Las Vegas Real Estate Blog: August 2007

Home Appraisal and Sales: Define Bedroom

In Las Vegas, a question that common arises to real estate agents is how many bedrooms a house really has. Often a space is classified a den or an office. It may just be a room. However, when listing a house the typical guidelines is the room should have two exits (i.e. a door and a window or two doors). It should also have a closet space in newer homes (some older homes may classify as having bedrooms because they were built without closets so owners could use a freestanding wardrobe).

There are actually varying codes and guidelines but those listed above are common. Here are some others that can be found but may differ from other guidelines:

at least 70 square feet
no tandem doors (connecting to another bedroom)

The best way to be safe is to ask a real estate professional and they will find out for you or refer you to someone who has the answer.

Fatmouthnews.com - Cross Marketing for Real Estate Agents

An article in Realtor Magazine featured Steve Saunders. He started a company, www.fatmouthnews.com/, that sends out e-newsletters to specified email lists when a group of local businesses want to split marketing costs and get out to a broad market.

The concepts seems simple and fairly inexpensive. Has anyone used the service? If so, how has it worked?

Home Investors Invite a Down Market

Realtor Magazine published an article claiming a down market is a great time for investors to get in the game. It almost seems obvious, right? Buy low, sell high. However, many people become fearful during a down market. And, they become greedy during a strong market. What ends up happening is they buy high and end up in trouble when the market softens.

Every market at every time has its share of good investments. In fact, many
smart real estate investors recognize that there's more opportunity in a
downturn than in a market upswing.

If you are planning to invest, time your move right. There are many properties that are great investments and the time is right to make a gain on the next surge.

FIBA Plays in Las Vegas

The US is ranked number 1 in the International Basketball Federation, FIBA or 'Fédération Internationale de Basketball Amateur' in French. They are playing in Las Vegas. Kobe, James, Stoudemire, Anthony, among other superstars have been showing their stuff on the court as they stand in the quarter final round. If you plan to catch a game on ESPN2 or ESPN you can find the schedule.

There are many events and adventures attracting residents to Las Vegas. The jury's still out on the valley receiving its own pro basketball team...more news to come.

Las Vegas Warmington Homes Celebrates Decade

Las Vegas new home builders have been very successful in the valley in recent years. Many have grown a great deal. Some have merged or been bought out.

A decade ago the Warmington Group established Warmington Homes Nevada. Since, they have built some 2,000 homes. In the past, Warmington was know for "building for the stars". Now they have a strong image for building for the American family.

According to the Review Journal:

The company has nine neighborhoods selling in the greater Las Vegas area representing a variety of product types, including estate-size residences, single-family detached homes and condominiums.
Single-family home neighborhoods in southwest Las Vegas include Provence Estates, Carlisle Place, Mandolin at Mountain's Edge and York Village. Brighton Village in south Las Vegas and Emerson in northwest Las Vegas are also among the single-family homes now selling. The company is offering condominiums and townhomes, including Esplanade Metro Collection and Esplanade Plaza Collection in southwest Las Vegas and Cambria in northwest Las Vegas.
Prices range from the $170,000s to the $600,000s.

Grab your las vegas real estate agent to pay a visit to some of the Las Vegas communities.

Las Vegas Sullivan Square Wins Award

Sullivan Square, a new home developer in southwest Las Vegas, won the award for Best Overall Model Home. They were selected by the public and were recognized by the state-wide real estate community.

They have established a great image for their products and communities. A visit to their showroom provides a view into their professional appearance and demeanor. Their model homes show extremely well indicating a great housing product.

Read more regarding their award.

Las Vegas Named #1 Adventure City

Las Vegas is the world's entertainment capital. If you want an adventure, Las Vegas is the place. Residents are moving to the valley in droves. Besides a strong job market and great living adventurous activities and outings are plentiful. Whether people enjoy clubbing, dancering (of any sort), sports, gaming, etc. there is a place for you.

One of the overlooked elements of southern Nevada is the outdoor lifestyle. Las Vegas was recently listed #1 as a top adventure town. World-class climbing, biking, offroading, hiking, fishing, camping, etc. attract assute outdoorsmen.

