DISCOVERED BURIED TREASURE IN YOUR LAS VEGAS HOME EQUITY
Ahoy, matey! Belay y’ur Las Vegas real estate musin’s fer a moment to consider how ye home equity be like a treasure buried in ye back yard! Arrrrrr! It’s long past Talk Like a Pirate Day (September 19), so we may have to wait another year to give this metaphor the proper growl and scowl it deserves—but for Las Vegas homeowners, the chest full of shiny home equity really could be buried out there in the back yard. Metaphorically, at least. The facts behind this were brought to the attention of those sharp-eyed Las Vegashomeowners who pay attention to the Economic Outlook releases that the real estate analysts at CoreLogic send out monthly. These economists aren’t very piratical in demeanor. They favor bow ties to eye patches and whiteboards to parrots. They confine their raids to the gems found in the pages of government reports—and never ever pillage or burn anything to the ground (unless you include popular real estate misconceptions). This month, the CoreLogic crew stepped up to their quarterdeck for a clear look around. When they brought their spyglass up to get a wide view of real estate’s progress over the past few years, the sights were pleasing. Looking at the period beginning with the 2011 trough in the housing cycle, the U.S.’s home price picture was breathtaking. They’ve risen a full 40%! If the treasure chests buried in U.S. homeowners’ backyards is their homes’ equity, the growth inside was well worth protecting. Per CoreLogic, “The value of the housing stock and the amount of home equity wealth held by homeowners have risen dramatically during the last five years.” Las Vegas homeowners who have marked a similar rise in local values were confirmed by the fleshed-out findings. The figures showed that “home equity wealth” has more than doubled during that time: from $6.1 trillion to $12.7 trillion. The overall effect on the U.S. economy was also bracing. Moody’s Analytics estimates that the ultimate effect was to boost consumer spending by $100 billion—not even counting home improvement spending. For the average Las Vegas homeowner Captain Kidd types, digging up their own backyard buried treasure would reveal that they’d added about $11,000 worth of home equity doubloons over the past five years. Avast, matey—there be bounty, f’r sure! Of course, Las Vegas homeowners don’t have to set sail for the tropics or dig up the back yard to take advantage of their own home’s equity growth. It’s the basis for any number of financing options. And when it comes time to set sail for new digs, it reflects in the ultimate home equity equation: the price that buyers are willing to offer. To make sure you make the most when that time comes, I hope you will be sure to give me a call!
A FEW NEW TRICKS TO SPEED SELLING YOUR LAS VEGAS HOUSE
If you have much experience with selling your house, you probably have your own ideas about what has seemed to be the preparations that made the most difference with the least trouble and expense. Here are three you might not have used before: Closets – every now and then you’ll see clutter-clearing advice that emphasizes how important it is that closets be neat and organized—shoes lined up, drawers closed, shelves neatened, etc. The new idea is to empty the closets. Not entirely, though: empty just half of what’s in there! It’s actually a good way to use a closet, because when it’s jammed to the rafters, many items are never used anyway (they get lost among everything else). By putting half the stuff into storage, the net effect is that closets appear much more spacious. Refrigerators — an age-old adage has it that what you’re really selling isn’t a Las Vegashouse; it’s a kitchen. That’s an exaggeration with a grain of truth. Nobody would say that you’re selling a refrigerator—but there might be another grain of truth in there as well. Buyers really do open refrigerator doors, and what they find registers. So the cleaner, the better. Since cleaning involves emptying it shelf by shelf, while you’re at it, you might as well take the opportunity to declutter. In refrigerator terms, decluttering means getting rid of the bits and pieces and too ancient jars you won’t ever use again anyway. Some expert advice includes actually staging your fridge: adding healthy items selected for maximum foodie appeal. But since you have to continue preparing actual meals for everyone, I suggest sticking to the usual family favorites. Lights: at night — especially once I’ve planted my “FOR SALE” sign out front—there is a fresh opportunity to indulge in some inexpensive Las Vegasshowmanship. Think “stage lighting.” Now that the Las Vegas days are short and nights long, more folks are out driving in the dark of night or early morning. A floodlit entryway flanked by attractive spots highlighting landscape features will add eye-catching architectural interest. Too, when you’re selling your house, it never hurts when you also subtly upstage the surrounding properties. For some homes, color can be especially appealing when it’s not too garish. Those are just three easy but effective ideas that are among those that can add up to a Las Vegas house that earns its “SOLD” sign fast. Since every property is unique, each offers different opportunities. When you give me a call for a no-obligation consultation, we can put our heads together to come up with some that will work best!
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