Category Archives: General

Common Myths to Homebuying

The First Step is Looking for a House


What an exciting and equally as scary time it is when you first decide to buy a new home. WOW! Your very own home! NO MORE RENTING! You can actually bust down that wall or paint the walls any color you want withou1-hbt having to get permission. You can landscape your yard anyway you want (well maybe in the backyard, at least if you have an HOA). And just the overwhelming sense of freedom that comes with owning your own home… OK… SO…. Where do you begin??

Over the next several months I am going to tackle 9 common myths about the home buying process and it is my goal to educate all who decide to read, exactly how you should go about buying your dream home!! I can tell you from lots of experience, most new home buyers start trying to find the perfect home they love and want Couple In Kitchen Using Laptop to Research Real Estate. Screen can be easily used for your own message or picture. Picture on screen is my copyright as well.to move into, online… They login to Zillow or Realtor.com and start the search for their first dream home. Although this can be super fun at first, it is actually the worst way to go about it!!

Why you may ask??? Simple… What normally happens is you end up finding what you think is the most amazing, gotta have it home in the universe. You call the listing agent and ask to see it. If the agent on the other end of the line has any experience at all they will ask if you have spoken to a bank yet and have you been prequalified. You will say no and they will tell you they cannot show you until you speak to a lender. Any Realtor that has any sense would never show a property without pre-qualifying the lead first… What if the home is $300k and you only qualify for $250k?? What if you do not qualify at all?? are-you-pre-qualified2Now you have started out your home buying journey frustrated and mad. What you should do is your research, interview 2-3 agents and pick one that you feel most comfortable with. They will advise you on a few qualified lenders you can interview and once you have a lender you like you will go through the process of getting prequalified… Once you have an approval at $300k, the Realtor you selected will start a search for you and email you properties to look at. You will let him know which ones you want to see. The buyer’s agent will show you the listings & if you find one you love, you will write an offer. What most buyers do not realize is you cannot write an offer without a letter from the bank. Looking at a listing without one is a total waste of time…

 

Another thing to keep in mind, when you use the listing agent to show you the home, remember who that agent represents… THE SELLER!1-da! This is called DUAL AGENCY… There are only 2 states where this is legal and Nevada is one of them!! You really should have a skilled buyer’s agent helping you and looking out for YOUR best interests… And it is FREE!! Keep in mind the sellers pay 100% of the commissions…

 

To recap… Interview 2-3 Realtors… Pick one and ask for a few lender referrals… Select a lender you like and work on your pre approval letter… Get your letter which will show the amount you are approved for and have the agent start a search for you in the MLS… Go look at property and find the home of your dreams… Now you are free to make an offer!! Wishing you much success!! DH

 

 

Buyer’s Surviving in a Seller’s Market

My real estate business has always been an even mix of buyers and sellers… So I represent approx. 40-50 buyers every year and right now in Las Vegas if you are looking to purchase a home in the $150-$300k range you are no doubt about to start pulling your hair out!! Why you may ask…. Simple… There is an inventory shortage in that price range and a HUGE demand fueled by low interest rates… So no matter what you are selling (watches, TV’s, homes, etc…) that has a shortage of inventory and huge demand you are always going to have rising prices and battles between buyers trying to attain those items… If a home lists in this price range and is somewhat turn key move-in ready we will see multiple offers within the first 12-24 hours… There is NO stealing or asking for the world from these sellers… You MUST go in with your highest & best offer right off the bat…

I have listed a few tricks buyers can use to get their offers looked at and hopefully accepted… You always have to remember that sellers would rather work with an all cash buyer #1… Reason being is all cash offers have no appraisal and can close quickly! No banks to deal with! Second would be conventional loan types where the buyer are putting 10-20% down… These buyers tend to be a little stronger than VA or FHA loan types… But NOT always I might add!! This is just the way most sellers think or that their agents inform them… It should be noted that there are plenty of VA/FHA buyers that are much stronger than conventional buyers so this rule of thumb has some flaws…

Trick #1  If you are a VA/FHA buyer ask for the least possible dollar amount from the seller in closing costs… Asking for the seller to pay your closing costs makes your offer weak! Asking for $0 would be best!!

Trick #2  If the comps will support a higher than list purchase price and you need the help from the seller on your closing costs than offer above list equal to the amount you need help with… So if the list price is $200k and you need $6000 in closing costs than offer $206k… ONLY if the home will appraise otherwise it is a waste of time… The more the seller will NET is the name of the game!!

