Las Vegas Property Management

Las Vegas Home prices are dropping throughout the Las Vegas Valley causing many Las Vegas homeowners to owe more than their home is worth. Trying to sell your Las Vegas Home while you owe more than it is worth is called a "Short Sale". A short sale is when your lender agrees to accept a dollar amount that is less than the mortgage amount that you owe. If you lender refuses to accept a short sale and you still decide to sell your Las Vegas Home, you will be required to pay the difference between the sales price and what you owe.

Another option that you might want to consider is leasing your Las Vegas Home instead of trying to sell in this buyer's market. The Las Vegas Rental market is doing very well as most homes that are priced right get rented very quickly.

Finding the right Las Vegas Property Management company is important!

You can visit us on our website at www.LasVegasPropertyManagements.com for all your Las Vegas Property Management needs!

Las Vegas Buyer's Market

Is it still a buyer's market in Las Vegas? Absolutely it is! But whats strange about the Las Vegas Real Estate Market are what we are seeing with bank owned homes price below $225K? Would you believe that there are multiple offers? I have a few clients that are looking to purchase a Las Vegas Home for under $200K and every home that they have liked so far had at least 3 offers?

So yes we are in a buyer's market, but we are also seeing buyers bidding higher than list price to purchase a Las Vegas Home. If someone would have told me that the Las Vegas Real Estate Market would be like this 6 months ago, I would have never have believed them.

If this continues in this price range, you can expect Las Vegas home prices to creep back up if demand continues for homes in this price range. My advice, if you are thinking about buying a home in Las Vegas, don't hesitate, start looking now!

Las Vegas Home Prices Near 2004 Pricing

Las Vegas Home prices are dropping to levels we haven't seen since 2004! What is causing prices to drop 40% to 50% in some areas? Las Vegas Short Sales and Foreclosures are the culprits! Banks and Lenders have way too many homes on their books, so they are slashing Las Vegas Home prices to get these homes sold as quickly as possible.

What this means is great deals for buyers! Buyers who just a couple of years were priced out of the market can now purchase homes in the high 180s! Prices should begin to level out as inventory drops, but there is not an indication yet when inventory will begin to drop. It could be as early as spring of 2009 when Project City Center, along with other Las Vegas Strip Projects open and begin to contribute new jobs to the local economy. These Las Vegas Strip Projects are expected to create over 113,000 jobs over the next 5 years starting in 2009. These jobs will be filled by those relocating to Las Vegas and they will need housing! Local experts predict that the Las Vegas Housing Inventory will be absorbed and we could see a repeat of 2004 with prices starting to rise!

So if you are going to buy, the time to buy is now!!!

Need To Sell My Las Vegas Home

So I hear that question a lot every week. Many homeowners don’t know where to turn because they owe more than their home is worth. Many have seen their payments increase by hundreds of dollars because their interest rate on their adjustable rate mortgage went up. Many Las Vegas Homeowners are in complete shock that their home is worth much less than what they paid, just a few years ago!

The only option that they have at this point is a short sale. I explain to them that if they decide to sell, it will have to be as a short sale and its imperative they used a licensed real estate agent. Short sales require a lot of paperwork back and forth with the bank and many hours of negotiating. Sellers can still be responsible for the loss if they don’t pay attention to every detail in the paperwork that the bank provides!

I have had a few homeowners tell me there are just going to sell their home for sale by owner and hope for the best. The problem with selling their home as a Las Vegas for Sale by Owner, they still have to sell it as a short sale and they will be representing themselves as they negotiate with the bank.

So the point is, if you owe more than your Las Vegas Home is worth, contact a real estate agent and see what options exist!

Gambling on the Las Vegas Real Estate Market?

Can the commercial boom that Las Vegas is experiencing rescue the Las Vegas residential home market? My opinion, yes! Over the next 5 years, we are going to see the opening of Project City Center which will create 20K to 30K jobs, Echelon Place and Donald Trump’s second tower! There is an estimated 30 billion being spent on new development on the Las Vegas Strip and over the next 5 years we can expect an additional 15 billion to be spent. So how will that affect the Las Vegas Housing Market?

Currently we are seeing an over abundant amount of inventory, which is causing Las Vegas Home prices to fall. I expect we will continue to see home prices dropping into late 2008 and then home prices should begin to level out. As we enter 2009, we will begin to see many of the Las Vegas Strip projects nearing completion. This means they will begin to fill job positions and the local Las Vegas Economy will not be able to absorb all the new job positions that these projects are creating. We will begin to see a migration of people moving into Las Vegas to fill these job positions. With this migration, the Las Vegas Housing Market will see much of its inventory absorbed which should allow our market to stable.

So if I were a gambling man, I would bet on Las Vegas having a strong housing market in 2009! That means if you are going to buy a Las Vegas Home, you should buy before 2009 when Las Vegas Home prices will start going back up!!!

Sellers Want A La Carte Listing!

So I went on a Listing Appointment yesterday in Henderson. I met the sellers and they gave me a tour of their lovely 1 story home. As we took the tour they began to tell me about the interview they had with other Las Vegas Real Estate Agents and how much they would charge them for commission and what type of marketing they do to sell homes. The whole time I felt like they were trying to break me down before I even had the opportunity to go over what I can do for them and what my commission rate was!

Now it was my turn to sit down with them and show them what I do for my clients! As always I went over the most recent sales in the neighborhood and the surrounding area. When I gave them the price I thought they should sell their home, they responded with, well so and so told me we could sell it for a lot higher of a price than this. After hearing this, I spent some time educating them as to why they could not sell for that price because the most recent sales don’t constitute a price that high. When I finished explaining pricing, they seemed to understand?

Next I went over my marketing plan and how I attract buyers for my client’s listings. I explained how important an Internet presence was and I showed them how strong my presence was on the Internet! They appeared to be very impressed and said that they definitely want their home to have that much exposure. When I was finished, I thought this was going to be my listing, boy was I wrong!

When I asked the sellers if they had any questions, they responded with: They liked my marketing plan but wanted me to add a few things that the other agents said they do, they wanted me to list it at the price that one of the other agents suggested and they wanted me to drop my commission to what one of the other agents advised he would sell their home. It was like they were shopping, I want a little of this and a little of that! I politely explained that business is not a la carte and that they can’t add items to the marketing plan and then drop the price significantly! I work hard to sell my client’s Las Vegas Homes! I politely thanked them and wished them success in selling their Henderson Home!