Homie’s Las Vegas, Nevada Housing Market Update October 2020

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As the Las Vegas fall season comes around, the Las Vegas market keeps on going up. Read below for Homie’s update.

In October, the real estate market saw growth on most fronts including the number of listings, number of units sold, and in terms of median listing price and sales price. However, units available and availability went down year-over-year. With that said, we’re still seeing the market continue to grow month-over-month which might indicate that buyers and sellers are becoming more comfortable in the existing real estate market.

Here’s the full breakdown:

Monthly Sales

According to the data from the GLVAR® from October 2020, Las Vegas real estate realized a 6.8% increase in the number of single-family units sold compared to 2019. 

 

List Price

Average new list prices stay strong year over year as October records a 9% increase in new listing prices for single-family units and 8.8% increase for condo/townhouse units. 

*Data from the GLVAR® from October 2020 and October 2019

 

Sale Price

Property prices continued to grow as this seller market keeps on strong. We saw an 8.8% increase in year-over-year median price for single family units, and also a 14.3% increase in year-over-year median price for condos and townhouses.

*Data from the GLVAR® from October 2020 and October 2019

 

Days on Market (DOM)

We saw the Average Cumulative Days on Market continue to decrease in October 2020, as demand for this market continues to go strong. Now averaging an insanely brief 33 days on market versus 81 Average Cumulative Days on Market in 2019. This is a strong indicator that the real estate market will continue to remain strong. 

*Data from the GLVAR® from October 2020 and October 2019

 

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Want to know how much your home is worth? Click here to request your home value report [https://www.homie.com/home-value-report]

 

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The post Homie’s Las Vegas, Nevada Housing Market Update October 2020 appeared first on Homie Blog.

Source: homie.com

Steps to Building a House

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In this article:

  • Check your financing options
  • Locate the right lot
  • Plan and design the home
  • Hire professionals
  • Understand the process of building a house

If you can’t find your dream home on the market or if you want to create a home that’s uniquely yours, you might consider building a house. Buyers who decided to build new homes were more likely to say that selecting the floor plan, having everything in the home be brand-new and customizing their home features were among their top reasons.* Before deciding if new construction is for you, you’ll want to learn about the different types of new-home construction and familiarize yourself with the process, from the initial land search all the way to selecting finishing touches. 

Typically, when someone says they’re planning to build their own home, they are referring to a fully custom build where they have a say in almost everything (short of items restricted by local laws and zoning regulations). But, in the realm of new construction, there are three different approaches buyers can take: 

Spec homes. With a spec home (short for speculative home), a home builder designs and constructs a single-family home without having one individual buyer in mind. Instead, they plan on selling the house to a buyer once it’s finished. Depending on how early in the process you are able to go under contract, you may be able to select some of the home’s final touches, like flooring, kitchen appliances and paint color. Sometimes these homes are listed for sale as “pre-construction.” 

Tract homes. With a tract home, a developer purchases a parcel of land and divides it into individual lots. Then, a home builder constructs all of the homes in that planned community. Tract homes can be condominiums, townhomes or single-family homes. Most homes in the community will look similar, and shared amenities are common. Similar to spec homes, you may be able to select some finishes in advance, depending on the timeline. 

Fully custom homes. With a fully custom home, you typically find the land on your own then hire a builder to build your dream home. You have total control over the floor plan, layout and finishes, but the process requires a lot of decision-making, attention to detail and disciplined budgeting – custom homes can be expensive. 

Since custom homes are the most complex new construction option out there, we’ll spend most of this article explaining the process.

Check your financing options

Once you’ve decided that building a custom home is the right choice for you, the next step is figuring out how you’ll pay for it – and a traditional 30-year, fixed-rate mortgage isn’t an option for custom home construction, at least not at first. 