Many who purchase real estate in the valley do so because of the regional features and amenities. Besides its fabulous glamour, Las Vegas is a great place to find an adventure!

US Wins Little League World Series

As a Little League coach in Las Vegas it was exciting to hear about the US Little League World Series win this weekend. Warner Robbins, Ga. came back from an early deficit to beat Tokyo with a walk-off homerun. From the sounds of the report the event was quite emotional and quite touching.

The US has won the world title 3 years in a row. That is the longest streak since 1966.

Advanced Technology Enhances $100 Bill

We have talked frequently on our real estate blogs about how technology has enhanced our businesses. Other industries are finding new handy technology. Counterfeiting has become a considerable threat to the US currency system.

Yahoo reported that the $100 bill is set to undergo a change in appearance and security. Tiny lenses will cause a morphing affect in the presidential image. The technique is difficult to reproduce and expensive to implement. Counterfeiting will become extremely difficult to do.

"The government says $118.1 million in counterfeit U.S. currency was detected in 2006, an increase of 3.8 percent from 2005.
While that is a fraction of the currency in circulation, the Secret Service is concerned with the threat, especially the challenge posed by new digital technology. Digital copies account for about half of all counterfeit notes passed in the U.S., compared with less than 1 percent of all counterfeit bills detected in 1995."

With the development of every technology for great uses there comes the cost of security, among others. It's good to see the implentation of some of these technologies in protecting the nations economy.

Share of Online Searches - June and July

Most Realtors have a website or two. Every one of them wants to know how it's doing. Well, certain search engines produce much better results for a site than others. Here are some recent graphs on how search engines have performed in recent months. Each search engine uses its own algorithm too so it's important to optimize accordingly...IMHO.

If you are looking for other website development tips, especially for the DIY site, check out this web design tips site.

New Home Sales Rise

According to several news sources, new home sales increased in July. The rise was minimal but it was a significant indicator that the housing market still has life in it. Markets are typically driven by greed and fear. The stock market recently plunged because of the fear of some. However, the local economy and the world economy show enough strength and growth that the cyclical downturn will be short lived. Many are trying to predict changes in home buyer sentiment. The opportune time to buy is coming soon if not here already.

Keep an eye on market reports (click for Las Vegas Market Report) to know when to buy. We are certainly in a buyer's market and many are taking advantage of their position so they can ride the appreciation curve back up when it comes. They are betting on the mid to long term gains in value growth.

Taking Advantage of Home Builder Incentives

Home builders in Las Vegas have resorted to giving huge incentives to unload home inventory. National reports show builders in many parts of the country are throwing in pools, closing costs, and other perks to move the properties. However, there can be danger in accepting such incentives.

When a builder holds a sales price steady on a home or group of homes they understand that they don't want appraisal prices in the area or overall prices of their homes to drop. Sales numbers affect their reputation so they want to keep them as high as possible. So, what if home prices are dropping in the area but new home builders are selling at a steady higher price? Buyers are actually overpaying for the value of the home. If other homes in the area were to sell they would not get as much for them. What the incentives do is mask that factor some. A buyers is actually paying for the incentives and the builders plan on that to keep those final sales numbers high.

This isn't always the case and that is why you want to work with a skilled Realtor. They will help you determine the price of homes in the area so you can understand the real value of the home and incentives.

Speeding Ticket Myths - Getting Out of a Ticket

We hear all the time that we can get out of speeding tickets for all sorts of reasons. Well, here are some resources to confirm or deny those myths.

And if you live in Nevada here are some other resources.

Resources for other helpful items.

http://www.hildrethhome.com/lasvegasinformation/lasvegascommunitylinks.php

Seems like the point here is to not get caught in the first place but if you do keep sharp eyes and ears and respond to the court dates or traffic school dates.

