Las Vegas Real Estate & Community NewsRecently posted or modified blog postshttps://www.brownellteamrealtors.com/blog/Copyright BrownellTeamRealtors.com2024-03-11T11:16:51-07:00tag:brownellteamrealtors.com,2012-09-20:36346Master the Las Vegas Home Buying Market: Your Ultimate Guide
Learn the secrets to buying your dream home with our expert guide.
Finding your dream home requires more than just casual browsing. Our Homebuyer Master Class is designed to guide you through the intricate process of purchasing a home in the bustling Greater Las Vegas area. Here, we'll share the nine essential secrets to securing your ideal property.
Our approach is built on three foundational elements:
1. Identifying your non-negotiables. Understanding what you can't live without in your future home is the first step. Whether it's the location, the number of bedrooms, or specific amenities, defining these non-negotiables is crucial. Our team is adept at helping clients clarify these essential requirements, regardless of how long the list may be.
2. Navigating through price range. While price isn't the only factor, it plays a significant role in the home-buying process. It's essential to have a clear understanding of your budget to ensure a smooth transaction and avoid any financial pitfalls.
3. Establishing an ideal timeline. Timing is everything. By mapping out an ideal timeline for your home purchase, the entire process becomes more manageable. We emphasize the importance of this planning phase, as it often determines the success of the transaction.
A pivotal part of buying a home is grasping how the financial transaction unfolds. This involves knowing the roles of key players, including the buyer's agent, the listing agent, and the neutral third party (in Nevada, this is typically a title and escrow company) that facilitates the contract. Our team ensures you understand each step and how funds are managed throughout the process.
"Our goal is not just to help you find the home of your dreams but to ensure a successful and satisfying outcome.<br />
Preparation is key when it comes to financing your home purchase. We focus on three main areas:
Cash Reserves: Ensuring you have the necessary funds for a down payment and closing costs.
Financing: Developing a mortgage strategy and connecting you with a mortgage expert.
Credit Management: Maintaining stability in your credit score to avoid jeopardizing the financing.
In a market as competitive as Las Vegas, making an attractive offer is critical. Our strategy involves a balance of pricing, terms, and understanding the importance of timing and convenience for both the buyer and seller.
Finally, we guide our clients through negotiations involving concessions and contingencies. These are critical components that can influence the purchase price and provide contractual protections for the buyer.
Our goal is not just to help you find the home of your dreams but to ensure a successful and satisfying outcome. Through our comprehensive process, we've assisted hundreds of buyers in navigating the complexities of the real estate market. If you're looking to embark on this journey, we're here to build and execute a plan with you. Reach out to us to discover how we can make your home-buying dreams a reality.2024-03-08T08:33:39-07:002024-03-11T11:16:51-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:35697Sell Smart in 2024: Your Real Estate Questions Answered
Expert answers to your top six home selling questions for 2024.
As we dive into 2024, the real estate market continues to be a topic of confusion and chaos, exacerbated by a plethora of self-proclaimed experts offering contradictory advice. To cut through the noise, we've compiled and answered the six biggest questions sellers are grappling with in today's market:
1. Can I still get top dollar for my home? Yes, achieving top dollar is still possible, but factors such as location, condition, and the unique features and benefits of your property are more critical than ever. Additionally, some price ranges are performing better than others, highlighting the importance of understanding market dynamics.
2. Should I sell now or wait? This common question lacks a one-size-fits-all answer, as the decision to sell hinges on individual circumstances and goals. A personalized consultation is key to determining the best timing for your situation.
3. What are homes like mine selling for? Setting realistic expectations is crucial, and we can quickly provide you with a comprehensive market analysis, free of charge, to understand the potential sale price of your home based on current market trends.
"The 2024 real estate market poses unique challenges and opportunities for sellers."<br />
4. What repairs should I make before selling? Condition significantly influences marketability and price. Our home improvement audit offers a room-by-room review, advising on essential repairs and improvements that could enhance your home's value without unnecessary expenditure.
5. How do I coordinate my sale with my next home purchase? Balancing the sale of your current home with the purchase of a new one, especially when relying on the equity of the former, requires strategic planning. Our team excels at orchestrating such transitions, ensuring you move only once, seamlessly.
6. What if I can't find a suitable home after selling? The fear of homelessness post-sale is common. Our preemptive home search strategy ensures you identify potential new homes before listing your current property, mitigating the risk of being left without a suitable place to move into.
The 2024 real estate market poses unique challenges and opportunities for sellers. Whether you're pondering one of these top six questions or have others, our team is ready to provide tailored advice and solutions. Knowledge is power, especially in real estate. Call or email us for a consultation that could illuminate your path forward in the current market landscape.2024-02-06T11:21:03-07:002024-02-07T11:56:19-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:35427Avoid These 4 Common Credit Score Mistakes
Here’s what you need to know about keeping your credit score high.
In this tough market, you need every advantage you can get. That’s why having the best credit score possible is so important. Today, let's discuss four things to steer clear of if you want to maintain a healthy credit rating:
1. Closing credit cards or accounts. Closing a credit card or account can negatively impact your credit score by reducing your utilization. Keeping cards open with low balances showcases responsible money management and a lower credit utilization ratio, portraying you as a prudent financial manager.
2. Hard credit inquiries. Hard credit inquiries can significantly lower your FICO score. While a single inquiry might not have a severe impact, multiple inquiries, especially during a credit-sensitive process like buying a home, can lower your score. Minimize unnecessary inquiries to maintain a stable credit score.
"Limit how often you pull your score."<br />
3. Multiple inquiries in a short period of time. Opening several new accounts rapidly lowers the average age of your accounts, categorizing you as a higher risk. Be cautious about initiating too many inquiries at once, as it can negatively affect your credit score.
4. Changing credit utilization habits. If you open a new credit card, avoid changing your spending habits or credit utilization. Increasing balances and altering usage patterns during a critical period can be perceived as higher-risk behavior, leading to a decrease in your credit score.
In a market with elevated interest rates, every positive move counts. Improving your credit score can enhance your eligibility for favorable programs. It's essential to be mindful of these credit-related factors to navigate today's market successfully. If you have further questions or need guidance, feel free to call or email us. We are always here to help.2024-01-25T14:34:55-07:002024-01-26T09:28:04-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:34981Will Buyer’s Agents Become a Thing of the Past?
Here’s what homebuyers need to know about the recent real estate lawsuit.
Are buyer Realtors a thing of the past? A recent resolution in a Missouri lawsuit stirred up discussions, concluding that the existing system for compensating buyers, agents, and sellers in real estate transactions was flawed. Perhaps it was time for a change in this system. But what does this mean for you, the prospective homebuyer?
First and foremost, I recommend continuing to enlist the services of a real estate professional. The complexities of home buying and selling have increased in recent times, with more disclosures, higher liability, and increased risks—especially in markets with elevated interest rates and home prices. A real estate professional remains crucial.
Now, in light of the Missouri verdict, which found the real estate fee system somewhat confusing and potentially misleading, the landscape may change. We prioritize transparency and full disclosure, which aligns with our ongoing business practices. The industry, however, may undergo transformations, offering opportunities for enhanced transparency and upfront negotiations.
"This lawsuit could change what people expect from their buyer’s agents."<br />
This shift could redefine the expectations and value proposition of real estate agents in today's dynamic economy. The difference between knowledgeable and less-informed Realtors will likely become more apparent. Consumers may increasingly seek value, focusing on insight, expertise, guidance, leadership, and protection.
This evolution could move away from supporting acquaintances solely for personal reasons and toward a model emphasizing expertise and value. If you have questions or seek further insight into this topic, please call or email us. We are more than happy to answer any of your questions.2024-01-05T12:16:51-07:002024-01-08T12:30:35-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:345054 Ways To Improve Your Credit Score in a Shifting Market
Here are four ways homebuyers can improve their credit scores.
Let’s face it: This market is tough for homebuyers. They may face challenges in an environment where they're paying top dollar, with interest rates impacting their payments. However, one area where buyers can gain an advantage is by working on and improving their credit scores. Here are four actionable steps to enhance your credit score, leading to better loan programs and improved interest rates:
1. Review your credit reports. Obtain a copy of your credit reports and meticulously examine them. Look for errors and outdated credit issues that should have been resolved. Correcting inaccuracies can significantly impact your credit score. Ensuring accuracy in your credit report is essential for maximizing your advantage in an interest-based market.
2. Manage credit utilization. Aim to never use more than 35% of your maximum credit allocation. If you have a credit card with a $10,000 limit, avoid exceeding a balance of $3,500. Demonstrating responsible credit utilization with a good ratio enhances your creditworthiness and signals that you handle credit well, potentially leading to better loan terms.
"Pay off your debts and strategically maintain some credit. "<br />
3. Strategically apply for new credit. Contrary to conventional wisdom, strategically applying for new credit can positively impact your score. While you generally shouldn't apply for unnecessary credit, doing so can increase your overall credit allocation, subsequently decreasing your credit utilization ratio and improving your credit score.
4. Manage credit card balances. While paying off debts is generally advisable, maintaining a balance on your credit card can be beneficial. Paying off the balance entirely creates a new event, influencing your credit score. Balancing between paying off debts and strategically maintaining credit can contribute to an improved credit profile.
These steps include both conventional and counterintuitive strategies that can positively influence your credit score. By implementing these measures, you position yourself for better loan programs and potentially more favorable rates in a high-interest rate market, allowing you to secure a more advantageous home purchase. Call or email us with any questions; we look forward to hearing from you!2023-12-15T12:03:38-07:002023-12-18T10:15:39-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:33685Maximize ROI: Use Our Tools for a Strategic Home Upgrade
We’re excited to introduce to you our latest home upgrade tools.
Homeowners often wonder which items to upgrade and which to leave alone when considering modernizing or enhancing their house. We'll guide you on what pays off and what doesn't.
To help you with your home upgrade, we're introducing two new tools: the Home Improvement Audit and the Home Staging Walkthrough. The Home Improvement Audit helps determine if upgrades will add value, offering personal or virtual assessments to identify areas for improvement that could enhance your property's worth.
We understand the importance of investments returning value. For instance, hardwood floors tend to offer returns exceeding the initial investment. Conversely, certain repairs or enhancements might not yield significant returns.
"Both tools are available for free; reach out to take advantage of these offerings today. "<br />
The second tool, the Home Staging Walkthrough, offers insights into optimizing spaces, depersonalizing, and decluttering—making your house appealing, whether for sale or personal enjoyment.
Contrary to the misconception that staging costs a fortune, our staging solution is cost-effective and impactful, enhancing your home's appearance without breaking the bank. Both tools are available for free; reach out to take advantage of these offerings today.
If you have any questions about the tools or need help with your real estate goals, call or email us. We’re always happy to help.2023-12-01T12:46:42-07:002023-12-01T12:48:28-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:31649Discover Your Home's Worth with Our Workshop
Gain valuable insights on your property’s worth and real estate options.
Are you contemplating selling your home or simply curious about its current value and the changes it's undergone in the past couple of years? Today, we've got the answers you've been seeking.