Unless you can pay for the entire build with cash, you’ll likely be looking for a construction loan, which is also sometimes called a self-build loan or a construction mortgage. Getting a construction loan is often more difficult than getting a traditional mortgage, as you’re borrowing money for a concept and not a physical house. You’ll need to provide your lender with a timetable, budget, floor plans, materials needed and extensive details to be considered. Other things to know about construction loans:

  • They have variable rates that are often higher than typical mortgage rates.
  • A 20%-25% down payment is usually required.
  • The loan can include the land you’re purchasing or it can cover only the construction costs if you already own the land. 
  • There’s an opportunity to refinance into a traditional fixed-rate mortgage once construction is complete.

Locate the right lot

If you don’t already own the land you plan to build on, you’ll need to shop around for the right lot. A real estate agent can help you identify lots for sale in your area. 

As you narrow down lots you like, you’ll want to loop in your architect and builder to make sure the lot you select fits the needs of your home’s floor plan and design. They should be able to help you check zoning laws and restrictions and identify any attributes of the lot that might make it more expensive to build on – for example, a steeply graded lot may require more engineering, or a lot in a remote area may necessitate a septic tank.

Plan and design the home

Figuring out the size, layout and style of your home is a big task, and it can happen before or after the lot is selected, depending on your individual plans. When you’re building a custom home, the sky’s the limit, although you will need to keep in mind your budget and any limitations of your lot. And, if you don’t plan on living in the home forever, consider how design decisions will affect the home’s future resale value. 

The professionals on your team will be able to help you home in on the right style and layout, but it doesn’t hurt to get a feel for what you might want in advance. Drive around your area and identify homes you like. Look for interior design inspiration online or research the latest smart home features to see if you think they’re worth the added cost. 

Here are a few important design decisions that need to be made early on:

Number of bedrooms and bathrooms. How many people will be living in the house? Is your family growing, or are you downsizing? What about houseguests?

Single story vs. two story or more. Are there mobility issues that should be accommodated? Would a one-story home be easier for those with limited mobility living there? 

Outdoor space. How important is outdoor space and how much should you have? The bigger the yard, the more maintenance involved. 

Open concept or individual rooms. How open you want your house to be depends on your taste and lifestyle. Individual rooms give a more classic feel, while open concept homes are more modern. 

Home style. What aesthetic do you want your house’s exterior to have? Tudor, Cape Cod, craftsman, colonial?

Interior design. Are you partial to modern design, a more traditional look or something in between? If you plan on using the same furnishings you have now, will they match the look of the new home? 

Additional features. Think through other features that need to be decided on early in the process, like smart home compatibility, eco-friendly materials or solar panels. 

Future resale value. If you think you’ll sell the home at some point in the future, consider the home’s possible resale value. For example, if you add a pool or an upscale kitchen, will your home be priced too high for the neighborhood?

Hire professionals

Building a home isn’t an easy task, and it’s rare to take on the entire project yourself. So, you’ll need to have several different professionals by your side to ensure your home is structurally sound, follows local code and suits your needs.

Home builder

Hiring the right builder can make or break your custom home experience. Choose someone who is not only a licensed general contractor but also has a portfolio of custom homes and success stories in recent years. 

To find your builder, you can ask for a referral from friends and family, search online, or ask your real estate agent for recommendations. A good builder will help with:

  • Budget
  • Zoning laws, including acquiring permits
  • Infrastructure needs, like utilities and sewer

Architect

In most places, in order to even apply for permits, you’ll need architectural plans. Discuss the following details with your architect before they create your blueprints:

  • Square footage
  • Stories
  • Number of bedrooms and bathrooms
  • Layout
  • Functionality

Interior designer

You may also want to hire an interior designer who can help with the finishes once the framing and structural elements are in place. From flooring to bath tiles to fixtures, there are many design choices that need to be made, and it can get overwhelming for the average home buyer. If you do plan on making all the interior design choices on your own, don’t wait until installation time. Start researching finishes and fixtures early so you can set your budget.

