Notices of Default Double

According to the Las Vegas Sun, In October, the median sales price of single-family homes in Southern Nevada rose to $475,531, a 5.9% increase from the previous year. Condos and townhomes reached a record high median price of $315,000, up 14.3% from $275,500 in October 2023, according to a Nov. 5 report from Las Vegas Realtors.

The title company we use sends me a report of all the default notices that are recorded. The number of defaults have doubled this month, leaping from about 120 notices to about 240 notices. As we cruise through the winter, this number will probably increase and sales will drop. Historically, prices level out or drop during the winter months.

 

Filling Vacancies Faster (by Bob Kinniburgh)

As our holiday season quickly draws near, the number of people moving or relocating is dwindling. The folks looking to rent are the ones who have to find a new place immediately. They generally are not the cream of the crop for selection purposes, so finding a diamond is rough can be a challenge.

Here are the most recent statistics for our area:

The Las Vegas median rental price increased by $27.00 year-over-year from 2023 and is now $2,000. There are over 4,600 available rentals, and the best properties are competing for a limited pool of qualified renters. Zillow is taking our temperature as warm based on overall demand, but our experience shows that most folks are not able to meet our basic tenancy criteria.

The North Las Vegas rental market has been strong over the past two years. The area’s business growth has attracted quality renters with good incomes. Although the median rental price only increased by $25 year-over-year, that was on top of a very good last year. The median rent is currently at $2,000. There are only 617 available rentals currently in NLV, but we suspect that will change as new construction continues to affect inventory levels going forward.

The Henderson rental market has historically been strong, but with the increased construction over the past couple of years, the level of inventory has taken its toll. The median rental price for all properties decreased year-over-year by $45 and is currently at $2,200. It was the only area that showed a huge drop off starting in July and never recovered. There are over 1,100 available rentals currently on the market.

We predict rents will either remain flat or decrease during 2025.

For those interested, here is the link to the Zillow report.

Annual Maintenance (by Billy Woodside)

We have sent emails to all of our owners. If you missed this notification for annual maintenance, reach out to your property manager and confirm you would like to extend the life of your HVAC and landscaping.

We would like to send our preferred vendors to ensure that all the homes we manage have functioning heaters (HVAC) and that your irrigation systems (sprinklers) and vegetation are correctly winterized. Your first option could be as simple as resetting clocks for the season, but we also need to inspect for leaks and winterize manifolds to prevent pipes from freezing and breaking before the weather turns cold here in the desert.

Many of our properties house children and elderly residents, and we want to ensure your tenants’ safety and comfort this winter while keeping your investment running smoothly. Instead, We would address a minor issue rather than face a more significant, costly problem later. If a more severe concern needs attention, we would like to address it before the temperatures drop significantly to avoid unhappy tenants and potential legal issues.

That said, we request your permission to conduct an inspection regardless of the age of the unit (new or old) and whether it is under warranty or not. If you have an active warranty on a newer unit, that is fine; if our vendor identifies any issues, Billy will contact your warranty provider for assistance. For properties with units over 15 years old, this inspection is essential for you, us, and your tenants. We take pride in our strong reputation and are committed to maintaining it with both our tenants and clients. 

If your property doesn’t have an irrigation system, these options may not apply to you. But if the property has landscaping and you would like us to prepare it for winter and spring, we can make that happen for you and your investment.  

The irrigation options can be minimal, or we can select the complete winterization process. The cost for winterization will be assessed on a case-by-case basis.

Let’s keep those tenants cozy and keep your curb appeal on point.  Please confirm you are good to go with these:

• $95 – HVAC Inspection & Maintenance (details of what’s Included)
• $95 – Landscaping Inspection / Maintenance (details of what’s included)

P.S.. If a Home Warranty covers your property, that is fine. I can notify your H.W. Company what the results of our findings were and create a claim with your  H.W. to get it resolved.