  There were some parts of the valley that were hurt less than others but none went unaffected.  Some areas only saw about a ten percent depreciation in median home prices while others saw up to sixty percent depreciation on median prices.  Overall the median price for an existing home fell thirty-eight  percent in 2009, down to $128,108.

New home sales in the Las Vegas Valley hit a 24 year low in 2009 sustaining a forty-eight percent decrease over the previous year.  In both the new home and existing home areas, many experts agree that here in the Las Vegas and Henderson Valley, we are extremely undervalued.  Many investors are taking advantage of the low priced housing market, driving existing home sales up fifty-seven percent in 2009.  About three quarters of the sales were attributed to foreclosures with the median home price being about $116,000 and nearly forty percent were cash transactions.

Another reason the Las Vegas and Henderson Valley may be undervalued is because cash flow on rental homes is strongly positive.  Back in the 1980’s investors were happy to break even on a rental home after deducting interest and taxes.  At this point in time most investors are taking advantage of the positive cash flow of rental houses and hanging on to their investment until the market picks up.

Larry Murphy, President of SalesTraq predicts that 2010 will be much like 2006 where home prices ended the year just about where they started.  It appears as though housing prices are bottoming out here in Las Vegas, but it still may be a while until we see a full recovery of the housing market.  It looks as though the worst is behind us.  Murphy is predicting that the banks will close on about the same amount of houses as 2009 but there will be a much different result.  Rather than foreclosing on the houses, many of the homes will turn into short sales, or deals where homes are sold for less than the mortgage balance.  Much of this is due to a new law in Nevada which require mediation before a bank can foreclose on a home.

For all your Real Estate needs contact Steve Roberts at 702-739-4392 or visit my website at www.hendersonrealestateonline.com!

Topics: Henderson Nevada Homes, Investment, Las Vegas Nevada Real Estate, Mortgage Rates, Southern Nevada Monthly Economic Update, foreclosures | No Comments »

Henderson / Las Vegas Update

By Stephen Roberts | March 2, 2010

Though it may be hard to believe, many Nevada homeowners are finding themselves in a better position then many people who have lost homes due to foreclosures across the country.  Many homeowners are bracing themselves for lenders going after them for the difference between what the bank sold the house for versus what the homeowner owed in the mortgage.  In many states, lenders can wait up to five years to file legal action seeking deficiency judgment.  In the state of Nevada, lenders have only six months from the date of the trustee sale to file for a court judgment against the homeowner.  Due to the recession, many lenders are choosing not to seek a judgment against the homeowners at this time.

There were good sales when it came to single-family homes in the Henderson area in December and January, but the southwest valley led the way when it comes to foreclosures and short sales in the previous month.  Sales in the south and southwest were strong, accounting for 37 percent of the total over the past few months.  On another hand, it seems as though luxury home sales are increasing.  Experts say the market showed a little more life in the months of January and February with an increase in sales from previous months.

To search for your perfect Las Vegas Valley home, please visit our website www.hendersonrealestateonline.com

Topics: Henderson Nevada Homes, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate, foreclosures | No Comments »

Marketing Your Nevada Home: What to Expect during Your Open House

By Stephen Roberts | February 9, 2010

If your NV home is for sale – whether in Henderson, Las Vegas, Summerlin or surrounding areas – there’s a good chance your real estate agent will discuss the benefits of an open house with you. Open houses have long been a part of the home sale experience, since it allows prospective buyers to take a “low-key” approach while they browse the merchandise. It also gives your real estate agent the chance to network with a large number of potential buyers all at one time. In some cases, it also means you’ll finally sell that home!

However, an open house can be an unnerving event; after all, you’re opening your home up to complete strangers, and in most cases, you won’t be there to witness the event. By knowing what to expect, you have a better chance of selling your NV home – all while keeping a handle on your peace of mind.

• Remember that an open house is just one part of a larger marketing process. No one wants to sell your home more than your Henderson real estate agent, and the best approach in any sales climate is to reach as many potential homebuyers as possible. That means diversifying the way you market to include those who prefer the low-key atmosphere of an open house.

• Don’t expect immediate results. Few people enter an open house and make a purchase right then and there. The real outcome is most likely going to be a few appointments for a private viewing or future appointment.

• Remove your valuables, money, keys, pets, medications, and any paperwork that has personal information on it (such as bills). Although a good real estate agent will keep an eye on your property to avoid damages, anything that is of value (for either monetary or personal reasons) should be safely tucked away. This can actually help sell the house in the long run, since personal effects tend to turn buyers off.

• Do a walk-through with your real estate agent immediately before and after the open house. This will allow you both to determine damages or thefts with an objective eye.

• Remember that an open house can tell you a lot about your property. Your real estate agent will be able to draw conclusions based on the turnout and the overheard comments. If few people show up, it could indicate that your asking price is too high, or that your curb appeal simply isn’t up to snuff. A large turnout with few leads could mean that the problem lies with the layout or “dressing” of your home.

Selling a home in NV can be difficult in today’s market – but it isn’t impossible. By approaching your marketing strategies with an open mind – and an open house – you can get your home effectively promoted throughout the Henderson, Las Vegas and Summerlin housing market with better results than ever before.

Topics: First time homebuyer tax credit, Green Real Estate, Henderson Nevada Homes, Homebuyer tax credit, Las Vegas Nevada Real Estate, Mortgage Rates, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate | No Comments »

The Impact of Short Sales

By Stephen Roberts | February 9, 2010

The Las Vegas and Henderson real estate market seems to be changing from a market dominated by foreclosures, to a housing market dominated by short sales.  Short sales are transactions where the banks allow homes to be sold for less than the owner owes on the mortgage.  This often times gives the banks a higher return of money at a faster rate, a lot less hassle than going through with a foreclosure.  The trend began several months into 2009, in a market flooded with foreclosures.

In the first four months of 2009 there was reported fewer than three-hundred short sales per month.  In May the numbers slowly began to increase.  According to the research firm Applied Analysis, the last two months of 2009 short sales have brought their way up to averaging seven-hundred homes per month.  January had similar numbers and it looks like this trend is going to continue into 2010.

In 2009 foreclosures accounted for fifty percent of existing-home sales compared with sixty-seven percent to seventy percent in 2008.  The reason being is that short sales made up a larger margin of the sales in 2009.  This sudden change from foreclosures to short sales could have a very positive impact on the Las Vegas and Henderson real estate market.

Analysts say that short sales will get a boost in 2010 due to the federal government.  The Treasury Department of the United States is offering incentives on short sales by providing a $2,500 subsidy.  The program will be available by April 5, 2010 but servicers can implement it earlier.  This steady increase in short sales should have a positive impact on prices of homes in the housing market today.  We have seen prices stabilize over the last five to six months because we have seen a decrease in foreclosures in the Las Vegas and Henderson area.  It is likely that the increase in short sales will allow the median average price for an existing home to rise.

For all your real estate needs contact Steve Roberts at 702-739-4392 or visit my website at www.hendersonrealestateonline.com.

Topics: Henderson Nevada Homes, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate, foreclosures | No Comments »

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