The IRS is evidently taking publicity tips from Lindsay Lohan. You know, create a scandal, do all you can to hide it, then act as if an apology is all that’s needed to douse the scorching fallout.

Well, it is the IRS; it’s not as if they’re everyone’s favorite government entity to begin with. And like Linsday, the IRS has some good things going for it, it’s own “Mean Girls,” if you will.

Specifically, the folks who we’ve named April 15 after do offer taxpayers some really nice incentives to own a home. In fact, these are probably three of the best reasons to buy a home in Las Vegas, outside of the low prices, great mortgage rates and the chance to work with Gavish Real Estate. (Wink, wink!)

Let’s look at the three major tax code laws that benefit homeowners, the mortgage interest deduction, the property tax deduction and the capital gains exclusion.

1. Mortgage Interest Deduction
This smart piece of tax legislation allows homeowners to deduct from their taxes the amount of interest paid each on a mortgage. As any breakdown of your monthly mortgage payment will demonstrate, that’s quite a bit of money the government allows us to deduct. Yes, this means you have to itemize and there are some stipulations, but none that your accountant can’t handle. However, there are a number of groups out there who aren’t psyched about this tax benefit. The National Association of Realtors is not one of them. According to WikiPedia, The Netherlands and Switzerland are the only other countries that offer this form of tax deduction. USA! USA!

2. Property Tax Deduction
Yep, you can deduct the amount of tax you paid to Clark County for your home. This is usually an issue with which new homeowners are unfamiliar. After a few years of owning your home, you’ll come to very much appreciate this bit of tax tort come spring. We should also make it very clear that Gavish Real Estate is by no means an expert on tax law. You should always consult a licensed tax professional when seeking advice beyond what’s common knowledge about these tax breaks.

3. Capital Gains Exclusion
This is a big one. When you sell your home, the difference between what you owe on the mortgage and your sale price is considered income. For example, say you’ve owned your home for 15 years and paid down your mortgage to $90,000. Well, if you sell for $200,000, that $110,000 is look upon as profit, and therefore it’s taxable. However, the folks in Washington decided that taxing that money would be a detriment to promoting home sales and thus, economic growth. Therefore, an individual is excluded from paying taxes on income from a home sale up to $250,000. For a married couple, the limit is $500,000.

See? The IRS isn’t that scary.

But they should probably stay off Twitter for a while.

Well, it all depends on your individual situation. As Southern Nevada’s most active independent real estate company, you would probably expect us to push everyone we meet into buying. (Like an attorney who wants to handle short sales.)

But, we understand that owning a home is a serious and often emotional decision. Pushing an unprepared or unsure buyer into such a commitment is not a constructive way to run a business — real estate agents have enough stigmas in the marketplace.

(We have a Las Vegas property management division to offer the same high level, family-focused service to renters and landlords.)

Still, owning a home in Las Vegas has a number of terrific financial and personal benefits. If you think the time is right, we’ve compiled a few arguments to help you finalize your decision to own instead of rent.

1. Financial Stability
Owning a home establishes you as a sound, healthy credit risk to banks and lenders. Today’s lending environment is more strict than in years past, despite the remaining availability of low down payment mortgages. Thus, being approved for a mortgage in Las Vegas demonstrates firm employment, an ability to make smart financial decisions and the existence of measurable assets. Additionally, fixed mortgage payments allow people to create savings and investment plans by providing a monthly baseline of what you can afford to spend. Low mortgage rates and rising home prices also help Las Vegas home buyers create equity.

2. Having a Home
There is a difference between creating a home and simply having a roof over your head. For college students or people who move often, maybe a cheap apartment or crash pad is all that’s needed. However, as the desire to build a family grows and a more stable future is where you’re headed, a home helps create memories and provides you with something to call your own. Holidays. Growing kids. Quiet dinners — they’re all part of what makes a house a home. Plus, you can renovate, paint and design it in any way you choose. (Just watch those HOA bylaws, of course.)

