Posts in category: Selling your home

House money Many of the critical factors for a recovery in housing prices are in place. The drop in housing prices, coupled with the current low mortgage interest rates has brought affordability back into alignment with historical ranges in most markets. Unemployment levels appear to have bottomed out, and a growing number of real estate economic indicators also suggest that, on a national level, we’re also at, near, or just past the bottom of housing prices. Mortgage interest rates remain near all time lows. In many areas, today’s buyers have the best opportunity to choose from a very large home inventory at the lowest prices. Nonetheless, there is a great variance among local housing markets, and some may be looking at further declines in home values, perhaps even double digit drops, before prices hit bottom.

Consumer confidence will play a big role in any housing recovery. According to a June and July survey by Fannie Mae, 70% of Americans think it is a good time to buy a house, an increase of 6% responding to the same question in a similar survey conducted in January 2010. Not surprisingly, 83% also think now is a bad time to sell. Those surveyed are also becoming more optimistic about home values-78% think that home prices will either remain stable or increase next year-a 5% increase over the January survey.

Mortgage rates will also play a big role in the housing recovery. They are very low by historic standards today. Importantly, Federal Reserve policies intended to prevent a double dip recession are helping to keep mortgage interest rates low, and are likely to remain in place for some time. The slow recovery of the business sector, while not encouraging from an employment standpoint, also means that there will be less upward pressure on interest rates in the near future.

On the downside, the share of consumers who think housing is a safe investment has dropped from 83% in 2003 to 67% today. Delinquent borrowers and renters still think a home is a safe investment (57% and 54% respectively). More optimistic about the safety of a home investment were those with mortgages (74%) and even those with negative equity (69%). Minorities were also more optimistic on this question than the general population. Also not a big surprise, more people (33%) say they will be more likely to rent their next home, up from 30% in the January survey.

Recent forecasts about home sales and home prices have varied. Most suggest stabilization or near stabilization of housing prices this year, followed by a slight increase next year. On a national level, actual sales and price results have been mixed from one month to the next, suggesting that we may be at or near the bottom of home values.

Most important to your own home purchase decision is the current status of your local market. While at the national level there are many indicators that suggest that now is a good time to buy, the current state of your local market is the most critical consideration. In many areas there is even significant variance from one neighborhood to another. Some markets never got badly hurt by the real estate bubble and are still stable. Others, whether they suffered from price declines or not, are already showing signs of a healthy recovery.

Unfortunately, some of the hardest hit markets and/or neighborhoods are likely to face still more declines in housing prices. Mortgage insurer The PMI Group Inc. estimated recently that just over half of the 384 markets they follow, including 70% of the 50 largest metro areas, face a high risk of declines in housing prices over the next two years. Particularly in those markets, the size of the “shadow inventory”(foreclosed homes and nonperforming mortgages owned by lenders), could delay housing recovery, as could the growth in “strategic defaults” (homeowners who can afford to make their mortgage payments but who choose instead to walk away because they owe so much more than the home is worth).

Since homes tend to appreciate only 2-4% annually over the long term, it doesn’t make sense to buy right now if your area is at risk of dropping another 10-20% in value when you could rent the same home today for less than mortgage payments. The short term direction of housing values for current homeowners who are moving up or downsizing buyers is of far less consequence, because their homes market value will be similarly affected whether they stay in their current home or replace it with another. For them, current mortgage interest rates are far more important, and they strongly favor buying now.

While you may want to defer your purchase for any of these reasons, buying a home remains a wise long term economic decision for most of us:

1. Homes can provide an excellent return on investment (ROI). Although historic annual home appreciation rates are modest, the purchase is usually highly leveraged. If you put 10% down, a modest 3% annual increase in your home’s value represents a 30% ROI.

2. There are many opportunities to gain sweat equity. For example, a well landscaped home can be worth thousands more than a home with a barren landscape. You don’t have to spend that much to get such a return. Buy a shovel and a bunch of small $5-$20 shrubs and trees, and wait a few years. Do your own remodeling (or some of the finish work, such as painting and trim) and those projects can add more to your home’s value than they cost.

