las vegas homes: Diary of a Las Vegas Realtor - Day 45 - 05/21/10 11:04 AM
Now that you are an owner of your home did you know you can set up a Trust as a good way to protect your assets during your life? It can provide financial security for your children and your spouse. The probate process is avoided for assets put into the trust and eliminate or reduce estate taxes for your beneficiaries, which can be as high as 30%.
The following steps will help you determine what type of trust is best for you.  I would recommend contacting an CPA. I partner with A&M Enterprise, Anne Petty, to help my clients setup trusts … (0 comments)

las vegas homes: Diary of a Las Vegas Realtor - Day 44 - 05/19/10 10:18 AM
Today's topic is on foreclosures and liens. HOA lien is not removed as the result of a foreclosure. This is because the recordation of the lien references the CC&Rs which are dated prior to the date of the foreclosure so they are considered to have superior status.  HOA liens are konw as Super Liens. Once a bank has taken possession of a proeprty through foreclosure it is considered the legal owner and must follow legal requirements to convey title to a buyer. Clearing the status of liens is one of those requirements. Thus the bank will bring all outstanding liens current … (0 comments)

las vegas homes: Diary of a Real Estate Professional - Day 43 - 05/18/10 08:16 PM
After I complete a real estate transaction I find it difficult to keep constant contact with all of my clients. Email is the best communication vehicle; the least time consuming and the most economical. One of the services I provide after closing is referring vendors and partners whom I trust to help people in the areas of taxes, setting up trusts to protect assets, repairman (everyone needs a good one) and more.
Letting people know an CPA is able to amend our taxes for the past 3 years can potentially bring new found money to families who really need it.
Setting up … (0 comments)

las vegas homes: Diary of a Las Vegas Realtor - Day 42 - 05/17/10 11:35 AM
My name is Xiao-Qing Lu, pronounced Shall-Ching, an CEO of my real estate business at Keller Williams Realty Las Vegas. The current economic conditions, rising rates of unemployment, and depressed home values in many markets point to continued increase in mortgage defaults, short sales, and sales of foreclosed and REO properties.
This letter serves as a resource for you navigating through the options available to homeowners, including refinancing, loan modification, lender workout, short sale, and doing nothing and walking away.
Additionally my team and I have put together a FREE seminar and would like to take this opportunity to personally invite … (0 comments)

las vegas homes: Diary of a Las Vegas Realtor - Day 41 - 05/14/10 12:50 PM
Total number of homes available in Las Vegas today is 10,162. This includes single family homes, condos, and townhomes. With 3,661 homes sold in the month of April, the $8,000 tax credit expired on 4/30, there are common questions now asked the curious. Will home prices start to fall? Will Banks release more homes on the market?  Will people continue to buy? No one has an exact answer. However we will know when the market starts to turn around when banks begin to help homeowners who have foreclosured and offer to help to repair their credit. Click on the link below … (0 comments)

las vegas homes: Diary of a Las Vegas Realtor Professional - Day 40 - 05/13/10 08:58 PM
Another day in my favorite profession, real estate where everyone wants to know about it, thinks they know it and few fully understand it and interpret it. I love being a Realtor, especially in Las Vegas! After few challenging transactions, I decided to take this Tuesday and Wedneday off. Intead of working 6 days a week, my goal is towards working 4 days a week. Ever read the book 'The 4 hr Week' by Tim Ferris? I'm following his guidelines to work less yet accomplish more.  Las Vegas is the only place I can think of where driving one hour away to Mt. … (4 comments)

las vegas homes: Diary of the Real Estate Agent - Day 39 - 05/12/10 03:28 PM
Realtors are special type of people. I'm not referring to short term Realtors who jumps into the market when sales are good then exits quickly as soon as they enter. Long term Realtors are persistent, strong, ethical, relationship based, excellent communicators, counselors, consultants, and leaders. We are the ones who work hard, not focusing on results but, focused on doing the right thing all the time. There are many escrows that not closed due to various reasons yet Realtors keep going. In our market today if deals do not close, it means we don't receive a paycheck. The bright side is … (5 comments)

