Las Vegas Homes for Sale in NW Las Vegas

Las Vegas Home for Sale in NW Las Vegas

Beautiful Las Vegas home!

Two Story NW Las Vegas Home * 2006 Sq. Ft. - Built in 2000* 3 Beds plus Small Loft Area * Two Car Garage* Full Sized Driveway * Nice area near Durango/95 *HUD Home * Zip Code 89143

Only pre-approved or verifiable cash buyers!

SoManyHomes.com

Cynthia Abel, Broker/Owner of Southern Nevada Realty, LLC
702-527-8864

Las Vegas Homes for Sale - HUD

I've been busy posting new Las Vegas HUD listings this past week. The Vegas market continues to challenge buyers. Inventory is tight and prices are steadily increasing. Buyers need to be patient and keep making offers.

On to the homes ...

There are two Summerlin Homes for Sale that have been listed on the blog.

One is a single story with 2 beds and a den. This Summerlin Home is listed at $157,000. Click here for more details.

Need a pool? This two story Summerlin home for sale features a pool and corner lot. It is priced at $175,000. Click here for more details.

There are two others I want to share with you.

 A good sized home in Southern Highlands. This five bedroom home has over 2400 sq. ft. Great buy at $175,000. Click here for more details. You can also view other homes for sale in Southern Highlands.

The SW offers a two story home with over 1600 sq. ft. This Las Vegas Home is listed at $160,000. Great location. Click here for more details.

That is it for now. I invite you to check out the redesigned site at SoManyHomes.com

Las Vegas Buyer Resource: You Cannot Know Everything

It is impossible to know everything that will happen when you are buying a home.  Closing costs, interest rates, HOA rules and regulations, the condition of the home ... it goes on and on .... are all items that are generally not known when you first start looking at homes (or even when you are under contract at times).

Image: ddpavumba / FreeDigitalPhotos.net

It is important to go with the flow of the deal and know that eventually you will pin down all of the details.  One day can look like a total disaster then the next everything magically works itself out.

The key is to keep in communication with the people helping you in your home purchase.  Your real estate agent, escrow officer, home inspector, loan officer, insurance agent are all here to help you get through these stressful times.  Let them know what issues are important to you so they can try to get the answers as soon as possible.

Keeping quiet doesn't solve anything.  Speak up - after all in the end it is your money and you make the decisions.

Dollar and Some Sense, Part II

In my last blog post, Dollars and Some Sense, Part I, I gave you the facts on how real estate agents are paid.

This brought up a good question:  Why?  Why would anyone work on a true commission basis?

Image: Francesco Marino / FreeDigitalPhotos.net

I can't answer for every real estate agent.  My answers are:

I like owning my own business.
This business offers me a flexibility and freedom that I would not have in a 9-5 job.  Yes, I do work weekends and evenings.  However, there are times when I will take a morning or afternoon off if I feel I need it.  I determine my schedule.

Most of the time it doesn't feel like "work." 
I love what I do.  I have been fortunate to have fantastic clients who respect my work.  I give them my best and they appreciate the efforts that I make on their behalf.


I'm confident in my self and my abilities. 
There are tons of people in today's economy looking for work or worrying about their job security.   I don't have to worry about that.  I essentially am looking for work every single day and my job is always insecure.  Ha, ha.  Sounds funny but that is truly a liberating place to be. 

I never forget this is my business. 
If I feel that I cannot work with someone or they are wasting my time - then I don't work with them.  I don't make any apologies for this attitude.  I'm not a tour guide or chauffeur.  I'm here to sell homes. 

Hope this gives you a little insight into the real estate business. 

Related Post:
Dollars and Some Sense, Part I
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Patience and Perseverance

Image: Filomena Scalise / FreeDigitalPhotos.net

Today's real estate market will drive you crazy if you let it.  Multiple offers, losing out to cash buyers, and long waits for short sale approvals.

All of this leads to frustration and impatience.

I understand this is personal to you.  It is after all your future home we are trying to find.  However, it will be found.  It might take longer than you expected, but it will happen.

