This post will show how unrealistically high asking list prices can doom high-rise listings from the get-go.The number one goal of listing agents while selling Las Vegas high-rise condos should be getting all willing and financially able buyers to see the listing. And that requires the correct asking list price …
Las Vegas residential high-rise and condo-hotels differences
What are the differences between Las Vegas residential high-rise condos and condo-hotels?We can divide Las Vegas high-rise towers into two categories, residential and condo-hotels. The difference is how long the unit can be rented and how the revenue is divided. Condo-hotels have appreciated far less than residential towers, and the …
Las Vegas condo-hotels hit hard by the COVID-19
While Las Vegas condo-hotels sales had dropped in 2019, COVID-19 exasperated the situation in 2020 and condos can be bought at large discounts in 2021Las Vegas condo-hotel towers consist of Platinum Hotel, Signature at MGM Grand, Palms Place, CityCenter Vdara, and Trump International Hotel that we call Trump Tower. When …
Median price doesn’t measure home price gains, losses. What does?
One of the most significant errors made about housing market reports is that they mistake price per square foot ratio of sold homes with the median price. “Las Vegas home prices set record in June as sales rebound,” wrote Las Vegas Review-Journal on July 7th. The reason is that the …
Silly low-ball offers on our Las Vegas home listing
Unfamiliarity with the housing market reports result in extremely silly low-ball offers on Las Vegas home listingIn a Realtor’s forum, I saw a post from a Realtor complaining about a new home salesperson refusing to show her offer to her supervisor, saying that she did not doubt that her supervisor …
No tsunami of foreclosures in Las Vegas due to COVID-19
Positive equity should prevent a tsunami of foreclosures in Las Vegas in 2020In this post, we will explain why we shouldn’t see an avalanche of foreclosures in Las Vegas as a result of the COVID-19 recession. The Great Recession of 2007-2011 resulted in a tsunami of foreclosed homes, condos, and …
Pros and cons of mortgage forbearance of 2020
What is a mortgage forbearance, and what is it not?To protect homeowners from the Coronavirus hardship the United States government came up with the CARES Act, which includes six months of forbearance for a government-backed mortgage loans, which is extendable by another 180 days. As of June 3, 2020, 4.37 …
The best time to buy or sell homes in Las Vegas, video
Obviously the best time to buy homes in Las Vegas is the worst time to sell them. But when is it? There is actually a best time to buy or sell homes in Las Vegas. Throughout the years we have done thousands of quick CMAs to find the best priced …
Is median price the best benchmark to analyze housing market?
Is median price the best benchmark for Las Vegas housing reports? No. Then what is?Las Vegas housing market reports have been based on the median price of homes sold which is $313,000. This is how it has been done since the beginning. But is it the best benchmark to measure …
Big changes for the VA loan programs in 2020
VA loan limits are going away!A big win for veterans. While the no down payment clause remains the loan limits have been removed, thus enabling veterans and service members to stay competitive with conventional offers. However, down payment/equity requirements still apply when using second-tier entitlement. But down payment/equity requirements still …