Las Vegas Real Estate Blog

Stuck in a Home

Wed, 25 Jun 2008 09:26:42 -0500

I visited with a family last night who feels stuck in their home. They want to move up because prices are amazing in the Las Vegas market. However, they had their home listed for months with an agent before deciding to move back into it and pull the listing. I felt bad for the agent as well.

CNN featured an article about being in a home you don't want but can't sell. Many may be in that situation. They want to move up or down or just away but can't because of the inability to sell.

The only thoughts we could give last night was to hold on for some time. The market has softened considerably and it isn't going to spike up over night. Home owners should save money where they can and prepare for the opportunity down the road. There will be a day months out or in a year or two when a strong shift is likely to occur as a natural real estate cycle. The shift will happen significantly in Las Vegas because of the nature of the growing economy. More people will be moving in that available residences. That demand will drive prices up nicely. If you are considering a sale ask your Las Vegas real estate agent what your options are.

Thinking about building an agent site? Think it through first.

Wed, 24 Jan 2007 19:51:58 -0600

Intro - The Cold Truth

Great web design consists of one major primary principle with a strong secondary: Content delivery is the objective and it should be presented well. If not, plan to pay for your popularity.

Content is King

Most great agent web sites (5%) have several to many high quality pages and/or UNIQUE tools. Most worthless agent web sites (95%) have several to many worthless pages and link to every tool on the planet regardless of its application.

What makes a great page? Great, unique, original content surrounded by great presentation.

What makes a great site? Great pages that are easy to find and have a focus. They cannot be pages that are duplicates from other sites.

Web Site Popularity

Just having great content won't put you at the top of search engines. You must understand SEO and site popularity. You either understand it or you pay someone who does.

Common Agent Sites

Most real estate agent web sites that I bump into (because I am a design geek I have seen thousands of sites) are products of an agents desire to follow the trend believing it will bring them some type of business. If agents will change their mentality and provide great content and present the content well the business will find them...or they can design a shoddy site and pay for its popularity and then get mad when it doesn't convert.

Web Site Purpose

If you are going to spend one dime or one second on a web site be sure you know why you are doing it. If it is because "every good agent needs a site" then you are wasting precious resources. If it is because you want to serve your clients with great information or a great experience then you are on the right track.

If you simply want a web profile, otherwise known as an online brochure, then plan your site as such and don't deviate. Just don't expect much search engine traffic. Unless you drive the traffic yourself with great print material or ad space (or you pay someone to make your site popular) you won't see it.

Once you decide what your purpose is then begin planning but don't vary from your proposed target or you will have a site that does what every other agent's site does: link to mls, describe why the market is so great, brag about the agent, link to every other web site on the net, and provide really little value.

Create Great Value

Put yourself in your clients' shoes. If you want to buy or sell a house what do you really want to see? If you want a great agent what do you REALLY want to know?

If agents want to provide real value and reap the results here are some necessary components (among others): MLS search tool, well written real estate articles, great design. Make a list of 50-500 real estate related topics. Create one page for each topic writing no less than 4 paragraphs with a minimum of 3-4 sentences each with a key word or phrase in each page. Arrange the topics into categories and create simple-to-use navigation (we'll get into this later). Link to several (not every) tools that fit your sites focus. Look around you. Type a search into Google for the city you are in and the words "realtor" (i.e. miami realtor). What comes up? The top 10 sites (not including paid ads) will likely have been on the net for 2+ years and/or have dozens of well written pages and/or hire companies to search for other web sites to link to the agent's site. They have time on the net, great content, and/or they pay for popularity.

If you are simply doing a brochure site then you will only want 6 to 10 great pages covering key topics that you want highlighted. Don't hit every topic because your site becomes diluted. Unless you plan to pay a lot of money for ad space, SEO, or print materials don't plan for many hits because there are way too many real estate agent sites out there for major search engines to care about yours - cold but true. Engines only care about great content and site popularity. If you don't plan to write a lot of content, you have a small budget yet expect a lot of traffic, hold off on the web site. Focus on other business generating activities that will provide a MUCH higher ROI. Just one good open house could net you more business than 95% of Realtor web sites net for their agents. The reality is that very few agents ever get one transaction from their site without spending a ton of time and money.

