Six week Supply of Single Family Inventory! Are you convinced yet?
I have been sending out mailings and blogging about the explosive Las Vegas real estate market and the smart ones have been getting on board. Now most recently, the competition is fierce and we are moving into the new home market. Buyers beware! You are leaving money on the table if you do not work with a Realtor when looking to purchase a Brand New Home. Do not register online or view them without your Realtor because I can assure you, they work for the Builders best interest and your Realtor will know which builders are offering the best incentives and negotiate the best deal. (Make sure to find a Realtor with a proven New Home record. (I have sold 6 new homes just since January)
Why is the inventory declining?
Robo Signing law has stiffled the banks from filing default notices. What used to be 2,700 - 5,700 NOD filed a month is now down to 300! Yes I said, 300! Banks are trying new things like renting them back and doing more short sales. Whatever they can to limit their liability of past sloppy lending practices.
How much have the sales in Las Vegas increased?
Realtors sold 4.4% more homes in March 2012 up from March 2011. The median price including all cities in the Las Vegas area is up 1.7%. Some areas as much as 15%.
Are these investors?
We do have a lot of investors with Cash in the market but my client base is 50% of Cash buyers are investors planning to rent it out and the other 50% just people looking to take advantage of the financial climate of Las Vegas and weather. Many retirees are buying their retirement home now while the prices are low.
What should a buyer expect?
Don't frustrate yourself or your Realtor. Most homes are priced to sell. If they are in "decent" condition they will have multiple offers so always go in with your best offer. If there are no offers on the table yet be assured there will be and this is in pretty much all price ranges up to $500,000. We are seeing multiple offers on short sales too but be sure your agent does his/her homework. If your Realtor doesn't know what homework I am speaking of, then call me or find another agent. Research and resourcefullness is key to a successful transaction these days.
It's a GREAT DAY to be in LAS VEGAS!
Wednesday, April 11, 2012
Lake Las Vegas Makes the News!
So many have been questioning Lake Las Vegas and how is it doing? Although I have been touting the turn around out there many buyers have still be skeptical. The majority is the Condo listings whereas their HOA dues have really been killing the values on those properties. At the same time, new home building is happening and single family homes are doing well. The HOA dues are fair and the resort style living exactly what many are looking for. I have dozens of buyers watching Lake Las Vegas closely just waiting for "the right time" to buy. As Realtors and other real estate professionals know, now is the right time when homes are selling within less than 30 days and for many less than a week.
See the most recent article by KTNV news: http://www.ktnv.com/news/local/146218875.html
See the most recent article by KTNV news: http://www.ktnv.com/news/local/146218875.html
Monday, February 27, 2012
Watch Out! Las Vegas New Home Incentives will be going away soon!
Watch out, New Home Incentives will become limited real soon in Las Vegas, NV. Now that REO home listings have slowed we have been seeing short sales get multiple offers and the new home market pick up. The logic for buyers is "if I'm waiting 2-4 months to close a short sale why not buy new?" That's a pretty good way to look at it especially when the builder is throwing in great incentives like granite, upgraded cabinets, tile etc. In Summerlin over the weekend I visited a builder where this first week the community opened they already sold 18 of the 40 lots. It's becoming clear to the builders that with the increasing demand in the market place they may not have to offer such great incentives to sell their inventory.
So it's time to take advantage of such incentives because I believe come May 2012 they will start pulling them off the table. You will most likely still get your closing costs paid and maybe a modest incentive for options but not near enough to deck it out like you can now. I have already seen most builders raise their base prices over the past 3 months so if you are looking to buy new, best to get focused, get pre-approved and find a great Realtor.
Don't go into a new home community without your Realtor or register online. It's a threshold rule and if you do they expect you will be representing yourself in the transaction. Keep in mind in many cases a good Realtor can negotiate more than what the builder puts on the table and the "Builder's" agent is looking out for the builder's interest not yours. ; - )
Heather Etchings, Realtor
Licensed Realtor for 10 years and Local Resident for 19 years
702-277-7071
So it's time to take advantage of such incentives because I believe come May 2012 they will start pulling them off the table. You will most likely still get your closing costs paid and maybe a modest incentive for options but not near enough to deck it out like you can now. I have already seen most builders raise their base prices over the past 3 months so if you are looking to buy new, best to get focused, get pre-approved and find a great Realtor.
Don't go into a new home community without your Realtor or register online. It's a threshold rule and if you do they expect you will be representing yourself in the transaction. Keep in mind in many cases a good Realtor can negotiate more than what the builder puts on the table and the "Builder's" agent is looking out for the builder's interest not yours. ; - )
Heather Etchings, Realtor
Licensed Realtor for 10 years and Local Resident for 19 years
702-277-7071
Sunday, February 19, 2012
Is the Las Vegas Home Market HOT!!!
