My Luxury Homes of Las Vegas: 2013

Wednesday, March 27, 2013

Lack of Luxury Homes Inventory in Las Vegas is Limiting Sales

Luxury Homes Las Vegas - Existing home sales in Las Vegas continued to decline with 2,640 escrow closings in February, a 13.5 percent drop from the same month a year ago, the Greater Las Vegas Association of Realtors reported Thursday.

Lack of inventory is limiting sales. The number of single-family home listings without a contingent or pending offer has been cut in half from 6,543 a year ago to 3,047 in February. The median price remained unchanged from January at $150,000, which is a 24 percent increase from a year ago. We have buyers all over who are looking for homes here and we have a lack of inventory.

: Las Vegas Luxury Homes

"At the same time, that lack of inventory is sending prices up." Inventory is likely to stay low throughout this year, even though legislators are expected to amend Assembly Bill 284, the robo-signing law that throttled notice of default filings.

"Bank of America is selling off as many as they can before they go to foreclosure so they don't have to handle the REO process," .

"Wonder how many other big banks will do that?" 13,000 homes are in escrow with contingent offers, and 9,600 of them are short sales, or lender-approved sales for less than the mortgage balance. Not much has changed in the last month. Recently described the Las Vegas housing market as full of distressed assets - real estate-owned homes and short sales.

Nearly 74 percent of current inventory is comprised of traditional equity listings, compared with 41 percent a year ago and 30 percent two years ago. For the second month in a row, traditional equity sales accounted for more than half of total closings. Real estate-owned homes, or bank-owned homes, made up about 80 percent of all sales four years ago. They slipped to 10.2 percent in February, while short sales were 37.9 percent of all sales.

Cash transactions accounted for nearly 60 percent of February home sales, squeezing out buyers who need financing. Mantas Raulickis wrote an offer for a client last week on a single-story home in Summerlin. As he prepared to submit the offer to the listing agent, he learned that the property had 45 offers, including 29 from cash buyers.

Speak to one of Luxury Homes of Las Vegas Specialists today - call 702-588-6868.

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Monday, March 25, 2013

Cost Vs. Value: Experts Say Curb Appeal at Las Vegas Luxury Homes Trumps Projects for 2013

Las Vegas - Want to know how much a home's value will increase for specific remodeling projects on Luxury Homes of Las Vegas? The Cost vs. Value 2013 report, released by Remodeling magazine in cooperation with Realtor Magazine, shows a nationwide average cost for the job, resale value, and the percentage recouped. The report is based on a survey that culled the opinions of 3,900 brokers, appraisers and agents. If a home needs a new roof, the homeowner can see how much he might earn back (62.9 percent). Or, a homeowner can choose the most cost effective improvements rather than basing remodeling projects on what feels right.

: Luxury Homes Las Vegas

Get 'Em At the First Glance
The report includes data for midrange and upscale improvements, and the top ranked projects focus on the home's exterior―it's the first thing the buyer sees and it leaves a lasting impression. Siding, windows, doors, roofing, and decks dominate the top ten lists. Windows make an appearance twice, giving you two choices, wood or vinyl, as do decks, wood or composite, on the midrange list. Siding appears twice in the upscale list: fiber cement is number one at 79.3 percent, and foam-backed vinyl is third at 71.8 percent.

The Best Values?
For the least expensive cost-efficient remodeling project, replace an entry door with a steel door (number one on the midrange list) and the cost recouped is 85.6 percent. This is based on a job cost of $1,137 and a resale value of $974. For upscale projects, second on the list is a garage door replacement, which goes 75.2 percent of the way toward cost recovery. New materials and styles make this project an ideal way to distinguish your home from its competition. A homeowner skilled enough to provide some or all of the labor could realize an even higher cost recovery.

The Way to a Buyer's Heart
Kitchen remodels remain popular, but are typically expensive. However, a minor kitchen remodel takes the number four spot for midrange projects. With an estimated $18,527 spent and $13,977 in resale value, the homeowner recoups 75.4 percent.

The really good news for homeowners and the remodeling industry in this report? Percentages went up across the board for costs recouped compared to last year's report. View the entire report via the Remodeling magazine website, where regional data is also available.

Speak to one of Luxury Homes of Las Vegas Specialists today - call 702-588-6868.

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Friday, March 22, 2013

Luxury Homes of Las Vegas - 7 Tips to Enhance Your Living Room on a Budget

You can easily upgrade and improve your Las Vegas living room for less than you may think. Luxury Homes in Las Vegas. The following tips will show you where to start.

Use Curtains, Not Blinds Blinds in Las Vegas may be inexpensive, but they can also look cheap. White plastic blinds give a sterile, low-quality look to the room. Remember, window treatments are a type of decoration and they can set the whole tone for the room. Switching your blinds for curtains will help soften up a room's edges and add a pop of color.

Paint the Trim
Is painting an entire room too much work or too expensive? Just paint the trim instead. Painting only the trim will allow you to save on both paint and time. Search For Luxury Homes!

: Luxury Homes Las Vegas

Arrange Your Artwork
Artwork hung haphazardly around on the walls will make a room look disorderly. The same pictures will look much better grouped in a coherent design. To test your photo or art groupings, try arranging them on the floor until you find a composition that works. Las Vegas.