The market is what it is.  Don't use up your energy by worrying or getting angry.

Hang in there.  I'm here to deal with the everyday issues. After all that is my business.

If you are ready to jump into our crazy market and find your home contact me or use my Las Vegas Home Finder to receive house information via email.  I'll help you find the perfect home and give you excellent customer service at the same time.

Cindy
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Related Posts:
Las Vegas Home Buyer: Avoid Errors in the Buying Process

Top Nine Home Buyer Posts

Las Vegas Home for Sale: 89131

Gorgeous home for sale in the Northwest part of town (zip code 89131). This home has an open floor plan and is highly upgraded.

It features hardwood and travertine (stone) flooring.

If this one doesn't work for you then get a list of available homes via email - bank owned and pre-foreclosures available now!  Click here.

The backyard is private and has a covered inset patio. You have a fantastic mountain view.

You will love the kitchen featuring a large breakfast bar island, granite counter tops, gorgeous cabinets (with roll out shelves), and built in appliances.

If this one doesn't work for you then get a list of available homes via email - bank owned and pre-foreclosures available now!  Click here.

The home has approximately 2374 sq. ft, 4 bedrooms, 3 bathrooms, 2 car attached garage, living room/dining room, family room with eating area.

If this one doesn't work for you then get a list of available homes via email - bank owned and pre-foreclosures available now!  Click here.

 

If this one doesn't work for you then get a list of available homes via email - bank owned and pre-foreclosures available now!  Click here.

Shopping and restaurants are close by.

This is a gorgeous home you will not want to miss.  For more information call 702-807-3339.

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Related Posts:
Las Vegas Home for Sale 89107

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Ways Buyers Sabotage Themselves

I have written about how sellers can mess up their home sale. What about buyers? How can buyers mess up their home purchase?

Yes, as a buyer, you definitely can sabotage your home purchase.  Read on.

Lender Issues
Have you spoken to a lender? Often the answer to this question is, "I'll have no problems getting a loan." That is not the issue. In today's lending environment even highly qualified individuals are having problems getting a loan that works for them. Buyers need to talk to a lender to see what will be required of them to get a loan. In addition, most of today's sellers (banks) will not look at your offer until they have a pre-approval letter. Often, they want desk top underwriter approval. That takes more time. It isn't about your credit worthiness, its about saving time and headaches. Talk to a lender.

Paperwork
Don't delay in getting paperwork signed and back to your agent.  If you want to make an offer then get it in writing.  Your agent cannot make an offer without the purchase agreement signed by all parties.  A call to the listing agent saying, "my client is going to make an offer,"  is not enough.  Often a listing agent will get many of these calls and these "offers" never come through.  So, get the offer signed and to your agent.  If not, your offer may not be presented in time to the seller.

Confusion
The majority of the available homes for sale can easily be found on the web.  Don't waste time looking at homes that will not work for you.  Do some research on the web and get a feel for home prices and types of homes.

I know that you have to go out and look at homes.  However, often you can look at the pictures in a listing and know if a home will work or not.  We offer an emailed listing service to our clients that sends an email immediately when a listing (which matches your general criteria) is uploaded to the Las Vegas MLS.  This has been an invaluable resource to our clients. 

Also, use resources such as Google maps or Bing to get an idea of the neighborhood and lot layout.  When you are looking at homes you should be looking at homes that you would consider.  If not, you will end up confused and frustrated with your home search.

Silence
You have to keep the lines of communication open with your real estate agent and lender.  We cannot read your mind.  If you don't like something then say so.  If you don't like a home then tell your agent why you don't like a home.  The beds are too small, the back yard is not private, the home is not open enough.  All of these items are relevant and will help you agent find homes that will work for you.

Is there something wrong?  Did something change in your circumstances your lender and agent need to know?  Tell them.  They may be able to assist you.

Inconsistent Behavior
This one goes with silence, but deserves its own section.  You tell your agent you only want to look at homes with golf course views. Then you start looking at homes that don't have any view at all.  Huh?  I'll ask, has your criteria changed?  Often the answer is, hum, well, maybe, hum, we just wanted to see this home. 