Other professionals

In addition to these key players, there are other professionals involved in the custom-home-building process. Many of these people are hired by your home builder or general contractor:

  • Land clearing crew
  • Surveyor
  • Structural engineer
  • Inspector (from the city)
  • Plumbers
  • Electricians

Understand the process of building a house

After the designs and blueprints have been finalized and your permits have been approved, that’s when construction starts and your home begins to take shape, generally following these steps: 

1. Land prep
The first step in the construction process is getting the land ready. This includes clearing the area, digging trenches and making sure utilities are installed. 

2. Footings and foundation
Your foundation will be made of poured concrete reinforced with steel rods. Depending on the part of the country you’re building in and the design of your home, you may have a slab foundation, crawl space or a full basement. No matter what kind of foundation is poured, it will be sprayed with a waterproofing material and inspected by the city before framing begins. 

3. Framing
In the framing step, the bones of the home start to take shape. Framing includes the floor joists, subfloors, studs that form the walls and roof trusses. During this step, the crew will wrap the house to protect it from moisture. If construction is taking place during a rainy time of year, your builder may also install windows, roof shingles and siding during this step. 

4. Plumbing, electrical and HVAC
Once the home is “dried in,” subcontractors will start installing the home’s major systems, including plumbing pipes, electrical wiring and heating and cooling ducts. Each of these steps requires signoff from a local inspector. 

5. Insulation
Your home’s insulation needs will vary by climate, but in general, insulation will be applied to exterior walls, basements, crawl spaces and attics. Fiberglass, cellulose and foam insulation are all options. 

6. Drywall
Drywall panels are hung with screws, taped and mudded, and a spray texture is applied. Then the new walls are primed with paint.  

7. Interior finishes
In this step, most of the home’s interior features will be added. This includes doors, baseboards, casings, window sills, stair balusters, kitchen counters and cabinets, bathtubs, vanities, and hard-surfaced flooring. Interior painting and hardwood installation are sometimes done during this step, but they may be done later if there is risk of damage due to continuing construction. 

8. Exterior finishes
Driveways, walkways, patios and final grading to direct water away from home will all be completed. Landscaping and exterior decorating happen during this step too. 

9. Fixture installation
With the house close to completion, toilets, faucets, light switches, heat register covers, the hot water heater, the electrical panel and the HVAC systems are all installed. Many of these items require another round of inspection. Another task that happens in this step is the installation of glass fixtures like mirrors and shower doors. 

10. Flooring installation
Carpet and hardwood flooring are added in this late stage. Make sure to check with your builder on the status of your hardwood finishing process so you don’t accidentally damage them. 

11. Final inspection
Once construction is complete, a final inspection will be conducted by a local building official. Upon passing, you’ll receive a certificate of occupancy, which gives you the green light to move in. 

12. Final walkthrough
Before you move in, you’ll want to do a final walkthrough with your builder to identify punch list items that need to be repaired for the job to be considered complete. Common punch list items include electrical defects like nonfunctioning outlets, damage to drywall and paint, or missing fixtures.

Skip construction and buy renovated

Building a custom home is a complicated process, and it can take well over a year depending on your location, lot complications, house size, laws and the permit-approval process. Another option is to buy a home that has already been renovated – you get a fresh and updated feel without having to do the work yourself.

Shop Zillow-owned homes

Buyers of Zillow-owned homes can be confident that the homes they buy have been professionally renovated by local contractors. With Zillow-owned homes, you can avoid the stress of a custom build and make yourself at home.

 

*Zillow New Construction Consumer Housing Trends Report 2019

The post Steps to Building a House appeared first on Home Buyers Guide.

Source: zillow.com

What to do when you have problem neighbors

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Figuring out how to deal with bad neighbors can be a major struggle. There’s nothing worse than buying a house and then realizing you have nightmare neighbors. But you don’t just have to grin and bear your neighbors’ undesirable behavior or tension on the block. With the right approach, you can turn it into an opportunity to build a good relationship, create a more positive environment for you and the rest of your neighborhood.