Trick #3  If you are up against multiple offers do NOT ask for the seller to pay for your home warranty & agree to take the home “as is” meaning you will agree to NOT ask the seller for any repairs… It is important to keep in mind that agreeing to take the home “as is” does NOT mean you can’t ask for repairs once you get the home inspection report back! If you end up finding some major issues you can still ask for the seller to repair, give a credit or you can cancel… You are NOT waiving your right to ask for repairs… This only happens when you waive your due diligence period… DO NOT do that!!

Trick #4  If you have the cash on hand offer above list price and agree to waive your appraisal contingency… This is where you will need an agent who really knows their stuff and can tell you what the home is expected to appraise for… This is the BEST way to compete against all cash offers… If a home is listed at $200k and would only appraise for $200k and you offer $215k trying to steal the home from the all cash buyers, you will need to pay the $15k out of pocket as the bank will only lend on appraised value…

Hopefully these tricks will help you out there in the field… If you find yourself needing help call me anytime 702-218-4585 I would love to help you…. DH

 

 

High-Rise and Undervalued

I remember back in my partying days walking down South Beach, Florida and looking at all the high-rise condo for sale signs up & down the beach… It was 2005-2006 and the condo market in So Florida was crashing hard… It reminded me of exactly what we have been seeing in Vegas over the last 3-4 years… TONS of inventory available at super low prices… I remember seeing prices in the low 100’s right on the beach!! Not much different than a few years ago when high-rise condo units on the strip were in the mid 100’s… But when you look at the condo market in South beach today they are smoking hot!! What a difference 10 years makes and now that almost all of that inventory has been bought up prices are back booming again… What does this have to do with Las Vegas?? EVERYTHING!! As we speak the Las Vegas high-rise condo market is on the rebound and all the over built buildings are selling out… Prices are starting to go up BUT I believe that the LV Condo market is still SEVERELY under valued for a few different reasons…

tmobileThose reasons can be summed up with 2 simply acronyms…. NHL & NFL… One has already been established and when the other one goes live it will be LIGHTS OUT on the LV Condo market on the strip… DO NOT wait to buy after that all happens… You can buy RIGHT NOW on the strip for under $300k… These are units that back in 2008 were selling for $800k-$1mil… When the LV Strip has a live NHL & NFL team you can bet your pockets are going to get FAT OVER NIGHT!!!

IMG_20150622_214312Even without a NFL team the simple expansion of the NHL team is going to send prices soaring here soon… It has already begun! And now you can own units on the strip using 5% down conventional financing (no points on non-condotell units) Banks are back to lending again and are offering some amazing incentives to help sell out… VEER and Turnberry still have developer units available so if you want to make a VERY secure investment into your future call me and lets make it happen 702-218-4585 DarylHanna@gmail.com or http://bit.ly/2bQQpaq

What is Holding You Back From Buying A New Home?

What is holding you back from owning a new home??
Now is the Time to Buy

With interest rates back at historically low levels I am wondering why more people are NOT taking advantage of such a low rate and buying a home!! I know all of us “REALTORS” come off as cheap used car salesman when we say “NOW IS THE TIME TO BUY” but I am here to tell you NOW REALLY is the time to buy a home… I really do not care (and neither should you) on what the market is going to do or not do… If you have a steady job and strong job history than you should own your own home and with interest rates so low NOW is the time to pull the trigger…

What are the biggest reasons potential buyers are not pulling the trigger?

Bad credit? Not enough money saved for down payment? Been burned on the last real estate crash in 2008? Short Sale or Foreclosure on your credit? Scared to buy because this is your 1st home? Waiting to see what happens with the elections? What ever the case we can overcome off of these most of the time pretty easily (sometimes not so easy) but the key thing is to get the ball rolling!! You need to sit down with an experienced loan officer that can sit down with you and develop a strong game plan and make the dream a reality… Bad credit can most of the time be fixed in 1-3 months! No $$ for a down payment? There are grants available from the State of NV that can get you up to 5% towards your down payment and closing costs… I can sometimes get the sellers to give you up to 3% towards your closing costs so that means it is possible to get you up to 8% towards the purchase of your new home… THAT NEVER HAS TO BE PAID BACK!!!! #FREEMONEY #WOW

If you are concerned about the market or if this is your 1st home than call me and lets sit down and talk about it… My doors are always open to anyone who wants to know about the market and what the steps are to buying a new home! We are ALL afraid of what we do not know so the key is to get yourself educated and lets get you into a new home!! Now really is the time to get it done before the rates go back up… And they WILL go back up!!

DH

Moving to Las Vegas with Little Ones?

So the time has come for you to uproot your family and move to a new city. When it comes to moving, there are several things that can be nerve racking. Moving with kids makes it even more difficult. What school district will my kids be in? Where is the closest school? Where are the best schools?

