The Las Vegas Community Guide is a collection of resources and information about the Las Vegas community. We have written dozens of articles, compiled information, and applied web tools to help you explore the great city of Las Vegas.
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Back in the Saddle
It's been since June since I've posted on my real estate blogs...I've/we've been busy. In addition to working real estate, we've spent time designing an online community designed to help professionals from all sorts of disciplines promote themselves online. The community is ProSPOTLIGHT. We plan to use it ourselves to drive business and we invite other professionals to use it to enhance their online presence.
Stuck in a Home
I visited with a family last night who feels stuck in their home. They want to move up because prices are amazing in the Las Vegas market. However, they had their home listed for months with an agent before deciding to move back into it and pull the listing. I felt bad for the agent as well.
CNN featured an article about being in a home you don't want but can't sell. Many may be in that situation. They want to move up or down or just away but can't because of the inability to sell.
The only thoughts we could give last night was to hold on for some time. The market has softened considerably and it isn't going to spike up over night. Home owners should save money where they can and prepare for the opportunity down the road. There will be a day months out or in a year or two when a strong shift is likely to occur as a natural real estate cycle. The shift will happen significantly in Las Vegas because of the nature of the growing economy. More people will be moving in that available residences. That demand will drive prices up nicely. If you are considering a sale ask your Las Vegas real estate agent what your options are.
CNN featured an article about being in a home you don't want but can't sell. Many may be in that situation. They want to move up or down or just away but can't because of the inability to sell.
The only thoughts we could give last night was to hold on for some time. The market has softened considerably and it isn't going to spike up over night. Home owners should save money where they can and prepare for the opportunity down the road. There will be a day months out or in a year or two when a strong shift is likely to occur as a natural real estate cycle. The shift will happen significantly in Las Vegas because of the nature of the growing economy. More people will be moving in that available residences. That demand will drive prices up nicely. If you are considering a sale ask your Las Vegas real estate agent what your options are.
National Home Prices More Than 15% from Last Year
20 cities are tracked in the S&P/Case-Shiller 20-city Home Price Index. Since April of last year the average home price has droped 15.3%. Many cities dropping every month for the last 21 months.
Las Vegas has been the hardest hit dropping 26.8%. Home owners have felt the pinch leading to huge numbers of foreclosures. Investors have been buying up great deals across the valley as prices drop to levels from years past.
Las Vegas real estate agents have seen historic trends up and historic trends in foreclosure opportunities. As major projects schedule their completion over the next couple of years, agent watch to se how many tens of thousands of jobs will be created drawing in a large number of residents and driving prices upwards once again.
Las Vegas has been the hardest hit dropping 26.8%. Home owners have felt the pinch leading to huge numbers of foreclosures. Investors have been buying up great deals across the valley as prices drop to levels from years past.
Las Vegas real estate agents have seen historic trends up and historic trends in foreclosure opportunities. As major projects schedule their completion over the next couple of years, agent watch to se how many tens of thousands of jobs will be created drawing in a large number of residents and driving prices upwards once again.
Next Decade to See Significant Housing Growth
CNN reviewed a Harvard report suggesting that the next decade will be very healthy with regards to housing. Changing demograhics and a continued population growth mean more households are needed. There will be a hesitation in growth because of current unsold homes, however, annual amounts will average considerable growth.
In Las Vegas, we anticipate real estate growth based on major projects happening across the valley, including City Center among others. Las Vegas Realtors can explain what to expect in some of this growth.
From 2010 to 2020, the number of households in the United States will grow by an average of more than 1.4 million per year, the study finds.
In Las Vegas, we anticipate real estate growth based on major projects happening across the valley, including City Center among others. Las Vegas Realtors can explain what to expect in some of this growth.
Personal Credit Explained on Realtor Web Site
Realtor.com explains how your credit history affects your purchasing ability and how late payments and charge-offs and other credit repair methods can damage credit. Currently, when purchasing real estate the credit score means nearly everything with regards to qualification.
