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Las Vegas Real Estate News from Berkshire Hathaway

Contradicting previous research, new study finds FSBOs sell at discount

 

Key Takeaways

  • Agents tend to achieve higher sales prices for properties than comparable FSBO listings, enough to offset their commission fee, according to a recent analysis.

Academic research has often cast doubt on the value of real estate agents, but a new study will come as music to their ears.It suggests that homeowners will net roughly the same proceeds whether they sell through a real estate agent or take the FSBO (for-sale-by-owner) route.That’s because agents tend to achieve higher sales prices for properties than comparable FSBO listings — enough to offset their commission fee, according to an analysis released by automated

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Through July 2017, the Southern Nevada resale housing market continued to trend in a positive direction.


 

Prices edged up further (+10.2 percent), closing volumes jumped from the prior year (+10.8 percent) and effective availability remained limited (1.8 months).

 

 

The overall condominium/townhouse segment posted similar results with closings up 7.5 percent, median prices rising 20.0 percent and inventory reaching 1.1 months.

Importantly, foreclosure activity remains at a post-recession low with the number of notices of default, notices of trustee sale and trustee deeds falling substantially during the past couple of months. Improving economic and housing fundamentals are contributing to reduced foreclosure activity.

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A seller has to consider the amount of time and endless follow-up devoted to selling a home

 

Key Takeaways

  • Poor and incomplete presentation of a listing when selling is setting the stage for a home to be incorrectly perceived and potentially undervalued in the marketplace.
  • Ultimately, unguided decision making when handling the single largest transaction someone makes can result in a rocky real estate process with issues that could have been avoided.

 

Selling a home without a real estate agent is like handling your own legal matter. You may only know enough to be dangerous, and worse yet, you don’t know what you don’t know.

In that situation, one risks costing

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It's not as easy as it looks on TV

Key Takeaways:
  • A real estate agent's job is to make sure everyone else involved in the transaction is doing their job.
  • Agents have to continually shift gears to quickly adapt and respond to customer needs.

What does a real estate agent do? Oh, where to start. Trying to explain to the public how real estate agents spend their time is akin to explaining what a doctor or lawyer does all day. There’s a lot more that goes into “treating patients” or “handling legal matters” and the same goes for “helping people buy, sell or rent property.”

From a consumer’s first thought about making a real estate move to actually taking the leap (whether that means right now,

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Rising home prices are pushing more people to rent that at any time in more than 50 years, according to a new report.


A new analysis of Census Bureau data by the Pew Research Center found that more US households are headed by renters than at any time since at least 1965, according to a MarketWatch report.

“The total number of households in the United States grew by 7.6 million between 2006 and 2016,” the Pew Research analysis said. “But over the same period, the number of households headed by owners remained relatively flat, in part because of the lingering effects of the housing crisis.”

The percentage of households renting was just over 31% in 2006. By 2016, it had risen to nearly 37%, MarketWatch reported.

“Certain demographic groups – such as young

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Selling a home is a business -- take the personal out of it


Key Takeaways:

  • Sellers should keep the home in a ready-to-show state, which means toning down decor, cranking the air conditioning and turning up the lights.

The sellers have decluttered, painted, made repairs and spiffed up the landscaping. The curb appeal is at its best. After the long process of getting the home listed, the for sale sign is up. Now what?

 

1. Never turn down a showing

Remember the Murphy’s Law of real estate: Whenever it is inconvenient, the appointment center will call. Try your best to accommodate all showings.

Every showing could be “the one.” Some buyers cannot, or will not, reschedule. The more buyers who see your

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Young Americans are delaying homeownership because they're burdened with student loan debt, waiting longer to get married and have kids, and spending more on renting. Some are still living with their parents — especially in certain parts of the country.

Waiting longer to buy a home means there's plenty of time to prepare financially if homeownership is on your list of life goals.

Below, we've outlined seven of the dumbest money moves to avoid before you buy a home:

1. Expect to get a big return.

If someone asks why you want to buy a house and your first answer is something along the lines of "Because I'm wasting money on rent," or "Because it's a good investment," you might not be mentally prepared for all the responsibilities

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For first-time home buyers, the challenge of coming up with a 20% mortgage down payment is often difficult enough to keep them out of the market. But the fact is, the 20% down payment is all but dead — and has been for quite some time, especially for first-time buyers.

Most buyers make down payments lower than 20%

“It’s been my experience that about half of my clients know that there are loans and/or programs that require less than 20% down,” says Kris Lindahl, a real estate agent in Blaine, Minnesota. “The other half still think that they must have at least 20% down in order to qualify for a home mortgage.”

But most people don’t put 20% down on a home, even though it’s the benchmark most often quoted by lenders and mortgage experts. More than

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Home price data for April shows another record high, the fifth consecutive month of new peaks.


The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index which covers all 9 US census areas hit its highest reading (188.50), rising 5.5% from a year earlier, but easing from the 5.6% gain for March.

The 10-City Composite annual increase was 4.9% (to 197.19), down from 5.2% the previous month; and the 20-City Composite posted a 5.7% year-over-year gain (to 210.64), down from 5.9% in March.

Month-over-month (before seasonal adjustments), the National Index was up 0.9% in April; the 10-City was up 0.8% and the 20-City gained 0.9%. After seasonal adjustments, the National and 10-City readings were 0.2% and the 20-City was up 0.3%.


Home prices set record for 5th straight month

“As home prices

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Lenders are concerned over general economic conditions, and they are easing their credit standards to cope with the anticipated slowdown in market demand.


Fannie Mae said in an outlook report that more lenders expect to implement less stringent standards in the next three months for GSE eligible, non-GSE eligible and government loans as lenders report a drop in purchase mortgage demand.



“The drop in purchase mortgage demand also reflects the latest finding in the Fannie Mae National Housing Survey, in which the net share of consumers who reported that now is a good time to buy a home dropped to a record low,” the government-sponsored enterprise also said.

Doug Duncan, senior vice president and chief economist at Fannie Mae said, “Expectations

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