Good thing you came across this blog because I am here to help! Clark County School District is the fifth largest district in the United States. It serves all cities including: Las Vegas, North Las Vegas, Henderson, Boulder City, and Mesquite as well as census-designated places like Laughlin, Blue Diamond and many more smaller Nevada towns.

Moving to Las Vegas and surrounding areas and searching for a school can be overwhelming as there are  over 550 schools in the district!!! So… Where are the best schools?


Green Valley

Green Valley is a small community located in the northwest corner of Henderson, NV – an outskirt city of Las Vegas.  Green Valley is home to five elementary schools, with the highest rating being Nate Mack Elementary School coming in at number 71/331 in the state. The four remaining elementary schools range between 107 and 229.

Junior High and High School ratings get better for this community. Green Valley is the home to 2 out of 118 junior highs and 1 out of 108 high schools. #13 Greenspun Junior High and #38 Thurman White Junior High while Green Valley High is ranked number 26 in the state.


Summerlin

On the complete opposite side of town, Summerlin is located on the far west side of Las Vegas. It is home to seven elementary schools with the rankings ranging from #8 Linda R. Givens Elementary, down to #58, Richard H. Bryan Elementary.

Summerlin is home to four middle schools and two high schools. Schools include #1 Rogich Middle School down to number #53 Discovery Charter School (K-8). #5 West Career and Technical Academy is a magnet high school that offers nine programs to prepare students for a career in the  field selected. Palo Verde High School falls slightly behind ranked at 34/108.


Private Schools

Public school not for you? Clark County is home to over 112 private schools. Summerlin hosts over 10 private schools including Bishop Gorman High School and The Meadows School while Green Valley is home to four, including Green Valley Christian School.


Are you relocating to Las Vegas and still unsure of where you want to be? Contact me NOW 702-218-4585 darylhanna@gmail.com and I will be more than happy to help you with your home search!

DH

Where are the best places to invest my money when upgrading my home to sell?

I often get phone calls from past clients I have sold homes to OR from my friends/family looking to sell their homes asking “where would be the best place to invest money in my home that would get me the most return on my investment?”

The answer may surprise you and it all depends on what your game plan is… If your game plan is to sell your home right away a large number of your budget should be spent on the curb appeal of the home… YES the front yard and the front elevation of the home itself… A new home buyer makes up their mind whether they are going to buy the home before they walk in the front door… SO it is VERY crucial that we get that buyer in the right frame of mind before they ever walk in the front door…

First make sure the front yard is clean and free of weeds, trash and over grown foliage… A fresh coat of paint on the home, cleaning the windows and just making sure the yard is clean and presentable goes a long way… Adding some pots with color, a refresh of the rocks (if you have some desert landscaping), making sure your grass is cut & trimmed (and green would be nice) really will go a long way in getting that buyer in the right state of mind… If they have mentally made up their mind that they like the home before they walk in, they will look past MANY issues inside the home… And the opposite is true as well… If they hate the front and they mentally check out, you can have the nicest home on the block and they will pick it apart!!

As far as the interior of the home a quick painting of the interior, new carpet and a general cleaning of the home always goes a long way… But as far as doing any major renovations to the home you will want to stick to the kitchen, master bath and floors… In that order in my opinion!! Granite counter tops are ALWAYS highly sought after along with tile/stone back splashes, shower enclosures & bath surrounds… Updating your kitchen cabinets is always a sure bet and keeping them dark is preferred!! Same goes with your new floors… Dark woods are in along with large 18-24″ tile/stone floors! You cannot go wrong! If you ever have any questions and would like some help or advice on what to do OR not do call/text me 702-218-4585… I am here to help always!!
DH

Buyer Making Offers on Investment “FLIP” Properties

Buyer making offers on Investment “FLIP” Properties
So many times, after showing an amazing investment “FLIP” property to my clients, the question gets asked… “Since the owners just bought the property a month ago for $90,000 (now for sale for $180k) cant we try and steal it by making a low offer??” My knee jerk reaction (because of my contracting background) is to automatically say “ABSOLUTELY NOT, what is wrong with seller making some money on the deal… Just because they bought at an amazing price does not mean they have to convey that savings on to you!! But that is NOT always the case and there are certain instances where you can get a good deal on a flip!!

One of the things to look for when deciding what to offer on a flip is the number of days on the market… If it is a brand new listing the chances that the seller is going to take any money at all off the price is slim to none!! But if the investor maybe paid to much money for the property & listed the home to high to begin with causing it to be on the market 30-90 days (sometimes much longer) then your chances of getting a good price just went up tremendously!! One thing to keep in mind on flip properties is many of them fall out of escrow because of low appraisals… One of the best times to get a deal on ANY property is when it first comes back on the market after a failed escrow… If your offer does not get accepted on the first try make sure your agent tells the listing agent to keep your offer as a “BACK UP OFFER” I have closed several homes where my clients offer was not the 1st choice… Its NEVER over until the home closes!!