3. Being part of a community
Owning a home in Las Vegas neighborhood automatically makes you an invested member of the community. Suddenly, it becomes important to keep the parks clean, streets safe and traffic slow. Homeowners are also considered the lifeblood of local economies. The local dry cleaner, gas station owner and bartender depend heavily on the local dollar, hoping to become mainstays of the neighborhood that maintain jobs and offer a sense of belonging. There is a great deal of truth to the time-honored kernel of upbringing wisdom about “it taking a village” to raise a child. Homeowners — neighbors looking out for neighbors — are what make the village.

If Gavish Real Estate can help you answer any questions about owning a home in Las Vegas, please don’t hesitate to click or call. Thanks for reading!

With market prices still well below their 2006-07 peaks, million-dollar homes are finding their way back into the listing inventories of agents around the valley. (Although, why list with anyone other than Gavish Real Estate?)

In the first three months of 2013, 85 homes sold for more than $1,000,000, a significant jump from the same time in 2012. Mortgage rates are clearly stimulating this unique segment of the market, as money hasn’t been this affordable in decades.

In addition to low rates, Las Vegas luxury real estate appeals to buyers seeking a southern California lifestyle without all the cost of living complications. Las Vegas offers less traffic, similar weather, low taxes and easy national commutes. For relocating easterners, the appeal is hard to pass up.

Our market has a rich history of very unique luxury homes thanks to the gambling world, which tends to attract a little opulence now and again, as well as the high-end tastes of its many entertainers over the years. As many of The Strip’s biggest stars move on from one house to the next, they leave in their wake a trail of large, often exquisite custom homes. Of course, casino owners and executives contribute to the luxury home market as well.

If a luxury home happened to be on the market at the wrong time in the last few years, chances are its price was adjusted a few times, making for a terrific bargain today.

The Las Vegas luxury home market also benefits from an established culture of wealthy families who understand what it takes to create a home worth such an investment, whether stemming from long-held mining interests, real estate development or more recent wealth built from casino salaries.

If you’re considering a new luxury home in Las Vegas, Gavish Real Estate offers exclusive, discreet buyer representation services. We’re more than happy to assist you in your efforts to learn the market and secure the perfect home.

For those delinquent mortgage holders looking for another solution other than a Las Vegas short sale, Freddie Mac may just have what you need.

Maybe.

The company’s new streamlined mortgage modification plan was set to roll out in July but the mortgage giant decided that earlier was better. Why let their customers get another couple months behind, right?

If we sound somewhat skeptic, it’s because we are.

Few mortgage modification efforts have been especially lauded for their effectiveness since the idea took off back in 2009. Most complaints are the same, with customers being stonewalled by approval times for permanent enrollment in a plan; confusing paperwork; misinformed representatives and general denial of services.

Freddie is hoping to change all that with a paper-work free version of a mortgage modification plan and guaranteed inclusion after three consecutive months of online payments. The plan is only for those who have a mortgage backed by Freddie that is not more than 720 days delinquent and more than a year old.

In Las Vegas, short sales have become a much more effective method for getting out from under a troublesome loan. Handled by an experienced Southern Nevada real estate agent, a short sale can help you move on from a home that’s been a constant source of stress and financial disfunction.

Foreclosures have been slowed significantly by the “robe-signing” bill passed by Nevada legislature. As a result, banks are turning to the short sale market to ease their inventory of delinquent loans and better serve their customers.

Yes, some short sales can take longer than expected, which is why it’s critical to work with a real estate agent — not an attorney — who has a substantial track record of success in this specialized market segment.

image from http://www.washingtonpost.com/opinions/toles

Well, we’re also second in the nation in mortgage delinquency and have well over a year’s worth of shadow inventory. Those are just facts.

However, perhaps things could stabilize a bit more, or at least make more sense, if the industry — us included — did more to educate Las Vegas home buyers about the state of the mortgage market. According to recent industry news, there is a significant schism between truth and reality when it comes to financing a home. Here are four of the more popular misconceptions.

1. You have to wait seven years to buy after a short sale
Nope, not true. In most cases, people who had to short sell in Las Vegas only have to wait a couple of years, usually four at most, to get back into the home ownership game. Foreclosures and short sales are not like bankruptcies, especially in the post-subprime mortgage world. Banks and government organizations are encouraging people with support programs to get back into ownership. The wait after a foreclosure can be up to seven years, depending on the situation and buyer’s credit scenario. However, that’s not by any means carved in stone. If it’s been a few years and you’re ready, start talking to your bank.

