Archives for the month of: June2011

We’d like to share this article that was posted in Las Vegas Review Journal. This is a more positive outlook on the current state of the Las Vegas housing market.

BY HUBBLE SMITH
LAS VEGAS REVIEW-JOURNAL
Posted: Jun. 8, 2011 | 10:08 a.m.

The number of homes sold in Las Vegas and their median price increased slightly in May from the previous month, though prices are down 11.3 percent from a year ago, the Greater Las Vegas Association of Realtors reported Wednesday.

Realtors sold 3,991 single-family homes, condominiums and townhomes in May, up from 3,902 in April and 3,653 in May 2010. Single-family home sales increased 7.9 percent, while sales of condos and townhomes increased by 14.4 percent, compared to May 2010.

The median price of a single-family home sold in May was $126,000, up 0.8 percent from $125,000 in April, but down 11.3 percent from a year ago.

“This was the first time so far this year that both of these key indicators increased in the same month for both single-family homes and for condos and townhomes,” Realtors association President Paul Bell said. “We’ll take anything positive these days.”

Bell said he sees a positive trend in the increasing number of home sales involving “traditional” buyers and sellers, as opposed to investors and lenders who have dominated Southern Nevada sales for many months. He noted that the number of traditional home sales increased in May as the percentage of sales involving bank-owned homes and short sales declined.

“It’s a gradual trend, but it certainly is an improvement over what we’ve been seeing,” he said.
Realtors’ statistics showed 51.4 percent of existing homes sold in Southern Nevada in May were bought with cash. That’s down from 51.9 percent in April, but remains near record levels.

Las Vegas-based Residential Resources reported 1,322 REO, or bank-owned, sales in May, or 43.1 percent of all closings; 985 regular sales, or 32 percent of the total; and 758 short sales, or 24.7 percent of the total.

Assuming that owners of homes listed for short sale have stopped making payments, that’s a financial stimulus of $5.54 million flowing into Southern Nevada’s economy and not going to financial institutions, said Frank Nason, president of Residential Resources.

He based his estimate on an average mortgage payment of $750 for principal and interest and 7,389 short-sale listings in Las Vegas.

“I started thinking about this in national terms estimating that there is probably quite a large stimulus occurring,” Nason said. “Is it purposeful stimulus or just a serendipitous result of the slow approval process? I don’t have any answers to the larger questions.”

The least expensive closing was $10,052 for a home at 1812 Princeton St.; the most expensive was $15 million for a home at 7030 Tomiyasu Lane, according to Residential Resources.

The number of homes for sale on the Multiple Listing Service increased slightly, to 22,767, in May, up 7.7 percent from a year ago. About half list pending or contingent offers.

Bell said real estate agents are seeing a tightening of inventory in master-planned neighborhoods such as Summerlin, Green Valley and Seven Hills, and near employment centers.

Rob Jenson of ReMax Central said the Las Vegas housing market shows stability in the lowest price range with less than six months’ supply. It gets softer in the mid-range and luxury markets. “Once the price hits $600,000, the supply more than doubles, then it just goes up from there,” Jenson said.

The monthly value of single-family home transactions tracked through the MLS increased 0.3 percent, to more than $491 million. For condos and townhomes, sales volume was more than $76 million, up 11.9 percent from April.

Realtors’ statistics are based on data collected through its MLS, which may not account for new homes sold by builders or for sale by owners.

Hello all,
While summertime offers us a great opportunity to make the most of our
Hot hot hot sunny Saturdays, you might find yourself with some extra free time.
What to do? Why not take a little time each weekend to give your beautiful new or older home a little extra care? One of the best things about owning a home is the
pride and satisfaction derived from making it look as beautiful as possible!

With this letter, I’m including a list of some practical summer to-do’s that will
help to keep your home and garden in wonderful shape. Enjoy! And if you
need any further information, or would like to discuss any real estate
questions, please feel free to call me at 702-238-8285.

SEVEN TIPS FOR EASY SUMMER HOME CARE
1. Get rid of the green: Harsh summer heat is brutal on lawns and ups the ante on costs and water waste when it comes to caring for your lawn. Take a look at the many different alternatives to live green.

2. Fire it up: Get a head start for the upcoming winter and clean out your wood-burning fireplace and chimney. You’ll have one less winter task to attend to!

3. Carpet care: Now’s the perfect time to have your carpets professionally
cleaned, which will protect your carpet and make it last even longer.
Want to save a few bucks? Rent a quality carpet cleaner and do it
yourself!

4. Touch-ups: Inspect your home—inside and out—and touch up any paint
where necessary. This can be done quickly and easily, and will prevent
future peeling!

5. Lock and key: Check all of the locks on your windows and doors and
ensure that everything is working properly. Being proactive about safety
is always a smart move!

6. Oil it: Anything squeaking? Add a squirt of WD-40 or similar product to
door, cabinet and window hinges to keep them in top repair.

7. Park the car: If your garage is filling up with an abundance of stored
items, take a day to reorganize and get rid of unwanted clutter. Give
your unneeded items to charity, or have a fun summer yard sale!

It’s that time of year again – Barbeque season!  What better way to spend your  weekends than with friends and family and the barbeque?

Add in a pool and you’re all set!  We all need a little down-time on our days off.  I say sit down, kick your feet up and enjoy this beautiful Las Vegas weather,  all summer.  No backyard?  No pool?  No problem.  With over 20,000 homes available in the Las Vegas valley, you could be enjoying your weekends in the backyard of your dream home this summer.

Call us today 702-365-1000.  Let us help you set up that BBQ dream 🙂