Las Vegas Sellers' Real Property Disclosure

In Las Vegas, sellers are required to disclose details about the property they are selling. The requirement is found in the Nevada Revised Statutes. All sellers must fill out the form and deliver it to the buyer at least 10 days prior to the closing. As outlined by the Southern Nevada's Realtor Magazine there are only 4 exemptions:

the sale is by foreclosure pursuant to NRS 107
the sale is between co-owners of the property, spouses, or persons related within the third degree of consanquinity
the sale is the first sale of a residence that was constructed by a licensed contractor
the sale is made by a relocation company who facilitates the sale on behalf of a person who reloctes.

The SRPD contains information about the property's condition. Sellers should fill it out honestly and completely and buyers should pour through it. Your real estate agent will provide direction in finding the form and filling it out correctly.

Realtor Headshot Mosaic

Calling all Realtors: The NAR is celebrating its 100th year. They are building a digital mosaic of member headshots. They hope to gather as many pictures as possible. Go to http://www.thefaceofrealestate.com/ and add your picture. The instructions and requirements are there. It is easy to do.

Housing Market - A Professional's Market

The National Association of Realtors expects its membership to decline for the first time in nearly a decade. The struggling housing market has caught part timers and agents with little experience off guard. The expenses to remain a Realtor are greater than the returns for many. It is a professional's market. Those who have built a strong clientelle, solid business model, and who have funds to continue to market and find serious leads are those who are surviving. Not all markets are the same but many are feeling the pinch of the latest slump. There is an upside. Those who are able to survive until the next upturn will see a larger market share than they do now. Fewer pieces of the pie will be cut. For some, the retreat in competition is welcome.

Las Vegas Housing: Employer Assisted Housing Program

The Las Vegas housing market has seen some amazing times as it has set records in sales and appreciation. One issue has accompanied the increase in home values. Current potential buyers struggle to purchase. The GLVAR, the association of Realtors for Las Vegas, has put together a program to help employees of companies who participate in the Employer Assisted Housing (EAH) program.

Companies that participate offer incentives to help employees establish housing. Some of the benefits may include:

down payment assistance
monthly payment assistance
credit repair
education

Employees may have to qualify in the following ways:

Work full time
Attend a certified homebuyer education class
Pre-qualify with a lender before participating
Home must be primary residence

To find out more about the program contact a Las Vegas real estate agent who is a Realtor in the valley.

Foreclosure Purchase Guidelines

Las Vegas has seen its fair share of foreclosures in the recent past. Astute investors score big if they know what they are looking for and if they are patient. An article on News 3 in Las Vegas suggested some guidelines for investors looking to make a purchase at the court house.

Do your due diligence - Many times those buying a home have very little time to investigate problems. Previous residents are not always kind to a home.
Liens - Some properties at auction come with tax liens that must be satisfied by the new buyer.
Auction Dates - Auction dates move back frequently. It can take a lot of patience.
Existing Mortgage - Make sure the value of the property is higher than the amount owed to the foreclosing party.

Some experts say 40% of homes in default will foreclose. That said, there are plenty of opportunities. I would suggest reading up on the article. Then consider purchasing properties in Las Vegas.

What if My Mortgage Company Goes Bankrupt?

Several lending companies have gone under. So what happens to those loans? According to MSNBC, mortgages (the contract between the lender and the payer) are the only assets a lender has. They have a few options if they become unviable: they can seek more capital to stay afloat, it can sell to another lender, or it can declair bankruptcy which gives it several other options.

Mortgages are like other types of bond. Once the loan is originated, it has a face value and can be sold for more or less than that face value. If a company has to sell the loan they will make money or lose it depending on the market at the time of sale.

What does that mean for the homeowner? Well, the terms are typically left unchanged regardless of who holds the paper. Payments must be made no matter what the market looks like. The loan will likely always be held by some company even if they acquired it at pennies on the dollar. Probably the only change you would see is the destination for payments.

Helping Children Adjust for Back-to-School Schedule

For many, August 29th marks the start of the 07-08 school year in Las Vegas. Many habits have been formed throughout the summer and some of them are not conducive to sitting through school. Yahoo! posted an article with guidelines on helping children get back on track with their sleep schedules.