Here’s how to deal with bad neighbors

First off, make sure you’re not the bad neighbor.

It’s easy to see what your neighbor is doing to drive you nuts, but it’s a little harder to understand how your behavior might be affecting them. Because you’ll never get a neighbor to shape up if they think you’re the problem, make sure you’re as close to a model homeowner as possible before approaching them. A few hard questions to ask yourself:

  • What’s your noise level like? Loud TV, music, or machinery can drive neighbors bananas any time of day. And even normal noise, from say, lawn mowing, shouldn’t be waking them up in the morning or preventing them from enjoying a peaceful evening.
  • Are your pets quiet and friendly? Noisy, threatening, or roaming dogs — and even roaming cats — can become a sore spot for neighbors.
  • Do you keep things tidy? If your lawn is overgrown or your kids’ toys are strewn all over the place, it can become an eyesore. Neighbors may start to worry about your poor home maintenance hurting their home value.
  • Do you respect property lines? Don’t let your trees, fences, or any other property encroach on a property line, unless your neighbors specifically say they’re fine with it. It may seem fussy, but it can prevent all sorts of disputes.
  • Are you playing tit-for-tat? If you started parking over the property line because their dog barks too much, you’ll never sort out who was really in the wrong — or find a solution. Revenge, no matter how minor, is never successful at dealing with bad neighbors.

Once you’re confident that you’re not engaging in any bad-neighbor behavior, you can approach your neighbor to talk about what’s bothering you.

Develop a friendly relationship.

Trulia’s Neighbor Survey showed that one in two Americans doesn’t even know the names of their neighbors — and that can be a major hindrance to resolving conflicts peacefully. Introduce yourself at the first opportunity so that you have a strong rapport to build upon if a problem arises. It will be a lot harder for your neighbor to keep causing you grief if they see you as a friendly face.

To start a pattern of good communication, tell your neighbor in advance any time you’re having a party, doing a renovation, or anything else that could create noise or commotion.

Assume good intentions.

Don’t go in guns blazing when you approach a neighbor about what’s bugging you. Drop by and approach the subject in a friendly fashion, or, should you need to gently escalate the situation, request that they meet you for coffee. That will indicate that the issue is a big deal to you.

Neighbors often don’t realize that they’re creating a problem, and it’s best to avoid seeming like you’re accusing them. Put yourself in their shoes, and start by assuming that their problematic behavior is not because of any ill will towards you.

Be sympathetic if your neighbor complains.

While it’s important to bring up problems to your neighbor in a constructive way, it’s just as crucial to be thoughtful and cooperative when you’re the one accused of poor behavior. The complaint may not make much sense to you — for example, leaves from a tree on your property falling into your neighbor’s yard. But it’s more important to be friendly and accommodating than to be “right.” Respond to any complaints or requests the way you’d like them to respond to yours. If you’re willing to try to make their lives better, they’ll be more likely to do the same for you.

Document everything, just in case.

With luck, you won’t ever need to involve a third-party when sorting out how to deal with bad neighbors, but it’s always possible. While it’s worth doing everything you can to resolve an issue peacefully and willingly, you should also document every step along the way just in case. On the off chance that you need to involve a homeowner association (HOA), a neighborhood group, the city building department, or even the local police or an attorney, maintain a record of relevant dates, times, emails, texts, and even photos, so the facts are at your fingertips if you need them.

Research the rules before taking action.

Before turning your complaint into legal action or a formal complaint, make sure you know what you’re talking about. Contact the local housing department, consult a lawyer, talk to your HOA, or just do some solid Googling to get a sense of what the neighborhood rules and the law have to say about your issue. You want to make sure you’re on the right side of things before making a big deal out of i. (For one of the most common neighbor problems, check out this handy guide to easements.) Then — again, in a gentle and friendly way — you can let your neighbor know that the law or rules are on your side.

