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Cunningham Group Client Newsletter
VOL. 1, ISSUE 10 NOV. 2013
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Rental Strategies Brought to you by Shawn Cunningham, CRS
For some homeowners, renting may be a viable option to selling. Whether you are an experienced landlord or a firsttimer, the following tips from Frontdoor.com and USAA Insurance can help you evaluate prospective renters for your home. First, know federal and state landlord/tenant laws, especially the Fair Housing Act, which outlines illegal discriminatory actions. The Department of Housing and Urban Development’s website is a good place to start to gather information. When advertising, focus on the details about the home, such as amenities, features, number of bedrooms and baths, and rent. Providing photos can also help “sell” your place to prospective renters. Show your house at its best by keeping it clean and in good repair.
Remember to remove any personal items. Use a standard rental application that conforms to state laws, and give renters a list of policies about pets, cosigners, credit scores and late payments. Review all applications in the order you receive them, conduct a background check and call references. A good rule of thumb is to accept only applicants whose gross monthly income is three times the rent or more. Keep marketing the house and accepting applications until a lease is signed and the deposit check has cleared. Ask potential tenants to show proof of renters insurance, which covers the cost of the tenants’ belongings and any damage that might occur to the property during their stay.
Shawn Cunningham ABR, CRS, ePRO, CDPE REALTOR (702) 530-5002
shawn@cgroupvegas.com
Kyle Cunningham Property Manager REALTOR (702) 530-5002
kyle@cgroupvegas.com
Jack Thompson Buyer Specialist REALTOR (702) 682-7527
jthompson@remax.net
Inside this issue:
Source: CRS.com
Cunningham Group @ RE/MAX Advantage 10075 South Eastern Ave. #103 Henderson, NV 89052
2 LAS VEGAS, NORTH LAS VEGAS, HENDERSON & BOULDER CITY SINGLE FAMILY RESIDENCE– OCTOBER 2013 AREA
LISTED
SH SALE REO LISTED LISTED CLOSED
% SOLD
DAYS ON MONTHS MARKET SUPPLY
LIST PRICE (MEDIAN)
CLOSE PRICE (MEDIAN)
North (101-103)
1282
251
97
538
42.0%
19
2.4
$169,900
$169,450
East (201-204)
693
145
67
251
36.2%
21
2.8
$119,000
$115,000
South (301-303)
602
105
49
262
43.5%
20
2.3
$171,450
$170,000
NW (401-405)
1410
187
95
522
37.0%
23
2.7
$189,900
$189,000
SW (501-505)
1831
225
105
536
29.3%
26
3.4
$229,900
$225,000
Henderson (600’s)
1084
124
54
477
44.0%
17
2.3
$229,900
$230,000
Boulder City (700’s)
63
2
4
13
20.6%
18
4.8
$319,900
$320,000
6965
1039
471
2599
36.1%
20
3.0
$204,279
$202,636
44,841
5,589
51.6%
22
2.3
$189,464
$188,584
TOTAL YTD AVG.
3,245 27,280
Closed Properties in October 2013
NORTHWEST 401 - 405
RA
NC H
O
-
R TE IN
EAST 201-204
CHARLESTON
Short Sale 681 21.9%
BO UL
DE
SOUTH 301-303
SOUTHWEST 501-505
R
EASTERN
INTERSTATE 15
REO 185 5.9%
Resale 2248 72.2%
NORTH 101-103
HENDERSON 601-606 BOULDER CITY 701-702
Janice Colaluca ~ Ticor Title Sales Executive ~ 702.283.7466 CONDOMINIUM & TOWNHOUSE– OCTOBER 2013 AREA
LISTED
SH SALE REO LISTED LISTED CLOSED % SOLD
DAYS ON MONTHS MARKET SUPPLY
LIST PRICE (MEDIAN)
CLOSE PRICE (MEDIAN)
North (101-103)
98
18
16
38
38.8%
29
2.6
$95,000
$96,295
East (201-204)
227
43
19
47
20.7%
43
4.8
$59,800
$60,000
South (301-303)
362
54
29
99
27.3%
37
3.7
$80,000
$80,000
NW (401-405)
451
70
29
128
28.4%
20
3.5
$99,745
$105,000
SW (501-505)
410
64
49
118
28.8%
24
3.5
$97,500
$98,250
Henderson (600’s)
234
35
24
82
35.0%
33
2.9
$113,500
$113,000
Boulder City (700’s)
16
0
3
2
12.5%
36
8.0
$77,500
$73,500
1798
284
169
514
27.4%
32
4.1
$89,006
$89,435
12,001
1,710
1,230
5,793
40.2%
30
3.1
$86,828
$87,635
TOTAL YTD AVG.
Information is deemed to be accurate but not guaranteed. Report includes resale homes, condominiums & townhomes only.
3,114 SINGLE FAMILY, CONDOS, & TOWNHOMES CLOSED IN OCTOBER 2013. OF THESE, 1,389 WERE CASH TRANSACTIONS, 954 WERE CONVENTIONAL, 527 WERE FHA AND 183 VA FINANCING.
Cunningham Group @ RE/MAX Advantage 10075 South Eastern Ave. #103 Henderson, NV 89052
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Cunningham Group @ RE/MAX Advantage 10075 South Eastern Ave. #103 Henderson, NV 89052
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RE/MAX Advantage 10075 S. Eastern Ave #103 Henderson, NV 89052
OWNER TIPS
à
SHAWN: (702) 530-5002 Fax: (866) 220-3152 shawn@cgroupvegas.com
à
KYLE: (702) 530-5008 Fax: (866) 220-9014 kyle@cgroupvegas.com
By Kyle Cunningham
Cunningham Group @ RE/MAX Advantage 10075 South Eastern Ave. #103 Henderson, NV 89052