I have seen other articles out there with ideas on helping your children adjust to the school schedule before the first day gets here so they can hit the ground running.

Housing Starts and Permits Statistics

Many are curious about current construction efforts. Starts are down but it doesn't appear they will remain that way. We are in an interesting time when the news is escalating issues within the housing market. The causes are explained in several ways: example 1 and example 2.

Where is the future of housing development? example A has an interesting outlook. It is going to take a year or two to clear things up. However, we're near the bottom of the trough. For savvy investors that signals action. What has to happen to rates? what will happen when the inventories are depleted? Several predictions have suggested another boom is looming. Those who are in place will find a great ROI.

In the News: Country Wide Taps Huge Credit Line to Stay Liquid

Yahoo! reported that Countrywide drew on an $11.5 billion credit line to aid in its liquidity.

"The fact Countrywide did this shows how disrupted capital markets have become,"
said Christopher Wolfe, managing director at Fitch Ratings, which downgraded
Countrywide's debt ratings. "It may force Countrywide to reduce lending and
migrate toward safer loans, and affect earnings from originations."

There hasn't been a better time to have great credit and a strong down payment. If you are looking to purchase a home you'll need to have your ducks in a row. Get ahold of your agent to see what your situation looks like.

20 Things that Change the Value of Your Home - For Positive or Negative

Yahoo! recently posted an article on the topic of home improvement potential. Surprisingly, some improvements actually decrease your home's value. Yahoo! suggested these as things to do to increase the value:

1. An updated kitchen
2. Modern bathrooms
3. A well-appointed master suite
4. Natural materials
5. Curb appeal
6. A light, airy spacious feel
7. Good windows
8. Landscaping
9. Lots of storage
10. Basement

They suggested the following as downers:

1. A pool
2. No garage or small garage
3. Garbled floor plan
4. Outmoded appliances or systems
5. Stale or overly personal decor
6. A bad roof
7. Bad location
8. Poor maintenance
9. Environmental hazards
10. A long list of needed home improvements

While selling Las Vegas real estate we have found many of these to be true. For example, we get asked all the time if it is better to convert a garage into an extra bedroom. Generally speaking, you don't get the return after your expenses. In some cases, the house becomes much less appealing and the price would have to be dropped to have it sell. In general, keeping a home up to date is the key.

Clear Play a Great DVD Player Choice

OK, in order to make this real estate related because my blogs are realty themed, I am going to go at this from the stand point of a home owner. :)

Like many, we try to be responsible parents so our kids will be productive citizens. Well, we found a way to enjoy movies in our home without the swearing and the "block the eyes" scenes.

We have a front projector and a huge screen. We've only been to the movie theator once in 2 or 3 years because we are patient enough to enjoy the blockbusters on our theator like environment. We watch a ton of movies as a family. However, we've always had issues with who gets to watch what because of hollywood efforts to make the movies appeal by adding raunchy stuff.

So, we made a huge $49 investment in a new Clear Play DVD player (buy it at Target not online). You have to subscribe to their service for around $50 per year and you get digital filters that cut out the crap. No cussing, no inappropriate scenes, etc. as they skillfully cut out just what's obnoxious. For the adult crowds the filters can be adjusted to allow whatever language and scenes are permittable. But for the children the filters can be maxed and any film becomes clean. And, it's legal.

Mark Cuban on the Real Estate Industry - Taking a Home Public

Whether or not you like Mark Cuban he has made some savvy business decisions over the years. His blog has become a widely read forum. He recently proposed an idea to help home owners heading toward foreclosure. I'm interested in what you think.

Generally, he suggest taking a home public by allowing a new regulated industry "purchase shares" in the home. What this would do is reduce the risk and the payment responsibility of a home owner in order to make housing more affordable. Investors would buy the shares up to a 40% equity position in anticipation of the appreciation. Home owners wouldn't see as much appreciation when the market rises but they would also have much less risk and responsibility.

There are obvious downsides and unexplained details with the banks (one of which the fact that home owners would just buy bigger houses and not minimize their risk) but I'd be interested in your thoughts on his take on investing in real estate.