3. A landlord can (and will) raise your rent, but a lender can’t raise your mortgage interest rate (assuming that it is a fixed rate mortgage).

4. Many people pay off their mortgage by the time they retire. With no more mortgage payments, they are able to live comfortably on modest retirement income sources. The equity is also transferrable-many homeowners who move to different locales after retirement simply roll the equity from their old home into a paid off retirement home. A lifelong renter may well have paid more in aggregate for housing over their career, but they will still have to pay rent and many find that this additional expense severely cramps their retirement lifestyle.

5. Most owner-occupied neighborhoods have a sense of community that results from a relatively stable set of residents. That rarely happens in rental environments, where the residents of the neighboring apartments may come and go before you even meet them.

Key to a smart decision on whether or not to buy a home now is research into your current market outlook. There is plenty of research data on the Internet regarding the likely market direction of your area. Experienced real estate agents can also provide very useful local market insight.

If you are looking for a new home or wanting to sell your current home,  please contact a New Home Resource Realtor® today at 702-365-1000. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

 

Courtesy of the American Homeowners Foundation and the American Homeowners Grassroots Alliance, www.AmericanHomeowners.org.

Reprinted with permission from RISMedia. ©2014. All rights reserved.

CHristmas SantaMay you have a wonderful holiday season!

From your Realtors at New Home Resource:   Joanna Piette, Denise Moreno Thrasher, Evelyn “Beng” Kern, Jessica O’Brien, Lance Partin and Kathy Paterniti.

Thanksgiving comes late this year, which means a shorter-than-usual holiday shopping season. If you’re not the type to buy gifts throughout the year, getting an early start on holiday shopping can help ensure you have enough time to find gifts for everyone on your list, and perhaps, most importantly, save money.Shopping frenzy

Here are three things to do now to save money and time this holiday season:

Create a list (and budget) for everyone on your list

Greet the holiday season with cheer by keeping an organized list of names of everyone you need to shop for and an estimated budget for each. From family and friends to hair stylists and teachers, more names will likely appear on your list than you originally planned. Holiday shopping can be overwhelming, but if you approach it with an organized plan, you’re likely to avoid overspending and can better stick to your budget. Gift cards are a great option this year, since they are the top gift people want to give and receive, according to a recent shopping survey from Discover.

Savvy shopping tip: Look into your credit card rewards programs to see if you can cash in your accumulated rewards for gift cards, some of which are offered at a discount. Redeeming rewards for store gift cards is one of the easiest and most valuable ways to save cash, which means you won’t need to reach as deep into your pockets this season.

Do your research on sales and promotions

From gifts to groceries, holiday shopping includes a wide range of items, so it’s important to try to find the best prices on everything. According to the survey, Americans are most influenced by sales and promotions when it comes to their holiday spending plans. In fact, 70 percent of consumers are planning to take advantage of Black Friday and Cyber Monday deals. Whether you’re brave enough to face the crowds on Black Friday or prefer the convenience of Cyber Monday, shopping these big sales is a great way to stick to your budget and make a large dent in your holiday shopping list.

Doing your homework before making holiday purchases can also help you save even more. Price monitoring sites, like PriceGrabber, can compare and contrast prices for more than 1 million items, including electronics, appliances and clothing, and can be accessed right from your mobile device. If you’re shopping online, your credit card may offer extra rewards on online purchases this season that’ll help you save money on holiday gifts.

Savvy shopping tip: Mark your calendars with the dates of big sales and keep coupons in your wallet so you can use them at a moment’s notice. If you’re shopping online, do a quick search for coupon codes that provide extra discounts, as well as free shipping or gift wrap.

