short sale

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!

Spring is in the air, so before the summer heat hits Las Vegas, it’s time to host a garage sale! We want you to have the most successful garage sale possible so even though most people know the basics, here are just a few tips to kick off the season and maybe some new tricks you’ve never tried before! Happy Selling!

1. Be Prepared: organize, label and have your cash ready the night before. Most effective garage sales happen before 10am which doesn’t give you much time to prepare these things the day of your sale.

2. Make sure people know about your sale: put your address in the newspaper, put a notice on craigslist and be sure to have a sign (or multiple signs) around your neighborhood. Click Here to see some great examples.

3. Never leave your money out. Always keep your money on you or inside your house away from your garage sale. Also, it is a good idea to have at least twenty $1 bills and plenty of $5 bills in case people need change!

4. Create an inviting display: every driveway looks the same during garage sales so be sure to make yours stands out! Put the big items in view of people passing by and have items easily accessible. Lemonade and water are always nice additions as well!

5. Bargaining: be very flexible to bargaining, after all you are selling these items because you don’t use them anymore. Be sure to start your price at what you think it’s worth and have a minimum price you will be willing to accept.

6. Keep track of your sales: When you make a sale, write down the item and how much it sold for so you can keep track of the money you’re making and the items you are selling.

Most importantly, have fun! It can be stressful setting up your garage sale but once it is in motion, the more fun you are having, the more fun your customers will have. If items don’t end up selling, think about donating them to a charity or local church before you throw them out. Good Luck!

PLEASE Click Here to VOTE FOR ME as 2014 BEST OF SILVER STATE AWARDS/BEST REAL ESTATE AGENT!

Many people are nervous, anxious and distracted when looking to buy a home. What location? What is our budget? What if we buy the wrong one? Research and asking questions will kick start your process, along with these seven secrets for buying your next house…

1. When you are looking to buy your next home, avoid moving large amounts of money around or making uncommon, large purchases. Lenders need to see your stable and risk-free financial lifestyle so that you get the best loan possible.

2. Get pre-approved for your home loan before you start seriously looking to buy a home. Knowing how much you can afford and how much a lender will loan to you is crucial so you aren’t looking at houses you cannot afford.

3. There is no such thing as “the perfect time to buy”. The market is a constant, changing cycle and the right time to buy is when you find a house you love and can afford.

4. Don’t allow yourself to settle when buying a house, but bigger isn’t always better. The value of a larger home will continue to rise so don’t let your eyes be the guide. Think about living within your means.

5. Be sure to recognize when you’re getting a great house for a great value and try not to let your emotions overpower your instincts.

6. Hire a home inspector to look into your new potential home. Spending a few hundred in the beginning is better than wasting away thousands later on. Fixer upper areas are also good for bargaining,

7. Make sure you like the neighborhood. How far is it from schools, grocery shopping, work, etc? Drive around the neighborhood before buying into it so you don’t find out a little too late that the neighbors are loud or the area isn’t safe.

 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.

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!!

If you’re thinking about selling your home, I’m thinking of telling you NOW’s the time!

Now, I’m not a clairvoyant and I’m not privy to any secret housing information, so all of this is based on my own gut feeling….  But I DO eat, sleep and breathe real estate, every single day!!!

Here’s my take on it:    Due to the negative effects of AB284 on our housing market (see my blog from 6-25-12), our inventory is at an all-time low…..  Interest in buying today’s undervalued real estate is incredibly high.   Together these two things = frenzied buying, overbidding and top-dollars being paid for today’s real estate.    Literally everything from vacant land to condos, manufactured housing to duplexes, single family to luxury homes are all receiving multiple offers, and selling above list price, day in and day out!    Cash buyers and financed buyers alike are overbidding to be the winners.

It’s my belief that the  effects of AB284 causing the current UNDER-supply of houses will conversely cause an OVER-supply when all these kinks get worked out on the bank’s end.   Once this glut of held-back foreclosures begins to hit the system, the generous supply of available properties will put an end to overbidding to win something.    A buyer will simply move along to a better-priced home down the street.

So THIS is why I say that NOW is the time to sell your home!    Even if you are selling short, I certainly believe that your lender(s) would be more likely to approve a sale at a higher price where their loss is less.    It could be a good bargaining tool as well!     And NEW HOME RESOURCE has a lot of experience with short sales!

If you are a traditional seller with equity In your home, selling TODAY could put more $$ in your pocket for investments, to build savings, pay for a college education or wedding, pay off debts or to buy a different home that better suits your needs.

Regardless of the type of sale, you definitely want to be working with the tenacious and knowledgeable Realtors® at NEW HOME RESOURCE!    Call Joanna Piette, Denise Moreno, Debbie Sullivan or Penny Womack today at 702-365-1000 !!   Don’t waste another minute!

It’s hot in the Vegas valley and we at New Home Resource would like to remind everyone to be mindful of the heat when taking your four-legged friends for a ride in the car.  Did you know that on a 78 degree day, temperatures in your vehicle can reach 100 to 120 degrees in minutes?  If it is 90 degrees outside (which we would consider a relatively cool day in Vegas during the Summer), the temperature in your car could reach 160 degrees in as little as 10 minutes!  Please think twice before leaving your pet in the car, even if you do plan to be away for just a few minutes.   An animal can suffer brain damage or death from heat stroke in just 15 minutes.