Review your site and determine if your site is like everyone elses. If it is, that's why you haven't seen any action from it in the 3 years it's been online, even if it really does look great.

Summary

The internet is about great information and/or great popularity. If you plan to do a site, understand its purpose and expect the appropriate results. You really can have a great site that generates quality leads. It will take a lot of work, time, and/or money depending on your internet skills. It will likely take the place of the time or money you would spend on a farm or some other considerable activity. If you do a site, shoot for the stars or don't shoot at all.

Good luck and happy writing!

National Home Prices More Than 15% from Last Year

Tue, 24 Jun 2008 10:15:35 -0500

20 cities are tracked in the S&P/Case-Shiller 20-city Home Price Index. Since April of last year the average home price has droped 15.3%. Many cities dropping every month for the last 21 months.

Las Vegas has been the hardest hit dropping 26.8%. Home owners have felt the pinch leading to huge numbers of foreclosures. Investors have been buying up great deals across the valley as prices drop to levels from years past.

Las Vegas real estate agents have seen historic trends up and historic trends in foreclosure opportunities. As major projects schedule their completion over the next couple of years, agent watch to se how many tens of thousands of jobs will be created drawing in a large number of residents and driving prices upwards once again.

Next Decade to See Significant Housing Growth

Mon, 23 Jun 2008 10:25:07 -0500

CNN reviewed a Harvard report suggesting that the next decade will be very healthy with regards to housing. Changing demograhics and a continued population growth mean more households are needed. There will be a hesitation in growth because of current unsold homes, however, annual amounts will average considerable growth.

From 2010 to 2020, the number of households in the United States will grow by an
average of more than 1.4 million per year, the study finds.

In Las Vegas, we anticipate real estate growth based on major projects happening across the valley, including City Center among others. Las Vegas Realtors can explain what to expect in some of this growth.

Personal Credit Explained on Realtor Web Site

Wed, 18 Jun 2008 10:18:13 -0500

Realtor.com explains how your credit history affects your purchasing ability and how late payments and charge-offs and other credit repair methods can damage credit. Currently, when purchasing real estate the credit score means nearly everything with regards to qualification.

In Las Vegas we have seen many who would have otherwise qualified in the past be declined. It is ever important to keep the credit score in good shape. A Las Vegas Realtor can either give you some guidance on how to keep it clean or who to talk to in order to either keep a healthy score or have it repaired by a qualified professional.

Housing Starts Drop to 17-Year Low

Tue, 17 Jun 2008 09:33:52 -0500

Housing starts drop to new 17-year low across the nation. According to CNN privately owned housing starts dropped 3.3% for seasonally adjusted rates. The drops indicate a stagnant period.

Michael Larson, real estate analyst at Weiss Research, said...thinks the largest percentage declines in housing starts are "probably behind us." But he thinks the number of new homes under construction will remain at current levels until builders reduce "their inventory overhang."

The market will likely remain in a valley for several months to come before improved sales begin.

Finding a Renter in the Las Vegas Rental Market

Mon, 16 Jun 2008 10:10:41 -0500

Many home owners are unable to sell their current home yet they are interested in taking advantage of the low prices and foreclosures. They want to know how they can find a quality renter quickly and affordably.

First of all, there are many factors involved in renting. It is good to get educated first. There are also fees and maintenance principles to consider. The best option to consider, according to the RJ, is to seek professional help. Find a Las Vegas Realtor who handles rentals. Some teams have staff to handle both buy/sell activities along with rental activities. Find some one who can take care of both. For most people involved in home ownership of one type or another it is difficult to beat the professional help of a qualified Realtor.