Use credit card benefits and rewards to save extra cash

Whether you prefer to shop in-store or online, credit cards can enhance your savings and provide added value to your shopping. Many credit card companies provide rebates, rewards and discounts on holiday essentials – at no added cost. Once the hustle and bustle of the season is over, you might find an item you want to return, but what happens if your purchase is no longer eligible? You won’t have to write it off as a loss if the purchase was made with a credit card that offers a return guarantee.

Savvy shopping tip: Use a credit card that provides added security and purchase protection including warranties and return guarantees that will help you save in the long run.

Taking a little extra time to shop smart and plan ahead will help you save and stay organized while shopping for holiday gifts and essentials. You may be surprised by how many resources are available to help stretch your budget further this holiday season.

If you’re shopping for a home this holiday season, contact a professional NEW HOME RESOURCE agent for all of your needs!  Let Broker Joanna Piette, Realtors Denise Moreno Thrasher, Evelyn “Beng” Kern, Jessica O’Brien, Lance Partin or Kathy Paterniti be your guide!

Recovery to Continue in 2014, Says NAR; Rates and Home Prices Predicted to Rise

By Nick Caruso

NAR.jpg (426x640)

The real estate market will continue its road to recovery in 2014, with home prices rising 6 percent and mortgage rates hitting 5.4 percent. In addition, demand is predicted to plateau, all according to Lawrence Yun, chief economist and senior vice president of Research for the National Association of REALTORS®, who presented his 2014 market forecast during last week’s REALTORS® Conference and Expo.

Other factors aim to set the market back on the right path. Although there could be a possible negative impact due to rising mortgage rates, job creation and loosening underwriting standards should balance out 2014’s sales volume.

“There were two million jobs created in the past few months and we’ll see the same next year,” says Yun. “These people could potentially enter the market.”

Yun does not see, however, an increase in unit sales nationwide, as inventory levels remain an issue to keep an eye on. Currently, the nation is under one million and this number needs to increase 50-60 percent in order to get back to normal numbers.

“I don’t foresee that next year, but maybe we can at least make up half the needed gain to steadily reduce the inventory pressure,” he says.

While existing home sales are expected to remain flat at roughly 5.1 million units, new homes could rise by 25 percent from 430,000 to 510,000 next year.  This part of the market is still in recovery due to the difficulties for smaller builders to obtain financing. This should continue easing throughout the next year.

When prompted further about how the rising mortgage rate will affect sales and the market, Yun responded: “Assuming nothing changes further, I believe it takes about 10 percent right off the top in terms of people who qualified this year versus the same people who would qualify next year. If need be, NAR will be pushing for new legislation to clarify what QM and QRM are so that we don’t get hit by that 10 percent.”

With the housing market is recovering for most Americans, homeowners will be more concerned than ever about their home values in 2014. Actual price increases for 2013 was 11 percent, which is now expected to be a six percent rise next year. The way to relieve home price pressure is for more inventory to come into the market, says Yun.

“We were surprised by how fast inventory would decline, but there was always a fresh set of inventory trickling in as it went out,” he says.

Overall in 2013, investor activity has been normal, but numbers slightly declined. Though, more small-time investors entered the market, staying one step ahead of the population, consistently punching numbers to see what transactions made the most sense for them. “If investors remain active, it implies that housing is a good buy,” says Yun.

Despite some cautionary areas, the real estate market has its beacons of potential. The industry may not be back to its best numbers yet, but we are still heading in the right direction and making our way down that road to recovery.

“We’ve had a decent year this year and next year will be roughly the same.”

 
Reprinted with permission from RISMedia. ©2013. All rights reserved.

Are Dated Appraisals Holding Back the Recovery?

