National Shadow Inventory Dropping

If you're looking for good news, at least we're starting to trend in the right direction.

The Shadow Inventory is the number of Bank Owned Homes,

also included are Homes with over 90 day delinquency,

and  Bank Owned Foreclosures currently on the Market.

Cheap Homes may Spur Companies to Move to Vegas

A recent article in the Review Journal discussed how affordable it is to live in Las Vegas.

The Headline States,

Cheap Homes may Spur Companies to Move to Vegas

Nevada Unemployment Highest in Nation

I have always said that everything is amplified in Las Vegas.

Biggest Hotels, Fastest Growth, Largest Housing Boom, Most Foreclosures,

and now we are #1 in Unemployment.

Yes, Las Vegas is a volatile city.

But the good news is that we are still the Nations Playground.

Signs, signs, everywhere there's signs !!!

Two signs that our Las Vegas Real Estate Market is recovering.

Fewer properties being listed.

And those properties selling faster.

Statistics from the Greater Las Vegas Association of REALTORS®.

Is the Economy Back on Track?

Many economic indicators say, "Yes!"

But does that tell the whole story?

You can watch the video below for an interesting take on the subject.



Where are these listings coming from? What's Selling?

These statistics were posted by the GLVAR May 10th.

Over 5,000 Short Sales Listings, and only about 700 Sold. About 1 out of 7.

Over 4,000 Traditional Sales, and about 800 Sold. About 1 out of 5.

Foreclosures still lead the way by under pricing all other inventory.

New Construction Home Prices in Las Vegas

That's one opinion why prices are so far apart.

Another might be that it wouldn't make sense for new home builders to build small homes

and compete with all the older, smaller, less desirable neighborhoods that are selling for so much less.

Considering they got the date wrong, who knows what they're thinking.

(posted on April 26, 2011)

If you're looking for a New Construction,

there are a lot of great deals out there.

Give us a call, and we will get you started in the right direction.

National New Home Sales and National Vacancy Rate

It is easy to see a direct correlation between the high number of vacant homes and the lack of a need to build more. Yet here in Las Vegas, the New Home builders are starting to reopen their housing tracks.

Do they know something we don't?

So where is everybody living?

Young adults are moving back in with mom and dad.

Grandparents moving in too.

Families are pulling together in hard times.

This could be the only positive of a down economy.

You can click on the images for the complete articles.

Forbes on the Growing Rental Markets Including Las Vegas

Here's Forbes putting a positive spin on the increasing Rental Market.
Of course there are more renters, with Foreclosures and Short Sales being so high.
These people need to live somewhere.
But I wouldn't say this is a positive for our Las Vegas Real Estate Market.
Only if your an Investor, then this is positive news.

New February Real Estate Statistics

Most of the calls we have been receiving lately

have been investors with questions

about Las Vegas and its Rental Market.

You can see a definite trend in Residential Homes being Listed vs. Being Leased.

This Increase in Leased Homes is going to cause a Shortage in Available Rental Homes.

Which could cause a rise in Monthly Rents.

What is happening with Monthly Rents?

Rental Prices on average are still above 2007 levels.

Another interesting Statistic

54% of all purchases in Las Vegas

 in Feb 2011 were Cash.

More and more Investors see Las Vegas as a Great Place to Invest.

Our New Website

We are very proud to announce that our new website is now up and running.

This new site allows you to set up and save your own search.

Have that search email you new listings as they come on the market.

http://jameshansen.rehomepro.com/

Why Homes in Las Vegas are a "Real Deal"

The Case-Schiller Indicies clearly shows the National and Las Vegas Housing Bubble.

Las Vegas has now dipped below what true home values should be.

When people ask if now is a good time to buy.

My response is, anybody who buys from now until values rise above true market value,

will look back and be happy they did.



Foreclosure Statistics

Interesting Statistic... only 1/4 of the foreclosed properties have been listed.

Positive News... since 2008, we have seen a steady decline in the number of foreclosures.

Negative News... 20% of Las Vegas Home Owners are 90 days behind on payments.



Las Vegas 2011 Outlook

    As Always the Big Question is, "What is happening with the Las Vegas Real Estate Market?" And as usual, there is no easy answer to this question.  I'm going to break down the issue into two answers, short term and long term. In the short term, we will see a surge of foreclosures hit the market.  When the banks got their bailout money, it was with the instructions to be kinder and more gentle to people not making their payments.  Those days are gone.  We also noticed that during the Holiday Season and the Election (conspiracy theorist), foreclosures were being postponed.  January has already shown itself to be a catch up month.   This sudden increase in inventory of Bank Owned Homes will probably cause another drop in Sales Prices and in turn, Home Values.  Sorry.  Over the Long Term I am more optimistic.  Large Corporations across the country have been very nervous about having a Democratic Congress, Senate and President. Issues like "Health Care" and "Cap and Trade" can cost companies big dollars.  Now with a Republican Congress and a split Senate, the next two years will be more business friendly.  The movie Wall Street coined the phrase, "Greed is Good". I contend that, "Gridlock is Good".  For Las Vegas to truly recover, we need the national economy to grow and be strong.  

        Does that mean we should wait to buy? That depends, if your paying Cash, you might get a better deal.  If your financing the purchase, I would say "Buy Now".  Many speculate that the Fed is going to have to raise interest rates to protect against Inflation.  Since Interest Rates hit bottom at 4.17 ironically at the same time as the election (more conspiracy), they have risen .75 of a point, lingering just under 5%.  If rates were to go up to 6%, on a purchase of a $150,000, that would change the payment from $ 805 a month to $900 / month. Or reverse the logic, if you qualify for a $900 / month payment, at 5% you can buy a $168,000 home, at 6% only a $150,000 home. 

  

$ 150,000 @ 5 % = $ 805 / month
$ 150,000 @ 6 % = $ 900 / month
$ 168,000 @ 5 % = $ 900 / month

  

No one is predicting prices to drop another 10%,
but many experts are predicting interest rates rising.
This is why we say, "Buy Now"

Thank you for your support,

Elaine & James Hansen - Broker Realtor

Horizon Realty Group
Elaine's Cell: (702) 768-4556
Jim's Cell: (702) 321-6296
Fax: (702) 933-8681
E-Mail: ElaineSellsVegas@gmail.com

A Short Sale is when the lender (bank) agrees to discount their payoff (amount owed) to accommodate a sale of a house when:

  1) The borrower has experienced a hardship and is unable to repay the entire mortgage balance
  2) The value is less than the amount needed to pay off all loans, encumbrances and real estate selling fees
  3) The loan is delinquent or in default.

Some examples of a hardships are;

Unemployment / Reduced Income, Divorce, Medical Emergency, Job Transfer, Bankruptcy or a Death.

Each bank has its own guidelines but the basic procedures are similar from bank to bank.

The seller will need to prepare a financial package for submission to the short sale bank.

The seller's short sale package will usually consists of:

- Letter of Authorization, which allows the agent speak to the bank

- HUD-1 or Preliminary Net Sheet (from a Title Company)

- Completed Financial Statement  (form supplied by the bank)

- Seller's Hardship Letter

- 2 years of Tax Returns

- 2 years of W-2s

- Recent Payroll Stubs

- Last 2 months of Bank Statements

- Comparative Market Analysis (supplied by Realtor)

It is very important to have a Realtor who is experienced in negotiating Short Sales.

I know you have questions, please give me a call and we can discuss your options.

James & Elaine Hansen

Horizon Realty Group

ABR, CRS, GRI & Broker Realtor

ElaineSellsVegas@gmail.com

Call or Text 702-768-4556