Many Investors Hit Hardest by Mortgage Issues - Do the Research First

As many know, Las Vegas has seen more than its fair share of foreclosures and taken a wrap for the outcome of the mortgage industry. More and more sources are suggesting that investors are taking the hardest hit by the adjustment in the market. When the boom of 2003 occurred a lot of people made a lot of money. Like with any boom, people followed the trend and jumped in because they saw so many doing so well. Investors gobbled up the available housing stimulating the appreciation even more. Well, those on the back end of the run financed their homes any way they could. Some ended up with 3 or more mortgages.

Then the news of a "market adjustment" hit the waves and the market slowed. Inventories increased and subsequently, prices have dropped slightly. These home owners couldn't sell without taking a loss and couldn't handle the payments of so many mortgages. So, they defaulted.

There is a great moral here. About 2 years ago I was talking with a very successful investor. As a Realtor, I asked if he was considering buying more homes for his portfolio. He said he was watching the trends and that now was not the time to buy. In fact, he had emptied his portfolio. He could smell the greed of too many and anticipated the fear of when the market topped out. He said he would hold off a bit and let the market cool to see what would happen next. He said that the time to buy is before a boom ever occurs. It's important to build a portfolio based on solid future forecasts.

In fact, as the stock market has come off its record highs with many in panic he has done very well. He enjoys moving against the grain and anticipating the oscilations in the market.

Another investor I talked with recently was excited about his success in the stock market as well. As it has dropped he has been very fortunate. He claims that greed and fear drive the markets. That may be obvious to many. But, what those many may not understand is that they need to work with that greed and fear and be patient in order to make the buck.

My next door neighbor bought his house at the absolute peak of the market. He based his decision off of poor news and no understanding for the market. He can barely keep the home rented, let alone resell it.

How does this relate to investors in Las Vegas? If you plan to make a buck investing in real estate here it's key to find an expert in the field who will help you evaluate the market. Understand where it is and where it is headed over the next few years. Don't get caught with too many properties in a slow market and don't get caught without when the market takes off. Buying the home at the right time will make or break you.

There are currently great ways to pick up properties in anticipation of the next positive trend. There are markets that are still hot within the valley. There are areas that will pick up and be prime for 2008 or 2009. Will you be in the right place at the right time? Get a hold of a real estate agent who can help you get informed.

Coyote Springs (New Town North of Las Vegas) Introduces Website

Coyote Springs is a new town/community some 50 miles north of Las Vegas on I-93. Hundreds of homes are scheduled to be built around golf courses, parks, and other great community features. The homes are scheduled to be on sale in 2008.

The investment group recently released their new website (skip the intro) with pictures and details. Whether residents are moving to Las Vegas or surrounding areas there are some really cool communities and real estate opportunities.

Don't Get Duped by Moving Scam

A recent story in the news depicted a family who hired a moving company to relocate to Las Vegas. They driver came to gather all of their belongings and instead of delivering them to the new home he put them in a storage facility. He kept the money intended to pay for the storage and the family's belongings were auctioned off. They lost everything and the storage facility had nothing to go on other than the driver's word that he represented the family.

The news channel suggested investigating a moving company at the following website: http://www.tsa.nv.gov/. Be sure the company is legit before investing in the move.

New Homes and Fire Sprinklers

In an attempt to make homes safer, some builders are giving the option of fire sprinklers in a residential residence. Recently, the delegates to the International Code Council voted down a proposal to require fire sprinklers in new construction.

As technology expectations in homes improves there will likely be a day when it will be standard for a home to have sprinklers throughout the home. Families will be safer, or will they.

A teenager ambitious to "see how things work" may trip a system costing a family thousands in damage. A system malfunction may also result in expensive repairs.

However, those risks may be worth it in comparison to potential lives spared.

Green Home Construction Up 50%

Realtor Magazine reported that the construction of green homes is up 50%. Using "green techniques" to build a home mean the builder minimizes waste and emphasizes the use of sustainable materials, among other factors.