By Andrew King

Some of the most beaten down real estate markets are finally experiencing that long-awaited bounce back from the crash. Cash offers are yielding more sales. Pent-up demand is driving prices higher. But something’s missing.
Brokers in the faster markets, such as Nevada, California and Florida—where the soaring prices almost defied gravity leading up to the crash five years ago—are finding it hard to move all these homes, even though there are plenty of willing buyers. While the homes are available, the mortgages are not. More specifically, they say, the appraisals are not.
While a would-be buyer could be more than qualified to pay back a $1 million loan for an Arizona McMansion, in many cases, the banks can’t sell them that mortgage—even if the loan officer wants to—because the appraiser won’t sign off on that $1 million valuation.
“It happens a lot in an escalating market,” says Gino Blefari, president and CEO of a brokerage in the red-hot San Francisco Bay area. “You have to go back to the appraiser and say, ‘look, there were 27 offers on the property. Now that we’re having more sales, we’re better.’”
It’s becoming a heated issue across the country as low appraisals continue to squash real estate deals that already have the blessing of would-be buyers, sellers and banks.
At the heart of all the tension are the comparable properties, or “comps,” that appraisers use to base their valuation. The system is designed to keep everything fair and square for the buyer and seller while limiting the banks’ risk. However, conservative appraisals based on the most recent sales—deals made prior to the bounce—can inadvertently stall an otherwise healthy recovery.
To get around these appraisals, more and more buyers are using cash for the purchase and paying more than what they could have gotten with a mortgage. The practice has caught on so drastically—with cash deals accounting for 40 percent of all sales—that the latest national data shows a major reversal in the price of cash deals as they relate to mortgages.
This influx of cash deals, however, doesn’t always make it into an appraiser’s comp pool, skewing market realities and becoming a point of controversy.
“Cash investors are very aggressive,” says Mark Stark, CEO of a real estate group that has seen a huge increase in all-cash deals in Arizona and Nevada. While all-cash deals have usually comprised 7-10 percent of his business, he says that over the last 18 months, they have grown to 21.5 percent. A lot of this, he says, is due to institutional investors who have come into the market to take advantage of the low prices.
Speculation, bidding wars and rising home prices are generally seen as signs of a healthy economy, but Stark thinks that too many borrowers are being left out of the market due to overly conservative appraisals. The problem, he says, is that many appraisers are not taking these cash deals into account when they determine the value of a property—even though they are perfectly valid comps.
Appraisers will often throw out unrealistically low sale prices, such as those that result from a foreclosure or an arm’s-length transaction, when conducting an appraisal. They also throw out prices that are unrealistically high. But many real estate agents don’t think this should include cash deals from institutional investors.
John Brenan, director of appraisal issues at The Appraisal Foundation, a private nonprofit recognized by the government as the source for appraisal standards and recommendations, says that while the appraisal industry is regulated, there are still a lot of gray areas when it comes to comps.
He says that high comps should be thrown out only if they don’t truly reflect fair market value. An institutional investor should not be disqualified as a comp just because they’re a fund or someone who is looking to lease or flip the property. Brenan says an unusually high cash sale would get thrown out if someone paid significantly higher than what others recently paid for surrounding properties without a good reason.
“If someone paid an extra $50,000 on a property because it’s the exact color they wanted,” says Brenan, “that would not be a realistic example of the market and shouldn’t be counted as a comparable property in the appraisal.”
On the other hand, appraisers shouldn’t be using foreclosures or REO properties as comps either, Brenan says. Still, a block full of short sales can’t just be ignored when gauging the marketplace. “That (bad) sale in and of itself does not make a market, but it does play a role,” explains Brenan.
Brenan adds that appraisers should be looking at the most recent data available, but that might not necessarily include current events. Part of the tension has to do with the fact that appraisals represent a fixed point in time—what a house is worth on a particular day. It doesn’t always leave room for the greater economic trend.
“The appraiser is working off historical data,” Blefari says. “If it’s a cash deal, they should use it as a comp.”
Blefari emphasizes that the market has so much pent-up demand right now that it will drive prices higher through the end of the year and beyond. He says the recovery is completely genuine and appraisals need to reflect that.
Andrew King is an award-winning journalist with 15 years of experience with the Gannett newspaper company, appearing in The Journal News (Westchester, N.Y.), Asbury Park Press and USA Today. He also contributes to The Real Deal, TheLadders.com and TechPageOne.com.


