Posts in category: Home Buying

Searching for the perfect home is hard. You have a certain idea of what you want in mind, which may or may not be realistic according to your budget. What happens if your budget does not permit you to find the home you want, in the area you want? Do you compromise on the home or on the location? Every person is different when it comes to this decision. However, what many people don’t realize is that every neighborhood is consistently changing and what you may have thought about a specific neighborhood 5 years ago, has likely changed today. With that in mind, us girls at New Home Resource decided to help by listing a few things to consider when choosing an area best suited for your needs.

Crime Rates

Unfortunately, crime is everywhere. It goes without saying that the level of crime in a neighborhood is a serious consideration when determining where you want to live. No one wants to live in an area with high home robbery rates and violent street crimes. Do your research on local crime rates through sites such as Trulia’s Crime Map or by contacting the local law enforcement office.

School Districts

The importance of school districts is a factor that many people fail to consider. If you have, or plan on having children, making sure that your home falls within the district of a respected school is important. In fact, even if children are not in your future, it’s still a factor to consider if you plan on leasing-out or selling your home later on. Using a website such as Great Schools will help you determine the rating of schools in the neighborhoods in which you are considering. Go one step further by attending a PTA meeting and talk to other parents about the school’s curriculum and budgets.

Curb Appeal

Take a look at the neighborhood. Is it one that has been kept in good condition? Have the streets been cleaned and the trash collected? Find out by taking a drive through the area looking for signs of financial trouble. Understandably, some of the best deals in town are homes that are either short sales or foreclosures, and some areas have been hit harder by the recession. With the way the economy is improving, it’s a great sign that these areas are on the way up too.

Community

Before buying a home, make sure it’s in a community in which you’d be happy to live. How can you do this? By talking to the neighbors, visiting at different times of the day and night, and researching the local amenities. Drive around and look at parks, playgrounds, retail areas, etc. By visiting at different times of the day and night you can really make sure that this will be a home that you’ll be happy to live in. Every time of day sees a different atmosphere. If you work from home, will you be able to concentrate with the noise levels?

Lifestyle

Buying a home isn’t just about the house, it’s about your whole lifestyle. Does this home fit your lifestyle? If you’re a big foodie, visit the local food joints. Can you see yourself being satisfied by what’s offered?  If you like to going to bars, make sure the local ones fit your scene. If you love to get outdoors and be active, check out local parks, hiking trials and gym amenities. Be realistic and prioritize factors based on how much you actually engage in those activities. There’s no point moving to the outskirts of a town for hiking trails if you realistically only use them once a month.

Commuting

More often than not, the areas in which we work are not the areas in which we want to live, however commuting time can make or break your decision to buy a home. Try driving different routes from the house to your workplace during what would be your commuting time. Is the commute time realistic between dropping off the kids at school and rush hour traffic? Does the cost of gas or public transport to get to work exceed your budget? Check out local government websites, are there going to be any major road repairs that will affect your commute to work?

When we take into consideration all of these factors, we are often left with one or two areas that fit our needs and desires. Now it’s time to follow your gut and go with your heart! Let the gals at New Home Resource help.

If you are looking for a new home, please contact Joanna Piette, Denise Moreno Thrasher, Heather Brockhurst, or Evelyn Beng Kern at New Home Resource today. (702) 365-1000.

When searching for a new home we tend to go in with unrealistic expectations and demands. Don’t worry, it’s natural. However, it is often hard to determine exactly how much space you need in your new home. With hobbies, family members and general acquisition of furniture and various other objects, it’s important to make sure you have enough space to accommodate your life.

It’s not just what you currently need or want that you need to think about, but also what your goals and plans are for the home. Are you thinking about having children, if so, is this the home you plan to raise them in? Is there an option to extend?

Consider how you live in your current home, does this layout work for you? Do you prefer open-plan living space for entertaining? Do you need a formal living room for the adults and a separate den for the kids? Do you work from home? Do your hobbies require additional space?

Taking all these factors into consideration enables you to realistically start the thought process to determine how much space your home needs.

Things to consider about opting for a larger home:

• With a larger home comes larger utilities bills. The cost of running the house will be more due to the additional space requiring energy.
• Expect higher taxes and insurance on the property.
• Maintenance will require more time and money.
• That extra space means a higher mortgage payment.
• Extra funds will be needed to furnish the additional space.

Things to consider about opting for a smaller home:

• A smaller home means less space to grow as a family.
• Entertaining space may be limited.
• There may be a lack of sufficient storage.
• Not enough space to do hobbies or work from home.
• Lack of personal space from other family members.