For critical issues, contact the authorities.

Of course, friendly conversations don’t always fix everything, even if you’re in the right. If you’ve tried everything else and the problem neighbors haven’t stopped their offending behavior, it may be time to get the authorities involved. Just make sure you consult the right authority about the issue — and always make the police your last stop. For instance, an issue with trash all over someone’s lawn can probably be resolved with the city’s code enforcement department. And a noisy or frequently loose dog might warrant a call to your HOA before the police or animal control.

Avoid scenarios likely to cause conflict.

Some situations between neighbors are almost guaranteed to cause conflict — for example, buying a home next to one that shows signs of being a hoarder house or one with a shared driveway. No matter how likable your neighbors may seem, tensions are likely to rise in situations like this. So unless you know your neighbor extremely well, it’s best to avoid the possibility entirely.

Find out what homes are available in the friendliest neighborhood you know on Trulia.

The post What to do when you have problem neighbors appeared first on Trulia's Blog.

Source: trulia.com

Prepare for the Ultimate Staycation

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You don’t need to stay in a hotel and play tourist to have a proper holiday. Look no further than your own home for a staycation that dreams are made of.

Make no mistake, an at-home staycation doesn’t just mean a lazy weekend on the couch. Turn your humble abode into a resort made for relaxation with a few days of planning and prep work.

Here’s your guide to creating the ultimate staycation.

Tackle chores in advance

Make a list of chores you want to tackle a few days before your staycation begins. At the very least, cover the basics like washing linens, dusting and vacuuming.

For an added level of sparkle, schedule time to clean your windows. That way when you’re gazing out at your backyard garden or pool (aka your staycation resort spa), your windows will be as spic-and-span as those at a five-star bed and breakfast.

Better yet, for a totally chore-free staycation, consider setting aside extra cash for a housecleaning service to do the work for you beforehand.

Maximize your comfort

Maybe your home is already perfectly comfy and cozy. But for maximum staycation relaxation, why not add a few extra elements to make your home feel like a luxury resort?

  • Adjust your lighting. Look for soft ambient lighting options to create a calming environment. New lamps for bedroom and living areas and candles for the master bath can completely change the mood of a space.
  • Add new rugs. Soft, plush area rugs boost the comfort level of a room and make a cozy reading spot if you add a few floor pillows.
  • Upgrade your bedding. Not only will it feel like you’re truly on a vacation, but new sheets are an added perk after your leisure time comes to a close.

Create designated spaces

Think about what kind of environment will help you reach peak relaxation. You can do a quick makeover of your bathroom to create a calming home spa or carve out a quiet corner for a meditation or reading nook.

If a spa setting is more your style, look at bath pillows, aromatherapy candles and bath oils. Or if you simply crave a reading corner, pick up some new reads that have been sitting on your wish list for too long.

If you have kids, create a designated craft or board game corner, or come up with a few activities they can enjoy while you relax.

Look outside for added comfort ideas too. Whether it’s a hammock, a porch swing or patio furniture, look for ways to blend your staycation lounging with the great outdoors.

On that note, consider setting up your camping gear in the backyard for part of your staycation, or try out a DIY fire pit for late-night chats and s’mores.

Manage meals ahead of time

Don’t waste precious relaxation time planning menus. Pick your favorite family recipes, plan which meals you’ll have delivered and knock out grocery shopping before your staycation begins.

If you enjoy cooking, consider using some of your time off to make more intricate meals than you typically have time for – or bring in a local chef for a cooking lesson.

Plan ahead to make it count

With a few preparatory tasks on your to-do list, you can turn your house into a staycation sanctuary. Map out what you want your down time to look like, and delegate tasks. Soon you’ll be ready for a few days of ultimate relaxation – without ever leaving your home.

Related:

Originally published July 2016.