Whether you're in the market to sell or planning to stay put for the foreseeable future, our Home Seller Workshops are designed to provide invaluable insights. We're taking these workshops on the road, coming soon to a neighborhood near you.
Our aim is to empower you with knowledge that not only helps you make informed decisions if you're considering selling but also safeguards your valuable asset in the long run.
What to Expect at Our Workshop:
1. Explore your options. Discover the various paths available to sellers beyond the traditional route, giving you more control over the outcome.
2. Staging and presentation. Learn about staging and home improvements, including a free home improvement audit to make informed upgrade decisions.
"Even if you're content where you are, this information can be invaluable."<br />
3. Modern marketing. Understand the key elements required to effectively market your home in today's dynamic real estate landscape.
4. Pricing insights. Gain insights into current home values in Las Vegas and your specific area.
5. Q&A session. Get answers to all your burning questions about real estate, buying, selling, and more.
Our workshops are designed to offer precise, area-specific knowledge, ensuring you have a clear understanding of your property's status and potential. Even if you're content where you are, this information can be invaluable.
If you're eager to find out when we'll be in your neighborhood, don't hesitate to call or email. And if we're not currently scheduled for your area, your interest might just spark a visit. Let's embark on this journey of real estate discovery together.2023-11-03T10:39:28-07:002023-11-03T10:42:02-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:31293Can You Really Trust Zestimates? Expert Explains
Can you really trust online home valuation tools like Zestimates?
Most people have heard of Zillow, and if you haven't, it's a popular real estate website that millions of Americans and even individuals worldwide visit to search for real estate listings. Research has shown that people are now more likely to type 'Zillow' into their search engines than 'real estate,' demonstrating its popularity among consumers.
Zillow provides a valuable tool within its platform known as the 'Zestimate.' This online valuation tool has become a relied-upon resource for the American public, often considered an online appraisal.
However, there is a significant issue with the Zestimate's accuracy, and I'm going to focus on Las Vegas as an example. But you can access similar data for your local market on Zillow. In Las Vegas, if a property is already listed for sale or has been on the market recently, Zillow claims to estimate within a 5% range on each side of the ultimate sales price. So, if the median price is $450,000, that's a variance of approximately $26,000 to $27,000 on either side. Zillow suggests an 85% confidence level in getting the property priced within about $50,000 to $60,000 of its actual market value. When selling your home, leaving that much money on the table can be a significant concern.
"We have a Zestimate-like tool that we believe is more accurate."<br />
There are solutions to this issue: We offer two tools to address it. One is our 'Pinpoint Laser Specific Equity Analysis,' which is tailored to your property. Just provide your property address, and we will conduct a thorough hand analysis to send you an equity report. This analysis will help you determine your net worth and assess your real estate's financial standing, considering it's likely your most substantial asset.
Additionally, we have a Zestimate-like tool that we believe is more accurate. We can provide this tool to you and track the property's estimated value closely, ensuring it aligns with your expectations. This way, you can navigate the real estate market with greater confidence and clarity.
Many individuals rely heavily on Zillow's estimates, but we offer solutions to ensure your financial interests are protected. Feel free to call or email; we're here to assist you.2023-10-19T12:55:05-07:002023-10-23T07:45:00-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:30581Deciphering the August Real Estate Numbers: Key Insights
Understanding the recent shifts in the real estate market.
The August real estate numbers have arrived, and they reveal some intriguing trends in the market. Today, we'll break down the key highlights and offer insights into what these numbers mean for potential buyers and sellers.
1. Increasing inventory. One notable trend is the second consecutive month of increased inventory. As we predicted, the end of the high season has brought about a rise in housing inventory. August saw nearly 4,700 available units, up from 4,200 just two months ago. This uptick in inventory has given buyers more options to choose from.
2. Declining demand. Demand has slowed due to the end of the high season and interest rates hovering in the mid to high sevens. This has resulted in a slight decrease in buyer demand. Evidence of this decline can be seen in the reduction of new escrows for the fourth consecutive month.
"While some numbers may appear concerning, it's essential to look beyond the surface."<br />
3. Steady closed units. Closed units have remained relatively steady, with approximately 2,500 closed sales for two consecutive months. However, as new escrows continue to decrease, we may see a shift in this trend in the coming months.
4. Home prices. A significant topic of discussion is the 1% decrease in home prices, dropping from $455,000 to $450,000. This marks the first decline since January 2023. It's important to note that while the total prices have decreased, the price per square foot of properties sold has actually increased slightly. This suggests that buyers are opting for smaller homes.
While some numbers may appear concerning, it's essential to look beyond the surface. The real estate market is dynamic, and various factors influence its performance. If you're considering a real estate decision in the fourth quarter or looking ahead to 2024, call or email us. We have the insights and information to help you make informed choices and navigate this evolving market successfully. Don't let raw numbers confuse you; let us guide you toward making the right decision for your real estate goals.2023-09-20T09:42:16-07:002023-10-19T12:54:04-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:29874Seamless Transitions: Strategies for Buying Your Dream Home Without Losing Your Current One
Turning the dance of buying and selling homes into a successful venture.
So, you've set your sights on a new home, but there's a catch – you need to sell your current one first. Juggling the sale of your existing property while aiming for your dream home might sound daunting, but fear not! Today, we're diving into four actionable steps to boost the chances of your offer being accepted, giving you the time you need to secure your new abode.
1. List your current home early. The common instinct is to wait until you've found your new home before listing your current one. However, a more strategic approach involves having your current house on the market before making an offer on your next one. This showcases your commitment to sellers and indicates that you're seriously invested in making the transition.
2. Make a competitive offer. When crafting your offer for your dream home, consider making it a competitive one. Offers with contingencies, especially those dependent on the sale of your existing property, might not be as appealing to sellers. You might find yourself needing to offer a higher price to offset this contingency and convince sellers to await the sale of your current home.
"Juggling the sale of your existing property while aiming for your dream home might sound daunting, but fear not!"<br />
3. Offer appealing terms. Sweeten the deal by offering attractive terms to the seller. This could mean proposing a swift closing once your current property is under contract, offering to cover a portion of the seller's closing costs, or providing an earnest deposit that exceeds the norm. These gestures demonstrate your seriousness as a buyer and your dedication to making the transaction as smooth as possible.
4. Set a contingency deadline. Create a clear timeline by establishing a deadline for your contingency period. While aiming for a 90-day window is ideal, even a 60-day period can work. Communicate your intent to the seller, allowing them to pause their exploration of other options temporarily while you work on getting your existing property sold.
To navigate this intricate process seamlessly, enlist the guidance of a seasoned real estate professional with a track record of swift home sales. This factor can instill confidence in sellers, showing them that you have the expertise to successfully manage your current property sale. This confidence can play a pivotal role in your offer being accepted.
If you find yourself in the market to purchase a new home but need to sell your current one first, don't hesitate to reach out to us. Our team is armed with innovative strategies and a wealth of experience to help you secure your dream home in today's competitive market. Rest assured, we're here to provide the support and guidance you need to navigate this exciting yet challenging journey. Call or email us today, and let's make your homeownership dreams a reality!
2023-08-22T08:00:00-07:002023-08-22T12:49:06-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:29546The Hidden Phenomenon: Why Rising Interest Rates Aren't Lowering Home Prices
The unconventional relationship between interest rates and home values.
Today, we delve into the impact of rising interest rates on home values, particularly in the Las Vegas real estate market. Traditionally, an increase in interest rates led to a decrease in home values, as buyers' purchasing power diminished. However, an interesting phenomenon known as the "locked-in effect" has emerged, defying the typical trend. Join us as we explore this unique situation and its implications for both buyers and sellers in the Las Vegas housing market.
Over the past twelve months, Las Vegas experienced a sharp rise in interest rates, jumping from the low threes to the high sixes or low sevens. Surprisingly, despite these climbing rates, home prices have not seen a decline. Instead, they continue to rise. This phenomenon, coined as the "locked-in effect," is a result of current homeowners holding on to historically low-interest rates on their properties. The prospect of acquiring a new property at significantly higher rates has put a freeze on sellers' willingness to list their homes, leading to a reduction in the housing supply.
With fewer sellers entering the market, the supply of homes has dwindled. In contrast, demand has remained relatively stable, if not strong. As per the principles of economics, a decrease in supply and sustained demand often leads to price increases. Consequently, Las Vegas has witnessed several consecutive months of rising home prices, with July reporting an impressive 1% month-over-month increase.
"Traditionally, an increase in interest rates led to a decrease in home values."
Experts have mixed opinions regarding the trajectory of interest rates. Some anticipate that interest rates may decrease due to improved market stability and reduced inflation rates. The Federal Reserve's commitment to maintaining a 2% inflation rate may further influence this decision. On the other hand, there are speculations that interest rates could stay the same or even increase, depending on economic conditions.
Despite the uncertainties surrounding interest rates, current homeowners in Las Vegas are experiencing a relatively stable market. Home prices have remained steady, hovering around the mid-fifties to low sixties, after reaching a peak at 45. This stability provides homeowners with the opportunity to make informed decisions regarding buying or selling their properties.
As the Las Vegas real estate market navigates the impact of rising interest rates, homeowners, buyers, and sellers must remain vigilant and stay informed. Whether rates decrease or continue to rise, the housing market's dynamics can shift rapidly. If you have any questions or need assistance with your real estate decisions, please do not hesitate to reach out. Our team is here to help you achieve your real estate dreams, regardless of the market's fluctuations.
2023-08-07T12:31:04-07:002023-08-22T12:46:14-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:29358Stage to Sell: Enhance Your Home's Appeal and Maximize Profits
Three ways you can stage your home without breaking the bank.
When we think of staging a house, we usually consider things like furniture arrangement, hiring a decorator, and obtaining furniture rental agreements to make the house more appealing. These traditional staging methods can cost thousands of dollars. However, you don’t have to spend a lot of money to stage your home. There are budget-friendly ways to do it while still reaping many, if not all, of the benefits that expensive staging offers. Here are three things that you can do for a cost-effective staging:
1. Declutter and depersonalize. Make sure the house is as tidy as possible, and take down all of the family nick-nacks you’ve collected over the years. This includes family photos. Consider donating or storing unnecessary items to open up the rooms and make them feel more inviting.
2. Highlight key features. Make sure that the amenities and features of your home stand out from the competition. Arrange the furniture and choose the decor so that these key selling points are the focus of the potential buyer’s attention.
"You don’t have to spend a lot of money to stage your home. "
3. Capture the senses. Consider the smell and lighting of your home. You want it to feel warm, inviting, and comforting to better enable potential buyers to envision themselves enjoying the space. The key feelings you want to evoke here are softness, comfort, and warmth.
Staging your home effectively is a proven strategy to increase its selling price and attract potential buyers. Plus, it accelerates the selling process. Invest time and effort in staging, and you'll be well on your way to a successful sale.
If you have any questions about how to stage your home to boost its price or real estate in general, please don’t hesitate to reach out to me by phone call or email. I would be happy to serve as your resource for all of your real estate needs.
