foreclosure

This year, Las Vegas has been reaping the results of the long-term recovery in the real estate market with many economic indicators headed in the right direction – Up. A drop in unemployment, more new homes starts, an increase in the sale of resale homes – overall, we’ve seen a consistent improvement each month across the board. And that’s a welcome change for home owners / sellers, buyers, and the real estate industry as a whole.

And the good news continues: New home builders are seeing more first-time buyers entering the market, and as the job market improves, Millennials are beginning to transition from renting to owning. Single-family home sales have hit a 9-year high nationwide – and here in Las Vegas, the median price of homes has increased by 10% compared to June 2014.

Granted, for several years, it seems there’s been nowhere for the market to go except up. Due to the uncertainty in the job and housing markets over the past seven years, 7.4 million home sales have been lost. And while many of those sales may never be recovered, the housing demand is now being driven by population growth, higher employment, and improved incomes. It’s all great news – with industry analysts predicting that the U.S. housing market should continue to improve into 2016.

Adding to this resounding recovery is the fact that more buyers are once again able to become owners. Those who were hit hard by the recession have spent the interim years rebuilding their credit and recovering financially. And many who experienced short sales or foreclosures have moved past the mandatory imposed waiting periods imposed before they could obtain a new government mortgage loan. (Although thanks to a special financing program from one local Las Vegas lender – Premier Mortgage Lending – buyers are also eligible to get non-traditional financing as early as one day after a foreclosure or short sale is completed. Visit AnotherChanceNevada.com for more information.)

When you combine all these excellent reports from all sectors of the U.S. economy – and add in that mortgage interest rates are still at long-time historic lows – more and more buyers are able to pick the home they love and receive that “Loan Approved” phone call we all hope for.

But to find out if you’re able to get that good news, you have to ask! Discover if you can get back into home ownership by contacting a real estate professional or mortgage lender today. Here at New Home Resource, we’re making it possible for Las Vegas residents to do it every single day. You could be among them.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for a newly-built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to find the perfect property for you. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

It’s no secret that the real estate market has had a tough go of it these past few years here in Southern Nevada. But now, all the data and statistics are gathering to indicate that the housing marketing in Las Vegas is back in action. If you’re wondering what the local perspectives are as to what’s in store for both new and resale homes in the valley, here are some of the notable highlights:

Las Vegas Home Prices Are Up 8% Over Last Year

The Greater Las Vegas Association of Realtors (GLVAR) reports that local home prices and sales stabilized in May 2015 – with the median price of homes sold through MLS rising from last year’s $195,000 to the current median of $211,250. According to GLVAR President Keith Lynam, “Overall, home prices have been stable this year, and demand is steady in our housing market.”

New Home Prices, Sales, and Permits Up This Year In Southern Nevada

As reported by Vegas, Inc. recently:

• New home sales have risen over last year by 8.9%.
• Builders pulled 680 new home permits in May – for a total of 3,289 year-to-date – a jump of 23.3%.

Clark County Unemployment At Its Lowest Level Since 2008

Few things will drive down a housing marketing like unemployment. If people don’t have jobs, they can’t buy. That’s now changing in Southern Nevada, as recent statistics show that area unemployment rates fell to 6.6% – and that’s music to everyone’s ears.

Available Home Inventory Is the Current Challenge

While new home builders are racing to meet demand, it’s clear that one thing needed to balance the market is additional inventory. It wasn’t too long ago that such a statement would have been considered wildly optimistic for Las Vegas. But in a move to address the issue, banks are finally beginning to take action on eliminating one of the last dark clouds on the Southern Nevada horizon – cleaning up the books on foreclosures. In doing so, yet another obstacle to the housing market will be eliminated – and it’s a step in the right direction for the Las Vegas economy.

Indeed, even as prices are stabilized and beginning to climb, consumers are seeing the value in returning to homeownership. With mortgage loans becoming more readily available and low interest rates playing a key role, it’s clear that the housing crisis now in the rear-view mirror and the Las Vegas valley’s economy is once more on the rise.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for a newly-built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to find the perfect property for you. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

In the real estate business we are competitive and sitting on the sidelines is not listed in our expert strategies. Much like myth number 6. If you still believe that a loan can’t compete with a cash buyer you are simply benching yourself.

Myth #6: A buyer with a loan can’t compete with a cash buyer…

Before making an offer on a house, a buyer should have their mortgage pre-approval and finances ready to go. This way, the buyer can offer a shorter window of approval and making an offer before a cash buyer has a chance.