That tells me, not serious.  So, I put you on the back burner and focus on my clients who are pretty clear about what they want.  Sure, I'll keep sending you listings. But, I'm not keeping my eyes open for the winner home for you.  There is only so much time in a day and I need to take care of my clients who do know what they want.  Sorry, your inconsistent behavior (coupled with your silence) could cost you the perfect home.

That is it.  A few ways in which a buyer can sabotage their home search.

Looking for a Vegas home?  Contact me.  Let's get your home search started!

Related Posts:
I Want a Home With ...

Top Nine Las Vegas Home Buyer Tips Posts

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Las Vegas Home for Sale - 89107

Beautiful home in a gated community.  This is not a short sale or bank owned.  It is clean and ready to close.

If this one doesn't work for you then get a list of available homes via email - bank owned and pre-foreclosures available now!  Click here.

 

You will love the large lot which also offers privacy.

 The floorplan is open and spacious feeling.  There is approximately 1829 sq. ft. in this three bedroom, two and a half bath home.  It is a two story with an attached two car garage.

If this one doesn't work for you then get a list of available homes via email - bank owned and pre-foreclosures available now!  Click here.

The home was just painted, has new vanities in the baths, and new kitchen cabinets.  The flooring is tiled and pergo-like on the first floor. The upstairs is carpeted (except, bath areas which are tiled).  

Super location near Charleston and Decatur in zip code 89107.  This home is on a cul de sac lot. 

If this one doesn't work for you then get a list of available homes via email - bank owned and pre-foreclosures available now!  Click here.

Looking for a Vegas home?  Contact me today.  Let's get your home search started!

Here is the slideshow.

And here is a video:

New FHA Condo Rules and Other Items

Hello Everyone! The Vegas weather today is gorgeous! Sunny and perfect walking outside weather. I took a little break this morning and went over to Town Square.

See below for a links to a few articles of interest. The only real estate related one explains new FHA condo rules. This will definitely make it tougher to use an FHA loan to buy a condo in Vegas. In addition, check out a free e-book full of interesting ideas written by seventy different authors. I just browsed through it and am looking forward to spending some time absorbing it all. Let me know your thoughts. Lastly, a yummy split pea soup. Doesn't take long to make and will definitely keep you toasty.

No previewing today, but you can see some Summerlin homes I looked at yesterday by clicking here. I will be with clients tomorrow and need to prep for them. Check back tomorrow for links to the properties we look at and my assessments. We will be looking at Henderson 55 plus communities. As always, if you want to receive property information via email then click here.

FHA Condo Rules - New rules make it difficult for condos to get FHA approval.

What Matters Now - free ebook featuring seventy different authors writing about different ideas.

Split Pea Soup Recipe - super easy.

Thanks for stopping by!!

Las Vegas Real Estate News

Here are a few stories that have caught my attention today:

Las Vegas Economy Starting to Level Off

Investors Aggressively Pursue Las Vegas Homes

Builder Hanging on By Thread

For a Dozen Area Zip Codes, Home Prices Plummet Again

That is it for now.

Have a FANTASTIC weekend!

Las Vegas Housing Stats - October 2008

The October stats are out! Here they are for your enjoyment.

Single Family Residential:
The number of available homes for sale in October 2008 was 22,929 (again, not much of a change).

The number of new resale home listings in October was 5,551 a increase of approximately 3% over September 2008. This is approximately 6% more than the same time last year.

The number of sold home listings (2,718) decreased by 2 percent over September 2008. It was a 179% increase over the same time last year. Approximately 47% of these homes had been on the market for 30 days or less. The median price of the sold homes during October 2008 was $190,000. This is approximately 30% less than the same time last year.

Condos/Townhomes:
The number of available condos/townhomes for sale in October 2008 was 5,531.

The number of new condo listings in October 2008 was 1,235 an increase of approximately 10% over September 2008 and a increase of approximately 7% over October 2007.

