Tuesday, December 11, 2018 / by Geoffrey Zahler
On yesterday's House Rules: Real Estate in Sin City (https://youtu.be/VP9_BhnM_Rs), we discussed the Top 5 Ways to make sure your next Flip project doesn't become a Flop! We know TV shows are glamorizing the idea of buying a home, fixing it up, and making crazy profits. It's not that easy people. This is a business for most people, who do them in volume. For my baseball fans, successful flippers try to simply hit singles and doubles. Every once in a while they hit a home run, which is great, but they do everything in their power to NOT STRIKE OUT! Avoiding bad flips is the key to staying in the flip business, and here are the top 5 ways you can avoid a flop!
HAVE A PLAN:
This one sounds simple, but it's important. Are you going to be buying homes, condos, or townhomes? Are you going to just put in some paint and maybe some new flooring, or are you going to be knocking down walls to open space up, add space, and go "ful ...
Tuesday, December 4, 2018 / by Geoffrey Zahler
Greetings and Happy December,
We had an interesting month. The Median Sales Price actually dropped from October, but is still about 12% higher than it was this time last year. This is showing that the growth has started to decelerate a bit. We are still anticipating a positive 2019, but signs are indicating it will be a less aggressive positive push forward. Below are some of the stats with our commentary!
Reminder: This is Single Family Residences ONLY as reported through our MLS System, which does include some new home construction (but not all).
Median Sales $295,000 - +11.7% YOY (Down from last month)
Average $341,600 - +9.1% YOY (Down from last month)
Our Median Sales as I mentioned are up over Double Digits, and strong. The average, which tends to fluctuate more than Median, is also up close to 10% Year over year, but for the first time in a while, both were DOWN from the previous month. We tend to focus more on trends, but it is in ...
Wednesday, November 28, 2018 / by Geoffrey Zahler
Fresh off the presses... well, 24 hours fresh, but still, not bad.
The Federal Fair Housing Administration (FHFA) just announced yesterday that they were increasing the conforming loan limits beginning in 2019. GREAT NEWS! But... what does this REALLY mean to you? Keep reading!
In 2018, the conforming loan limit is $453,100. This was an increase from 2017 which was just under $425,000. A loan is considered "conforming" if it can be resold to Fannie Mae or Freddie Mac, the two largest holders of Mortgages in the country (your loan is not always serviced by the company you get a loan from, but that's a different topic for a different day). When a loan is conforming, generally speaking, you can put less than 20% down for a down payment, have very competitive rates, and overall, less hassles getting the funding.
When loan amounts jump above this level, it is considered a "JUMBO" loan. While you can still find Jumbo programs that can lend with le. ...
Wednesday, November 14, 2018 / by Geoffrey Zahler
No one decides to sell a home, and then is excited when it doesn't sell. I mean, that's not rocket science level thinking, right? But the harsh reality, at least in the last 10.5 months, is that roughly 1 in 5 single family homes here in Las Vegas that was listed for sale, either expired, or was withdrawn. That seems high, right? I mean, 1 in 5? We have 5 fingers on each hand. That's like looking at your left hand and wondering which one of those fingers would be removed...
But, it doesn't have to be like this. I promise.
In the first 318 days of this year (January 1 - November 14), there have been 29,074 Single Family Residences SOLD in our MLS system. That's pacing more than 3,000 per month! Our market is up over 10% for the year, across the board, in terms of values. Yet, in the last 318 days we have had 3,369 home listings EXPIRE, and another 4,254 listings Withdrawn. Now, before you dig into the numbers to try ande ...
Tuesday, October 30, 2018 / by Geoffrey Zahler
I love excuses... I live to hear them, and dissect them. Some excuses are VALID, don't get me wrong. Others, when you break them down, really don't carry much weight or validity.
One of the conversations I have on a weekly basis is with friends, clients, leads, on whether or not it's time for them to buy a home. We've all been there. When do you jump in? When do you stop paying someone else's mortgage and start freeing your financial future? For those that are ready, we get a move on... we start building that dream. But for those that are not ready, I generally hear one of seven excuses, shuffled and on repeat, about why someone is not buying a home.
Do you fit into one of these Seven Reasons?
1) I don't have enough money for a down payment!
- This is one I get a lot, and I totally understand it. But do you REALLY know what a down payment is going to cost you? Like, really? Have you talked to someone, a Realtor. ...