Greater Las Vegas Real Estate Podcast with Michael Dedic

Once again, Randall Scott has joined me to answer the question, “Can you trust a Zestimate?” The short answer is no. You have to be very careful because websites like Zillow use an algorithm to determine home value that can’t possibly be 100% accurate. They can get close with their estimates in some cases, but it’s very difficult to get an accurate price online. The better route is to get an actual value assessment from a real estate professional. “You need an expert’s advice to determine an accurate price.” A lot of the data they use is outdated or inaccurate. It’s a good starting point, but you need an expert’s advice in order to determine an accurate price. If you’re on a shorter timeline, your price will be different than if you have time and want to get the best price possible. Whether you’re buying or selling, we’re dedicated to making sure you get the most accurate valuation for any home that you’re thinking of buying or selling.  If you have any questions for us about your home’s value or want our expert opinion, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.   

Many people are curious as to what steps go into the home buying process, so today we’ll walk you through a general overview of what to expect.  When our team assists people with the home buying process, the first step we like to take is to send them a list of available homes in our area that meet their search criteria.  Then, we ask that they choose three or four properties from that list for us to see in person.  Once the buyer has found a home they like, the next step is to make an offer. Generally, in the process of getting this offer accepted, our team can negotiate for the buyer to get some money back in the form of closing costs to be paid out by the seller.  “The entire escrow process will take about three or four weeks, after which you’ll be able to close.” After going under contract, you’ll enter escrow, during which you’ll go through the inspection and appraisal, among other steps. Essentially, inspections verify the condition of the home while appraisals verify the value.  The entire escrow process will take about three or four weeks, after which you’ll be able to close. At closing, all you’ll need to do is to visit the title company on a previously agreed-upon date and sign all the loan documents, as well as the deed. And that’s all it takes. After that, you can get your keys and start moving in to your new home! If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.   

Now that we’re past the midway point of 2019, it’s time to check out some of the latest developments in our market. First of all, inventory has risen. In June of last year, we had 2.3 months’ worth of inventory on the market. This June, we’ve got a 3.3-month supply. This 43.5% increase means sellers still have the upper hand, but that buyers now have more to choose from. Even so, 3.3 months is still not much. If you plan on buying a home this year, you’ll need to work closely with an experienced Realtor to ensure your home search is successful.  Over that same 12-month period, the number of new listings as well as the number of pending sales went up by more than 9%. This just goes to show that our market is still quite active.  “The recent increase in inventory means sellers still have the upper hand, but that buyers now have more to choose from.” However, while homes are still selling, they are taking longer to do so. Last June, it took an average of just 27 days for a listing to sell. This June, listings are spending an average of 40 days on the market—a 48.1% increase. Those planning on selling should, therefore, be especially proactive in working with their agent to market their property.  On the plus side, homes are selling for more money lately. The average sales price in our area went from $338,136 to $354,042 between June of 2018 and June of this year.  Between these favorable conditions and the fact that we’re approaching the hottest time of the year for listing a home, sellers are faced with a lot of opportunities right now. And with interest rates still at historic lows, buyers, too, can take advantage of this great market. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.