In Las Vegas we have seen many who would have otherwise qualified in the past be declined. It is ever important to keep the credit score in good shape. A Las Vegas Realtor can either give you some guidance on how to keep it clean or who to talk to in order to either keep a healthy score or have it repaired by a qualified professional.
In Las Vegas we have seen many who would have otherwise qualified in the past be declined. It is ever important to keep the credit score in good shape. A Las Vegas Realtor can either give you some guidance on how to keep it clean or who to talk to in order to either keep a healthy score or have it repaired by a qualified professional.
Housing Starts Drop to 17-Year Low
Housing starts drop to new 17-year low across the nation. According to CNN privately owned housing starts dropped 3.3% for seasonally adjusted rates. The drops indicate a stagnant period.
Michael Larson, real estate analyst at Weiss Research, said...thinks the largest percentage declines in housing starts are "probably behind us." But he thinks the number of new homes under construction will remain at current levels until builders reduce "their inventory overhang."The market will likely remain in a valley for several months to come before improved sales begin.
Finding a Renter in the Las Vegas Rental Market
Many home owners are unable to sell their current home yet they are interested in taking advantage of the low prices and foreclosures. They want to know how they can find a quality renter quickly and affordably.
First of all, there are many factors involved in renting. It is good to get educated first. There are also fees and maintenance principles to consider. The best option to consider, according to the RJ, is to seek professional help. Find a Las Vegas Realtor who handles rentals. Some teams have staff to handle both buy/sell activities along with rental activities. Find some one who can take care of both. For most people involved in home ownership of one type or another it is difficult to beat the professional help of a qualified Realtor.
First of all, there are many factors involved in renting. It is good to get educated first. There are also fees and maintenance principles to consider. The best option to consider, according to the RJ, is to seek professional help. Find a Las Vegas Realtor who handles rentals. Some teams have staff to handle both buy/sell activities along with rental activities. Find some one who can take care of both. For most people involved in home ownership of one type or another it is difficult to beat the professional help of a qualified Realtor.
The Home Isn't Closed Until It's Closed
Many home buyers feel like they have made it once they sign the closing documents. However, with consistently changing lending programs a loan may not be available by closing time. Las Vegas Realtors should make sure things are in order before celebrating about your new piece of real estate.
A good lender is key in getting a deal closed as well. Be sure to stay on your lender like glue until the property actually records.
A good lender is key in getting a deal closed as well. Be sure to stay on your lender like glue until the property actually records.
Las Vegas Real Estate Agents Selling Significant Number of Units
Las Vegas real estate has been in the news for under performing in a big way. However, some agents and teams are selling many units. How? We have bank owned properties and the banks are dumping them.
CNN mentions that Realtors with the right ties to banks have listed dozens of foreclosed properties. We have access to the best deals on the Las Vegas MLS and we know of foreclosures before they're listed.
In a down market like this people are teeming for deals...and the good news...many buyers are scoring big!
CNN mentions that Realtors with the right ties to banks have listed dozens of foreclosed properties. We have access to the best deals on the Las Vegas MLS and we know of foreclosures before they're listed.
In a down market like this people are teeming for deals...and the good news...many buyers are scoring big!
Foreclosures Top 1 Million
Currently, 1 million homes are in foreclosure nationwide. That is the most on record and a huge opportunity for investors. Nevada has been hit hard, specifically in Las Vegas. We already sense huge investor demand for properties that are a great deal.
We are seeing bidding on homes that are priced very competitively. Banks are doing anything they can to move these properties off the books.
If you want to buy a foreclosure or other home at a great price get ahold of your Las Vegas Realtor.
We are seeing bidding on homes that are priced very competitively. Banks are doing anything they can to move these properties off the books.
If you want to buy a foreclosure or other home at a great price get ahold of your Las Vegas Realtor.
Intense Bidding Begins Housing Boom in Some Parts
In Las Vegas many homes have been foreclosed and many banks are dumping the properties. Homes are listed and within hours they have multiple offers. The activity is creating a "boom" according to MSNBC. Some buyers are not able to get in on deals because the prices get bid up to retail prices. Our team recently sold one that was initially listed at a discount for considerably more.