las vegas homes: Diary of a Las Vegas Realtor - Day 38 - 05/10/10 01:40 PM
Month 5 of the new year is just as exciting as month 1 in real estate of Las Vegas. Every 3 months the market changes; the change is the only part that stays constant. Having worked with multiple buyers in multiple price points I came to the realization that leverage comes from not from working with buyers. Instead working with sellers offer Realtors the most effective use of time. Thus I am moving forward with my business by shifting my focus on taking listings, short sales included.  Las Vegas housing inventory as of today is at 9,981 homes including condos, townhomes, single … (2 comments)

las vegas homes: Diary of a Real Estate Professional - Day 37 - 04/27/10 04:37 PM
As most people will say we are in a challenging Real Estate market. It's not an easy market for anyone involved in a transaction; buyer, seller, buyer's agent, seller's agent, banks, lenders, title/escrow officers. I focus on the positives, the possibles. After 2 to 3 months of searching for a resale home with my clients, we ended up signing a contract with a new home builder. My clients are every excited to be buying a single story home priced at $100/sqf before upgrades of their choice. There are more options than searching for a resale home, especially bank owned. Do what … (4 comments)

las vegas homes: Diary of a Las Vegas Realtor - Day 36 - 04/23/10 11:34 AM
Total number of homes available is 9,964. This includes single family homes, condos, and townhomes. With 3,895 homes sold in the month of March, the absorption ratio is 2.56. Meaning it'll take 2.56 months to absorb all available inventory. Anytime the market takes less than 5 months to absorb existing inventory we are experiencing a seller's market. Anytime the market has over 5 months of inventory we are experiencing a buyer's market.   The breakdown of current inventory and its propert type is as follows:
13.1% of available homes are bank owned 45.3% of available homes are short sales 41.6% … (1 comments)

las vegas homes: Diary of a Las Vegas Realtor Professional - Day 34 - 01/11/10 05:56 PM
New year starts off with new goals. This year I will help 77 families in the sale or purchase of a Las Vegas home. In addition 10% of my earnings will be donated to Heaven Can Wait Animal Sanctuary in support of spaying neuturing ferral (street) cats to keep pet popultion down in Las Vegas. Recreationally I plan to run the Las Vegas marathon, yes all 26.2 miles in December 2010. A trip to China, Europe, NJ to visit family four times this year are all part of my travel plans. 
(2 comments)

las vegas homes: Diary of a Las Vegas Professional Realtor - Day 33 - 01/07/10 12:28 PM
The housing market in Las Vegas throughout 2009 has been anything but constant. Every 3 months the market shifts. We went from having over 20,000 homes in inventory in January 2009 to 11,359 homes in December 2009.
Short sale homes currently dominate the market with 41% of available homes classified as short sales. 19.8% of available homes on the market are bank owned properties while the rest are not distressed homes (or not yet).  
The average number of sold unit in 2009 has been 3,500 in a given month. December inventory of available homes is 11,359. That gives us 3.3 … (0 comments)

las vegas homes: Diary of a Las Vegas Professional Realtor - Day 32 - 12/29/09 03:48 AM
Being a Realtor is being in Sales, it's also being in business for ourselves. Over the course of this December month the owner of our market center sent out a message that one of her inspired leaders made a commitment to sent out 100 handwritten Christmas cards to clients and friends. This is a way to thank them for their business throughout the year. I took the challenge to write 100 cards myself. It was more difficult than I thought. Difficult in terms of time commitment versus difficulty of task. I planned out my day to write 5 Christmas cards in 5 … (2 comments)

las vegas homes: Diary of a Las Vegas Professional Realtor - Day 31 - 12/28/09 04:06 AM
Home prices are going up in Las Vegas. Banks are setting new asking prices. I'll give you one example how the housing market is in Las Vegas. Just Christmas week I set out to view several homes with my clients. The property on 2024 Canyon Point is a property my client really liked. Property was in contingent status from 8/10/09 until 10/14/09 with an asking price of $120,000.  It was listed as a short sale with a buyer under contract. Property went into foreclosure now the bank owns the home. During the summer home prices have started to bottom out. Now banks … (2 comments)

