Are Short Term Rentals advertised in VRBO Legal in Las Vegas?

What is a short-term residential rental?

Short-term rentals are generally defined as the rental of a residential property (e.g. house, condominium, room, garage apartment, etc.) for a period of less than 30 days.  Often these rentals are advertised on-line on sites such as Airbnb and Homeaway.

Posted on September 23, 2018 at 5:54 pm
Robyn Yates | Category: Vacation Rental Business | Tagged , , , , , , , ,

2016 Las Vegas Real Estate Market in Review

Even in light of the increased number of new construction sales in our market; resales closings have increased by 9% in 2016:

 

Resale Closings             Year

34,525                            2014

36,422                            2015

40,028                            2016

 

The increase in the number of closings between 2014 and 2016 was 5,503; a 16% increase.  This is a sign of a healthier economy and therefore a healthier Real Estate market.  More residents of Southern Nevada were able to buy a home in 2016 than in 2014 or 2015.
At the end of 2015, the average sales price was $254,159.  December, 2016 the average sales price was $274,710 and increase of 8%.  Still prices are very affordable but inching their way up with a healthy level of appreciation.

 

The Crystal Ball for 2017 is a continued increase in pricing, and perhaps an increase in interest rates as well.  Our recommendation is to purchase as soon as you can as you will see additional increases in pricing this year.  If you would like to sell but you are still under water, the next year could bring good news for you.

Posted on January 11, 2017 at 6:29 pm
Robyn Yates | Category: Market Reviews | Tagged , , , , , , , , , ,

What is Due Diligence

What is Due Diligence?

 

When purchasing Residential Real Estate or land, the agreement between the buyer and seller will outline a time frame in which the buyer can conduct their due diligence.  This time period is the buyer’s opportunity to bring in professionals to conduct inspections of the structure and systems.  In cases where the property may need remodeling after close of escrow, the buyer will bring in contractor’s and other professionals to get bids on the work the buyer wants to do after they take possession of the property.  

 

During the due diligence period the buyer is taking an in-depth look into everything about the property and deciding whether to ask the seller for additional concessions like repairs or a credit towards closing costs in lieu of repairs, or to just move forward as is.  In some cases, the buyer may decide not to move forward, in which case, the buyer would be eligible to receive their earnest money back.

 

For seller’s, proper maintenance of all systems and structures during the life of the property is a good investment in maximizing a potential buyer’s satisfaction with the home.  

 

If you have questions about anything Real Estate, we can help!  Just ask.

Posted on August 23, 2016 at 6:25 am
Robyn Yates | Category: Information for clients | Tagged