2023-07-26T07:00:00-07:002023-07-26T10:47:34-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:28593LV BUYER ALERT! Sellers Still Making Concessions – How to Get Yours
Is the popular internet automation for your home’s value costing you money?
Today, I'd like to discuss the shifting dynamics in the Las Vegas real estate market. Not too long ago, homebuyers were in a frenzy, willing to pay well above asking prices and forgoing contingencies just to secure a home. It was a seller's market fueled by high demand, low interest rates, and limited inventory.
However, things have changed since then. As per the National Association of Realtors, Las Vegas ranked fourth in the number of transactions with concessions in the fourth quarter of 2022. And it's projected that the first quarter of 2023 will see an even higher percentage of properties sold with concessions, reaching a staggering 61.3% of transactions in Las Vegas.
Interestingly, other Western cities like San Diego, Phoenix, and Portland also ranked high in this regard. While many parts of the country still experience low supply and high demand without any price decreases, the Western market, including Las Vegas, has seen some significant declines in prices.
So, where are sellers making concessions, and how are buyers benefiting from these changes in the market?
First and foremost, sellers are making concessions in prices. In the past, buyers were willing to pay well above the asking price, but now sellers are more open to negotiation, leading to more reasonable sale prices.
Closing costs are another area where sellers are willing to compromise. Buyers often have additional expenses beyond their down payment, and sellers are now stepping in to cover those costs. This allows buyers to keep more money in their pockets, whether it's for house improvements or to build up their savings.
"It was a seller's market fueled by high demand, low interest rates, and limited inventory."
Buyers are also benefiting from interest rate buy-downs. With higher interest rates, some buyers want to secure lower rates, and there are products available that allow them to do so. These buy-down options can lower the interest rate by three points in the first year, two points in the second year, and one point in the third year. This provides buyers with a buffer and allows them to refinance when interest rates become more favorable in the future.
Furthermore, sellers are now willing to address repairs and provide home warranties to buyers. In the past, buyers often waived these requests, but now sellers are more accommodating, offering added security and peace of mind during the first year of homeownership.
In some cases, buyers are even able to negotiate for certain personal property items, such as kitchen appliances or a washer and dryer, to be included in the sale.
As the market has shifted, sellers are feeling the pressure and making concessions to attract buyers. If you're considering purchasing a home, now is a great time to take advantage of these incentives. This buyer's market won't last forever, so I encourage you to reach out to us soon to explore the opportunities available to you.
Feel free to call or email us if you have any questions or if you're ready to make a move in this evolving real estate landscape.
2023-06-13T14:23:24-07:002023-06-22T13:44:16-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:27158Overcome Analysis Paralysis: Tips to Navigate the Uncertainty of the Real Estate Market
If you’re feeling paralyzed by the uncertainty of the market, we can help.
Feeling uncertain about the real estate market can be paralyzing, especially if you are thinking about buying, selling, or downsizing your home. The past two years have been tumultuous, with the pandemic, geopolitical tensions, and economic volatility causing a lot of confusion and misinformation that makes it difficult to navigate the market. Today, we'll provide some tips to help you gain clarity and make informed decisions based on verifiable facts and credible sources.
Feel free to watch the full message above or use these timestamps that will direct you to various points in the video:
0:00 — Analysis paralysis
0:27 — There’s a lot of uncertainty
1:44 — Local markets can be different
2:37 — Tips for navigating the market
4:24 — Wrapping up
If you have any questions about the local market or real estate in general, don’t hesitate to reach out to us by phone call or email. We would be happy to serve as your resource for all of your real estate needs.2023-05-04T13:25:08-07:002023-06-02T11:36:18-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:26714Risks of Using Automated Valuation Models: Why Agents Are Still Your Best Bet
Is the popular internet automation for your home’s value costing you money?
How reliable is the Zestimate, and can you confidently use it to determine your home's value? Today, we address this question.
With the rise of the internet, finding information about your home's worth has become significantly easier than in the past. Automated valuation models (AVMs), like Zillow's Zestimate, and Redfin's Estimate are now widely available. These models aim to provide homeowners with an estimated value for their homes.
In the past, it was very difficult to get information about what your home might be worth because there was no internet or that information wasn't as readily available as it is today. We had to rely on a local appraiser or a local real estate professional, and the quality of that information depended on how good of a Realtor and appraiser you came upon.
It’s important to remember that these Automated Valuation Models are not as reliable as they might seem. Even Zillow's website admits that the Zestimate is just a starting point and should not be used as the sole source for determining a home's value. Instead, local appraisers and real estate professionals are the best sources of information for pricing your house accurately.
For example, Zillow states that their Zestimate has a 99% accuracy rate in Nevada, within 20% of the actual price. This means that if your house is worth $500,000, Zillow believes it will sell between $400,000 and $600,000, which is a broad range that might not be helpful when listing your property.
"Experts are the best sources of information for pricing your house accurately."
Using AVMs to price your property has risks. If you price your property too low, it might sell quickly, and you could lose money. On the other hand, if you price it too high, it may sit on the market and eventually sell for less than its actual value.
To mitigate these risks, reach out to us. We can assist you in determining the value of your home based on the most likely sales prices in the current market. Our approach is hands-on rather than relying on automated valuation models.
Additionally, we can help you enhance the accuracy of your home's value on websites such as Zillow by making adjustments that better reflect the upgrades and features of your property. If this process seems complicated, we can assist you in maximizing the presentation of your home's value on these sites, as buyers often rely on them.
By accurately determining the worth of your home and optimizing its presentation, you can increase your chances of maximizing your profit when selling. If you have any questions about how to determine the value of your property, call or email us. We’re always happy to help.2023-04-20T12:09:38-07:002023-05-04T13:25:02-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:25932Maximize Your Sale With These 7 Easy Staging Tips
Seven easy ways to stage your home and sell it for more money.
Are you thinking about selling your home? If so, it's important to know that some things have changed over the past few months. Homes are staying on the market longer, and sellers must employ different strategies to sell their homes. One important strategy is home staging, and don't worry, that doesn't have to be expensive. There are several affordable ways to stage your home that can make a huge difference in maximizing your return and getting you top dollar. Here are seven that we highly recommend:
1. Take away family photos. Family photos make the house feel like it belongs to you, and you want potential buyers to envision themselves living there. This will increase your chances of getting an offer.
2. Clear out memorabilia. Just like photos, memorabilia can distract buyers and make them miss the great things about your house. Also, removing memorabilia can open up spaces and make homes look bigger.
3. Consider using slipcovers. These can make furniture look brand new and make rooms look lighter and bigger. This is also more affordable than replacing furniture.
"From removing family photos to using slipcovers, these simple tips can make all the difference."
4. Clear the clutter. It makes houses look dirty and feel smaller, so take some time to organize your belongings, get things put away, and pack things up like it's time to move. This will save you time in the long run anyway because you'll have to pack eventually.
5. Painting the rooms that need it. If certain areas of your house could stand to be painted, we recommend doing that, as it's a worthwhile expense. It's cheap, and you can even do it yourself.
6. Open your blinds and curtains. You want all the natural light possible to get in your house. Make sure you have natural and artificial light beaming in your home when it's being shown.
7. Deal with your pets. Pets can be distracting for buyers, even if they're in a kennel. They might bark or make noise, taking attention away from the great things about your house. Therefore, it's a good idea to have an alternative arrangement for pets—they could be with you in the car, at a family member's or friend's house, or on a walk with you when it's time for your house to be shown.
Those are seven things you can do to make your house show better and increase your chances of getting top dollar. Remember, home staging doesn't have to be expensive. By implementing these simple tips, you can make your home look its best and sell it for the price you deserve. If you have any questions, call or email us anytime. We look forward to hearing from you!2023-03-29T12:48:01-07:002023-04-20T12:09:30-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:25360Maximizing Your Home's Value: 4 Upgrades That Can Earn You Big Returns When You Sell!
Four home upgrades that will fetch you a high return on your investment.
We have received numerous inquiries regarding which remodeling projects are worth investing in to maintain or increase the value of homes. The interest in this topic is due to the fact that more homeowners are choosing to remain in their current homes and customize them to fit their lifestyle needs and the anticipated opportunity for homeowners looking to sell their properties later this year.
As we navigate through 2023, we must acknowledge that the pandemic has brought about significant changes, and as a result, the traditional upgrades that homeowners once valued may no longer be as appealing to potential buyers. If you decide to undertake home projects, it is essential to consider what today's buyers will appreciate.
Feel free to watch the full video above or use these timestamps to browse specific topics at your leisure:
0:00 — Which remodeling projects are worth doing?
1:17 — Add more usable square footage
1:45 — How to add more living space in your home
3:05 — Improve your curb appeal
4:00 — Upgrade your outdoor space
4:39 — Improve energy efficiency in your home
5:44 — Wrapping up
Home improvements can be expensive, so you want to make sure you’re investing in the right projects. If you’re not sure whether your renovation plans are worth pursuing, feel free to call or email us. We’re happy to give you real estate advice and help you get the best value for your home.2023-03-15T09:30:46-07:002023-03-22T06:32:09-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:24918A Great Opportunity for Sellers Might Be Coming Up
Early signs are starting to point to a tailwind in the market for sellers.
So you want to sell your house in 2023 for a higher price. You want to net thousands more dollars than maybe you could have in the last month or two. You want to sell without any hassle and stress, and you want to get the price that you want for your home.
The early signs in the market suggest that the home price decreases that we've been experiencing over the last months, coming up on a year, are starting to slow down, and the market may be stabilizing. Here are the signs telling us that: First, the numbers themselves. Supply is decreasing. We just shared with you that supply has gone from about 10,000 units down to about 6,500. Demand is increasing. We see that across the board. We see a lot more activity out there.
The wild card is still interest rates. What's going to happen with interest rates? Some of the recent comments by Chairman Powell at the most recent Federal Reserve meeting may indicate that interest rates may not come down as quickly, as suddenly, or as soon as some have suggested, but that's the issue that still lingers there.
The second thing we're seeing that is causing us to think that there may be a change or an opportunity in the market for sellers is the experiences our sellers are having right now. We're getting our listings in front of the right numbers of people, and we're starting to see some traffic on properties that weren't getting any traffic or offers in the last few months. We're getting multiple requests for showings. Offers are starting to come in. The velocity is back in the market. That's clear from our experience.
"You want to net thousands more dollars than maybe you could have in the last month or two."
We're also learning that this market is moving in the right direction from our conversations with others in the industry, from the title reps and escrow officers, from the lenders that we work with, and from our trusted Realtor colleagues that we talked to. Everyone is suggesting that the activity in their market, their marketplace, or their business is increasing way more than it was as we ended the year 2022.
This may be a great chance to get yourself squared up and prepare to consider putting your house on the market. Over the months ahead, we think that with this supply continuing to decrease and the opportunity coming for some sellers, there will be a window to capitalize. They've said buy the dip to the buyers, well, sellers, here's an opportunity to catch on the tail end of that dip and maybe see some great things.
