Jacob Lew, U.S. Treasury Secretary, announced on June 26th the extension of the MHA (Making Home Affordable) Program. This is terrific news for Las Vegas homeowners who are still having a hard time with their mortgage payments and those who still don’t have enough equity to refinance their property.
The MHA includes the HAMP (Home Affordable Modification Program) and the HARP (Home Affordable Refinance Program). Both of these government programs were scheduled to end last year, December 31, 2013. But before 2013 ended, the federal government arranged an extension for both programs to go through until 2015. However, as foreclosures continue to go down, a second extension was slated and this time it’s until December 31, 2016.
According to Realtor.com, HAMP has aided more than 1.3 million homeowners modify mortgages while HARP has helped 3.1 million homeowners refinance their homes. But even with these promising numbers, there are still 6 million homeowners in the country who remain struggling to make payments on their homes.
The HARP program is intended for homeowners who have loans with Fannie Mae and Freddie Mac and are experiencing difficulty paying mortgages. The HARP program can help them by lowering their interest rates (to the lowest possible interest rates) through refinancing to avoid foreclosure.
The HAMP program is designed for employed homeowners who are on the verge of foreclosure. HAMP can stop foreclosure by modifying the terms of the mortgage. It can lower the homeowner’s monthly payments to as much as 31%.
Both programs under MHA are helpful for homeowners who are struggling to pay mortgages. Although the numbers on foreclosures have significantly dropped and the real estate sector is on its way to recovery, not all communities caught this tide. Some communities are still on their “pre-recession levels.”
If you’re interested in learning more about the HARP and HAMP extension, reach out to us. It’s always better to be proactive when it comes to your home. Our team of real estate professionals will be happy to discuss these great options with you. Contact us today!]]>
Flipping homes or house flipping in Las Vegas has become a highly profitable investment alternative for many real estate tycoons and aspiring real estate moguls of the 2000s. House flipping is essentially purchasing a property and reselling it for a profit. As simple as it may sound, it’s not always easy. This trade comes with many unique complications for novices and the most experienced house flippers alike.
House flipping can fetch you a nice profit but can also cost you a lot of money.
Just like any business ventures, you’ll need capital. And with house flipping, it’s always an expensive one to dabble in. Although you’ll hear of some low financing platforms available, you’ll still need some cash to pay interest. Every penny you spend on interest will add to the amount that you need to get back from the sale just to recover your expenses.
The solution? Pay cash. Your source of funds shouldn’t limit you to purchasing the property; it should be able to take care of renovation costs, holding costs, taxes, and utilities.
Prepare yourself for lots of decision-making ahead. Some of the major decisions you’ll have to decide on will include where to purchase, what kind of property, whether it’s a fixer-upper or a newly built home, what renovations you need to do to bump up the value, what renovations to skip, when to get in and when to get out.
Carefully study all your options and/or get the help of a notable realtor who can guide you through your house flipping venture. Successful real estate flippers have an understanding of real estate contracts and clauses, they have a long list of investors or rehabbers in mind who will be interested in their property and they also have connections with attorneys and title companies who can seal the deals for them. If you’re a beginner and you feel this is the perfect time for you to get in, opt for getting help from an expert.
Lack of Patience
One of the enemies of house flipping newbies is impatience. Finding the right property, buying it, fixing it up, putting it back on the market and meeting with potential buyers takes time. You will not be only investing money when you get into the real estate business, you will also need to invest time if you want it to become your business.
If you have time commitment issues, think twice or don’t jump in. Check out this list of contrasts between a professional and a novice house flipper.
If you want to get into the real estate business, as an investor or a flipper, and want to talk to an expert to get an idea of what it’s like and the possibilities that are out there, reach out to us. Our team driven real estate professionals will be happy to sit down and discuss potential real estate deals with you. Contact us today!]]>
For more information about these properties or a specific open house, contact us today! or give us a call at 702-625-3202.
RARE & STUNNING – this Summerlin West single story home has beautiful Strip views as well as an amazing pool plus casita. All nestled in the gated community of Talaverde there is nothing left to be desired. Upgrades flow through out the home to included flooring, cabinets, counters, stonework & shutters.]]>
Free Video Transcript Download Top 5 Keys to Sell Your Home Transcript
Many people don’t realize that 98% of real estate buyers are now coming from the internet and 84% of them stated that photos helped them decide on their next home. Our team recognizes this fact. That’s why we capitalize on these key ingredients to make sure that your home makes an impact once it hits the market.