2. 20 percent down is the standard
Wrong again. For a short time, that seemed to be the case. But that was exacerbated by the fact that almost no lending was happening anywhere, even in commercial sectors. Fear ruled the day, scaring off potential buyers nationwide. Rumors filled the void. Today, small down payment mortgages are up more than 500 percent! Yes, you need sound credit and proof of employment — this is not 2005. There is a chance that your bank may not be as willing to take on your loan, thanks to regulations that require them to carry a percentage of the loan risk after selling it. Nevertheless, small down payment mortgages are out there, so shop around.

3. You have to finance with the bank that pre-approved you
Please. Banking is a business, that means it has competition. You do not have to get your mortgage through the bank that you spoke to initially or with who you currently do business. In fact, that’s why banks offer pre-approvals, so you’ll come back to them. It’s an incentive. Mortgage programs are different, not every lender offers the same fees, rates and closing incentives. Smaller, local banks are often great places to go for mortgages because their services are much more hands-on and dependent upon local customers. Always shop around for a mortgage and create competition for your business. If you have the credit and cash, you’re in the driver’s seat.

If any of our Las Vegas real estate agents can help answer questions about mortgages, please don’t hesitate to give us a call. We’ve helped thousands of Southern Nevada residents buy, sell and invest in real estate.

Outside the world famous entertainment and gambling mecca everyone knows as The Las Vegas Strip thrives a vibrant, diverse mix of neighborhoods and city districts that are as “all American” as Mayberry. Well, minus the view of the Luxor beam, that is.

Like any major city, it’s very important for potential Las Vegas real estate owners to know in which part of the valley they’ll want to live. That’s why we can’t recommend enough the importance of touring the entire area prior to buying, not just the few places you read about online.

Gavish Real Estate agents are recognized for their local knowledge, it’s part of our company’s vision as an independent brokerage. We don’t strive to have all the answers, just the ones that matter to our buyers and sellers. Included here is a brief run-down of why it’s so important to get as much information as you can about our area prior to committing to an offer.

1. Know who you’re neighbors are
We don’t mean to go knock on all the doors introducing yourself,(although some people have done that); what we mean is to use demographic information to get an idea of the prominent family structure or living situation. For example, are you close enough to UNLV to concern yourself with late night student traffic and the occasional afternoon beerfest? Or, is a street close to an age-restricted community or hospital that may experience a higher than average number of ambulance sirens? These sound like trivial concerns when spelled out in a blog, but having at least an idea of your neighborhood type is critical for folks looking to buy Las Vegas real estate.

2. Access to job centers
If you’re touring Las Vegas properties with a job start date already intact then it’s crucial for you to know how you’re going to get there once you’re settled in Southern Nevada. Most people like to be within reasonable commute distance while others don’t mind being away from the office, especially if their home affords them extra privacy or specialized amenities. Nevertheless, access to highways and major thoroughfares is understood best by actually driving them. You could simply park near your potential community to watch traffic. (Tedious, we know. But you could learn a lot in 20 minutes.) Also, ask the people at your new job where they live and cruise by their neighborhood to test the traffic. If you’re really lucky, you could find a great home close enough to your job to walk or ride a bike. That’d be sweet.

3. Visit a neighborhood park
Las Vegas is enriched with ways to frequent the outdoors and even the oldest communities here have parks and recreation areas to call their own. Take advantage of this great social research tool by spending some time in a park close to the community you have in mind. It shouldn’t take long to gauge the vibe of the community. Are there a lot of families? Is it a younger crowd gathering for frisbee and beer? Are there a lot of dogs? Or maybe the park isn’t active at all, which could says a lot, too.

In truth, it’s hard to really know a neighborhood until you’ve lived there for a while. The best things to do are what we suggest here in conjunction with hiring an experienced Las Vegas real estate agent. The big websites and magazines can only tell you so much. You need to get out there.