If you think that might be your case and want to know more, please contact us. We can share some information about your specific situation after we evaluate the data, look at your house and what's going on in your area, and make a recommendation that can move you in the right direction. 2023-03-02T11:43:36-07:002023-03-29T12:47:56-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:24707Urgent: A Breaking Market Update
You need to know this breaking news about the housing market.
The job report was so good last week and Chairman Powell came out and said maybe we'd have to continue raising interest rates and I think everybody expects that home prices are going to continue decreasing, interest rates are going to continue increasing, and this real estate market is going to remain at a standstill.
People are confused regarding interest rates, regarding the future of home prices, regarding the volatility in the market itself today, with all of the changes in loan qualifications and home price adjustments that are occurring on a day-to-day basis. And on top of that, now the supply shortage is back we talked about that a while ago, back when inventory was down as low as 2,500. While the supply problem is here again, and with Powell's recent comments after the most recent fed meeting, perhaps the fears of the recession or the Fed's reactions to inflation are going to cause that recession to be deeper if it ever gets here, and that's going to create more uncertainty as we move into the second and third quarters of 2023.<br /> <br />So, what does all this mean and what's going on? The first thing that we're seeing in the market is that while year-over-year supply is increasing, it's up nearly 200% or has nearly tripled since this time last year. What we're seeing on a monthly basis is a completely different story. Actually, back in September, supply peaked at about 10,000 units and we thought, or I thought it could go up besides 15,000 or so. Supply hasn't kept increasing. Supply hasn't stayed the same. Supply is going down again. There were 10,000 units on the market in September and at the time of this report here in January of 2020 they're only 6,500 units.<br /> <br />We've lost 35% of the available inventory over the last 100 days. What happens when supply goes down? Well, simple economics say when supply tightens and there's still demand, it may be not as strong as it was, but still demand that tends to cost prices to go up.<br /> <br />The second thing that we're seeing going on right now is home price, which is related to home prices. Home prices are still falling in this most recent report, home prices dipped. The single-family residence price in Las Vegas dipped to 400 decrease since as far back as 2011 or through 2012. And then what's going to happen? Well, based on that shortage of supply and the high season, we expect that prices may start going back up as we work toward the end of the second quarter and into the third quarter. I mean, if home prices were at four 10 or four 20, maybe by the end of the year based on the supply shortage, we could see them up another five to 10%.<br /> <br />So if you're thinking about buying a house, now might be the right time. As we've moved into the January and February weeks we're seeing activity increase again and dramatically, almost doubled since the holiday time to the present time.<br />Get ready. So if you're thinking about real estate in 2023, wondering if you should sell, when you should sell what you should shouldn't do. We should probably get together. I'm offering 15 as much as 30 minutes of my time to just talk about a situation that you're facing or thinking about, and I'll give you what we know about the market.<br /> <br />We study the hell out of the market. I'll give you what we know about the market, lay it over your situation and see if we can't help you come up with some kind of solution. No pressure, no requirement that you hire us. We're just here. We know a lot about what's going on and we're here to share that information for anybody who knows it or who needs it.<br /> <br />If you're thinking about doing something or going to do something in 2023, then dang it! we should definitely talk. We know a lot and we're willing to help. Thanks for watching and have a great day!2023-02-20T10:30:38-07:002023-03-02T11:43:25-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:24706Urgent: A Breaking Market Update2023-02-20T10:28:04-07:002023-02-20T10:30:13-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:24321Why Now Might Just Be the Right Time To Buy
For buyers, the time to act may be right now.
Should I be buying a house right now? That's a big question we're getting as we work through this weird market. Not everybody should be buying a home right now. Still, some folks thinking about buying should definitely pay attention to what I'm about to say because there are some great opportunities in the market, depending on what you're thinking of doing.
First: New homes. If you're thinking about buying a new home, there are some unbelievable, great deals and opportunities out there right now. I was out over the recent weekend and met many new-home builders and sales agents at the tracks. Here's what I learned. For quick move-in homes, homes that are going to be available in the next month to three or four months, those prices have been slashed as well as incentives have run amuck. Builders are practically giving those homes away because buyer traffic is very slow right now. So if you're considering buying a new home, you can buy one today. That's a big thing to pay attention to.
One of the builders I met with said that in December, they had only sold five homes, but in this particular week, they'd sold five homes already. That means the market is accelerating four to five times faster for that particular builder. So again, there's only a short time left for this. Furthermore, builders are often offering unbelievable incentives on interest rate buydowns, not just for a year or two, but some builders have rates down now to 5.49% for a 30-year fixed rate. With $30,000 to $40,000 of buy-down money, that can get that rate into the high threes or low fours. It's like happy days all over again.
"There are some great opportunities in the market."
A local newspaper recently referred to this phenomenon as “a standoff between buyers and sellers”—sellers are stuck at their old prices, and buyers aren’t willing to pay them. Then no one moves, and the market slows down, especially with the higher interest rates.
If you're interested in selling and you're committed to getting the best price possible in this market, I have some tips and strategies that I can share with you. In this shifting market, it matters more now than ever that you’re working with an experienced and knowledgeable professional who can guide you. If I can help you in any way or if you have questions, don’t hesitate to reach out—call, text, or email me anytime.2023-01-31T13:54:18-07:002023-02-02T11:51:06-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:24299Sell for More Money by Using These 3 StepsIt is crucial to thoughtfully prepare your home before you put it up for sale. A home that is correctly staged and prepped will sell for thousands of dollars more. However, how do you know where to start? There are a lot of things you could prioritize, and you don’t want to put your time and money into the wrong things. That is why we have created a list of three things to focus on when preparing your home:
1. Do the three d’s. They are: declutter, depersonalize, and deep clean. These are the basics that shouldn’t be overlooked. Move as much of your stuff as you can into a storage locker or your friend’s garage temporarily to make your house look bigger. Take down your pictures and other personalized trinkets so potential buyers can picture their family in the home, not yours. Then make sure every surface is as clean as it can be, inside and out. Don’t forget about things like ceiling fans, windows, and gutters.
2. Hire a professional photographer. It’s crucial that you don’t underestimate this. Just taking quick photos with your phone will not properly showcase your home. The photos and videos are what will draw potential buyers in, and if they aren’t good, then you won’t even get people to look at the house. The content needs to be high quality. If you decide to work with us, we'll handle this for you and cover the cost too.
3. Consider the emotions. You want to appeal to the emotions of potential buyers by making the home feel cozy and welcoming. Fix the temperature, light some candles, bring in the natural light, and do anything you can to make them feel at home. Also, make sure you keep your own emotions in check. It makes sense that this home means a lot to you, it’s a huge part of your equity, and you’ve made years of memories in it! However, get ready to detach yourself from it, and don’t let your emotions stop you from choosing an appropriate list price.
There is a lot that goes into selling a home, but we are here with you every step of the way. These three things will get you going in the right direction and earn you much more money for your home. If you have any questions or would like us to help you list, please reach out! Call or email us anytime. We would love to hear from you.2023-01-31T06:34:36-07:002023-01-31T11:27:28-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:23915Strategies To Get More Money for Your Home
Sellers can still get top dollar for their homes, even in today’s market.
How can you still sell your house for top dollar in today's market? Many sellers are wondering if they should even try to sell in this market, but I’m here today to tell you that it’s still a great time! There are strategies that sellers can use to get the most amount of money possible.
Know that in any market, buyers determine value, and they do so based on two factors: price and condition. If there is one house for sale that is in significantly better condition than the others, a buyer will gravitate toward that one. The same is true if there are a lot of houses in similar condition, but one is much cheaper than the others.
Therefore, a seller must create value by price or condition. If a home is the same price as the other properties, it just gets lost in the shuffle, and that's what many sellers are experiencing in today’s market.
"There are strategies that sellers can use to get top dollar."
A local newspaper recently referred to this phenomenon as “a standoff between buyers and sellers”—sellers are stuck at their old prices, and buyers aren’t willing to pay them. Then no one moves, and the market slows down, especially with the higher interest rates.
If you're interested in selling and you're committed to getting the best price possible in this market, I have some tips and strategies that I can share with you. In this shifting market, it matters more now than ever that you’re working with an experienced and knowledgeable professional who can guide you. If I can help you in any way or if you have questions, don’t hesitate to reach out—call, text, or email me anytime.2023-01-09T10:00:00-07:002023-01-12T13:58:59-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:23559Las Vegas Market Update for December
Here are all the latest numbers for the Las Vegas real estate market.
This is your real estate market update for the Las Vegas area, and we have a lot to talk about. It’s the holiday season, and what better way to end the year than with an update on the real estate market? There are a couple of things we are noting as we close out the year.
1.Demand is still low. We had 1903 closings in the greater Las Vegas area last month. That’s on track with the height of the pandemic, when everything was closed, which should tell you everything you need to know about how slow the market is right now. Over the last eight months, under-contract units have gone down, new escrows added in the month have gone down, and closings have gone down. Finally, days on market has doubled. It’s gone from 22 days to 43 days. That’s still not too bad from a seller’s perspective, but it’s quite a change from where we were.
2. Inventory is decreasing. We expected some of that with the holidays coming around, but it feels a little colder this year than in past seasons. It seems frustration with flat home sales and fewer buyers has stopped some sellers from bringing their homes to the market.
"There are a couple of things we are noting as we close out the year."
3. We’ll see unemployment and economic pain in 2023. After raising rates by half a point, Chairman Powell of the Federal Reserve said we could be in for a rocky road in the coming year, basically admitting that the Fed’s moves to combat inflation may cause a recession. When it begins, how severe it will be, and how long it will last are all still up in the air.
4. Prices are decreasing. The median price of a single-family home went from $445,000 in October to $435,500 in November, a decrease of between 2% and 3%. That’s a sizable decrease, and all signs point to continued declines over the next few months.
What does this mean for you? If you are a buyer, the ability to negotiate has returned to the market. We’re starting to see discounts on list prices, even on top of already reduced list prices. If you’re a seller, there are a lot of strategies and creative solutions that can still get you top dollar. If you’re thinking about buying or selling, please reach out to us. We’re here to help you.2022-12-21T09:00:00-07:002022-12-21T15:13:14-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:23283Why You Shouldn’t Wait Too Long To Buy
How to decide if you should try to time the market for a cheaper price.
Are you waiting for prices to drop significantly before you buy a house? That is a common mentality nowadays, especially with interest rates as high as they are. No one can say exactly what will happen in the future, but many are hoping that values will crash so they can swoop in and buy properties for low prices. Should you wait to buy a house? Is it worth the risk?
Some industry experts say the fluctuation in prices depends on the needs and goals of the particular area. A J.P. Morgan 2022 analysis of 116 metropolitan areas predicts housing prices to go in three general directions over the next couple of years. Some areas are predicted to drop 20% to 30%, some 10% to 15%, and some not at all.
Again, no one can say for sure what the future holds, but are you willing to take the risk of hoping that your area will be one of the few where prices fall? It is important to remember that many factors go into deciding prices, like interest rates, the state of the economy, the season of the year, etc. As a result, many experts believe it is not wise to wait for price decreases.
