Las Vegas Real Estate Blog

I visited with a family last night who feels stuck in their home. They want to move up because prices are amazing in the Las Vegas market. However, they had their home listed for months with an agent before deciding to move back into it and pull the listing. I felt bad for the agent as well.

CNN featured an article about being in a home you don't want but can't sell. Many may be in that situation. They want to move up or down or just away but can't because of the inability to sell.

The only thoughts we could give last night was to hold on for some time. The market has softened considerably and it isn't going to spike up over night. Home owners should save money where they can and prepare for the opportunity down the road. There will be a day months out or in a year or two when a strong shift is likely to occur as a natural real estate cycle. The shift will happen significantly in Las Vegas because of the nature of the growing economy. More people will be moving in that available residences. That demand will drive prices up nicely. If you are considering a sale ask your Las Vegas real estate agent what your options are.

20 cities are tracked in the S&P/Case-Shiller 20-city Home Price Index. Since April of last year the average home price has droped 15.3%. Many cities dropping every month for the last 21 months.

Las Vegas has been the hardest hit dropping 26.8%. Home owners have felt the pinch leading to huge numbers of foreclosures. Investors have been buying up great deals across the valley as prices drop to levels from years past.

Las Vegas real estate agents have seen historic trends up and historic trends in foreclosure opportunities. As major projects schedule their completion over the next couple of years, agent watch to se how many tens of thousands of jobs will be created drawing in a large number of residents and driving prices upwards once again.

CNN reviewed a Harvard report suggesting that the next decade will be very healthy with regards to housing. Changing demograhics and a continued population growth mean more households are needed. There will be a hesitation in growth because of current unsold homes, however, annual amounts will average considerable growth.

From 2010 to 2020, the number of households in the United States will grow by an
average of more than 1.4 million per year, the study finds.

In Las Vegas, we anticipate real estate growth based on major projects happening across the valley, including City Center among others. Las Vegas Realtors can explain what to expect in some of this growth.

Realtor.com explains how your credit history affects your purchasing ability and how late payments and charge-offs and other credit repair methods can damage credit. Currently, when purchasing real estate the credit score means nearly everything with regards to qualification.

In Las Vegas we have seen many who would have otherwise qualified in the past be declined. It is ever important to keep the credit score in good shape. A Las Vegas Realtor can either give you some guidance on how to keep it clean or who to talk to in order to either keep a healthy score or have it repaired by a qualified professional.

Housing starts drop to new 17-year low across the nation. According to CNN privately owned housing starts dropped 3.3% for seasonally adjusted rates. The drops indicate a stagnant period.

Michael Larson, real estate analyst at Weiss Research, said...thinks the largest percentage declines in housing starts are "probably behind us." But he thinks the number of new homes under construction will remain at current levels until builders reduce "their inventory overhang."

The market will likely remain in a valley for several months to come before improved sales begin.

Many home owners are unable to sell their current home yet they are interested in taking advantage of the low prices and foreclosures. They want to know how they can find a quality renter quickly and affordably.

First of all, there are many factors involved in renting. It is good to get educated first. There are also fees and maintenance principles to consider. The best option to consider, according to the RJ, is to seek professional help. Find a Las Vegas Realtor who handles rentals. Some teams have staff to handle both buy/sell activities along with rental activities. Find some one who can take care of both. For most people involved in home ownership of one type or another it is difficult to beat the professional help of a qualified Realtor.

Many home buyers feel like they have made it once they sign the closing documents. However, with consistently changing lending programs a loan may not be available by closing time. Las Vegas Realtors should make sure things are in order before celebrating about your new piece of real estate.

A good lender is key in getting a deal closed as well. Be sure to stay on your lender like glue until the property actually records.

Las Vegas real estate has been in the news for under performing in a big way. However, some agents and teams are selling many units. How? We have bank owned properties and the banks are dumping them.

CNN mentions that Realtors with the right ties to banks have listed dozens of foreclosed properties. We have access to the best deals on the Las Vegas MLS and we know of foreclosures before they're listed.

In a down market like this people are teeming for deals...and the good news...many buyers are scoring big!

Currently, 1 million homes are in foreclosure nationwide. That is the most on record and a huge opportunity for investors. Nevada has been hit hard, specifically in Las Vegas. We already sense huge investor demand for properties that are a great deal.

We are seeing bidding on homes that are priced very competitively. Banks are doing anything they can to move these properties off the books.

If you want to buy a foreclosure or other home at a great price get ahold of your Las Vegas Realtor.

In Las Vegas many homes have been foreclosed and many banks are dumping the properties. Homes are listed and within hours they have multiple offers. The activity is creating a "boom" according to MSNBC. Some buyers are not able to get in on deals because the prices get bid up to retail prices. Our team recently sold one that was initially listed at a discount for considerably more.

If you're looking for a great deal you need to know a Las Vegas real estate agent who works with banks in order to take advantage of the listings from foreclosures.