Wow isn't that the question of the day. Actually of the past several years and I can say frankly and honestly "YES" the Las Vegas market is hot! We have been seeing this coming since March of the past year. Little by little the market picked up. First it was the under $60,000 price range and that was a bit rough. Then by the end of the summer we started seeing a lot of activity in the $100,000-$200,000 range. Once fall was upon us, the $200,000-$400,000 range was taking off, meaning selling quickly within only a week or two. Now here we are the beginning of 2012 and homes I am showing for $400,000+ within only a few days of listing have typically 5 or more showings already and those are just the ones who left business cards. Short Sales are also getting multiple offers.
What else has changed? Why are there not so many Bank REO homes?
As many have heard the banks are now required to provide a paper trail of all lien holders on a property along with all payoffs to lien holders including but not limited to banks and HOAs. All this before they can even file a NOD. Due to this so many homeowners are getting more time. At the same time the new HARP guidelines are in effect allowing Fannie Mae and Freddie Mac homeowners to refinance without an appraisal. YES! FINALLY! Only 100,000+ foreclosures later. Egads! We expect these to begin getting processed as early as March 1, 2012. This will save many homeowners from short selling or getting foreclosed on. Need a lender referral call me.
How are these changes going to affect the Home Market in Las Vegas?
What I can confidently tell you is, now is the time to buy. The rates are still very low, there are down payment assistance programs available for those who qualify, FHA203K loans up to $35,000 to help renovate distressed homes and even a loan with a $3,000 green incentive that does not need to be paid back for you to put in updated green appliances. WOW! Who is "not" buying? I can tell you it's those who are always on the fence with much of what they do. Those who wait until the herd is rushing the gates before making any decision. Unfortunately for those the best deals are either gone or the competition is going to be fierce. They will get frustrated and most likely with unreasonable expectations. Dont' let this be you. Find a good Realtor and get educated!
What should I expect if I am going to buy now?
Expect to put in several offers before one gets accepted. Expect in most cases to offer list or better to get the home you want. Always have your agent do their homework and if they aren't offering to do the comps and homework then find a new agent. Know the value of what you are buying. I have found that some homes are underpriced and some overpriced but if you don't do your homework you will be just throwing darts into the wind. Knowledge is power.
Call me with any questions. I am a strong advocate of informing the public and the more I can share to help homeowners or home buyers understand the benefits and pitfalls of buying or selling a home in this market of short sales, REOs and Flips the better off we will all be.
As always, CHEERS & MAKE IT A GREAT DAY!
Heather Etchings, HeathersHomesLasVegas.com 702-277-7071
What else has changed? Why are there not so many Bank REO homes?
As many have heard the banks are now required to provide a paper trail of all lien holders on a property along with all payoffs to lien holders including but not limited to banks and HOAs. All this before they can even file a NOD. Due to this so many homeowners are getting more time. At the same time the new HARP guidelines are in effect allowing Fannie Mae and Freddie Mac homeowners to refinance without an appraisal. YES! FINALLY! Only 100,000+ foreclosures later. Egads! We expect these to begin getting processed as early as March 1, 2012. This will save many homeowners from short selling or getting foreclosed on. Need a lender referral call me.
How are these changes going to affect the Home Market in Las Vegas?
What I can confidently tell you is, now is the time to buy. The rates are still very low, there are down payment assistance programs available for those who qualify, FHA203K loans up to $35,000 to help renovate distressed homes and even a loan with a $3,000 green incentive that does not need to be paid back for you to put in updated green appliances. WOW! Who is "not" buying? I can tell you it's those who are always on the fence with much of what they do. Those who wait until the herd is rushing the gates before making any decision. Unfortunately for those the best deals are either gone or the competition is going to be fierce. They will get frustrated and most likely with unreasonable expectations. Dont' let this be you. Find a good Realtor and get educated!
What should I expect if I am going to buy now?
Expect to put in several offers before one gets accepted. Expect in most cases to offer list or better to get the home you want. Always have your agent do their homework and if they aren't offering to do the comps and homework then find a new agent. Know the value of what you are buying. I have found that some homes are underpriced and some overpriced but if you don't do your homework you will be just throwing darts into the wind. Knowledge is power.
Call me with any questions. I am a strong advocate of informing the public and the more I can share to help homeowners or home buyers understand the benefits and pitfalls of buying or selling a home in this market of short sales, REOs and Flips the better off we will all be.
As always, CHEERS & MAKE IT A GREAT DAY!
Heather Etchings, HeathersHomesLasVegas.com 702-277-7071
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