"What happens if you wait for a crash that never comes?"
People on this side of the debate say that trying to time the market to buy at the lowest possible point is often a fool’s game. The market changes often and quickly, so many are convinced that buying when it’s right for you and your family is the best choice. You never know when the peak is going to end, and you don’t want to have any regrets. Hindsight is the only thing that’s 20/20.
The National Association of Home Builders’ chief economist, Robert Dietz, says, “I think you want to be strategic and patient—patience is different from waiting for a crash.” It is good to take the time to do your research and figure out your strategy, and buyers have more time to do that now as the market is shifting. However, that is different than waiting around for the market to crash to get the lowest price. If you do, you might miss your shot.
This is a lot of information to take in, so if you have any questions or want to talk with me about your specific situation, don’t hesitate to reach out. I would love to create a strategy with you that works best for you and your family. Call or email me anytime. I look forward to hearing from you.2022-12-05T12:34:53-07:002022-12-15T13:22:15-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:23036Las Vegas Real Estate Market Nov 2022<br />Let’s go over the recently-released statistics for the Las Vegas market.
<br />If you’re thinking about buying or selling real estate in the next year, you should see this. The latest real estate numbers for the Las Vegas market have come in, so we’re going over what has been happening in our market and what this data indicates for the future.
<br />
First, the total number of closed units in October was just under 2,100. It hasn't been that low for a while. Just last month, we reported nearly 2,500 closed units, so that number is down by 20% in just 30 days and by almost 50% in a year. Closed units haven’t been this low since the first month of the pandemic in May 2020 when we recorded 1,999 closed units.
"We can help you strategize so that you are ready when the market moves in your direction."
One factor may be that sellers are stuck to their prices today and seem to be unwilling to bring those prices down to match where the market is. Therefore, they’re having trouble because buyers are unable to purchase at those prices with the current interest rate.
The main thing causing this current stalemate is the higher interest rates, which are now around 7%. That's significantly different than where they were just a few months ago, which has caused a shift in the market. This slowdown doesn't look like it will ease up unless sellers start to back off their prices or rates start to come down.
What does all this mean for you? If you're thinking about buying a property, we have ways to help you solve the interest rate problem, and we can help you strategize so that you are ready when the market moves in your direction. If you're thinking about selling, we also have creative solutions to help you get your house sold when others aren't selling.
If you have any questions, don’t hesitate to reach out to us by phone or email. We look forward to hearing from you.
2022-11-17T09:57:47-07:002022-12-05T12:35:09-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:22673How You Can Take Advantage of This Market
Home prices are falling, but it isn’t as bad as you might think.
“How long will this dip in prices last?” We’re being asked this question almost every day by our clients.
The truth is that this price dip is based on a few market factors. For instance, if the recession is difficult and mortgage rates come back down into the 3% range, we could see another buying frenzy that could push prices right back up to where they were.
Another important thing to remember is that just because rates went up, the structural housing shortage that began in the late 2000s has not gone away. After the last recession, we stopped building enough houses—according to some estimates, we were short about 5 million new homes a year. That's a big number, and it's not going away overnight. When buyers gain more certainty, or get comfortable with a tolerable level of uncertainty, they could start buying again and push prices up due to demand outpacing supply.
Why are we telling you all this today? There's an opportunity in these uncertain times. When others are paralyzed, you could win big if you understand how long the downturn will last.
"Buyers will have many opportunities if they are prepared."
Do you act now or do you wait it out? That's the big question, but we can help you by presenting you with all your options. You have a lot more options than you might think. Next, we'll research the properties that interest you, and create a plan that is best for you and your family.
If you're a buyer, we have some big ideas for you to consider. Are you familiar with the concept of “buying the dip?” That's typically a stock market concept, but it may apply in this housing market. We believe there'll be an opportunity for those who are prepared for it. If you act fast, you could get a leg up over the competition.
Remember those fairytale days of just a year or two ago, when rates were around 2.5%? For some, there may be one more chance to live that dream. It has created uncertainty. We study this market very carefully, and we're confident that we can help you with what we’ve learned.
If you have questions about today’s topic or anything else, please call or email me. My team is always willing to help.2022-10-24T07:37:10-07:002022-10-31T12:19:51-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:22567Your 2022 Updated Las Vegas Home PriceI’m writing to let you know that I can tell you what your home is worth right now if you’re thinking of selling in 2022. Home prices here in Las Vegas have increased since the start of the pandemic.
You’ll likely get a high price for your home before the Federal Reserve raises interest rates further. When this happens, prices are likely to stall or fall. We’re already starting to see this now that more buyers are priced out of homes, given that 30-year rates are around 6%.
Just enter your address and a few more details about your home into the tool below, and it will tell you what a buyer may pay for your house today. I pay money for this home value estimate, but it’s free to you.
<a href="https://www.brownellteamrealtors.com/sell-a-home/free-market-analysis/">Enter your home address here to find out what buyers will pay for it</a>
Keep in mind that it’s just an estimate based on your neighbors’ sales. If you want to send me a few photos of your home, I can factor in what the algorithms can’t and give you a more accurate suggested listing price based on your home’s unique features.
The bottom line is if you’re thinking of selling this year, I’m here. Ask me anything; I talk to buyers all day and know exactly what they want and what they are willing to pay.2022-10-17T10:48:00-07:002023-01-31T11:33:59-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:21963How Much Will Las Vegas Housing Prices Fall?
Home prices are falling, but it isn’t as bad as you might think.
If you’ve been paying attention to the media, you might think Las Vegas home prices are about to bottom out. All that negativity is exhausting, but is it true? The reality is that there’s no denying that our housing market has slowed down. Cancellations are up, and sales are down. However, things probably aren’t as bad as you think. In fact, now might be the perfect time to get a fantastic deal.
You can watch my full video explanation to learn more about Las Vegas’ housing market or skip to each topic using the timestamps provided:
0:00 — Introduction
0:48 — The media might have more to do with our downturn than economics
1:35 — How much will sales prices fall?
2:06 — A few factors that might prevent prices from falling
3:10 — Why a drop in home prices of 15% is very possible
4:22 — Wrapping Up
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!2022-09-12T15:09:00-07:002022-10-18T13:29:17-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:22284Opendoor Stole From Homeowners<br />Don’t get caught up in a shady deal from a lying iBuyer company.
<br />Have you heard about the latest heist? A major theft was recently unveiled. It involved the iBuyer, Opendoor. They were fined over $60 million by the Federal Trade Commission for theft and for misleading many homeowners. They’ve also recently announced a new partnership with Zillow.
Zillow abruptly ended its offers program because they were losing tons of money buying houses directly from sellers. Opendoor did this same thing except they were cheaters. When the real estate market was having some of the best times in the history of the United States, both Zillow and Opendoor were buying houses and losing a lot of money. Opendoor lost $253 million in 2020 but was dismissed because of COVID-19. In 2021, they lost over $650 million while stealing from sellers the whole time.
"Beware of today's real estate thieves."
What does this mean for you? If you're thinking about jumping into the real estate market as a seller soon and you're considering getting a direct offer from Opendoor, you might want to pause. While this still can be a good path, I think you should have an expert on your team because they've shown their shady intentions.I want to help guide you through the direct offer process and help you evaluate Opendoor versus other direct offerers as well as more traditional ways to sell your home. You have options today as a seller.
If you have any questions, don't hesitate to reach out to me by phone or email. I look forward to helping you achieve your real estate goals.
2022-08-15T08:00:00-07:002022-10-31T12:21:04-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:21389Don’t Believe the Hype—Our Market Will Be Fine
Explaining why homeowners have no reason to be worried about our market.
“What in the world is going on in our real estate market?” Depending on who you get your news from, you might think that a crash is already well underway. We saw a news article just the other day with the headline, “Housing market has rare drop.” We’ve received a ton of calls and emails from scared clients recently, and most of them are confused about what to do. We’re here to tell you to take a deep breath. Our market is changing, but we aren’t heading for a crash like we were in 2007.
It’s true that an economic recession might be coming, and the real estate market has slowed down a little bit. On top of that, more and more homes are coming onto the market. When people learn about this, they immediately think of the great recession and the housing crisis of 2007 and 2008. However, that time was an anomaly in many ways. The truth is that homeowners don’t have much reason to be afraid.
Look at it this way: prices may drop slightly, which isn’t great news, but you have to live somewhere — it’s not like you are going to sell your home to live in a tent in the woods. Also, prices appreciated like crazy during the last two years. If you owned your home before the pandemic started, chances are that you have a ton of equity.
"Our market is nothing like 2007."
Price drops or stabilization may be coming, but it’s not as bad as it sounds. Prices are still up year over year by more than 20%. Some people are worried about the long-term impact of higher interest rates, but rates are still good for investors. We’ve also been helping our buyers use creative methods to lower their rates, such as buying mortgage points.
The only people who might be affected by this shift are those who bought their homes in the last three or four months. However, most of these people weren’t planning on living in their homes for six months and selling for a profit. They’ll instead live in their homes for five or more years. When prices begin to rise again (and they will), they’ll build plenty of equity just like everyone else.
We do a lot of crazy things when we’re afraid and don’t know what’s happening. Yes, prices may go down, demand will likely fall, and supply is increasing. However, let’s take a deeper look at our situation. The market was crazy-hot before. Prices were increasing lightning-fast, demand was as high as we’ve ever seen it, and supply was historically low. We probably aren’t heading for a crash; instead, we’re just returning to a more balanced market.
If you have questions about our changing market or anything else, please call or email us. We’ll calm your fears and make sure you’re informed about our market. We look forward to hearing from you!2022-08-02T12:56:00-07:002022-08-05T11:10:11-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:21315Don't Let the Next Recession Crush You
Here are four ways to stay on top of your game during a recession.
Do you want to know how to crush it in real estate sales during the next recession? Don’t wait until it’s too late! Today I’ll discuss the four areas you should focus on to earn consistent business in these uncertain times.
1. Actively listen. When speaking to your clients, pay attention to what they’re saying instead of preparing what you’ll say next. Our goal first and foremost is to understand the speaker’s perspective. When we listen carefully, we can tell if someone is truly motivated and qualified. That allows us to focus on what’s important to them.
"Don’t settle for moderate—go big."
2. Ask open-ended questions. Selling is all about asking great questions; our clients already have the answers inside them, so we have to help bring them out in the open.
3. Learn to say no. In his podcast “Tribe of Mentors,” Tim Ferriss discussed how he spent a lot of time developing this skill. The more you put yourself out there, the more business you’ll expose yourself to, and soon you won’t be able to deal with it all. Some of the opportunities that present themselves to you will need to be vetted. Don’t settle for moderate—go big.
4. Turn on your energy and enthusiasm. The ability to present yourself dynamically is critical to our success. Most agents can memorize what words to say, but what separates the wheat from the chaff is the ability to convey those words with a sense of power, passion, and purpose. If you can do that, you’re ahead of the game.