Competition, the ultimate driver of property price, has become fierce. Many buyers are becoming frustrated after months on the market, choosing instead to rent for another year, furthering the goals of landlords.

That aside, it appears that there is indeed some legitimate, time-honored market forces at play here in Las Vegas. Could it be … is it possible? Yes! Jobs are once again helping contribute to the growth of the Southern Nevada real estate market.

A study conducted by the online listing troll … er, giant, Trulia, showed that the top ten markets for gains in housing price also have the highest percentage of job growth. Las Vegas employment rose by 2 percent from March 2012 to March 2013.

Stop. We already know what you’re going to say. Yes, our market had no where else to go but up.

However, what the growth shows is consistency over a 12-month period. Everyone knows that job availability and real estate values are intrinsically linked.

Is this just a coincidence? Possibly. But someone would need to explain how that coincidence could be replicated in ten other major U.S. real estate markets to convince us of it being happenstance.

The Trulia study dug deep enough to find that only two markets in the country have experienced home price growth without increasing the number of available jobs: Detroit and the Warren Hills-Troy-Farmington, MI MSA.

Further evidence for job growth’s role in the Las Vegas real estate market’s rebound can be found in the rental market. Rents have flattened, meaning that more tenants are active in the market. In turn, this shows that more people are seeking residence in Las Vegas. Obviously, the lack of inventory and number of displaced families are also contributing to the state of the rental market.

So instead of casting doubt on every positive metric that comes across the wires in order to seem balanced, maybe we should just take the market for what it is: recovering.

Not really.

Regardless of market activity, it always pays to have your Las Vegas house listing ready to go when the buyers come knocking. To help you prepare, here’s a quick checklist of things to do around your home to make it desirable to Southern Nevada home buyers:

1. Get your carpets/flooring cleaned
A good vacuuming only works for a showing or two. If you want the quality to show, have your carpets professionally cleaned before the open house. High traffic areas can show lots of wear and tear and they tend to draw a lot of attention from buyers. When folks tour homes, they look at what they’ll have to do to make the home “their way.” Anything that stands out becomes a point of contention when they’re considering options. If a Las Vegas house listing looks as if it will need to have its carpet replaced, it quickly becomes a reason not to make an offer. The same goes for any flooring type, from tile to hardwoods.

2. Organize
This is as simple as finding places to put things. Even if you have to start packing things into moving boxes, do it. Clutter is the fastest way to turn-off a buyer, it suggests a lack of cleanliness or poor home maintenance. Sure, that’s probably not the case, but that’s the state of our market. A well-kept, organized and smartly arranged home will give prospective buyers a better sense of how the home can look when they move in. De-cluttering your Las Vegas home for sale also allows any appealing architectural merits to shine through. Many homes can sell themselves when allowed to.

3. Repaint where needed
Sure, your daughter may love her Dora The Explorer-theme room, but she’s probably on a short list of people who will. Even those rooms in dark red or trendy browns may not win over as many people as they did at the dinner party, so consider a new coat of something neutral. In other words, give your buyer a blank canvas. Rooms can be painted affordably, allowing the ROI on this weekend project to be well worth it.

4. Reveal more space
It’s easier than you think to make your Las Vegas house listing look a bit a larger than the floor plan suggests. We tend to over-crowd our rooms with oversized sofas, too many end-tables and multiple chairs. Consider removing a few pieces of furniture from the main rooms and aligning what remains in a way that promotes walkability and suggests open space. Use your windows by pulling items away from them and raising the blinds, as natural lighting reveals more of a room and provides an airy, open atmosphere.

We don’t believe if you have to remodel or install a pool just to compete for offers. Those kind of large ticket items are for reality show hosts and risky flippers. A little practical effort can go a long way.

After the bubble burst, down payment requirements jumped back to an almost across-the-board mandate of 20 percent. With things slowly improving and consumer advocacy raising its voice in light of Wall Street’s role in the economic crisis, people are pushing back against that percentage, hoping to ease restrictions on how much cash is required to buy a home.