Reprinted with permission from RISMedia. ©2013. All rights reserved

Fall leaves and lake

With over half of all homeowners planning to make some type of improvement to their home this year, the question is:  What exactly are they changing? Homeowners are choosing to wait until the high temperatures break and cooler weather hits to begin outdoor work, and home improvement companies are looking to unload new products to prepare for the new season, allowing homeowners to grab some great deals as autumn begins.

The most common fall home improvement projects include fencing, interior and exterior painting, window work, flooring, and roof repair, all of which are in preparation for the cold winter weather when home improvement projects are not at the top of your priority list. By getting these projects done before winter, you can put your home improvement projects to rest until spring without worrying about leaky roofs, cold air coming through cracks in the windows, and maintaining the value of your home with fencing and a fresh coat of paint.

“The cooler autumn temperatures make for the perfect time to focus more on the home and any remodeling projects,” says Jeremy Floyd of Fence Center. “Such projects like adding in bamboo or aluminum fencing, not only increases your family’s security, but the value of your home. Now that autumn is officially here, people are likely beginning to get these home improvement projects rolling.”    According to Floyd:

  • Projects such as flooring, such as wood, can only be done during certain months of the year because certain types of flooring employ adhesives that need temperatures inside the home to be within a certain range, usually between 70 and 80 degrees. Attempting to employ these types of flooring in the winter can make it difficult for the flooring to dry and bond, which will prove problematic down the road.
  • Fall offers the perfect time to increase the security of your home, particularly for fencing, as the ground is not too hard to work with.
  • Painting provides a pungent scent and sometimes toxic fumes, making fall the perfect time for painting. Without the humidity, paint can dry quickly, keeping the aromas of the paint to a minimum.

If you are looking for a new home or wanting to sell your current home,  please contact a New Home Resource Realtor® today at 702-365-1000. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

Reprinted with permission from RISMedia. ©2013. All rights reserved.

Chasing_Dollar

5 Sure Ways to Waste Your Money

By Barbara Pronin

No matter how careful we are with money, everyone has holes in the budget: small indulgences or careless mistakes that end up costing big dollars. The finance experts at Kiplinger’s point out six common money-wasters it makes good sense to avoid:

Carrying a loan or credit card balance – This can cost hundreds of dollars each year in interest – and also costs you down the line in the form of lower credit scores that trigger higher interest rates on loans. If you can’t pay off balances each month, at least keep your balance to less than 25 percent of available credit.

Paying late fees on missed deadlines – It’s easy to miss a payment occasionally. But if you miss a credit card payment by even one day, you will pay a late fee of $25 ($35 if it’s the second time in six months) – and your credit score could also take a hit. A history of on-time payments accounts for 35 percent of your FICO credit score — more than any other factor. If you have a good payment record, you should call your card issuer and ask that a one-time late fee be waived.

Buying insurance you don’t need – Unless you have people financially dependent on you, you may not need as much life insurance as you are paying for. You can also probably do without credit-card insurance (use the premium to pay down debt), rental-car insurance (most auto policies carry some coverage) and mortgage life insurance (a regular term-life insurance policy is more comprehensive).

Overspending on gas and oil – Most cars do fine on regular gas. Be sure tires are properly inflated for best gas mileage – and most cars today require oil changes every five or six thousand miles, not every 3,000 as they once did. Check your owner’s manual regarding regular maintenance – and opt for a fuel-efficient car.

Keeping unhealthy habits – The average price per pack of cigarettes in the U.S. is $6.03, but health-related costs per pack are $35, according to the American Cancer Society. Over a year, those added costs can amount to $12,775 for a pack-a-day smoker. Another habit to quit: indoor tanning. There is a 10 percent  tax on indoor tanning services – and as with cigarettes, the true cost of tanning — one of the most dangerous forms of cancer-causing radiation — is higher than the price you pay per session.