How to calculate and compare your current home to what you are looking for:

• Measure all the rooms in your home and compare to the space in possible contenders for your new home.
• Take note of how you use each room and whether it fulfills its primary purpose.
• Note how each room feels in terms of space.
• Add up how much space you’d like and need in each room.

If you are looking for a new home, please contact New Home Resource at (702) 365-1000.

Buying a house is a big deal and, furthermore, so is applying for a mortgage. When you’re ready to purchase a house you need to get your finances in order to work out just how much you can afford to spend.

1: Be Realistic

Many people over-estimate how much they can afford on a monthly basis. If you earn $3,000 a month then it’s likely that you cannot afford $2,000 in monthly mortgage payments when you factor in the cost of living. Sit down and look at your monthly expenditure. Do you have hobbies that you can’t live without? Do you like to take vacations and weekend breaks away? Do you plan on making a big purchase within the next year? If so factor in the cost of these into your monthly expenditure before deciding on your monthly mortgage payments.

2: Do Your Research

Research different areas and communities, take into consideration the school districts, proximity to work, leisure centers and amenities. Does the area you are looking at have all the amenities you need? If it doesn’t what are you willing to sacrifice? House size or proximity to work? Does the cost of commuting outweigh the lifestyle and vice versa.

3: Shop Around

Finding the right mortgage company is crucial. Don’t just go with the first company you visit, shop around and find out about all the different loans that are applicable to you at each company. Be sure to take note of interest rates and compare them to the current market. Remember you will have a long-term relationship with that company, so make sure you feel completely comfortable and confident that they have your best interests at heart.

4: Consult An Outsider

If you’re ever in doubt talk to someone who is not emotionally involved in buying the house to get an unbiased view. Before setting out to buy a house, it’s a good idea to sit down and write up a list of all the must-haves, bonus features and factors that you’d like in a home. Does the home you’re considering buying meet all of the must-have features? Does the extra bedroom really justify the additional cost? Having the outsider sit down and rationalize with you about the property can help you to see if you’re being rash or rational about the purchase.

5: Sign The Dotted Line

When you’ve finally made the decision to buy a home, have your lawyer or real estate agent go over all the paperwork. This will ensure that all the paperwork is in order, up to date and legal. Once both parties have agreed with the purchase price and the contract, it’s time to sign that dotted line.

If you are looking to purchase a home please contact New Home Resource at 702-365-1000 for a real estate agent to help you find your dream home. Joanna Piette was voted Best Real Estate Agent at the 2013 Best of Silver State Awards.

The Las Vegas housing market is finally on the way up after being labeled the “Foreclosure Capital”.

With rock bottom prices, Las Vegas is seeing an influx of cash buyers as investors are grasping the opportunity for rental properties.

With over 59% of homes sold in February purchased by cash buyers, the market made a new record for Southern Nevada.

How should you play this fast-paced market to ensure the best price?

1. Cash offers are more likely to be accepted by home sellers, due to quick closings and no appraisal valuation issues.
2. Those with financing should not be discouraged, however, overbidding and guaranteeing the seller your offered price (regardless of appraisal) seems to be the way offers from financed buyers are being considered.
3. The answer is not to be the ‘first’ offer, but the ‘best’ offer.
4. Get aligned with a New Home Resource agent who is at the pulse of the market and knows how to get in the game!

To read more from the original article click here.

Happy Holidays!   There has been quite a bit going on in our marketplace today, from even further constraint in available housing, to increased NOD filings, to even higher sales prices in recent months.

A little bit of history……   In August 2009, Clark County saw a whopping peak of 11,482 filings of Notices of Default.    The filing figures remained steady around 4,000+/- per month, from 2010 through September 2011.    The October 2011 effective date of AB284 then caused filings to fall to less than 1,000 a month.  

To clarify, the “need” to foreclose on a property did not change – what DID change was the bank’s ability to foreclose, due to the requirements of AB284.   You can read my blog post from earlier this year regarding AB284 to learn more.    According to the Board of Realtors®, foreclosures have fallen from nearly 50 percent of Las Vegas home sales to about 15 percent in October (we believe to be a direct result of AB284), and short sales now account for roughly 45 percent of the market.

As a result of AB284, default filings fell by as much as 80% through September, though the numbers have been growing over the past several months.     There were almost 2,100 Notices of Default filed in August 2012.    Additionally, as banks resolve past issues with MERS, we anticipate increased foreclosure activity – and may even see some lower prices as a result of the increased supply in available listings.

