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
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