The number of condo/townhomes sold in October 2008 was 414. About 38% of these condos or townhomes sold in 30 days or less. The median sold price of the condos or townhomes during October 2008 was $109,575. This is approximately 36% less than the same time last year.

Source: Greater Las Vegas Association of REALTORS.

Window to Negotiate with Sellers is Closing

Dan Green, mortgage guru, says:

There are a few reasons for home supply dip:

1. Home buyers are keenly aware of the negotiation leverage they have over sellers and they know how to use it
2. Banks are getting good at selling foreclosed homes

These two elements combined to help homes sell like hotcakes during what is typically a "slow" month in real estate, boding well for the housing market going forward. The figures are consistent with the other housing data from last month that showed more homes under contract and more homes selling.

You can read it all by clicking here.

I know what he means about "slow" month. My month so far has been busy, busy, busy. Buyers are flocking to town in what is usually my time to catch up and work on my Web site.

How is Your Weather?

We are in the 70's. It is sunny and beautiful. What is it like where you are? I was out at Sun City Aliante previewing homes for a client. Great sunny day. I love our weather.



By the way, Aliante Station is now open!



Why not take a trip down to Vegas and find yourself a sunny vacation home? No snow, no ice, no rain, no gloom! Sunny days - what's not to like? PLUS --- Prices are fantastic!

How to Find the Best Home: What Else Do You Want?

In my last blog post I gave you the basic seven criteria you need to establish before looking at any homes. You can read that post by clicking here. Today, I want to discuss some additional criteria you should consider:

Condition of Home
Some homes are move in ready. Some homes need a little TLC. Some homes need serious work. What are you willing to do? Are you willing to (or pay someone to):

do touch up paint?
re-paint?
re-carpet?
fix plumbing?
drywall work?
replace doors or windows?
replace landscaping?

How do you know the condition of a home? Sometimes the pictures on a listing will show you missing appliances, dirty carpets, dingy painting, or multi-colored walls. However, we all know how misleading pictures can be. Don't worry. This is where your real estate agent comes into play. I generally try to preview homes for my clients to determine the cosmetic condition of homes. This allows us to look at homes that meet their criteria and not waste time on other homes. Once you find a home you will hire a professional home inspector to do a thorough inspection.

Lot Size and Location
Think about how much time you spend in your backyard and determine the following:
*Lot size - Generally, our lot sizes are about 4500 - 5500 sq. ft.
*privacy needs
*corner lot or cul de sac lot
*do you mind a street or commercial building behind your lot?
* how far do you want to be from the community amenities? Walking distance or maybe you don't mind hopping into the car?

View
Golf course, green space, mountain view, lake view. What do you want? Is this important? Can you have this within your price range?

Amenities
Community clubhouse, gated, guard gated, community pool or spa, tennis, golf... these are just a few amenities available. Is this important to you? Do you want a community with activities and extra services? Can you have this within your price range?

Extra Costs
Communities with amenities usually charge higher homeowner's association fees. Also, some homes in town have extra assessments attached to the home. Determine how much extra you are willing to pay and let your real estate agent know if this is an issue for you.

Remember, most communities in town have an association fee. The ones that don't are usually in older parts of town.

Schools
We only have one school district in town. I've covered how to find the best schools for your kids in an earlier blog post - click here.

I think that covers things you should think about when looking for a home. Remember to keep me informed of your criteria. Those of you looking at the listings in your private client web site* can either leave me notes with your saved homes or send me an email. This will allow me to adjust your criteria in the MLS database.

Next time, places you can use online to make your search easier.

* I have a system where you can be alerted of new listings, updated listings, and price reductions via email. This system also gives you a private web site where you can save favorites, make notes, look at maps, etc (you can get a peek of the system by clicking here). It is a super easy site to use and very convenient. If you would like access just click here and fill out the form.

Real Estate News Around The Web

Here are a few stories that caught my eye this past week:

Short Sales, a Thorny Process: good overview article on short sales for buyers and sellers. Tax consequences of a short sale have been discussed on this blog - click here to read.

Mortgage Rates Dive: rates are likely to remain low for now until the Spring.