Our team will sell your home on a different level. If you want to find out the big difference on how we market homes, watch today’s featured video.
If you’re thinking of selling your home and you need an expert’s advice on this matter, reach out to us. Our team driven real estate professionals will be happy to guide you and counsel you in every step of the selling process. Contact us today!
If you take a look at the average size of the American home, you’d notice that it has almost doubled since the 1980s. This is not only happening in Sin City but throughout the country. And it’s not because of family sizes getting bigger. Families are actually getting smaller but their need for space is growing. That’s the main reason why homes for sale in Las Vegas are getting bigger and bigger. Demand simply dictates it.
According to recent findings of the U.S. Census Bureau, last year, the average home size reached 2,600 square feet. This piece of information boggles even the experts at NAHB (National Association of Home Builders).
Rose Quint, AVP for survey research at NAHB says, “We had the same question: Why was this happening when most people want smaller homes, want to downsize.” One conclusion the NAHB has on this is the increase of repeat buyers in the market.
These repeat buyers saw the opportunity of inexpensive land matched with historically low interest rates and built bigger homes.
This is where all that extra footage goes as far as homebuilders are concerned. But America’s appetite for bigger houses will always be there, which is why the homes for sale in Las Vegas will also continue to evolve.
What special touches do you look for in a home? Are you checking out some houses for sale in Las Vegas? Feel free to reach out to us. Our team driven real estate specialists will be more than happy to assist you in this home hunting journey. Contact us today!]]>
Just last April, the Howard Hughes Corp. announced its plans to construct a luxurious apartment complex with 124 units next to Downtown Summerlin. Construction will start this fall and is expected to be completed by next spring. This project will be a joint venture with the Calida Group, another notable developer in the Las Vegas area.
Units will have 1-3 bedrooms with spaces ranging from 1,000 to 2,040 square feet. It will have its own spa complete with an on-call masseuse and skin-care specialist.
And while this project hasn’t even started yet, a second announcement was made by Howard Hughes Corp., and this time it’s a joint venture with Discovery Land Co. Reports say that this is going to be the most expensive development in the area yet. The development will sit on 555 acres and will hold only about 250 houses.
The low-density neighborhood is going to have spacious lots with prices starting in 7 digits. Groundbreaking on this project is expected to take place by 2015.
John Restrepo, from the Las Vegas research firm RCG Economics said, “The two projects are a sign that the local economy continues to evolve, and the housing market continues to improve.” He added, “The Howard Hughes Corp. is trying to meet different market niches as those improvements happen.”
The unnamed neighborhood aims to go beyond The Ridges level of exclusivity, which is currently considered as Summerlin’s highest-end community.
The new neighborhood will have an exclusive 18-hole golf course designed by Tom Fazio, one of the top golf course designers in the country. It will have its own exclusive spa and fitness center staffed with consulting physicians and a five-star chef. It will also have an Outdoor Pursuits Program where families can enjoy fly-fishing trips, kid’s camp, hiking and other adventurous activities.
Even experts are saying that Discovery’s ultra-luxe plans will be a first in the Las Vegas Valley. This is all made possible by the recovering economy. Kevin Orrock, President of Summerlin and VP for The Howard Hughes Corp. on master planned communities said, “As we move west, you will certainly see some other custom-lot developments, but this is very one-of-a kind. You won’t see another Discover project in Summerlin.”
These exciting projects are in anticipation of the influx of luxury buyers that will be coming in as the country’s economy steadily improves. Luxury buyers will never run out of choices when they start looking for their extravagant dream homes in Sin City.
If you’re in the market looking to buy, invest or sell a property then reach out to us. Our team of real estate experts will be more than happy to talk to you on the potential real estate opportunities you may be interested in. Contact us today!]]>
Median home prices are surging across the nation. Last month, the median price peaked at $195,000. In the Las Vegas area, GLVAR (Greater Las Vegas Area of Realtors)reports that there was a gain of 1.6% in prices from last month and a 14.7% gain year-over-year.