With as many homes as are built annually it's good to keep a conservationalist mentality. Several builders in Las Vegas have implemented green policies to do their part.

Moving Tips and Challenges

Moving can be a daunting experience. How often do you think after a move, "On the next move I am hiring a company to do it!" It's a lot of work. However there are some tips to keep in mind when packing, moving, and re-establishing. Here are a couple of articles to help you get the job done efficiently:

As you relocate to a new home be safe and enlist as much help as you can.

Mt. Charleston Get Away

Mt. charleston is only 30-60 minutes from Las Vegas, depending on which community you live in. The roads to get there are paved and there is plenty of signage to help visitors make their way around. There are 2 well known canyons: Kyle Canyon and Lee Canyon. They are connected by the road on the east side of the mountain.

Mt. Charleston has some of the best real estate for sale in the area. Stunning views, secluded lots, and mountain style homes are a drastic change from common housing in the valley. There are homes ranging from under $1 million on up to multi-million. Home owners enjoy the change in season and experience snow and other weather than the common Vegas sun.

Visitors enjoy all sorts of recreational activities. Some ski, some camp, others explore, and some just make a day of it with a picnic setting. Whether people own a property around the area or just visit they have the opportunity to enjoy a change from the city life.

Selling a Home? Disclose, Disclose, Disclose

Home sellers become much safer from potential litigation and headaches by disclosing any issues or items with a home during the due diligence period or any period for that matter. When a home owner puts his/her house on the market they should take special time on and documentation the real estate agent suggests for property disclosure. Make sure everything is in the open that needs to be.

Each real estate market has its own legal requirements for real property disclosure. In some cases, there are some gray areas. A lawyer or a Realtor will be valuable resources when advising or guiding a seller through the process.

In Las Vegas agents are required to attend classes and training to help them understand what should be required. Contact a Las Vegas real estate agent to gain the necessary advice.

Life Style: Getting Married in Las Vegas

Las Vegas communities offer great amenities. A feature that may be overlooked, because of the famous chapels on the Strip, is the wedding settings. Whether it be on a golf course in Aliante or a golf club in Summerlin, there are amazing facilities and scenes for a couple to get married in.

Couples can choose locations with backdrops like lakes, the Las Vegas skyline, or other outdoor scenes. We've seen weddings at sunset with the ducks in the background, weddings on acreage of lawn with trees in the surroundings, and weddings in chapels in the hotel casinos on the Strip.

Those who are LDS plan to marry in the temple on the east side of town. hundreds of other chapels dot the valley as well.

There are catering services, community centers, and adequate facilities for large crowds or the cozy little event.

Ask around and you'll find many options to tie the knot in Las Vegas.

Are Home Builders Responsible for Home Lending Strife?

There are stories out there about home builder mortgage companies. We had a client who emotionally settled into a house here in the Las Vegas valley. It was a great deal for them but they had one problem: they didn't quite qualify for the loan they needed and didn't want to pay for a higher interest loan. The builder said they would take care of it and that everything would close fine.

The couple returned to Europe planning to follow the instructions of the lender to finalize the deal. When the docs arrived they took them to a lawyer and he flagged about 10 items inconsistent with what they were planning on. It turns out that they had sent the docs for a completely different program. When they inquired they were told via email to go ahead and sign anyway and the lender would just cross stuff out to make the fixes. Well, we all knew that wasn't going to happen so the deal fell apart. The clients were furious and wanted a lawsuit. They were talked out of it and set up another trip to come out to make a purchase.

Now, don't get me wrong, here. I appreciate that new home builders are in the business to move their homes. As Realtors we appreciate a smooth, quick close. However, we also appreciate an honest close. MSNBC wrote an article about some of the home builder lending practices. They even suggest that they are partly responsible for many of the problems the lending industry is seeing which affects, directly or indirectly, many other markets in the US.

I won't be surprised if investigations are instigated and regulations enforced for some of the practices that have occurred.