Source: zillow.com

5 Myths About Transitioning From Renter to Homeowner

by Posted in First Time Home Buyers, Home Buying, Saving Energy Tagged , , , , , , , , , , , , , , , , , , , ,

Cavan Images/Getty Images

Making the leap from being a renter to becoming a homeowner is a process that includes taking stock of your financial situation and determining whether you’re ready for such a massive responsibility. For most people, the primary question is affordability. Do you have enough cash in the bank to fund a down payment, or do you have a credit score high enough to qualify you for a home loan? But there are other considerations, too—and plenty of misconceptions and myths that could keep you from making that first step.

Below, our experts weigh in on why some situations that may seem like roadblocks are actually not as daunting as they appear.

1. Buying a home means heavy debt

Some may argue that continuing to rent can spare you from taking on heavy debt. But owning a house offers advantages.

“Buying a home and using a typical loan would be spread out over 20 to 30 years. But if you can make one extra payment a year or make bimonthly payments instead, you can shed up to seven years from that long-term loan,” says Jesse McManus, a real estate agent for Big Block Realty in San Diego, CA.

Plus, as you pay your mortgage, you gain equity in the home and create an asset that can be used when needed, such as paying off debt or even buying a second home.

“Currently, mortgage interests rates are at their lowest point in history, so … it’s a great time to borrow money,” McManus says.

2. At least a 20% down payment is needed to buy a home

“Contrary to popular belief, a 20% down payment is not required to purchase a home,” says Natalie Klinefelter, broker/owner of the Legacy Real Estate Co. in San Diego, CA. “There are several low down payment options available to all types of buyers.”

These are as low as 0% down for Veterans Affairs loans to 5% for conventional loans.

One of the main reasons buyers assume they must put down 20% is that without a 20% down payment, buyers typically face private mortgage insurance payments that add to the monthly loan payment.

“The good news is once 20% equity is reached in a home, the buyer can eliminate PMI. This is usually accomplished by refinancing their loan, ultimately lowering their original payment that included PMI,” says Klinefelter. “Selecting the right loan type for a buyer’s needs and the property condition is essential before purchasing a home.”

3. Your credit score needs to be perfect

Having a credit score at or above 660 looks great to mortgage lenders, but if yours is lagging, there’s still hope.

“Credit score and history play a significant role in a buyer’s ability to obtain a home loan, but it doesn’t mean a buyer needs squeaky-clean credit. There are many loan solutions for buyers who have a lower than the ideal credit score,” says Klinefelter.

She says government-backed loans insured by the Federal Housing Administration have lower credit and income requirements than most conventional loans.

“A lower down payment is also a benefit of FHA loans. Lenders often work with home buyers upfront to discuss how to improve their credit to obtain a loan most suitable for their needs and financial situation,” says Klinefelter.

McManus says buyers building credit can also use a home loan to bolster their scores and create a foundation for future borrowing and creditworthiness.

4. Now is a bad time to buy

Buying a home at the right time—during a buyer’s market or when interest rates are low—is considered a smart money move. But don’t let the fear of buying at the “wrong time” stop you from moving forward. If you feel like you’ve found a good deal, experts say there is truly no bad time to buy a home.

“The famous saying in real estate is ‘I don’t have a crystal ball,’ meaning no one can predict exactly where the market will be at a given time. If a buyer stays within their means and has a financial contingency plan in place if the market adjusts over time, it is the right time to buy,” says Klinefelter.

5. You’ll be stuck and can’t relocate

Some people may be hesitant to buy because it means staying put in the same location.

“I always advise my clients that they should plan to stay in a newly purchased home for a minimum of three years,” says McManus. “You can ride out most market swings if they happen, and it also gives you a sense of connection to your new space.”

In a healthy market, McManus says homeowners will likely be able to sell the home within a year or two if they need to move, or they can consider renting out the property.

“There is always a way out of a real estate asset; knowing how and when to exit is the key,” says Klinefelter.

The post 5 Myths About Transitioning From Renter to Homeowner appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com