Where the candidates stand on the mortgage crisis: not too many details, but still worth a look.

Mortgages are still available: Yes, you need good credit, a downpayment, and a job.

Seller Downpayment Assistance Ends Soon

Time may be running out to purchase a new home if you are planning on asking the seller for downpayment assistance. The recent housing bill eliminates seller assisted funding for Federal Housing Administration backed mortgages. After September, the only no down payment mortgage left will be VA loans. Right now, we are watching and waiting for seller downpayment assistance to be revived.

We know of a few home builders in town who might be able to help you. Contact us and we will register you with those builders (assuming something is available when you contact us). Don't wait because we need to get the process started in order to qualify you for the seller down payment assistance.

Meanwhile, if you are waiting for the prices to drop more - don't. Don't try to time the market because no one knows what will happen. It is a buyer's market and you should be buying. Don't let your current fears of pricing hurt you. If you find a house you love - a home you can enjoy and grow in. Buy it. Make the best deal you can possibly make and start enjoying your new home. Buy when you have the power - NOW.

Act today and let's get you into a home while the pricing is excellent and the money is available. I know there are some of you who missed out on buying a home in the past because the prices went way out of your reach. Our pricing is amazing! Don't miss out again.

Las Vegas Home Buyers: Accept, Reject, Counter????

Last week we covered what happens after you make an offer. Now, I want to talk a little more in depth about what accept, reject, and counter mean to you in the offer process.

Remember, a seller will receive your offer and can either accept, reject, or make a counter offer.

Accept
Well, this is pretty simple. Right? Usually, it is. Accept means the seller has accepted your offer and you now have an agreement (Congratulations!). Unless, you are dealing with a short sale.

In a short sale, the seller's acceptance only means the offer will now be presented to the lender. So, no agreement. Now, you have to wait for an acceptance from the bank (which can take up to 90 days). The bank may or may not accept your offer.

Reject
This is straight forward. The seller has rejected your offer and you are now free to make an offer on another property. Did you low ball your first offer, regret it, and now want to try again. Yes, you can make another offer on the same property.

Counter Offer
With a counter offer the seller is basically saying, yes, I do like some of the terms in your offer, but what I propose is ... (price change, terms change, etc.).

You are now free to take the seller's counter and accept, reject, or counter.

Highest and Best Offer
What? I know, I said the seller can either accept, reject, or counter. Well, in multiple offer situations (which happens frequently in today's market) a seller can also put out a highest and best offer call.

Essentially, the seller is saying, hey there are a lot of you that want this property, now, send me your highest and best offer so I can evaluate all and see who is really serious.

Do you have to change your original offer? No, if that was your highest and best offer then leave it.

This pretty much covers the offer process. I do want to stress one thing. Make sure you read every piece of paper you are signing during this process. If you don't understand anything ask your real estate agent. If it is a legal or financial matter call your attorney or financial advisor.

The contracts are pretty straight forward and easy to read. You must make the time to read through everything before making an offer. After all, it is your money, your home, your future.

Next time, we are going to talk about escrow and title companies.

Other posts in this series that might interest you:
Making an Offer on a Las Vegas Home

What Should YOU Offer?

Made Your Offer, Now What?

Mortgages Are Getting More Expensive

Fannie Mae has recently announced changes that will make getting a home mortgage more expensive. These changes included added fees, eliminating Alt-A loans by the end of 2008, and charging a high risk premium for buying loans.

In addition, banks have been steadily freezing, eliminating, or cutting off home equity lines of credit. Even people with good credit are finding their rates increasing,limits being lowered, and higher down payments being required.

What does this mean to you?

It means your mortgage could cost more. It could also mean the mortgage you thought you had today may be gone tomorrow. Buyers who are waiting to see if pricing will go down further could find they missed their chance due to rising financing costs and discontinuation of their loan program or home equity line of credit.

Now is a great time to purchase a home in the Las Vegas area. There are some fantastic opportunities. I know that some of you didn't buy when we were booming because the prices went far out of your reach. Prices are now well within your reach. What are you waiting for? Now, is the time to act.