We have a six-step process to help get our agents pumped before meeting with clients to improve their level of engagement. If you’d like a copy or have any questions, give me a call or send me an email. I’d love to hear from you.2022-08-02T07:49:00-07:002022-09-06T08:45:14-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:21266Getting in the Right State of Mind
Become a more effective person by focusing on what you can control.
The media says that house prices are falling and a recession is approaching. These crazy headlines create a lot of uncertainty and fear of a repeat of 2007. In this time of uncertainty, your mindset matters more than ever. Today we’ll share tips on improving your mindset in these uncertain times.
At the start of the pandemic, we made <a href="https://youtu.be/gS3WhMgq7i0">a video about Stephen Covey's book</a>, “The Seven Habits of Highly Effective People.” The book is about the circle of influence and what you can and can’t control. Unfortunately, we tend to focus on things that we can't control. We can't control the weather, interest rates, or where house prices are going, yet those are the things that we're worried about.
"We tend to focus on things that we can't control."
We should focus on the things that we can control. We can control what we do with our interest rate. Our customers are buying down their rates or getting the sellers to buy down their rates. Don't let fear overwhelm you; take control and make changes happen. When we focus on those things, we become more proactive, and it improves our state of mind.
If you have any questions, don’t hesitate to reach out to us by phone or email. We look forward to hearing from you.2022-07-28T07:25:00-07:002022-08-01T08:03:41-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:21251How do I buy a home when interest rates are rising? “I want to purchase a home, but how can I deal with higher interest rates?” Many clients have reached out to ask me this question recently. In case you don’t know, the Federal Reserve recently raised rates by 75 basis points—the largest increase since 1994. Mortgage rates have already responded, and they’re likely to increase further throughout the year. Rates are still low historically, but there’s no denying that recent increases make it more difficult to purchase a home. If you’re looking to buy, what can you do?
Fortunately, there are tons of creative ways to adjust your strategy and prepare for higher rates, and I want to share three of them with you today:
1. Improve your credit. You may think your credit score is already as good as it can be, but there is always room for improvement. Start by paying off your debt little by little. This will lower your debt-to-income ratio, which is what lenders use to determine your creditworthiness. You can also save up for a bigger down payment to improve your credit and lower your rate. The results may seem small, but even a tiny difference can add up to a huge amount over the course of a loan. We can help you here. We have resources and referrals for you.
2. Lock in your mortgage rate when it makes sense and consider niche loan products. If your lender is offering you a good rate, consider locking it in. Rates are expected to continue rising to combat inflation, but you won’t have to worry about that if your rate is locked in. Just remember that it only makes sense to lock in your rate when you’re almost to closing. Most rates only stay locked in for one to two months. Also, ARM loans are growing in popularity. Lock your rate for 3, 5, 7 or 10 years at a lower fixed rate and then it may adjust at the end of the fixed term. This is an excellent option for someone staying in a place for less than 10 years.
3. Pay mortgage points at closing. Also known as “discount points,” mortgage points are fees you can pay to lower your interest rate. One point typically costs 1% of your loan, so a point on a $200,000 mortgage would cost $2,000. A nice perk of mortgage points is that they might be tax-deductible. If you can deduct your mortgage interest, chances are you can deduct the cost of your mortgage points as well. In some cases, we are negotiating for seller’s to pay these points for our buyer’s benefit.
The truth is that it is still a great time to purchase a home. When the last Fed hike this large happened in 1994, rates were close to 8%, so our current ones look great by comparison. However, most experts believe rates will increase throughout 2022. On top of that, nothing indicates that rising mortgage rates will cause home prices to drop since inventory is so scarce. The longer you wait to purchase a home, the more expensive it will be.
If you’d like to take a look at what’s presently available on the market, you can view our multiple listing service here:
<a href="https://www.brownellteamrealtors.com/">Click here to see all available homes in your area</a>.
There are still plenty of opportunities in our market. If you have any questions about interest rates or purchasing a home, please call or email me. I am always willing to help! 2022-07-27T06:19:00-07:002022-07-27T07:21:23-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:21029What’s Happening With Las Vegas Prices?
Going over the possibilities of where prices could end up this year.
What's going on with Las Vegas real estate prices this summer? Are they going to crash? Today we’ll talk about what I think will happen to prices.
1. List price versus sales price. List prices are coming down, not sales prices. When the media talks about prices, they mean list prices. Sales prices are actually still going up.
2. Condition matters again. Last year, any house could come on the market at a higher price than previous sales, no matter the condition. Buyers are now looking for top-quality before they offer the best price.
3. Fair market value matters again. Buyers want houses to appraise because they don't want to overpay. The price appreciation we've seen recently has caused buyers to slow down.
"There will likely be points in the market with more price flexibility and opportunity."
What does this all mean for you? Sellers who are in a must-sell situation will have to be a lot more flexible on price. More flexible sellers and lower prices mean that some buyers will get great deals. However, what happens if this big price crash that some are predicting doesn't happen? Rates coming down will cause prices to rise again, and it could push some buyers on hold back into buy mode.
For the next few months, there will likely be points in the market with more price flexibility and opportunity. We can help you find them. If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.2022-07-12T11:31:00-07:002022-08-05T10:50:33-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:21032 Is The Real Estate Market Finally Slowing Down?Is the real estate market slowing? You may hear about this on the news or from your friends, and many of my clients have asked me this very question themselves. With the recent interest rate hikes, everyone wants to know if the market is slowing. In short, yes. The market is slowing, but it might not be slowing as much as you think.
We’ve seen a dramatic change in our market recently. Inventory has increased significantly in May and June, according to Brownell Team Realtors’ monthly market watch report, both Zillow and Realtor.com concur. The chief economist at Realtor.com notes, “If the trends we’re seeing now hold true, we could potentially see year-over-year inventory growth within the next few weeks.”
At the same time, buyer demand also decreased. The number of new mortgage applications fell for the fifth month in a row in June, and both existing home sales and new-build permits fell, dropping 2.4% and 4.6%, respectively.
Without a doubt, the market is starting to shift from the hot, pandemic-fueled one we had for the last few years to one that favors buyers slightly more, and there are a few main reasons why we’re seeing this change. First, as you may already know, the Federal Reserve has started fighting inflation by raising rates. Mortgage rates have risen around 2% to 3% since the start of the year and may continue to climb. That has a direct effect on buyers by making it more difficult to afford a home. As a result, demand has fallen.
So the market is slowing down, and the primary cause is increased interest rates. How does all of this affect your home? The drop in buyer demand has already led to immediate changes like fewer multiple offers on properties. Recently, one large national real estate firm reported that only 60.7% of its offers faced competing ones, which is down from where it was a year ago at 67.4%. Home prices are still increasing, but some experts predict that prices could flatten soon as inventory increases and demand falls.
Keep in mind that this doesn’t mean our market is crashing. Most experts agree that poor lending practices were the cause behind the 2007 crash, and today’s lending standards are much tighter.
However, it’s important to keep the context of our market in mind. Home prices have risen 34% over the past two years, and while inventory is increasing, it was still 48% below pre-pandemic levels in April. The market might be slowing, but it is still a very good time to sell your home. If these trends continue, now may be your last chance to sell near peak demand and get the most for your home. In some parts of the city and certain product types, this window may be closing sooner rather than later.
If you need any help selling your home or just want to ask some questions, I’d be more than happy to help. Feel free to call or email me. 2022-07-04T16:22:00-07:002022-07-12T13:25:09-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:20816How do I get my purchase offer accepted in this CRAZY market?Dear clients and friends,
Even with the increase in interest rates recently, today’s Las Vegas real estate market is still competitive for buyers. Las Vegas will not likeley be affected as other areas may because it has 4,000 people moving there every month from more expensive areas, like California. With all that cahs (the U.S. has $27 trillion in household equity today) from selling thier more expensive market's property, many of these buyers are able to weather these higher rates. If you fall in love with a home, chances are that other buyers have seen it as well, and you’ll have to compete against them to get your offer accepted. Even though interest rates have increased, there still aren’t enough homes to balance out our market. That means sellers have the upper hand, and buyers are forced to compete against each other. Fortunately, there are a few ways you can make your offer stand out to sellers:
Offer above the asking price. You’ll have to offer more than asking price if you want to win in a multiple-offer situation, but that doesn’t mean you’ll have to bring too much more money to the table. An extra $2,000 might be enough to draw the seller’s attention. As long as you don’t offer far more than the asking price, this shouldn’t change your monthly payment that much.
Limit your inspection. Many sellers worry about deals falling apart because of issues during the inspection. However, if you waive your inspection entirely, you could be on the hook for costly repairs. Instead, you can limit your risk by reducing the inspection period or agreeing to only ask for major repairs.
Cover the appraisal. With home prices having risen so quickly, many houses aren’t appraising for their final sales price. Normally, the buyer and seller would negotiate to see who’s responsible for the difference. However, you can make your offer more attractive by agreeing to cover a potential appraisal gap. If you’re already fully underwritten, you can waive your appraisal contingency entirely. If not, then you can offer appraisal gap coverage, which is where you’ll cover any gap up to a certain amount you choose. This may not be required in order to win a bid in the coming term.
Be flexible. Sellers might want different things concerning the timing of their sale. You can work with the seller’s agent and either offer an extended closing or a quick closing to coincide with the seller’s needs. Doing so can help your offer stand out to the seller. To sweeten the deal even more, you can also offer a leaseback agreement or post-occupancy period, where you let the seller stay in their house after closing to give them time to move and/or find another house. These agreements usually last for anywhere up to 60 days and can be a great way to offer your seller a flexible closing.
If you’re tired of competing, have hope. Interest rates are rising, and the competition from buyers is easing up slightly. While we still expect to see a seller’s market for a while, it may get easier to purchase a home in the coming months. Some Sellers may react dramatically or panic and, as a result, some good deals could surface in the coming months.
If you’d like to take a look at what’s presently available on the market, you can view our multiple listing service here:
<a href="https://www.brownellteamrealtors.com/buy-a-home/">Click here to see all available homes in your area.</a>
If you have any questions about making your offer more competitive or buying homes in general, feel free to call or email us. We would love to help you navigate this market.
Always with sincerity,
David Brownell
(702) 376-9789
<a data-name="Website" data-type="url" href="http://brownellteamrealtors.com/">BrownellTeamRealtors.com</a>
2022-06-27T01:15:00-07:002022-06-27T13:17:13-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:20734Will home prices finally fall now that interest rates are WAY up?With the recent substantial increase in mortgage interest rates, many homeowners have been asking, “Will this finally cause home prices to drop?” The answer isn’t cut and dry. In a market where rates are predicted to rise even further this year, buyer affordability could take a serious hit. To give you a better idea of whether your home is poised to lose value in the coming months, I’m going to address four key points that explain what’s happening to buyers in the real estate market and what you can expect in the future if you’re thinking about selling:
1. More expensive mortgages. A higher interest rate means a more expensive loan payment, but the rate at which they’re rising is astounding. Rates are up nearly 3% since the start of the year, which means the average homebuyer’s affordability has dropped by 30%. This has already priced some buyers out of the market, and if rates continue to rise as expected, it will price out even more of them. This is going to make the pool of potential buyers for your home much shallower, resulting in fewer offers.