Obviously, the tighter lending market only exacerbated the housing industry’s delayed comeback. But so has a number of other factors, such as unemployment, government banking restrictions, fear of real estate as an investment and now, the rise of the single-family rental market.

A number of studies have been done to examine the relationship between down payments and default rates. Generally speaking, those who put more money down are less likely to default. Just about everyone agrees on that. Still, there are countless exceptions and ways to disconnect higher down payments from a reduced chance of default.

For example, a study from a consumer trends and information specialist from the University of North Carolina at Chapel Hill reported that from 1998 to the end of 2012, the mortgage default rate for low-income borrowers was 5.5 percent. Defaults from sub-prime mortgages came at a rate of 25%, regardless of down payment size.

This suggests that today’s lending down payment restrictions are an off-the-cuff response to sub-prime loans and are pushing a large number of potential home buyers out of the market.

Adding to the ire of consumer advocates is a government rule recently put in place that would require any bank making a “questionable loan,” or one where less than 20 percent was put down, has to remain accountable to a portion of the loan when its packaged and sold.

Naturally, banks aren’t real fond of carrying this kind of risk, so many fear they’ll respond by targeting “qualified mortgages,” those initiated with down payments of 20 percent or more.

So on what side of the line should real estate agents fall? Larger down payments and financially healthy clients typically equate to cleaner, more lucrative sales. The risk is minimal. Yet, we can say with confidence that there are many potential buyers in the market that are financially capable of handling a mortgage but may not have five figures ready to put down.

If on nothing else, we can agree that the last few years in the real estate industry will probably never be duplicated. From rapid jumps in value to paper thin inventories, it certainly hasn’t been boring.

As our own Troy Kearns says, it really comes down to what works for you. He says in the article, “If you’re going to live in the house for five to 10 years, it’s an excellent time to buy.”

In other words, if you want a place to call home, now is your time. However, if you have some alternative plan or short-term living situation, it’s probably best to have an alternative living scenario. You see, when to buy really comes down to what works for your family.

Even after this current, steady rise in home prices levels off, as it will given the investor-led fuel powering it, it will eventually ease down, too. It always does. Real estate is cyclical. We think this also explains why we won’t see another bubble again for many, many years.

The bubble of 2008 happened because behind the scenes manipulation of the lending industry broke the natural cycle of real estate values. Homes were never meant to increase 10, 15, 20% per year. Historically, home value has risen with inflation, usually less than 5% a year. That’s why homes became life-long ways to build equity for previous generations; only after 30-40 years did homes become sources of wealth.

Today, we expect a house to make us rich after year three. It’s unrealistic. Homes should be viewed like tax returns. It’s great to see a huge return, but it’s best to gauge your expectations somewhere around a moderate return or just breaking even.

Additionally, houses provide financial benefits in other ways. For example, long-time home owners typically have stronger credit ratings and more buying power, which become important assets when it’s time to retire.

Good advice, Troy.

If you don’t need to sell your house, there’s no reason to jump simply because its value is down.

Clearly, there are few exceptions; if your job remains stable and all things considered you’re still making your mortgage payments, then it could be most beneficial to keep paying. Real estate, after all, goes up and down. Buying Las Vegas real estate is not about timing, it’s about time. Eventually, your mortgage balance and home value will overlap again.

Now, in situations where you have to get out from under an overly burdensome mortgage, you have options, such as foreclosure. However, they’re taking a great deal of time to process here in Nevada, sometimes well over a year because of new laws put in place in 2012. Plus, your credit gets ravaged.

Gaining momentum in the Las Vegas real estate market is something called “Deed in Lieu of Foreclosure,” or DILF. This scenario calls for the homeowner to simply relinquish the deed of the home to the bank in exchange — obviously — for ownership. It’s a legal process similar to foreclosure but in a more voluntary sense. Whereas a foreclosure is the bank’s effort to seize your home, a DILF is an act of willful submission on the part of the homeowner. And in most cases, banks forgive the debt on the home.

DILFs in Nevada increased by more than 50 percent during 2012.

Another option instead of foreclosure or DILF is some form of loan modification program. The government pushed this strategy heavily in 2009 and 2010 but Washington’s general lack of organization and failure to establish any semblance of qualification standards sent the programs spinning, along with participants’ heads. Most people have only negative experiences with mortgage modification plans.