If you're looking for a great deal you need to know a Las Vegas real estate agent who works with banks in order to take advantage of the listings from foreclosures.
If you're looking for a great deal you need to know a Las Vegas real estate agent who works with banks in order to take advantage of the listings from foreclosures.
Home Equity Reported to Be Lowest Since WWII
MSNBC reported that owners home equity nation wide is at its lowest levels in decades. Many bought homes when the market was at a peak and now owe more than they can get for their home. Others took out home equity lines increasing the debt owed over what the home was worth. As the market cycles hopefully many have learned that a home can be a source of great appreciation and equity unless abused. It's important to stay on top of trends and plan well.
Summertime keeps Summerlin Swimming Pools Active
Las Vegas community, Summerlin, is known for its amenities and great living. As the summer heats up so do the trips to the pools. Summerlin has 3 community pools with another scheduled for 2010. One of the pools is an Olympic pool funded by the Hugh's Corp.
Many of the neighborhoods within the master-planned community have pools of their own and many homes come with pools. It seems if a resident wants to swim to keep cool or to compete there is an option.
A Las Vegas Realtor can help you find a home or community with a pool.
Many of the neighborhoods within the master-planned community have pools of their own and many homes come with pools. It seems if a resident wants to swim to keep cool or to compete there is an option.
A Las Vegas Realtor can help you find a home or community with a pool.
Home Buyers Downsizing
As could be expected, the housing trend's rise and fall sparked similarities in the size of home people believed they could afford. During the boom it was the McMansion. Now, home builders are releasing smaller models and buyers are selecting them.
In Las Vegas, clients are commonly looking for the best deal and just what they can afford. A Las Vegas Realtor is able to scout out those great deals in the MLS and other home finding tools.
In Las Vegas, clients are commonly looking for the best deal and just what they can afford. A Las Vegas Realtor is able to scout out those great deals in the MLS and other home finding tools.
Bernanke Says Interest Rates Unlikely to Change Soon
Bernanke says rate decrease unlikely. Oil prices are a double edged sword he says. Worries about inflation have the Fed leary of dropping the key rate. What does that tell us about housing rates? Well, though the two are related, it doesn't mean much initially. Lenders have set their rates and unless there is a considerable change in the Fed rate we won't likely see much change in mortgages.
Bernanke says we should see economic improvement later this year because of several government programs.
Bernanke says we should see economic improvement later this year because of several government programs.
"To help brace the economy, the Fed in late April dropped its key rate to 2 percent, a nearly four-year low, but hinted that could be the last reduction for a while. Bernanke drove that point home again on Tuesday."
At Risk Home Owners Get Relief
CNN reports that some are being rescued from a sticky foreclosure situation. They have helped many keep their homes.
Many of the home owners were simply allowed to make up late payments. However, many loans were actually altered to lower the balance or interest rate to ease the payment amount.
Sadly, many families are still losing their homes. No one benefits from a foreclosure unless you are on the investor side picking up the recently dumped properties. Some in Las Vegas are reaping the profits. Find out from a Las Vegas real estate agent.
"Hope Now helped 183,000 at-risk borrowers stay in their homes during the month of April..."
Many of the home owners were simply allowed to make up late payments. However, many loans were actually altered to lower the balance or interest rate to ease the payment amount.
Sadly, many families are still losing their homes. No one benefits from a foreclosure unless you are on the investor side picking up the recently dumped properties. Some in Las Vegas are reaping the profits. Find out from a Las Vegas real estate agent.
Lenders Could Prevent Many Foreclosures by Allowing More Short Sales
A short sale is when a bank will allow a home seller to sell for less than they owe the bank. Sellers often need to move and buyers often want to buy but the current home value is less than the mortgage amount. Banks are all that stand in the way. Ironically, they end up losing more money by foreclosing, relisting the property, and managing the assets. According to CNN:
"Lenders are taking much longer than necessary to approve short sales, according
to Duane LeGate, of House Buyers Network, a short sale specialist."