GLVAR President Heidi Kasama said “It’s good to see this kind of appreciation in our local home prices. Going forward, I think we’ll see prices continue to stabilize. Expect to see smaller percentages when we look at how much prices have increased year over year.” Kasama added, “We’d still like to see more inventory in our housing market, but at least we sold more homes in May than we did the previous month.”
Interest rates have a profound effect on home prices, impacting affordability of residential properties. High interest rates means a high mortgage, therefore lowering the demand and pushing the prices down. But when interest rates decline, home prices become more desirable, therefore lifting the prices up. An article by Investopedia discusses in length How Interest Rates Affect Property Values.
These also play a major role when it comes to demand and real estate prices. Legislation on taxes, (deductions, credits, exemptions) and government subsidies help boost desirability of the real estate market.
Back in 2009, a first-time homebuyer’s tax was passed by the U.S. government. This move resulted to around 900,000 homebuyers purchasing homes. A big jump was seen in home sales during a dragging economy. In a way, even though temporary, the government was successful in jump starting the real estate market.
Another example is Assembly Bill 284 (AB 284), which placed a bottleneck in foreclosure proceedings in Nevada. This resulted to historically low inventory levels, driving real estate prices straight through the roof.
The nation’s economy directly affects the health of the real estate market. If the economy is doing well, so will the real estate market. This could be checked by economic indicators like prices of goods, employment rate, the GDP, import/export activity, manufacturing, etc.
One type of property that is very volatile to economic changes is hotel rental, due to “the type of lease structure inherent in the business.” Hotel renters are highly impacted especially when the economy is down, unlike office tenants who are signed up for long-term leases.
All these factors have an intimate relationship with real estate pricing, however the degree of impact on home prices will still depend on other elements such as demographics, average income, supply, demand, existing median home prices, cost of construction and other trends. Having deeper understanding of how these factors play with home prices will definitely help every consumer in their real estate journey whether they’re investing, buying or selling their home.
If you have any thoughts on today’s topic feel free to comment on the field below. We always appreciate hearing from you.]]>
In the world of real estate it has been said that there are only two classifications: Luxury and everything else. The luxury sector has been known to behave separately from the rest of the real estate market and so do luxury homebuyers. It’s not surprising anymore to see luxury homebuyers looking for unique must-haves for their homes.
But what do these luxury homebuyers look for?
Pumped with Smart Home Technologies
One of the most sought after features in the market today is the smart home. The more bells and whistles the house has, the more appealing it is. Luxury homebuyers want to be able to do everything with the touch of a button, like tasks as simple as controlling lights, locking up, turning on the air conditioning or heater, lighting up the fireplace, adjusting shades, starting the bath or even warming up their dinner. They want to be able to do any of these things with one push of a button, whether they’re at home or anywhere in the world.
A Gourmet Kitchen
Today, entertaining guests is no longer limited to the living area or the bar. A growing trend is entertaining guests directly in the heart of the home: The kitchen. This is the rising new penchant for sophistication and glamor. There should be a lot of opportunities to wine, dine and hang out. A beverage center with chillers, espresso machine and wine chillers is the new favorite activity zone. This is also a great chance to sport the homeowner’s culinary skills and use the newest appliances.
Outdoor Living Space
Outdoor space has developed into a whole new concept over the years. It’s not just about pools, basketball courts and tennis courts anymore. Today, outdoor space is one of the newest indulgences in luxury real estate. Landscapes are transformed into patios, meditation gardens, kitchen gardens, orchards and even casitas.
Another popular space in the home for luxury homebuyers, especially for the male population, are game rooms, home theater rooms, and office spaces. These “man caves” can fetch a hefty amount for homeowners.
Spacious Walk-in Closets
Closet space for luxury homebuyers holds a slightly different definition: It’s not just for organizing clothes but rather for exhibiting the whole wardrobe. Some luxury walk-in closets display clothes, shoes, bags and other accessories, just like in a mall. With extra perks like a flat-screen TV, cappuccino makers and even a breakfast nook.
It’s typical for luxury homes to have spa-like bathrooms with spa features. These bathrooms usually have deluxe jetted tubs with chromatherapy, a walk-in shower area with multiple shower heads and unique fixtures, electronically controlled water temperature and spray patterns and dual sinks.