The Home Isn't Closed Until It's Closed

Fri, 13 Jun 2008 10:11:41 -0500

Many home buyers feel like they have made it once they sign the closing documents. However, with consistently changing lending programs a loan may not be available by closing time. Las Vegas Realtors should make sure things are in order before celebrating about your new piece of real estate.

A good lender is key in getting a deal closed as well. Be sure to stay on your lender like glue until the property actually records.

Las Vegas Real Estate Agents Selling Significant Number of Units

Wed, 11 Jun 2008 09:48:48 -0500

Las Vegas real estate has been in the news for under performing in a big way. However, some agents and teams are selling many units. How? We have bank owned properties and the banks are dumping them.

CNN mentions that Realtors with the right ties to banks have listed dozens of foreclosed properties. We have access to the best deals on the Las Vegas MLS and we know of foreclosures before they're listed.

In a down market like this people are teeming for deals...and the good news...many buyers are scoring big!

Foreclosures Top 1 Million

Tue, 10 Jun 2008 09:13:58 -0500

Currently, 1 million homes are in foreclosure nationwide. That is the most on record and a huge opportunity for investors. Nevada has been hit hard, specifically in Las Vegas. We already sense huge investor demand for properties that are a great deal.

We are seeing bidding on homes that are priced very competitively. Banks are doing anything they can to move these properties off the books.

If you want to buy a foreclosure or other home at a great price get ahold of your Las Vegas Realtor.

Intense Bidding Begins Housing Boom in Some Parts

Mon, 09 Jun 2008 09:43:37 -0500

In Las Vegas many homes have been foreclosed and many banks are dumping the properties. Homes are listed and within hours they have multiple offers. The activity is creating a "boom" according to MSNBC. Some buyers are not able to get in on deals because the prices get bid up to retail prices. Our team recently sold one that was initially listed at a discount for considerably more.

If you're looking for a great deal you need to know a Las Vegas real estate agent who works with banks in order to take advantage of the listings from foreclosures.

Home Equity Reported to Be Lowest Since WWII

Fri, 06 Jun 2008 11:04:34 -0500

MSNBC reported that owners home equity nation wide is at its lowest levels in decades. Many bought homes when the market was at a peak and now owe more than they can get for their home. Others took out home equity lines increasing the debt owed over what the home was worth. As the market cycles hopefully many have learned that a home can be a source of great appreciation and equity unless abused. It's important to stay on top of trends and plan well.

Summertime keeps Summerlin Swimming Pools Active

Thu, 05 Jun 2008 10:05:16 -0500

Las Vegas community, Summerlin, is known for its amenities and great living. As the summer heats up so do the trips to the pools. Summerlin has 3 community pools with another scheduled for 2010. One of the pools is an Olympic pool funded by the Hugh's Corp.

Many of the neighborhoods within the master-planned community have pools of their own and many homes come with pools. It seems if a resident wants to swim to keep cool or to compete there is an option.

A Las Vegas Realtor can help you find a home or community with a pool.

Home Buyers Downsizing

Wed, 04 Jun 2008 10:11:48 -0500

As could be expected, the housing trend's rise and fall sparked similarities in the size of home people believed they could afford. During the boom it was the McMansion. Now, home builders are releasing smaller models and buyers are selecting them.

In Las Vegas, clients are commonly looking for the best deal and just what they can afford. A Las Vegas Realtor is able to scout out those great deals in the MLS and other home finding tools.

Bernanke Says Interest Rates Unlikely to Change Soon

Tue, 03 Jun 2008 10:14:40 -0500

Bernanke says rate decrease unlikely. Oil prices are a double edged sword he says. Worries about inflation have the Fed leary of dropping the key rate. What does that tell us about housing rates? Well, though the two are related, it doesn't mean much initially. Lenders have set their rates and unless there is a considerable change in the Fed rate we won't likely see much change in mortgages.

Bernanke says we should see economic improvement later this year because of several government programs.

"To help brace the economy, the Fed in late April dropped its key rate to 2 percent, a nearly four-year low, but hinted that could be the last reduction for a while. Bernanke drove that point home again on Tuesday."