Don't miss out again!

Read more about mortgage changes:
here and here.

Las Vegas Home Buyers: Made Your Offer, Now What?

Congratulations! You've found a home you love, you've made the best offer you could (taking into account your price range, the market, etc.). Now what? Now it is time to be patient.

The offer your wrote, along with your finance information and earnest money check (a copy) is then sent to the seller's agent. Now, this is where it gets fun.

All seller's have three things they can do with your offer:

1. accept (you now have a contract);
2. reject (time to make an offer on your second choice); or
3. counter (you can accept, reject, or counter as well).

It really is that simple. What varies from seller to seller is timeframe.

Traditional Seller
If you are dealing with a traditional home seller (owner of the home) then you will generally get an answer to your offer pretty quickly. Usually within a day or two.

Short Sales
If you are dealing with a short sale situation. The owner of the home will first review your offer and do one of the three things I listed above. If the seller decides to accept your offer, the offer then goes to the seller's lender for their approval. This process can take up to 90 days! Yes, up to three months of waiting for an answer. Are you patient? If not, don't bother with short sales. If you are patient then go ahead. It really isn't any more difficult than buying any other home. It just takes longer. Recently, banks have started implementing processes to streamline the time to get an approval. Hopefully, the waiting times will drop.

Oh, until the bank comes back with an approval you don't have an agreement. If you find something else you can always withdraw your offer.

Bank Owned Properties (REO's)
Here you are not dealing with a traditional seller. You are dealing with a bank. I have found that answers usually come within a week or two on any offers submitted. Generally during this time frame the bank is working with multiple offers. For more information about buying Las Vegas bank owned properties click here.

Next week, I'll explain what accept, reject, and counter mean to you.

Related posts that might interest you:
Making an offer on a Las Vegas Home

What Should You Offer?

Las Vegas Bank Owned Properties

What Should You Offer?

Buyers agonize over what to offer on a home. Before you make any offer you need to know what other homes have sold for in the same neighborhood. With our changing market it is important to have data for the last 90 days. If no homes have sold in the neighborhood in the last 90 days then go to the closest community with similar homes and look at their sales.

The recent sales data is the best starting point for making your offer. In our market, seller's look at that data and tend to stick to it. This is especially true when dealing with bank owned properties or short sales.

Still, there are other factors that may affect whether you make an offer that is within the sales data range or not. Such as....

How are you paying?
Are you a cash buyer or do you need to finance? A cash offer is always stronger than a financed offer.

What costs are you asking for in your offer?
If you are asking for closings costs or any other costs to be paid by the seller remember that the seller will look at the amount you are asking for and deduct it from your offer price to determine his final number. For example: You make an offer of $200,000 and ask for $10,000 in closing costs. The seller will think, well the offer is really $190,000.

Does that mean you should not ask for closing costs? No. It is common to request closing costs and this should not jeopardize your chances.

When are you closing?
Sellers prefer a fast close. That is why cash buyers are so attractive because they can generally close within 7 days. Compare this to a typical closing date which is 30 - 45 days from an accepted agreement.

What is the condition of the home?
Fixxer uppers generally sell for less because of needed repairs.

How long has the home been on the market?
Your real estate agent can tell you how long a home has been on the market. A seller sitting with a home on the market for a few months may be motivated to look at your less than market value offer. However, make sure that you know why that home has sat on the market for so long. If it started out priced high then that could explain why it sat for so long. In that case, the seller may decide to wait to get the offer they want.

What type of buyer are you?
I think this is the most important factor. If you love the home and can't imagine life without it then your offer should reflect your love. In our market multiple offers are common and you don't want to lose your dream home to others. If you are the "I don't fall in love with real estate" type then your offer will be completely different.

Regardless of the above, you determine the offer price and terms. Offer what you feel comfortable offering on a home (based upon all the available data) and then let the seller decide what to do.

Next week I will discuss the offer process.

Related posts:
Making an Offer on a Las Vegas Home

Las Vegas Bank Owned Properties

Solve your Real Estate Worries with Four Questions