 

Look to New Home Resource as your go-to Brokerage for all of your Las Vegas and Henderson real estate needs.   Call us today at 702-365-1000

Reprinted with permission from RISMedia. ©2013. All rights reserved

outdoor-living-room

We all want to add value to our homes, however, most of us don’t know where to start. Before making any changes and expenditures on your home, you should contact New Home Resource today and have one of our fabulous Realtors® advise you on the monetary value of making changes to your home.

There are both small ways and big ways to add value to your home. Taking the time to go through your home with a Realtor® will help you to see where your money would be more wisely spent. Here are a few features that are attractive to prospective buyers:

1) Space & Light: Space and light is a key feature that nearly every home buyer wants. There are both less expensive and more expensive ways to get this in your home. The least expensive way is to enhance what is already existing with light color palettes and clever storage space. Utilize all existing built-in storage, and hide away any storage boxes from plain sight. Adding additional windows and knocking through walls to create open living spaces would be an alternative, although a more expensive one.

2) Curb Appeal: First impressions can make or break a home buyer’s decision to even step inside a property. Taking the time to trim the hedges, sweep the drive, and fix that squeaking gate can improve the chances of getting them through the door. Go one step further by giving the house a fresh coat of paint and paving a new driveway, if your Realtor® thinks it is worth the cost.

3) Create Extra Living Space: A great way to add value is to add-on to the existing property. One way is to add an extension or convert the attic into an extra room, but realistically that takes both time and money. A great way to create extra living space is to take advantage of Nevada’s weather conditions and create an outdoor kitchen and dining space. Adding a built-in grill with a designated patio space for dining is a cheaper way to create a desirable extra room.

4) Make it Fresh: It’s amazing what a fresh coat of paint will do to a room. While the existing colors may seem OK, a fresh coat of paint can really brighten and change the way a space looks. Steer clear of those colors that are more ‘taste-specific’; select wisely, opting for lighter and more neutral hues to increase the value and marketability of the property.

5) Go Green: Adding plants and trees to the yard can really make a difference. A quick and easy way to add green to your yard is to buy potted plants. If you’re willing to spend the extra money, hire a landscaper to design a warm and engaging space.

6) Define Your Space: Many people have extra rooms they don’t use or that they use for multiple purposes. When you’re selling your home you need to show the buyer the purpose for each room, especially those smaller rooms. Defining spaces can actually give the illusion of a bigger home. Turn that small room that you use for storage into an office space with a sofa bed.

7) Make it Sparkle: You don’t have to go through each room and remodel. That would be expensive and pointless if what is existing is in good condition. Look at all the fixtures and fittings. Do they look dated and worn? It is cheaper to replace all the kitchen handles than it is the whole kitchen. Add brand new towels and shower curtain to a bathroom to change the look along with replacing the fixtures. This is a much cheaper way to really enhance what you have and create a new look.

If you are looking for a new home, please contact a New Home Resource Realtor® today at 702-365-1000. Broker Joanna Piette, and agents Denise Moreno Thrasher, Heather Brockhurst, and Evelyn ‘Beng’ Kern are all here to help!

 

Exterior 01

If there’s one common mistake people make when putting their home on the market, it’s not preparing the house first. There are a number of small things you can do to not only prepare your house for the market but also ensure you get the best price possible.

We at New Home Resource thought we would give you the run down of what you can do to prepare your home for the real estate market.

1) Curb Appeal: First impressions mean everything in real estate. In fact many people won’t even step through the front door if they don’t like what they see from the outside. Spruce up the house with a fresh coat of paint, trim those hedges and jet wash the path.

2) Value vs Cost: Walk around the exterior and check for cracks, holes and crumbling. Repair and replace as necessary. The cost of repair will often be inexpensive in comparison to how much value will be added to your home with the repairs made. 

3) The Colors Of The Rainbow: The last thing a buyer wants to see when they walk into a prospective home is a rainbow of colors throughout the house. Keep the house painted in neutral colors and use accessories and furniture to add color to each room.