If you have more questions about short sales or foreclosures let your Las Vegas Realtor know.
HOAs Cannot Restrict Certain "Green" Technologies
The Green Movement is strong and will get stronger. Many are out to improve and conserve our environment. On the Las Vegas RJ a reader asked about an HOAs role in natural energy restrictions. The interesting response is that no governing body can regulate systems used for solar or wind energy. The NRS provided an answer:
"NRS 278.0208 is entitled "Restrictions on Use of System for Obtaining Solar or Wind Energy Prohibited." It states that a governing body shall not adopt any regulation or take action that prohibits or unreasonably restricts the owner of real property from using a system for obtaining solar or wind energy on his or her property..."For more on the policy read here or for more on Las Vegas real estate contact a professional.
News Writers Convinced Housing Market Will Be Stalled for Some Time
Home buyer/seller sentiment often follows what is read in the news. An article in MSNBC suggest that the housing market won't be turning quickly. They give 4 reasons it will take some time:
- More looming foreclosures to come
- The Mortgage lending system is broken
- Consumer confidence is in the toilet
- There is a larger underlying inventory than most people realize
He concludes that we may have found a marginal bottom to the slide but it will take some time to begin to climb again.
To learn more specifically about the Nevada/Las Vegas real estate market (as mentioned in the article) contact your Las Vegas real estate agent.
National Realtor Web Adds New Service
National Realtor web site realtor.com has added a new service to their offering. They have integrated with MicroSoft Virtual Earth to provide a home valuation option. A service like this is important when trying to get a ballpark on homes within a market.
In Las Vegas, those interested in real estate may use the local MLS search to find properties for sale. For specific property values and comparables use a Las Vegas Realtor to accurately determine the right move.
In Las Vegas, those interested in real estate may use the local MLS search to find properties for sale. For specific property values and comparables use a Las Vegas Realtor to accurately determine the right move.
Real Estate Interest Remains Amid Tough News
Even in the midst of so much negative housing news, Internet leads keep on rolling in. Las Vegas real estate agent web sites continue to receive a steady flow of interest from buyers, sellers, and renters. Clients tend to be reluctant to act quickly but they are interested. Investors are nosing around. New city residents want to know how the market is. People are anxious to buy or sell properties but they are holding out until the news shifts. Oddly enough, economy and mortgage pressures are not detouring many. There remains a steady desire to engage and own. There is likely a damming effect that will burst open once the circumstances change some.
Las Vegas Home Prices
Homes in Las Vegas that were selling for $320,000 are considerably lower priced today. Our team just put a home under contract for $120,000. Granted, it was a foreclosure property that the bank wants to dump but the numbers are staggering. Oddly enough, you can't build that home today for that price. We have seen several properties with a huge bank discount come through our group. If you want to see other properties like these you need a Las Vegas real estate agent to get you connected.
Other parts of the country are also seeing considerable price changes. CNN illustrated some of these factors.
Other parts of the country are also seeing considerable price changes. CNN illustrated some of these factors.
Mortgage Loan Counseling - Should It Be a Real Estate Requirement?
A lot of emotion gets tied up in a home purchase. Lenders and other professionals are considering mandatory mortgage counseling prior to making a home purchase. Recent housing woes have many searching for methods to avoid future fall out.
Las Vegas real estate has been in the forefront with high foreclosure numbers and struggling home owners. Until courses become mandatory it is important to find a quality Las Vegas real estate agent who has financial resources for helping valued clients understand their position.
Las Vegas real estate has been in the forefront with high foreclosure numbers and struggling home owners. Until courses become mandatory it is important to find a quality Las Vegas real estate agent who has financial resources for helping valued clients understand their position.
Las Vegas Weather to Hit Records for the Season
The Las Vegas sun will beat down this week as temperatures rise to a new record for this period of the year. Las Vegas weather is usually quite predictable and the newmen claim higher than normal marks. Surprisingly the days to follow may drop off considerably and produce rain. There was talk of a string of above normal "hot days" to set a new string of days but we will get relief.
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