At this time, our current MLS inventory shows only 3,800+/- single family homes available, an unbelievable 10-day supply of housing!      This decreased inventory has caused asking prices for Las Vegas homes to increase 13.7% over a year ago, as reported by online site Trulia.com this morning, December 4^th.     And according to Las Vegas-based SalesTraq, the median existing home price in Las Vegas has climbed from $100,000 in January to $124,000 in October.

We do try to report the most accurate, up-to-date information to our clients, but there could be a margin of error in our reporting.   Please understand that some of our comments may also be opinions and not absolute fact.  

If you’re a home buyer or a home seller in today’s frenzied Las Vegas market, you need professional help.   Call Heather Brockhurst, Denise Moreno or Joanna Piette at 702-365-1000 and be a part of the right team!   HAPPY HOLIDAYS FROM NEW HOME RESOURCE!

The lack of resale housing available in Las Vegas has caused all out-frenzy to buy, perpetuating a steady increase in pricing over the past year.

The GLVAR (Greater Las Vegas Association of Realtors) reported earlier this month that the median price of single-family homes is up almost 14% since September 2011, and some sources that believe prices have increased as much as 20% from one year ago!    GLVAR reports that condominium prices are up 24% from this time last year.

Almost half of the Las Vegas market is comprised of short sales; foreclosure activity has slowed to barely a crawl since the inception of AB284, whose effects are still be greatly felt throughout the state.   This tight supply of homes is responsible for pushing up pricing from all types of home-sellers, who are taking advantage of the lack of inventory.

This increase in pricing is being felt in the appraisal arena (see my blog from 9-25-12) because comparable sales can’t keep up with the fast-rising pace of the newly listed properties.    Even new construction homes are suffering with low appraisals.

Some reports are showing sales volume is actually down from a year ago.   One must wonder if this surge in pricing isn’t keeping many buyers out of the arena.

When this will end is anyone’s guess.    For home sellers, NOW is a great time to sell your home for top dollar!!   For buyers, you need a professional agent who knows how to work well within this unique market.   Contact Denise Moreno, Heather Brockhurst or Joanna Piette with New Home Resource today at 702-365-1000!

What is going on with today’s home values??!!       Whether you’re a buyer or seller in today’s market, it’s probable you’ll encounter appraisal issues!

Low inventory, likely due to AB284, has caused an all-out bidding frenzy for the few homes on the market today.   Prices are regularly being bid higher by anxious buyers, and prices set by sellers are often thousands of dollars above the recent comparable sales.    And when multiple bids drive a house price thousands of dollars above the listed price, appraisers are still coming in with values below the agreed-upon price.

Considering most comparable sales in the Las Vegas market are of ‘distressed’ properties that have been neglected and/or not maintained, in need of repairs, carpet, paint and landscape, we can see how a property in ‘good’ condition would appraise for less – strictly because the comps are lower.   And unfortunately, appraisers are not giving credit for the improvements and better condition of the non-distressed properties.

Appraiser reluctance to report local appreciation is becoming a significant obstacle.  Many appraisers are reluctant to make justified upward adjustments for superior property condition or upgrades, because they fear criticism that they are potentially overvaluing the property. Many Realtors® and loan officers feel that appraisers will go with a lower valuation so as not to upset overly-cautious reviewers at the appraisal management companies.

As Realtors®, we are increasingly seeing buyers who want a home that is move-in ready, and as their agents, we must prepare them to consider paying the difference between the appraised value and the agreed-upon purchase price.   The bottom-line is simple:    Buy a distressed property and immediately put $20,000+ into it, or, pay $10,000-$20,000 in appraisal difference to get the beautiful home that is move-in ready.

Lenders who finance the property use the ‘lower’ figure as the base for lending.  So, if the appraisal comes in $10,000 less than the agreed-upon price, that $10,000 is money you’d pay in addition to your regular down payment and closing costs.   In days past, sellers usually came down on their price to keep the deal together – – but today that is not the case.  Sellers are regularly standing their ground on the agreed-upon price because they know ‘someone’ will pay it.

Until our inventory issues are worked-out, we don’t see a quick end in sight to these issues.    If you’re a buyer in today’s market, prepare to pay a little extra $$ above appraisal to get a great house.      You need professional help:  Call a New Home Resource Realtor® today!    You can reach Joanna Piette, Denise Moreno, or Heather Brockhurst today at 702-365-1000 !!   Don’t waste another minute!

If you’re thinking about selling your home, I’m thinking of telling you NOW’s the time!

Now, I’m not a clairvoyant and I’m not privy to any secret housing information, so all of this is based on my own gut feeling….  But I DO eat, sleep and breathe real estate, every single day!!!