Cash buyers have the upper hand when it comes to eliminating some of the risk of loan approval for the seller, but cash buyers are usually expecting a discount. In that case, a buyer with a loan could counter and offer to pay more. No, not over-pay; simply pay market price, which the cash buyer won’t often do, and therefore securing the property.

Most importantly, people do business with people. When a seller is faced with two similar offers, the buyer who really wants to make that house a home and have a clean solid offer could beat out an all-cash investor.

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!

Home prices have soared, dropped and then climbed again all in the last few years. It is hard to predict and assess the housing market in Las Vegas when it is more of a roller coaster than a joy ride. We have finally reached a point, in almost a decade, where prices have shown signs of being “normal”. Property value is still expected to climb in the coming months but at a very slow rate. Short Sales and Foreclosures are no longer addressed as common and forecasts of a slowdown in home values are showing to be wrong.

With all of this insight and the unpredictable market how do you know when to sell? How about when to buy? It depends mostly on your priorities and goals. If you wait until you’re ready to buy or sell a home you will most likely never do it!

Why it might be a good time to Buy a home:

Affordability – Houses in Las Vegas are still more affordable than in other large cities around the United States. It is very likely that as a 2-income household you will be able to afford a home that is large enough for you and your family.

Choices – There are almost double the number of houses for sale now as there was last year at this time and the prices of homes are only expected to rise.

Why it might be a good time to Sell your home:

Better odds of finding a buyer – As the economy improves Las Vegas jobs are opening up which means people could be moving or hunting for a home, which greatly improves your odds of selling.

Cutting your losses – If you bought when the market was low, this may be your chance to make a nice profit by selling your home.

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!

 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.

Searching for the perfect home is hard. You have a certain idea of what you want in mind, which may or may not be realistic according to your budget. What happens if your budget does not permit you to find the home you want, in the area you want? Do you compromise on the home or on the location? Every person is different when it comes to this decision. However, what many people don’t realize is that every neighborhood is consistently changing and what you may have thought about a specific neighborhood 5 years ago, has likely changed today. With that in mind, us girls at New Home Resource decided to help by listing a few things to consider when choosing an area best suited for your needs.

Crime Rates

Unfortunately, crime is everywhere. It goes without saying that the level of crime in a neighborhood is a serious consideration when determining where you want to live. No one wants to live in an area with high home robbery rates and violent street crimes. Do your research on local crime rates through sites such as Trulia’s Crime Map or by contacting the local law enforcement office.

School Districts

The importance of school districts is a factor that many people fail to consider. If you have, or plan on having children, making sure that your home falls within the district of a respected school is important. In fact, even if children are not in your future, it’s still a factor to consider if you plan on leasing-out or selling your home later on. Using a website such as Great Schools will help you determine the rating of schools in the neighborhoods in which you are considering. Go one step further by attending a PTA meeting and talk to other parents about the school’s curriculum and budgets.

Curb Appeal

Take a look at the neighborhood. Is it one that has been kept in good condition? Have the streets been cleaned and the trash collected? Find out by taking a drive through the area looking for signs of financial trouble. Understandably, some of the best deals in town are homes that are either short sales or foreclosures, and some areas have been hit harder by the recession. With the way the economy is improving, it’s a great sign that these areas are on the way up too.

Community

Before buying a home, make sure it’s in a community in which you’d be happy to live. How can you do this? By talking to the neighbors, visiting at different times of the day and night, and researching the local amenities. Drive around and look at parks, playgrounds, retail areas, etc. By visiting at different times of the day and night you can really make sure that this will be a home that you’ll be happy to live in. Every time of day sees a different atmosphere. If you work from home, will you be able to concentrate with the noise levels?

Lifestyle

Buying a home isn’t just about the house, it’s about your whole lifestyle. Does this home fit your lifestyle? If you’re a big foodie, visit the local food joints. Can you see yourself being satisfied by what’s offered?  If you like to going to bars, make sure the local ones fit your scene. If you love to get outdoors and be active, check out local parks, hiking trials and gym amenities. Be realistic and prioritize factors based on how much you actually engage in those activities. There’s no point moving to the outskirts of a town for hiking trails if you realistically only use them once a month.