Tighter Lending Policy to Put Choke Hold On Economy

Articles we've read and lenders we are talking to are commonly suggesting loan troubles have just begun. Many programs have been removed from the lending table because in many cases the funds have been stretched thin. Mortgage companies have had to file for bankruptcy protection and many are closing offices to slow the bleeding.

The result of such an impact is that new policy is being made to add restrictions for those qualifying. Few nothing-down programs or anything short of full-doc programs are out there. One lender we talked to said that it will get worse before it gets better. She even suggested that it is serious enough to cause a recessionary pattern in the economy if something like lower interest rates aren't put into effect.

Another lender suggested a "hurricane" was coming. Mortgage companies will take months to recover from tighter policy.

There is a plus side to these predictions they have given us. The tighter policy, lack of funds and narrowed field of qualified buyers will create somewhat of a vaccum where many will want to make purchases but will be required to wait. Once either policy is relaxed or interest rates dropped another boom could occur.

The next year will be interesting to say the least.

Zero-Down Loans Disappearing

Financing has become hard to come by. Lenders are tightening their programs almost to the point of prohibiting any buyer without a significant down payment to purchase a home. Zero-down loan programs are nearly inpossible to find according to several Las Vegas lenders. There is very little secondary market for the loans so no one will originate them.

The NAR says that 4 of 10 home buyers in 2005-2006 used some type of no money down loan. According to an article on MSNBC, millions of potential home buyers will be left without the option to purchase until they are able to reserve a significant down payment.

The Las Vegas housing market is feeling this impact. The fewest number of homes closed this month of any month this year. Most Real estate agents are scrabbling to find buyers to work with and many originators are in the same bind. According to one lender who has been originating for 10-12 years the situation will get worse before it gets better unless interest rates change to entice qualified people to buy.

Las Vegas Market Watch (2007 July Month End)

Summary: Number of homes sold is down, buyer's market continues to heat up. Listings inch up.

Las Vegas Listings: (view chart)
Listing numbers grew in July adding to the pressure on sellers. Home buyers have been waiting for their prime opportunity to jump into a home.

Las Vegas Market Strength: (view chart)
The number of homes sold were down but on the three month average the market hasn't yet shown weakness compared to the national market.

Las Vegas Resale Homes Sold: (view chart)
The number of homes sold this last month was the lowest it has been in months. Tighter lending restrictions have narrowed the field of potential buyers.

Las Vegas Median Prices: (view chart)
Median prices are relatively unchanged. They settle from month to month between $275k - 285k.

Las Vegas Real Estate Market Watch Conclusion: (view chart)
There is no better time to buy or sell Las Vegas real estate. If you are going to buy, do it now while the market is awaiting the next positive growth. If you are going to sell, do it now. Prices will likely remain flat for 18-24 months so take advantage of the summer selling season to make your transition.

Full Las Vegas market report found: http://www.hildrethhome.com/lasvegasrealestatemarketwatch/

Congrats to Baseball Greats: A-Rod, Bonds, Glavine

The great thing about blogging is that you can write about what you want when you want. Today's tribute goes out to some baseball greats: A-Rod, Bonds, Glavine. I plan to look at the positive feats these three have accomplished, although there is plenty to complain about.

Ignoring a strong personality and demands A-Rod has impressed us with his feat of 500 homers as the youngest in the club.
http://www.msnbc.msn.com/id/20123125

Ignoring a ton of controversy Bonds has still knocked 755 baseballs out of the park. He has tied arguably the biggest statistical number in sports. A-Rod may catch him but for now he's on top.
http://www.msnbc.msn.com/id/20126671/

Glavine has won his 300th game. Some argue that he may be the last of this group of players. His family and friends have shown great support.
http://www.msnbc.msn.com/id/20137930/

Congrats!

Gun Shooting Areas in Las Vegas

For those who enjoy target practice with their fire arms in Las Vegas there are several options for safe shooting. Several gun ranges, both private clubs and public ranges, are around. I recently went out to a very well used gully north of Las Vegas on the I-95. There were other sportsmen there and the floor of the gully was layered with casings and shells. The men I was with claime that the BLM has allowed open fire in the gully when it doesn't in many other areas. While I don't have confirmation on that fact, there were a considerable number of target shooters practicing away.