In Las Vegas, short sales remain the most effective method for getting out of a poorly-performing real estate asset. Banks are becoming more efficient at processing them and the Mortgage Forgiveness Debt Relief Act has another eight months to benefit short sellers, meaning they won’t get taxed on the difference between the short sale price and the mortgage balance.

If you have questions about Las Vegas short sales or just general real estate questions, give Gavish Real Estate a call. We’re Southern Nevada’s #1 independent real estate broker.

In a market where inventory is down and competition is coming from all angles — individual investors, funds and other families — you may have to get creative to have an offer get the attention of the seller. Here are some thoughts on the matter.

Get your timing right
Be ready to close when the seller is ready to close. Las Vegas homes for sale are often subject to a bit of extra scrutiny because of the lingering affects of recent market woes, which means that banks and appraisers and inspectors can also end up behind schedule. Work closely with your Las Vegas listing agent to ensure the seller that your mortgage team can meet all the critical deadlines and loan requirements. Work with a credible lender who has a lot of recent loans closed. You could even consider asking the seller who they would use as an act of good faith, provided that lender is a good fit for you.

Don’t demand
If you’re trying to win over the seller, don’t get overly aggressive with concession requests or conveyances. At least don’t make the contract contingent on a particular request. Sure, it never hurts to ask for the nice refrigerator or patio set and negotiation is about each party receiving a reasonable amount of value from the transaction — just don’t over do it. It’s smart buying to not go in one-sided, already assuming the stronger position. Las Vegas is a seller’s market right now.

Have a respectable down payment
Have the cash in hand for the bank before making the offer. Communicate through your Las Vegas real estate agent that you do indeed have cash ready to put down on the loan and to whatever extent you can maintain privacy, even consider demonstrating your liquidity to the seller beyond the boilerplate “pre-approval” letters. This will help the seller be confident that you can get the loan closed. In today’s market, it’s almost certain that within a competitive bid situation on a Las Vegas home for sale, one of the buyers won’t be able to secure the financing. Don’t be the one.

These are just a few tips for helping you land a home for sale in Las Vegas. If you have additional questions about buying or listing a home in Souther Nevada, feel free to contact Gavish Real Estate.

As most Las Vegas residents know, Gavish is a pretty popular name in local real estate. We’ve been running commercials on local radio for quite a while now, and they’re a lot of fun for the company. They help our agents get identified with a known entity and from a marketing perspective, they’re effective. In short, it’s good business.

So as you might imagine, it was only natural to start advertising on television. Our ad is posted right above this text.

Everyone involved had a great time filming this commercial, and another is on the way. You may notice that this isn’t just a general branding effort though; there’s a critical message about the value of using real estate professionals to handle short sales.

The sheer magnitude of the Las Vegas short sale market made it susceptible to the influence of outside, non-real estate industries, ranging from strategic default consultants to attorneys warning residents about the “legal dangers” of short selling. Rest assured, you’re in no legal danger from a short sale, provided you’re not doing anything illegal.

Real estate agents are warned from day one of licensing school to never provide or act in a capacity to give legal advice. We’re quick to recommend attorneys for things like closings, zoning complications, city ordinances and challenging rental property disputes. But not for selling your home.

And certainly not for short sales.

Capice’?

Inventory is down, that’s not speculation or marketspeak. Still, if you can act fast with cash ready, Las Vegas second home buyers can land a steal in what is one of the world’s most popular vacation destinations.

So we at Gavish Real Estate, Southern Nevada’s largest independently owned real estate company, thought we’d put together a few reasons why Las Vegas makes a great place to purchase a vacation home.

1. The Vacation Home market is making a comeback

According to the National Association of Realtors, vacation home sales jumped 7 percent in 2012, meaning that banks are ready to lend for this type of mortgage. Granted, most Las Vegas vacation home buyers are those looking to put a great deal of cash down, if not pay for the whole thing sans mortgage. Nevertheless, this market growth bodes well for Las Vegas, which has seen large condo projects find new life in the last 18 months. Travel industry reports are also showing a significant upward trend, with travel expenditures at pre-recession levels. Golf course homes, mountainside retreats and quaint desert enclaves are popular options for second home buyers, and Las Vegas has plenty of such homes for sale.