Here’s my take on it:    Due to the negative effects of AB284 on our housing market (see my blog from 6-25-12), our inventory is at an all-time low…..  Interest in buying today’s undervalued real estate is incredibly high.   Together these two things = frenzied buying, overbidding and top-dollars being paid for today’s real estate.    Literally everything from vacant land to condos, manufactured housing to duplexes, single family to luxury homes are all receiving multiple offers, and selling above list price, day in and day out!    Cash buyers and financed buyers alike are overbidding to be the winners.

It’s my belief that the  effects of AB284 causing the current UNDER-supply of houses will conversely cause an OVER-supply when all these kinks get worked out on the bank’s end.   Once this glut of held-back foreclosures begins to hit the system, the generous supply of available properties will put an end to overbidding to win something.    A buyer will simply move along to a better-priced home down the street.

So THIS is why I say that NOW is the time to sell your home!    Even if you are selling short, I certainly believe that your lender(s) would be more likely to approve a sale at a higher price where their loss is less.    It could be a good bargaining tool as well!     And NEW HOME RESOURCE has a lot of experience with short sales!

If you are a traditional seller with equity In your home, selling TODAY could put more $$ in your pocket for investments, to build savings, pay for a college education or wedding, pay off debts or to buy a different home that better suits your needs.

Regardless of the type of sale, you definitely want to be working with the tenacious and knowledgeable Realtors® at NEW HOME RESOURCE!    Call Joanna Piette, Denise Moreno, Debbie Sullivan or Penny Womack today at 702-365-1000 !!   Don’t waste another minute!

The assembly bill known as AB284 became effective 10-1-11 and dramatically reduced the number of foreclosure filings in Nevada.       Just as a disclaimer, we’re not attorneys and don’t even pretend to explain nor understand the whole of the law.

To put it as simply as possible, the bill requires lenders to file an affidavit regarding the possession of the defaulting homeowner’s mortgage note & deed.  This affidavit would be filed along with the “Notice of Default” (aka NOD), and failure to comply is now a Class C Felony.   The NOD is the act that really allows the lender to physically foreclose at a future date.   So you can see that the whole thing is a domino effect – one must happen before the other, before the other, etc and the end result of an REO listing is directly affected by this new bill.

Literally thousands upon thousands of eventual-foreclosures are piling up on the bank’s books, while the banks work toward meeting the requirements of AB284.      “When” these will all hit is anybody’s guess.

Today, we have a staggering few 4,500+/- properties listed on MLS – – – 487 of which are ‘REO’ (foreclosed) properties.     All of the others are traditional sales, short sales, and/or investor ‘flips’.     This low inventory has caused a buying frenzy wherein the lower-priced properties are receiving multiple offers within hours of listing.   One of New Home Resource’s $210,000 listings received FORTY (40) offers!

The name of today’s game is overbidding and patience.    Buyers are regularly agreeing to pay over the appraised value to not lose the property they’ve come to love.  Gone are the days of sellers reducing their prices to meet low appraisals.       Every good buyer’s agent is counseling their buyers as to these facts of today’s market and the probability of paying more than appraised value to keep the home in escrow.

What does all this mean?   This is not all bad!!!      First of all, in recent years, property values have been horribly, horribly undervalued – – we’re simply bringing the market back into line, one property at  a time.    Even paying a few dollars more for something is well worth it – the property is being bought at a fraction of where it sold just a few years ago!    Even at these prices, we are stealing homes!!   Interest rates are at an all-time low where you can OWN a gorgeous home for less than rent.

Just make sure you’re using a knowledgeable, professional Realtor® who knows today’s market, has excellent relationships with fellow listing agents and who can give you the best advice for your situation.      You should be using a NEW HOME RESOURCE agent!    Call Joanna Piette, Denise Moreno, Penny Womack or Debbie Sullivan today!  702-365-1000

SELLING SHORT?      NOW IS THE TIME TO SELL YOUR HOME!!

Needing to short-sale your home?  NOW Is the time!     Buyers are abundant and available properties are scarce.

In addition, Fannie Mae and Freddie Mac have just announced new SHORTENED timelines for short-sale decisions and a couple of the major banks are changing their processes to shorten their timelines as well.

You need a qualified real estate team to handle your short sale – call on the Joanna Piette Team at New Home Resource.    We get the job done!  Many times we already have buyers in place, just waiting for a great home like yours to hit the market.  Don’t delay – call Joanna Piette at New Home Resource today 702-365-1000.