2. Increased rental rates. One often-overlooked factor in all of this is rental rates. As homeownership becomes more expensive and more out of reach for some buyers, rental demand is only going to increase, which means that rent prices will jump up as well.
3. Supply is still short. Although homes are more expensive, the demand for them is still high. The increased interest rates have also caused home sellers to stay in their homes longer, and our typical spring and summer surge of inventory just isn’t happening right now. Low supply is good news for homeowners because it will keep your property values up.
4. We’re not headed for a crash. Some buyers and sellers are rushing to the market in fear of an impending crash. However, there aren’t many parallels between this market and that of 2008 when the last crash occurred. That crisis was the result of irresponsible lending practices. Since then, underwriting standards have tightened significantly.
The current frenzied market has been brought on by basic supply and demand, and any kind of market crash is pretty unlikely. According to Brandon Haefele, CEO of Catalyst Mortgage, “I think we’re now going to start seeing individual markets potentially have some slowdown…my reasoning is we still have extremely low inventory. But it’s not going to go the other way and crash.”
Although rising rates are going to cause some buyers to leave the market entirely, all of the evidence we’ve seen on the ground points to home values continuing to appreciate as long as supply remains this low. This is good news for you if you’re thinking about selling.
If you’re curious about what your home could sell for in the current market, check out this home value calculator, which takes recent sales into account:
<a href="https://www.brownellteamrealtors.com/sell-a-home/free-market-analysis/" target="_blank">Enter your address here to find out what your home is worth right now</a>.
If you have any questions about selling your home or the real estate market in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.2022-06-22T07:25:00-07:002022-06-22T08:29:17-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:20613Disaster Protection – What YOU Need to Know
Is your home sufficiently covered right now? Here’s how to tell.
Home values have climbed considerably over the last few years—given that, is your home insurance sufficient to protect you in the event of a loss? Someone recently asked me this question, and it bothered me that I didn’t know the answer. I did some research and learned that we were in good shape, but not everyone is so lucky.
If you don’t already know, ask your insurance representative as soon as possible how much your coverage would pay you to rebuild your home or make repairs in the event of a disaster.
Recently, I was on a call with a broker in Colorado who shared a story about the Colorado forest fires a few years back. They said that many homes and neighborhoods are still boarded up because the owners were underinsured and couldn’t afford to put additional money toward repairing or replacing their residences. One family got $330,000 from insurance proceeds, but it was going to cost them $560,000 to rebuild their home. They didn’t have the extra money, and things are still tough for them.
We can provide you with a personal risk-mitigation assessment
If you have investments or other rental properties, check on them too. We also recommend that you take an annual walk around your house and take a video of your belongings. This is another simple way to protect yourself in the event of an unexpected incident.
Lastly, we can provide you with a personal risk-mitigation assessment. You answer the questions and get a score; the score grades the present level of your personal risk and how mitigated it is.
If you’d like your own assessment or have any questions about protecting your home, give us a call or send us an email. We’d love to help you.2022-06-14T01:46:00-07:002022-06-23T08:46:26-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:20359How Rampant Inflation Affects Our Market
Inflation and interest rates are rapidly changing our market.
Our real estate market is changing. The growth of rampant inflation is being accelerated by lingering supply chain issues, China’s new lockdown, the war in Ukraine, and the federal government's stimuli over the past few years. The response is that we have increased interest rates. We’ve moved from the low 3% range to the low 5% range in a few short months, and that seems to have taken the steam out of the Las Vegas real estate market.
However, based on the data, we think that median sales prices will continue to climb for at least a few more months. The median price of a single-family home in Las Vegas may increase as high as $485,000 by the end of June. The current median price is just $465,000.
The current market is confusing and rapidly changing, and there’s a lot at risk.
This shows just how strong the demand is in this market. Some of that demand may be part of the rush to buy before rates rise even more. However, with the added costs of food and gas, we might not see much more home price appreciation. Things are starting to grow quiet when we look at the leading indicators.
What does this mean for you? With prices beginning to level off, we may see some much-needed relief for homebuyers. More listings may come on the market soon as sellers who worry about a price decrease try to capitalize on their equity.
Finally, who you consult with and hire matters more today than it has for quite a while. The current market is confusing and rapidly changing, and there’s a lot at risk. For many, it may be time to stay put, while for others, now’s the best time to move. That’s what we’re here to help you decide.
If you have any questions or want us to help review your situation, call or email us. We would love to speak with you.
2022-05-31T08:45:00-07:002022-06-01T12:40:05-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:20004The Realtor You Hire Matters
You’ll want a great Realtor on your side in today’s marketplace.
The real estate professional that you pick in this complicated market truly matters. Many sellers think they can hire anyone to help because homes are practically selling themselves. However, you should hire a competent real estate professional, not just any Realtor. They’ll be invaluable for the part of the process from the time the offer arrives until closing. That's the most important and complex part of most real estate deals and is where many deals fall apart.
During this time, there's a lot of negotiation, so make sure that the professional you're choosing is a strong negotiator and can confidently manage emotions. Otherwise, deals can go sideways. We’re also dealing with appraisal issues in today’s market, so your real estate professional should know how to navigate them. If they can’t, you may be working with the wrong one.
Having a trusted real estate professional on your side will help you get to the finish line and take advantage of the opportunities in this market. If you have any questions, reach out to us by phone or email. We look forward to hearing from you.2022-05-05T12:33:00-07:002022-05-13T07:19:38-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:19844What Rising Rates and Prices Mean for You
<br />Here is what’s going on in our Las Vegas real estate market.
What’s going on in the Las Vegas real estate market? Just like the last few months, we have a serious supply problem. There are only about 2,000 total units on the market, and that’s almost the lowest inventory has ever been. Prices are also still going up. The median single-family home price is $465,000, which is up by $15,000 from last month.
There is something new to report: Interest rates are on the rise, too. Rates are hovering around 5%, and that has made a lot of our clients hit the brakes. They want to wait until the market crashes to buy a home.
"There’s still some opportunity in this market."
However, is a market crash coming? To figure out what’s coming up, we looked back at the market from 2006. When we reached our peak price back then, there were some other factors in play. Interest rates were above 6%, but median incomes were nowhere near where they are today.
If we look at 2022, the median household income is 48% higher than in 2006, so homes are more affordable now than back then. Our buying power today matches what it was in 2000, which was years before the market crashed. I bet that surprised you; it surprised us. What it means is that there are still some opportunities in this market. You can buy a home at a great price right now.
If you’re thinking about making a move in the market, call or email us, and we can help evaluate your situation. We look forward to hearing from you.2022-04-25T09:26:00-07:002022-05-02T08:24:01-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:19572Sellers’ Many Options
<br />These days, sellers have many more options than they used to.
Today we’ll talk about options that sellers have as they consider bringing their homes into the marketplace in 2022. We've determined there are seven different methods that sellers can use to sell their houses these days, whereas, in the past, there were only two. Here are our four favorite options:
1. Auction your house. In today's market, some sellers are considering auction houses or online auction experiences as a way to get their house into the marketplace and create a lot of pent-up demand with a big auction day result.
2. Sell directly to an iBuyer. There are several companies making direct offers to sellers. You don't have to put your home on the market at all; they'll just send you a cash offer, and you can sign and set the terms for when you’ll move out. Some iBuyers will offer you closer to fair market value, and others will offer a typical investor's price based on their holding strategy.
"With all these options, our role has changed."
3. Rehab, repair, remodel. You can fund improvements to the house that will increase the value by more than what you paid. That would create additional equity that you’d get at the time of sale.
4. Traditional hold option. With the advent of Airbnb and other short-term rental options, many are considering holding on to their properties to bring in some passive income. More people are doing this now than in the past.
With all these new options, our role has changed. We're no longer the traditional real estate salespeople who talk about only the retail option. Today we present all of these options to our clients and talk about each one to gauge which ones you might want to investigate further. Then we do all the research and help you pick which option is best for you.
If you're thinking about selling in 2022, reach out to us by phone or email today. We look forward to hearing from you.2022-04-05T13:41:00-07:002022-04-11T08:37:03-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:19333Two Important Market Factors
<br />The current storm of market factors is creating this wild seller’s market.
A lot has happened in the market in the last 30 days. That means it's time to update you on the February 2022 real estate market. Today we’ll share two big topics.
First, supply is really tight. This February, we were down to 2,367 units. That's 14 fewer homes for sale this year than at this same time last year. The pace that homes come on the market is also down. That's not an encouraging trend.
Second, prices are up again this month. The median single-family home price reached $450,000. That’s $20,000, or 5%, appreciation in just 60 days. We projected that level of increase for the whole year, not just two months. That's going to change a lot of our projections; we thought a median price of $500,000 might be a stretch, but it's looking very possible.
"Supply is tighter, and prices are higher."
What does this mean for you? Between rising prices and rising interest rates, now is the time to act if you’re thinking about buying this year. For sellers, prices are going up, which is good, but as interest rates rise, buyers’ affordability will suffer. When you combine this with inflation, the war, and supply chain disruptions, sellers may want to consider capitalizing while the opportunity is still here.
If you have any questions, don’t hesitate to reach out to us by phone or email. We look forward to hearing from you. 2022-03-21T12:06:00-07:002022-03-21T13:17:52-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:18441Questions To Ask Before Entering the Market
Some factors to consider when deciding when to enter the market.
Are you looking to buy or sell in 2022? You aren’t alone. Recently, we’ve received many questions from clients about when the best time to enter the market is. So today I'm sharing what you need to know and the questions to ask yourself to make that decision.
First, there is no one best time to buy or sell. Every situation is unique, and no time is best for everyone. If you rely too heavily on general, national news about the housing market, you may end up out of step with your area. Things may be red-hot on the other side of the country, but if you rush into the market before you’re ready, you could miss out on a lot of money.
A few of the most important questions you should ask yourself are, “What’s important to me about buying or selling now? Why is this on my mind? What happens if I don’t make a move?” There’s more to consider, but these questions should give you an idea of what your wants and needs are.
"The 2022 Las Vegas real estate market is increasingly complex."
Another thing to consider is our rising interest rates. If you’re buying with cash, there’s no need to worry. If you’re getting a loan, you may want to buy sooner rather than later so that your buying power isn’t negatively affected.
The 2022 Las Vegas real estate market has become increasingly complex. It’s hard to make a decision with all the factors affecting housing. Interest rates are rising, more people are working from home, land is scarce, an election is coming this fall, and global conflicts are on the rise. Inflation and our historically low inventory are throwing a wrench in everything as well. It’s a good time to sell, sure; but how are you going to replace your home when supply is so low?
If you want to succeed in this crazy market, there are a few things you should consider:
First, who you listen to matters. You can find someone saying pretty much anything about the real estate market online, so the real question isn’t what people are saying. Instead, ask yourself who you should trust.
Second, interest rates are expected to fluctuate this year. They are on the rise right now, but some experts believe they will decrease once inflation is controlled. By the third quarter, we could see historically low rates once again.