The gully is just north of the Corn Creek turnoff. It can be difficult to see but it is there. Just to double check, I would call down to the BLM to verify the usage of the area.

Deficient Bridges in Nevada

The bridge incident in Minneapolis has stirred up plenty of buzz in other states. MSNBC reported on the general status of bridges on a per state bases. As a resident of Nevada I was particularly concerned about bridges here: http://www.msnbc.msn.com/id/20099097

I have seen articles suggesting that Las Vegas has well engineered bridges on its highways. The article expresses the safety factors.

Immigration Factors Affect Housing

MSNBC resently wrote an article regarding the immigration impact on the national housing market. It affects Las Vegas housing considerably. Some reports have suggested that 1 in 6 home buyers is latin and a considerable number from other countries are calling the valley their home.

The MSNBC article suggested significant impact:

"As many as half a million U.S. housing units are newly occupied each year by
immigrants. In some parts of the U.S., immigrants account for more than 90
percent of all growth in housing demand."

The article is a surprising find, especially if you are from one of the mentioned metro areas.

Rock Climbing in Red Rock Area Las Vegas

The Red Rock area in Las Vegas has world renown rock climbs. Besides being one of the more beautiful features of the valley, it draws some 1 million visitors per year. Some of these visitors come to enjoy the red colored sandstone rocks.

The area is located just west of the Summerlin housing communities. It is just far enough away that Las Vegas is hidden from view. Climbers can get back into some of the more remote areas to get away.

Many of the climbs are multipitch. There are easy climbs and bouldering and there are highly rated climbs. Several routes are established with bolts and some require anchors.

There are routes for rapelling and routes for top rope climbs. Significant documentation is out there to set up a trip.

Stave Off Foreclosure

Recently Las Vegas was reported as one of the highest rates of foreclosure. I talked to a guy who was going to be late on a payment and thought he was going to be thrown out so he just walked away from the home. I'm thinking, "What!?!?" I told him to go back and stick it out until he was asked to leave.

Some people don't understand that missing payment or getting behind isn't the end of the world. The first thing to do is to contact the mortgage servicer immediately. Contact them and ask what options are available. In fact, call before the payment is late to see what options there are. In some cases loans have been altered and missed payments tacked on to the principle balance.

In some cases the lender only requires a partial payment for a couple of months to allow the owner to get back on top of their game.

The key is to not throw in the towel just because you've heard of others going under and getting foreclosed upon. Contact the mortgage company and find out what they require, what options are available, and what the consequences will be. In many cases they will work with you to help your situation.

Las Vegas Home Market Recovery

The drastic growth in housing inventory in Las Vegas has caused prices to dip some. Surprizingly, home prices have remained resilient compared to other markets in the US. The good news is that the Las Vegas market shows strong signs of recovery in the near future. A local representative of First American Title Co. recently held a meeting where team members were in attendance. A statement was made that some 60,000 jobs are slated for third quarter 2009 just for some of the projects on the Strip. An article in the RJ suggests the World Market Center will be a catalyst for business growth spurring more employment opportunities. Other buzz suggests that the end of 2008 will see considerable momentum in the housing market.

Las Vegas is resilient in part because of the great job potential. Those people need a place to live. Those looking for investments who understand to buy low and sell high should be considering to make a move soon in Las Vegas.

Housing Market Affects Automotive Market, Among Others

A teammate recently bumped into an automotive industry professional here in Las Vegas who claimed the housing market was drastically affecting their business. An article in MSNBC confirmed that claim. Auto sales, among other industries, are heavily impacted by the slower construction and resale markets.

This associate we know mentioned that auto sales success is tied to housing success much more than the would like to admit. When people can refinance and draw cash out of their homes to make purchase or sell a home and have some extra cash when buying the next home they make the big ticket purchases. When people go upside down they synch the purse strings much more.

Wouldn't it be great if other industries started pushing and promoting the housing market to help bolster their own sales indirectly?!