las vegas homes: Diary of a Las Vegas Professional Realtor - Day 30 - 12/15/09 12:13 PM
Hello!
 YOU and YOUR CLIENTS are invited to a FREE workshop this Saturday 12/19th at 10am. Here is one reason to call your database and stay connected with them. I'm holding a budget workshop once a month to help existing and future clients. Feel free to invite yours. In this workshop we rwill eview several key items to help you manage your day-to-day expenses. A summary of the topics is as follows:
Expense tracking Develop a savings plan Create your own expense worksheet Monitor expenses weekly Discover possibilities - did you know you can save over $2,000 by putting away $50 a week? A sample of … (0 comments)

las vegas homes: Diary of a Las Vegas Professional Realtor - Day 29 - 12/14/09 11:57 AM
November month homes sales in Las Vegas is summarized below.
3,535 sold units single family homes; 1,000 more units than September 2005. Medium home price $140,000; a 1% increase from October. Medium condo prices dropped from $70,000 in October to $68,000 in November Medium rental price is $1,125 at a 97% occupancy rate … (0 comments)

las vegas homes: Diary of a Las Vegas Professional Realtor - Day 28 - 12/10/09 12:24 PM
During the past week, the number homes listed as contingent remained above 11,000 units. Contingent units are generally classified as properties that have contracts pending but require some action to take place. While traditional contingencies focused on action required by the buyer such as a loan approval or the sale of another home, the dynamic has shifted. By the close of November 2009 approximately 75% of contingent units required action on the part of the seller's lender. The bulk of contingent properties are awaiting short sale approval, a scenario that can be difficult to accomplish. Demonstrating the inability to service the … (1 comments)

las vegas homes: Diary of a Las Vegas Professional Realtor - Day 27 - 12/09/09 07:40 AM
November 2009 Statistics are out!Year to date sales volume is now at 34,707 on SFR, the highest annual volume in the past 5 years, even surpassing the 2004 total year volume of 33,529 with December sales yet to be added in. The November 2009 volume is a 42.8% increase over November of 2008.Average Price has held steady for the past several months, and November closed out with an average sales price of $167,178, a 1.5% increase over October, but a 28% decrease over November of 2008.The Total dollar value for units sold in November 2009 is $521,094,077 and this is an … (0 comments)

las vegas homes: Diary of a Las Vegas Professional Realtor - Day 26 - 12/08/09 05:26 AM
8 Categories of a Millionaire Real Estate AgentIt's about knowing our numbers, Goal Numbers and Actual Numbers. Combine this with the power of writing things down, writing out our big why. I pulled the following 8 categories from the MREA book as a guideline. Imagine what our lives will look like when we reached our 2010 goals? Do we have a picture, a story, a detailed description of our life earning the money we desire in order to make that emotional connection and DO WHAT IT TAKES to meet our annual goal?
Join us EVERY Tuesday after Power Hour from 11:30 … (0 comments)

las vegas homes: Diary of a Real Estate Professional - Day 25 - 12/07/09 03:14 PM
Hibernated for awhile after the Thanksgiving Holiday returning to consistant diary posting. Here I am to talk about business planning for 2010. After taking a wonderful class taught by Dave Jenks, author, motivational speaker, also the owner of the Keller Williams Realty office in Las Vegas, I started my business planning this Sunday past. Dave Jenks, co-author of the book titled Millionnaire Real Estate Agent, spoke about why most goal planning does not work. Most of us do not make commitments because we are afraid to fail. Every time we do not reach our goals it's a disappointment. The key to remember … (2 comments)

 

Xiao-Qing (Shall-Ching) Lu

Las Vegas, NV

More about me…

Keller Williams Realty Las Vegas

Address: 3090 S. Durango Drive #100, Las Vegas, NV, 89117

Mobile: (702) 582-5788

Fax: (888) 772-8838

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