Change the Light Fixtures
Old light fixtures can make the whole room look dated. These fixtures can also make the room look dreary since they may be inefficient. Change out all of the fixtures in the room for an instant transformation.

The Art of Area Rugs
A fast way to add some color to a bland room is to put down an area rug―it's even ok to layer rugs over carpet. Rugs provide you with a lot of different color and design choices, so pick a rug that works with the walls and the furniture that is already in the room.

Put Up Some Shelves
Pre-built wall shelves are fairly inexpensive, but shelves are also easy to build on your own. Purchase basic shelf hangers at a home improvement store; then buy a standard piece of lumber, coat it with a polyurethane finish (or paint it), and use the hangers to mount it on the wall. Put old books, pictures, or souvenirs on the shelf to instantly add some color and life to the room.

Consider the Focus
Some rooms look cluttered and unattractive just because they lack focus. Decide what the focal point of the room was meant to be when the house was constructed. If there is a fireplace, you can use it as your point of focus. Arrange the furniture so that it flows in the direction of the hearth. Add some charm to the top of the mantle with some artwork, vases, or a mirror.

Speak to one of Luxury Homes of Las Vegas Specialists today - call 702-588-6868.

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Will Mortgage Rates Rise for Luxury Homes of Las Vegas?

Luxury Homes Las Vegas - A few months ago mortgage rates hit historic lows, but now rates are on a slow climb. Will higher interest rates have an effect on Luxury Housing affordability? Are historic low mortgage rates history?

Near-Record Lows
For the second consecutive week, the Freddie Mac Primary Mortgage Market Survey showed no change in average fixed mortgage rates. For the week ending February 14, the 30-year fixed-rate mortgage averaged 3.53 percent; by comparison, last year's rate averaged 3.87 percent. The 2.77 percent 15-year fixed-rate mortgage is also lower than 2012's rate of 3.16 percent. These near-record low rates are making home ownership more affordable than ever before. See more Luxury Homes News!

: Luxury Homes Las Vegas

Are Rates Beginning to Climb?
But the days of historic lows may soon be coming to an end. In November, the 30-year fixed-rate mortgage broke a historic record by averaging 3.31 percent. By the end of January, that rate climbed back up to 3.53 percent. Economists with Freddie Mac expect mortgage rates to continue the climb. A gradual increase is expected through 2013, with December's average rate projected to reach around 3.75 percent. A year later, Freddie Mac economists believe average rates could increase to 4 percent. The Mortgage Bankers Association, meanwhile, predicts the 30-year fixed-rate mortgage to end 2013 at 4.1 percent; 2014 will see the rate climb to 4.5 percent.

Rates Are Still Low
Although mortgage rates are rising, they are still lower than last year and completely affordable. With the Federal Reserve's plan to buy $40 billion in mortgage-backed securities every month until employment improves, mortgage rates will stay near their record lows in the future. Home buyers can be guaranteed a reasonable mortgage rate for the next few years.

Speak to one of Luxury Homes of Las Vegas Specialists today - call 702-588-6868.

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Las Vegas Luxury Homes forecast to have largest mortgage delinquency dip in '13

Las Vegas Luxury Homes in Nevada are expected to experience the largest decline in mortgage delinquencies nationwide in 2013, although the state's average delinquency rate is forecast to remain above the national average, an analyst from TransUnion financial services said Wednesday.

Credit card delinquencies are expected to rise slightly and are projected to trump the national average.

Las Vegas will end the year with a 60-day mortgage delinquency rate of 10.26 percent, and will fall to 8.35 percent at the end of 2013, said Tim Martin, group vice president of U.S. housing for Chicago-based TransUnion. The national rate is estimated at 5.32 percent at the end of this year.

Nevada's delinquency rate is down 18 percent from a year ago. Las Vegas Luxury Homes.

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"Things have been improving over the last couple of years," Martin said. "When I think about Nevada, unfortunately, part of it is you're seeing so much improvement because things were so bad. You had a lot of room to come down."

Nevada showed a 16.19 percent mortgage delinquency rate in fourth quarter 2009, and Las Vegas reached a peak of 18.89 percent delinquency at that time.

A couple of macroeconomic variables are working in Nevada's favor, including home price appreciation and lower unemployment, Martin said.

Nationally, mortgage delinquencies are expected to improve modestly, but remain well above the historical delinquency range of 1.5 percent to 2 percent.

At the current rate of improvement, it may take several years for mortgage delinquency rates to return to "normal" levels, Martin said.

Excluding strategic defaults, or borrowers who haven't made a mortgage payment in more than a year, the national delinquency rate would be cut in half, the TransUnion analyst said.

"We're not draining the pool fast enough on a national basis," he said. "Nevada is doing a better job of that. The entire country is improving for the third year, but make no mistake about it, we're well above normal. If the pace of improvement in delinquencies slows, it's going to be a long time before we get back to normal." Luxury Homes Las Vegas.

Credit card delinquencies, meanwhile, are a little different story, Martin said. They're expected to remain near record-low levels. Nevada is at 0.92 percent, and the nation as a whole is at 0.83 percent, well below the industry norm. The national average was 1.25 percent before the recession.

Although credit card balances are expected to rise, TransUnion's forecast of low delinquency rates indicates consumers are managing their credit card debt wisely, Martin said.

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