More and more luxury homebuyers are choosing energy efficient homes. These upscale green homes are made from environmentally friendly materials and furnished with new technologies that will reduce the consumption of water and energy. Going green is luxury real estate’s new status symbol.
If you’re looking for a unique luxury home, reach out to us. Our team of experts have a good pulse on the luxury sector and we can point you to the right direction. Contact us today!]]>
Hiring a real estate agent to help you buy, invest, or sell your home may seem like an easy task, but it’s really more difficult than it seems. It’s essential that you hire a professional who understands you and is able to communicate with you, but at the same time be equipped with enough experience to get the job done.
It’s important to know the background of your agent. Ask about his experience and how many clients he’s had with similar transactions. It’s also critical to know if your agent is doing this full-time or part-time only. There’s a huge difference in terms of service between an agent who is doing this from sun-up to sun-down and an agent who’s only doing this for a few hours a day.
Expertise on a specific location, neighborhood and market sector is an important quality to look for in an agent. Communities, especially luxury communities, have their own special behaviors. If you’re looking for an antique home or trying to sell one, you need an expert to take care of any possible restrictions or challenges that go with buying or selling such a home.
A great way of gauging your realtor’s capability is to ask for references. An established agent will have no problem giving you her references. Allowing you to meet and talk with previous clients is also a chance for her to show you how she manages her business dealings. Ask her clients how the agent managed their business and if they will recommend the agent to their families and friends. If they provide you with a positive feedback, they were satisfied with the agent’s service.
Keeping in touch with each other while you’re in the process of selling or buying a property is essential for success. A few hours missed could also mean missed opportunity. It’s important to discuss what will be your point of contact. Your agent should be a great communicator because his goal is to communicate what you want as a seller and convey your strengths as a buyer.
It may be uncomfortable, but it’s essential to find out how much your realtor’s commission will be. Ask for a breakdown of the estimated cost so you can compare rates from other agents.
After your interview, do more sleuthing. Check how active she is in real estate sites and what reviews she has received from past clients. This will give you a better feel of your agent’s personality and work process. Do your homework; your success in buying or selling depends on your agent’s skills.
Are you in the market to buy, sell or invest? Are you still looking for a realtor to help you with your real estate concern? Reach out to us. Our team driven real estate professionals will be happy to answer all your real estate questions for you. Contact us today!]]>
A new trend that is slowly catching on with homebuilding companies and homebuyers alike is energy efficiency. Yes, builders are going green and so are the consumers.
The NAHB (National Association of Home Builders) with McGraw Hill Construction published an interesting report entitled “Green Multifamily and Single Family Homes: Growth in a Recovering Market.” It discusses the increasing demand for environmentally friendly products and systems for the homes. The report also puts a focus on the factors that triggered this dramatic growth.
NAHB Chairman Kevin Kelly says, “This new study demonstrates phenomenal growth in green building, with more builders engaging in sustainable building practices than ever before.” He added, “While growth in green in the single family market is driven more by high quality and customer demand, the multifamily market is more driven by cost factors such as the availability of government or utility incentives, as well as enhancing their competitive position and corporate image. All are compelling reasons for the industry to engage with this continuously growing market.”
Consumers are asking for green buildings and appliances because it lowers their energy costs. The report consistently shows that today’s consumers want green homes because the cost of energy is increasing.
Codes and regulations in many states are changing, leaning more toward environmentally friendly homes. In some cases, homebuyers may even qualify for a federal tax credit.
Green homes and products are available and affordable in the real estate market. It’s no longer a rare and expensive thing and buyers are receptive to it.
Homebuilders going green are aware that customers are becoming increasingly conscious of the long-term value of energy-efficient homes. They are even prepared to pay more for systems or features that will decrease their utility cost over time. Other perks that go with going green is improved air quality, temperature and humidity is controlled better, increased home value and you get a clear conscience because you know your home is working for the environment and not against it.
In Las Vegas alone, there’s noticeable growth in local homebuilders going green. Builders foresee this curve to continue in the following years. This is why builders are strengthening their designs and offerings to accommodate anticipated growth in the market for environment friendly homes.
If you’re in the market for energy-efficient homes, we can point you in the right direction. Our team of real estate driven experts have a good pulse on where to find the best energy-efficient homes in the market. Contact us today!]]>