4) Show Home: One thing we all want to do when buying a new home is put our own personal touch on it. While you might have the vision of an interior designer, most people cannot see beyond existing furniture and personal touches. So take down those family pictures and posters of your favorite sports team and replace them with neutral paintings and wall coverings.

5) Minimalistic Future: We are all guilty of having too much of something, but your prospective buyers don’t need to know what. So rent a storage unit and de-clutter your home. Remove all additional pieces of furniture and appliances leaving clear counter tops to create a cleaner, bigger and sleeker look in every room. Now would be the perfect time to hold a garage sale to get rid of some of your unwanted possessions.

6) What’s Mine Is Yours. If there are fixtures and appliances that you want to take with you, replace them now. When buying a house, people take into consideration all the fittings and fixtures. If they love that chandelier hanging in the living room that you’re not willing to part with, then you may find yourself losing out on a sale. So save yourself any issues by removing all fittings and fixtures that you will be taking with you and replacing them with neutral fixtures.

7) Fix It: The last thing you want to do is put off a buyer because of a leaky faucet that would have taken you minutes to fix. So get out the toolbox and fix all the minor problems throughout the house. Even oiling hinges to stop squeaking can make a difference.

8) As Clean As A Whistle: Invest in using a professional cleaning company to give your home the spring cleaning it needs. Shampooing carpets and washing windows can make such a difference to the overall appearance of the home. If it looks immaculate then the buyer will believe you have taken good care of the home.

9) Flower Power: Adding flower pots to the patio and front door can make such a difference in making a house look like a home. Educate yourself on the power of color psychology to ensure you are giving off the right moods and energy. For example, yellow has the power of evoking a buying emotion.

10) Love It: Finally, forget all of your personal issues with the house and view it from a new perspective. Learn to love the house and all of its features. When a buyer comes to view the house tell them why you LOVE the house and what you will miss. The power of positive word of mouth is priceless. 

And we don’t know about you but nothing beats the smell of freshly baked cookies when you walk into a home.

 

 

 

Happy Holidays!   There has been quite a bit going on in our marketplace today, from even further constraint in available housing, to increased NOD filings, to even higher sales prices in recent months.

A little bit of history……   In August 2009, Clark County saw a whopping peak of 11,482 filings of Notices of Default.    The filing figures remained steady around 4,000+/- per month, from 2010 through September 2011.    The October 2011 effective date of AB284 then caused filings to fall to less than 1,000 a month.  

To clarify, the “need” to foreclose on a property did not change – what DID change was the bank’s ability to foreclose, due to the requirements of AB284.   You can read my blog post from earlier this year regarding AB284 to learn more.    According to the Board of Realtors®, foreclosures have fallen from nearly 50 percent of Las Vegas home sales to about 15 percent in October (we believe to be a direct result of AB284), and short sales now account for roughly 45 percent of the market.

As a result of AB284, default filings fell by as much as 80% through September, though the numbers have been growing over the past several months.     There were almost 2,100 Notices of Default filed in August 2012.    Additionally, as banks resolve past issues with MERS, we anticipate increased foreclosure activity – and may even see some lower prices as a result of the increased supply in available listings.

At this time, our current MLS inventory shows only 3,800+/- single family homes available, an unbelievable 10-day supply of housing!      This decreased inventory has caused asking prices for Las Vegas homes to increase 13.7% over a year ago, as reported by online site Trulia.com this morning, December 4th.     And according to Las Vegas-based SalesTraq, the median existing home price in Las Vegas has climbed from $100,000 in January to $124,000 in October.

We do try to report the most accurate, up-to-date information to our clients, but there could be a margin of error in our reporting.   Please understand that some of our comments may also be opinions and not absolute fact.  

If you’re a home buyer or a home seller in today’s frenzied Las Vegas market, you need professional help.   Call Heather Brockhurst, Denise Moreno or Joanna Piette at 702-365-1000 and be a part of the right team!   HAPPY HOLIDAYS FROM NEW HOME RESOURCE!