Another way to get a decent deal on a flip property is to have an agent who knows contracting and home renovations who can spot faulty workmanship!! There are a a lot of beginner investors out there turning out some sub par product… Sometimes its hard to spot but if you can pick up on it you can call them out and possibly get them to come down on price… If you still want it of course!!!
DH

It’s a Seller’s Market, Why is it a Good Time to Buy?

 

IT’S THE BEST OF BOTH WORLDS!!

 

Las Vegas is in the middle of a seller’s market fueled by the lowering of the interest rates a few weeks ago, and the continuing inventory issue… No matter if you are selling light bulbs or real estate, whenever you have high demand and low inventory you will see rising prices.

Most logical buyers would say that this is the worst time to buy a home. Normally I would agree BUT right now in Vegas we have 2 factors that make this the perfect time to buy…. Let me explain!!

I have always said that it is more important to get a good rate than a good price when buying a home! SO… Although prices are going up, taking advantage of the historically low rate will work out much better for you in the end!!

Do not be blinded by rising home values when borrowing money is almost FREE!!

The word FREE brings me to my 2nd reason why it’s an amazing time to buy a home… The State of NV is offering up to 5% towards the purchase of your new home that NEVER has to be paid back…. Yes you heard me right!! FREE MONEY!! And there are NO strings attached!! Add on top of that the 3% I almost always try to get from the seller could mean up to 8% towards the purchase of your new home… On a $250,000 home that would be $20,000 FREE MONEY!!!

If you want to learn more about what is happening in the market and would like to either buy or sell a home call me 702-218-4585

DH

Improving my Home’s Value

The seller’s market is smoking hot right now in Las Vegas. Some homes are getting over ten offers in less than 24 hours!! Talk about hot cakes! Now is the perfect time to capitalize on your home’s value, and here are a few ways you can…

Keep it Clean

1A house can NEVER be too clean. Keeping up on daily chores will not allow dirt and things to build up. If you stay on top of your maintenance, it will never become an issue for you.

2Easy on the Eyes

You should want your home to have curb appeal. If that means doing a little landscaping in the front yard or changing the color of your front door; It will all benefit you.

Upgrade the Kitchen

Even adding a simple 3back splash to the kitchen counter or change the paint on the walls, this will be a nice upgrade. The kitchen is the number one upgrade with the greatest return.

That Bathroom Too

Kitchen and 4bathroom upgrades can begin to get expensive.. but you do not truly have to spend tons of money to make these rooms beautiful. Switching out frosted glass on the shower for clear glass, swapping door knobs, faucets and cabinet pulls are all simple upgrades.

Be Patient, Trust your Real Estate Agent

Your realtor is obviously someone5 you trust, trust them when it comes to the upgrading of your home. They are the experts and will keep you well informed of the changes in the market.

 

Understanding the Market

 

What’s the difference between a buyer’s and seller’s market?

buysell

The real estate market is one of the more complicated markets with numbers fluctuating constantly. Investing in a home can be scary, but knowing the difference between a buyer’s and seller’s market can do one of two things. (1) Get you the best price for a new home or (2) Sell your home for top dollar.

Buyer’s Market
A buyer’s market is an economic situation in which homes are plentiful and buyers can keep prices down. More home are for sale in the given market than buyers. An advantage is that buyer’s can take their time on offers and weigh all options before purchasing a home. Home prices may go down because sellers may be anxious to sell.

Seller’s Market
A seller’s market is an economic situation in which homes are scarce and seller’s can keep prices high. An advantage in a seller’s market is prices rise and buyer’s quickly make an offer to secure property.

What determines a buyer’s and seller’s market?

Sales to Listing Ratio: Number of sales is compared to number of listings taken. If the result is 55% or higher, it is a seller’s market. If the results are 35% or lower, it is a buyer’s market.

Another way to gage the type of market… When most homes take more than six months to sell, it is a buyer’s market. When homes are selling in less than 24 hours, it is obviously a seller’s market.

With that being said

Homes are selling like hot cakes out here in Las Vegas, NV! I have been a true native of Las Vegas for over 44 years. I have been ranked in the top 1$ of Vegas Realtors in the last six years.

If you are thinking about selling your home or know anyone interested in selling their home, please do not hesitate to give me a call!!

 

Your referral would mean the world to me!

 

702-218-4585 or darylhanna@gmail.com

 

DH