Our top 2021 Las Vegas Real Estate Success Stories

3 examples of Wins and 1 example of a Loss in the Las Vegas Real Estate Market.

Over the year there are certain transactions that are the highlight of the year. It’s been a tough market for buyers lately but I think there are always perspectives that will be favorable to anyone. One of the reasons I became a realtor is to make sure I’m helping as much family and friends with their financial success as I can through a vehicle called Real Estate. Real Estate is a cornerstone of financial success and it’s very important to nurture our real estate portfolio while we can. Me being a young Hispanic person it is especially important to make sure I foster more financial literacy and knowledge as much as possible because I didn’t really understand or knew about the real estate market before I got into the industry. So whenever I handle a family member’s or really every transaction it’s important to do get good results, but especially family as you can understand.

1.So last year in 2021 February I started working with family members on the purchase of their first home. In a strong COVID-driven seller’s market and as one of my first solo transactions I came to understand that the market for FHA buyers would be a little tougher than for example cash or conventional buyer. So as we started to get turned down on offers that were a little over the asking price we started to feel like we needed to get more aggressive and me being a new agent not familiar with the market, I was still asking for some closing costs to be covered by the seller which was probably another reason why our offers weren’t being accepted, but at that time it was the beginning of this type of market where you really “beat up” on buyers. There was a property that they fell in love with, it was a great home for their family in a neighborhood they loved. For a 5 bedroom/ 3 bath home we offered $6k over asking and asked the seller to cover half the closing costs and landed that unicorn of a deal. To add some more icing on the cake our appraisal came back with the value of the home valued at $10k over what we paid, so they will be walking into some equity already. With that first deal I walked into my next ones with some confidence. I have a background in advertising and working good deals, so I felt like I was really made for this industry and I could really help a lot of people. Below is a housing snapshot to provide an overall understanding of the market during this time.

February 2021 MLS Las Vegas Realtors housing market data

2.The second favorite deal of the year was a little deeper in the year and it was in Henderson, NV condo. I was helping some awesome people who were looking to grab a property that was going to be for his children during college and for a home as they came to visit for the Raiders games. This was another transaction where I felt like a lot of our offers weren’t getting accepted, and we had strong conventional buyer with some aggressive offers, but at the end of the day cash and timing is the name of the game in this type of market. I remember we missed out on something the client really liked and we went on a lot of showings, but we waited a few weeks and targeted that area in that same community and across the other side we landed a great 3 bed 3 bath condo. Sometimes these things are very serendipitous and it seems the right home always finds it’s way to the right family. We offered $16k over the asking price and when we got the appraisal back my clients walked into a few thousand dollars worth of equity when they moved in. Below again to give you an idea about how to tough the availability was for buyers in the market at that time.

October 2021 MLS Las Vegas Realtors housing market data

3.My third favorite deal of the year was for my wife and I. It was getting down to the line and the real reason I became a realtor was to ensure my family and I would buy a home and start our real estate portfolio sooner than later. We had been given a pretty long road to be able to be approved for a home and it just felt like saving so much money for closing costs and a down payment almost felt impossible sometimes. Honestly I didn’t have the greatest saving habits or understand enough about the situation and how to manipulate it in my favor. So it was a long 3 year roadmap to paying things off and getting more credit cards, our credit score still wasn’t approving then one of our lenders suggested I add my wife to my cards. That finally did the trick and we saw her credit score improving well to where we needed it to be. But unfortunately for some reason my lenders system wasn’t able to access my credit report because of a “freeze” we had put on it a couple years ago. When I called the reporting agency they said it wasn’t frozen. So this was difficult because we should be approvable now but for some reason the system is “glitching” on us.

Well we took our info to one of my other lenders and we got approved right away. This was around the end of November so the time clock was ticking for us as our baby was due in the beginning of February 2022 and with two other growing little boys it was time we were homeowners. We hit the market hard and starting putting in offers right away, of course again we weren’t getting anything accepted. Now because this is my own transaction I’ll divulge more info here, we were putting in offers with $11k or $16k over asking price, and we were FHA buyers with a 30 days to close, 7 days of due diligence and $11k extra in case of a low appraisal and we were approved for the FHA max at that time which was $375K. We didn’t get accepted until our 8th offer, the appraisal came back $15k under asking so we paid the $11k difference and got a couple thousand covered in closing costs for fixes we requested that the seller didn’t want to do. Then two weeks after getting into our home our baby girl had her room waiting for her as she was brought into this world. Sometimes it’s a rollercoaster but every deal always falls into place exactly as it needs to.

December 2021 MLS Las Vegas Realtors housing market data

The 1 loss I’d like to note was when a client and I decided to part ways because the condos I was showing all had little things wrong with them and the offers we were putting in weren’t getting accepted, so we decided it was best if they were helped by one of our others agents which is a perfectly situation. You’re not always going to mesh well with people and it’s important they have the best experience possible.

The highlights of my 2021 taught me that in a heavy sellers market there is still some wins for the buyers and I’ve honed in on something I call “first right of refusal” which is a different look at how to approach the market for a buyer. A upside is how fast your equity grows once you do move in as well as locking in a low mortgage rate while you can. I don’t think people should be scared of the market now but understand what to expect and how to be patient no matter what kind of buyer you are.

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