Third, buyers will probably have more choices during the summer months. Supply is about as low as it’s ever been right now, but we expect activity to pick up in the spring and summer.
Fourth, there almost certainly won’t be a crash this year. It comes down to basic supply and demand. Since inventory is so low, prices will continue to increase. If you’re waiting for a crash, you may be waiting for a long time.
If you are struggling to navigate one of the most complex real estate markets we’ve ever seen, we can help. Just give us a call or send us an email. We’d love to answer any questions you might have. 2022-02-21T17:16:00-07:002022-03-03T12:34:09-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:18365Is it still a good time to buy a home?
Dear Friends and Clients,
Will 2022 be the year you buy a house? If you’ve been considering it, you’ve likely been watching the real estate market. You’ve probably seen that interest rates are increasing and home prices rose at record levels in 2021.
Does that mean it’s a bad time to buy a home? The experts say no. Jon Meyer, The Mortgage Reports’ loan expert and licensed MLO said, “While it’s always nice to get a better rate and have a smaller total monthly payment, if you can afford the home, it’s never a bad time to buy.”
However, with home prices and interest rates still rising, it’s a good idea to buy sooner rather than later. Don’t let those two facts discourage you; our rates are still historically low, so even a more expensive house will cost less now than it did in the past.
It’s not a great idea to wait and see if rates decline again. Playing the waiting game with interest rates rarely goes in your favor. On December 15, The Federal Reserve announced that they’ll increase rates a few times in 2022. However, even if you decide to wait to buy until later this year, rates will still be extremely affordable.
Across the nation, the median home price climbed 14.6% year over year in December. The excellent news is that home price growth will slow in 2022. However, don’t take that to mean that prices will slip; the rate of growth will just decelerate.
If you’re thinking that you might just rent for a while and see how things go, that’s not the best idea. While you won’t have to pay property taxes or homeowners insurance, rental rates are inflating. In November, the average monthly rental rate jumped up 6.8%!
Inflation has reached its highest point since 1982, and many people turned to renting last year. However, that heightened demand and inflation rates will likely make renting even more financially challenging than buying in 2022.
What about the ongoing pandemic; will that affect your home-buying prospects? COVID-19 has been both positive and negative for homebuyers, which means our market has changed somewhat in response. You need to be more in the know than ever, so here are a few tips:
• Know what you can afford. How much have you saved for a down payment? What is your credit score? Your score will directly affect the interest rate you can get on your loan.
• Get pre-approved for your mortgage. Your lender will take into account your debt payments, income, and credit score to determine exactly how much mortgage you can carry. A pre-approval letter means your lender has reviewed your credit, analyzed your file, and decided to fund your home loan. A pre-qualification isn’t as good as a pre-approval.
• Decide what trade-offs you’re willing to make. Make a list of the things you can live without so that if you have to make choices, you know what to do. Each decision you make for your new house and the prioritization you give it has consequences.
• Consider housing alternatives. If buying a single-family home is too much right now, think about buying a two- or three-family property, where you’ll live in one unit and rent out the other(s). Also, building a multigenerational household to leverage additional income is a rising trend. With the way COVID is going, remote work is increasing in popularity, so perhaps consider buying in a more affordable area, even if it’s farther from your workplace.
• Work with professionals. Everyone you work with during the process should be willing to kindly share their knowledge and expertise. That includes your real estate agent, home inspector, mortgage lender, tax expert, and whoever else you contact for assistance. Remember to educate yourself about the process both beforehand and during the transaction.
Waiting to buy has plenty of risks. A postponement will hurt your wallet and your ability to qualify for the home you want. Check your eligibility and the latest interest rates to see if locking in a mortgage and buying a house this year is right for you.
If you’d like to take a look at what’s available on the market today, you can view our multiple listing service here:
<a href="https://www.brownellteamrealtors.com/buy-a-home/">Click here to see all available homes.</a>
If you would like to get started on the buying process or want a recommendation for a fantastic lender, please reach out to us via phone at 702-376-9789 or email at david@thebrownellteam.com. We would love to help with all your real estate needs.
Looking forward to hearing from you,
David Brownell
2022-02-21T12:43:00-07:002022-02-24T11:00:09-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:18236What Happened in the the Las Vegas January 2022 Housing Market?
What happened in the Las Vegas real estate market this past January, and what does it mean for you if you plan to enter the market as a buyer, seller, or investor? That’s what we’ll dive into today.
First, supply has gone down. Fewer than 2,000 single-family homes are on the market right now. That's a third fewer homes for sale compared to last year. We believe that this supply shortage will likely drive homes prices up over the next few months.
The good news for buyers is that the rate of appreciation slowed in January. We ended 2021 with an $8,000 to $10,000 price increase, while they only went up by $5,000 in January. As we move into spring, more homes are usually placed on the market. Spring and summer are the most active months, so there should be more choices for buyers.
This supply shortage will likely drive homes prices up over the next few months.
Another positive sign we saw in January is that although inflation is increasing and that caused rates to rise, we expect interest rates to fall toward the middle of the year. Most top mortgage experts agree with us on this. This means that buyers will have more homes to choose from and perhaps lower interest rates. For sellers, climbing prices make now a great opportunity to capture that equity and build up your bank account.
If you're making a real estate decision in 2022, let us know, and we'll reserve some time to review your situation and make specific recommendations. If you have any questions, don’t hesitate to reach out to us via phone or email. We look forward to hearing from you.2022-02-17T09:08:00-07:002022-02-18T15:17:54-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:18168February 2022 home price updateA multitude of buyers who were priced out of the 2021 real estate market are hoping for a better result in 2022.
Last year’s real estate frenzy has caused quite a bit of buyer fatigue and sometimes even remorse. According to a Bankrate survey, millennials, in particular, said the cost of homeownership was more than they expected. A record-low 26% of consumers currently think it’s a good time to buy a house, according to <a href="https://www.fanniemae.com/newsroom/fannie-mae-news/economy-and-housing-turn-toward-new-normal-2022">Fannie Mae’s Home Purchase Sentiment Index</a> at the end of 2021.
Though demand remains robust, most consumers are apprehensive about buying a home at present prices. Unfortunately, affordability will continue to be a challenge in 2022. Most industry experts agree that even if home prices level off, they probably won’t decline.
With all this in mind, coming off 2021’s market, tons of buyers are holding their breath and waiting to see what 2022 brings. At Brownell Team, we see house “sales” prices continuing their climb albeit at a much slower pace. However, and good news for buyers, we see house “list” prices coming down a bit in 2022. The gap is just too wide.
Though it sounds like all doom and gloom, housing was one of the bright spots in the economy last year. Existing home sales increased in November 2021 to the highest seasonally adjusted rate since January 2021, so not all buyers are getting cold feet. Home prices have skyrocketed as buyers compete for a limited number of houses on the market.
In general, recent home sales have been stronger than anticipated, and we still have way more buyers than homes to sell to them. The market is especially competitive at lower price points because buyers with limited cash can more easily be outbid by investors or cash buyers.
However, homeownership is still more affordable than renting in most areas of the U.S., especially in Las Vegas. Much of this affordability is due to the historically low mortgage rates of the past few years. Remember, the longer you own, the better returns you’ll see.
So, what does all this mean? Though home prices and affordability are something to keep an eye on, it’s still a great time to both buy and sell. If you’re considering selling, now is the ideal time because prices are likely reaching their peaks, and buyers won’t continue to pay these prices forever.
And with interest rates projected to increase overall by the end of the year, this will further dampen buyers’ abilities to keep paying these higher prices.
If you’re curious about what your home is worth in today’s market, you can use this home value calculator, which takes into account recent local Las Vegas sales:
<a href="https://www.brownellteamrealtors.com/sell-a-home/free-market-analysis/">Enter your address here to find out what your home is currently worth</a>
That calculator is an estimate to get you started. If you’d like a more accurate home price estimation, please reach out to us via phone at 702-376-9789 or email us. We’d also love to help if you have any questions concerning real estate here in Greater Las Vegas.
2022-02-15T11:41:00-07:002022-02-15T11:48:18-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:17796Buyers Should Be Aware of 3 Things
Things every buyer should know about before purchasing this year.
Today we’ll talk about the things that you need to know before you jump into the market if you're thinking about buying a home in 2022.
Over the past 18 months, our hot Las Vegas housing market has caused a lot of buyers to put their searches on hold. However, with the prospect of increasing interest rates in 2022, many of them are going to return to the market to beat those rate increases and take advantage of this market. If buying a home is one of your 2022 goals, you'll be relieved to know that it should be much easier to accomplish that task this year.
"It should be much easier to buy a house this year"
Here are three things that you need to know if you're thinking about jumping into the market:
1. Sales prices may increase, but list prices may decrease. Most experts believe that prices are going to continue to rise but at a much slower pace than they have in the last couple of years. That’s good for buyers because it’ll cause sellers to lower list prices to get closer to the median sales price.
2. It's important to maintain a state of flexibility. Inventory is still very low, so you need to have a plan before you get into the market. A loan approval or extra money set aside in case you need to bid above the asking price is a good start. We can help you build that plan.
3. Rates are anticipated to rise. We’ve had unbelievably low interest rates in 2020 and 2021. They're starting to rise, but they're still below the pre-pandemic level of 4%.
We believe that 2022 is the year to capitalize on the market. If you're curious about the market right now, visit <a href="https://www.brownellteamrealtors.com/">brownellteamrealtors.com</a>. If you have any questions, don't hesitate to call or email us. We're here to help you find your dream home.2022-01-27T13:52:00-07:002022-01-31T12:40:04-07:00David Brownelltag:brownellteamrealtors.com,2012-09-20:176553 Reasons It’s a Superb Time To Sell
Here are three reasons it’s an amazing time to sell in Las Vegas.
If one of your 2022 new year’s resolutions is to look into selling your home, this may be the ideal time to start. It’s currently a fantastic time to be a seller in the Las Vegas real estate market if guaranteed success and getting top dollar are important to you. Here are three reasons why that is.
"Now’s the perfect time to look into selling your home."
1. Supply is still very tight. Over the last couple of years, the already low housing supply combined with the pandemic-induced supply chain disruption has caused home supply to shrink even further. That’s great news for sellers because tight home supply tends to mean higher prices.
2. Prices are growing. We had more than 20% appreciation in 2021, and it looks like it’ll slow down a little in 2022, but prices will still increase this year. Major research organizations and think tanks all over the U.S. have been studying everything, and they believe 2022 is going to be another positive year with single-digit appreciation.
3. Interest rates are still low. While rates are beginning to creep up, and we expect them to rise a bit more this year, they’re still below pre-pandemic levels. We’re still in the low- to mid-threes, which is great for sellers because buyers can pay more for homes.
If you decide to list your home this year, you’ll benefit from these three things. If you’re ready to get the ball rolling, give us a call. We’re ready to help you start off 2022 with grand success.2022-01-19T14:20:00-07:002022-01-21T11:11:35-07:00David Brownell