Commuting

More often than not, the areas in which we work are not the areas in which we want to live, however commuting time can make or break your decision to buy a home. Try driving different routes from the house to your workplace during what would be your commuting time. Is the commute time realistic between dropping off the kids at school and rush hour traffic? Does the cost of gas or public transport to get to work exceed your budget? Check out local government websites, are there going to be any major road repairs that will affect your commute to work?

When we take into consideration all of these factors, we are often left with one or two areas that fit our needs and desires. Now it’s time to follow your gut and go with your heart! Let the gals at New Home Resource help.

If you are looking for a new home, please contact Joanna Piette, Denise Moreno Thrasher, Heather Brockhurst, or Evelyn Beng Kern at New Home Resource today. (702) 365-1000.

The Las Vegas housing market is finally on the way up after being labeled the “Foreclosure Capital”.

With rock bottom prices, Las Vegas is seeing an influx of cash buyers as investors are grasping the opportunity for rental properties.

With over 59% of homes sold in February purchased by cash buyers, the market made a new record for Southern Nevada.

How should you play this fast-paced market to ensure the best price?

1. Cash offers are more likely to be accepted by home sellers, due to quick closings and no appraisal valuation issues.
2. Those with financing should not be discouraged, however, overbidding and guaranteeing the seller your offered price (regardless of appraisal) seems to be the way offers from financed buyers are being considered.
3. The answer is not to be the ‘first’ offer, but the ‘best’ offer.
4. Get aligned with a New Home Resource agent who is at the pulse of the market and knows how to get in the game!

To read more from the original article click here.

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 4^th.     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!

The lack of resale housing available in Las Vegas has caused all out-frenzy to buy, perpetuating a steady increase in pricing over the past year.

The GLVAR (Greater Las Vegas Association of Realtors) reported earlier this month that the median price of single-family homes is up almost 14% since September 2011, and some sources that believe prices have increased as much as 20% from one year ago!    GLVAR reports that condominium prices are up 24% from this time last year.

Almost half of the Las Vegas market is comprised of short sales; foreclosure activity has slowed to barely a crawl since the inception of AB284, whose effects are still be greatly felt throughout the state.   This tight supply of homes is responsible for pushing up pricing from all types of home-sellers, who are taking advantage of the lack of inventory.

This increase in pricing is being felt in the appraisal arena (see my blog from 9-25-12) because comparable sales can’t keep up with the fast-rising pace of the newly listed properties.    Even new construction homes are suffering with low appraisals.

Some reports are showing sales volume is actually down from a year ago.   One must wonder if this surge in pricing isn’t keeping many buyers out of the arena.

When this will end is anyone’s guess.    For home sellers, NOW is a great time to sell your home for top dollar!!   For buyers, you need a professional agent who knows how to work well within this unique market.   Contact Denise Moreno, Heather Brockhurst or Joanna Piette with New Home Resource today at 702-365-1000!

The Mortgage Debt Relief Act is soon to expire!   And Congress has not mentioned a word about extending it…..     NOW is the time to get your short sale completed!

 Let me first remind everyone that we’re not attorneys,  and do not profess to understand this Act nor the law it its entirety.     Seek professional legal and tax advice for any and all of your questions or concerns!

 In a short sale, debt “forgiven” by the lender is subject to income tax,  because it is treated by the IRS as regular income.   With Las Vegas prices as they were during the “Boom Years” of 2004-2007, this figure is astronomical for most homeowners;  hundreds of thousands of dollars in forgiven debt could be considered taxable income.    

 The Act relieves qualifying homeowners from the obligation of paying taxes on mortgage debt forgiven from a short sale or foreclosure.     

 First enacted in 2007, the MDRA was extended once in 2009, but is set to expire this year on 12-31-12.    This means your short sale must be CLOSED by then, or any forgiven debt could be taxed as regular income.    There is qualifying criteria associated with the Debt Relief Forgiveness Act, so please seek professional legal and tax advice to see if you qualify.   

 Potentially millions of people could find themselves liable for a huge tax bill if the government doesn’t renew the MDRA by the end of 2012.    This bill may expire!     Since many short sales take an average of six months to complete, homeowners are simply running out of time.       Those  considering a short sale of their home need to act QUICKLY (like today!) in order to take advantage of a potential tax break. 

 Real Estate Brokers who are “Certified Distressed Property Experts” (CDPE) have undergone additional training specific to short sales.       The Broker at New Home Resource, Joanna Piette,  is a Certified Distressed  Property Expert / CDPE, and she can help. 

 Contact a professional Realtor® at New Home Resource today at 702-365-1000.     We will help you get through this!!