2. Las Vegas, etc.

Yep, the Strip has endless world-class entertainment, the most five-star restaurants collected within one mile of any city in the world and enough resort amenities to keep any local busy every day for a year without repeating the same activity. However, Las Vegas vacation home owners should also focus on the “etc.” The golf courses around the valley are fantastic, ranging in skill level from weekend duffer to PGA professional. And regardless of player level, they’re all immaculate and drenched in calm, sunny days. (Okay, it can get hot, and windy, but that’s why there’s Lake Mead.) Drive a few hours in any direction out of the valley and you’ll soon find yourself in a Sierra Nevada mountain cabin, a ski resort in southern Utah (and just outside Vegas) or a San Diego oceanside bar.

3. Rental income

The National Association of Realtors study we referenced earlier also cited that 91 percent of vacation home buyers plan to rent their property within the first 12 months of ownership or for at least part of the year. Perfect. Las Vegas is currently a renter-dominated market, with renters slightly outnumbering home owners. Additionally, Las Vegas property management firms are ready with arms full of solid, well-qualified tenants. Granted, rent has dropped slightly in the last few months but it remains well above average debt service and rental ownership costs.

There you have it, three great, practical reasons to buy a Las Vegas vacation home. Oh, in case you need one more reason, there’s always the chance to work with Gavish!

National investors are buying homes to convert to rentals and while new construction is underway, it hasn’t moved fast enough to off-set the decreased volume. Additionally, with tougher laws posed on banks relative to foreclosure processes, homes remain in ownership limbo for lengthy periods.

However, if you’re prepared to hit the market with feet running, you could find yourself a terrific home at a surprisingly value-driven number. Here are some tips to help you when buying a home in Las Vegas.

1. The right agent

Okay, maybe this sounds a bit self-serving, but wouldn’t you want the most qualified professional possible in any other business venture you’re entering? No one seeks to hire a mediocre accountant when the IRS calls, right? The best real estate agent is the one who comes with a definitive history of positive references. Ask your friends and above all else, trust your gut. It helps to have someone at your side who has a few years of experience in the market because they’ll be able to translate how a particular area within the Las Vegas real estate market has performed over the last few years. And, look for an agency with a solid, tenured team. Agents move quickly in our world and its a positive sign when a team of agents remains loyal to their brand.

2. Know the neighborhood

As best as possible, narrow down your location choices before setting foot in the market. Drive around during different times of day, even go so far as to “test commute” a day or two by driving to places from the community in which you want to live. Find the parks, stores and running paths you’ll be using. The more you’re confident in where you want to live, the faster you can react when a suitable home in that area hits the market. Again, today’s homes are moving quickly, so it pays to be ready to strike.

3. Be Loan-Ready

Knowing exactly what you can qualify for is one thing, but having it in hand is another thing altogether. Banks are eager to loan money for homes but your credit and cash have to be intact. Don’t just read stuff you find on the bank’s website — sit down with your bank and discuss specifics. Ask them tough questions about how quickly they can prepare loans and have them make very clear to you every piece of documentation you’ll need to have the mortgage ready come closing day. Your mortgage is their business, so demand they give it the utmost attention. Far too many homes have been lost to competitive buyers when the first’s loan couldn’t get closed in time. Remember, we’re in a different market today. Be ready to close.

4. Understand the Risks

You can save yourself a great deal of stress by understanding that when buying a home in Las Vegas, or anywhere, things sometimes go wrong, and when they do, it tends to fall apart quickly. (Again, experienced agents can often foresee obstacles ahead, however, they can’t predict everything.) Loans collapse for surprising reasons, inspectors find issues with homes that impact appraisals, liens can jump out of nowhere and sometimes, a much higher offer shows up at the last minute. However, being ready for the unforeseen prepares you to get through it and make it to closing. Lastly, remember that a deal is never “done” until its done.