Las Vegas Real Estate Blog

It seems many people are looking for ways to escape their housing situation due to their mortgage terms. Though I feel like I've posted some blogs lately focused on some of the negative aspects of the industry, people in desparate situations can often benefit from information just as someone who is less under the gun.

MSNBC posted an article addressing the question of whether or not to take on bankruptcy or foreclosure if the finances can't meet the needs. The response of the author was interesting.

The first point is to try to avoid either as much as possible. If you're in trouble contact your lender now. Don't wait until the foreclosure process has begun. If it has, contact them anyway. If you can see things are not looking good, address them honestly as soon as possible. There are options to help home owners get back on their feet.

Next, if you have to (and a good lawyer will be the best consultant), don't foreclose on the home. If you file for bankruptcy protection but don't lose the home, future lenders may consider that. If you walk away from the home and foreclosure occurs, lenders will weigh that out heavily in the future.

Finally, if your budget simply won't let you get back on your feet and you know you will have to walk away no matter what, be sure to tie up all loose ends as much as possible. You can start over and get your finances back under control.

The key thing is to understand your options. Contact a professional who can help you out. A good Realtor or Lawyer can help. In fact, lenders tend to be more negotiable when a good third party is involved.

The foreclosure market in Las Vegas has created some unexpected collateral damage. Home Owner's Associations are struggling with cash flow. Too many houses in some Las Vegas communities are sitting vacant so the HOAs are not able to function as they should. Some have had to host emergency meetings to address the issues.

There is a way HOA's can recuperate their funds. They should be placing liens upon the property and the managers should be working with the mortgage lenders to secure funds due. The RJ suggests:

"You may also contact the Nevada State's Business and Industry Administration. There are two departments -- Consumer Affairs Division (486-7355) and Financial Institutions Divisions (486-4120) -- that also can assist you. "

Las Vegas is hosting the 2007 PBR World Finals. The Mandalay Bay Events Center has an unusual appearance. Thousands of people in cowboy boots and hats are visiting the Strip to watch the PBR. We made a visit to the Shark Reef with the kids and noticed how every restaurant that served up a meet and potatoes menu was packed.

They've all come to see pro bull riders like Brian Canter, shoot for the 8-second mark. Rodeo clowns, bulls and broncs, cotton candy, and beer all invite the cowboys to the arena.

The Red Sox made their statement last night as they won game 4 sweeping the Rockies. An article I read days ago said that the game was pitched as "the best versus the hottest". The Sox have bested teams all throughout the playoffs. The Rockies were on an amazing streak. But, when it came down to it, consistent talent proved champion.

A stout payroll and great team building has made the Sox a powerhouse. Their strategy was well played and they came out shining.

"They beat us with small ball. They beat us with the long ball," Colorado's LaTroy Hawkins said after the Red Sox had finished blowing a hole in his team's 21-1 bubble with a howitzer. "They beat us every which way you could imagine, brother. I'm not going to sit here and say what Eric Byrnes said about us, that we outplayed 'em, because it ain't true. They got us. They got us good."

What does it take these days to make the news when you buy a huge mansion? Yahoo listed some of the most expensive homes in the country. It takes between $125 million and $165 million to top the list these days.

Beverly Hills CA, Aspen CO, among others are hot spots for the rich and famous. Limited supply of mansions drives the prices up considerably.

"Try to find eight or 10 acres in the middle of the Hollywood Hills," says Mauricio Umansky, a broker at Hilton & Hyland. "God's not making any more land. [Trophy properties] are a true micro-economy with much less supply than demand."

The SalesTraq Crystal Ball event provided some great information to Las Vegas real estate agents and others involved in the industry. The market will remain a buyers market for some time to come.

Homeowners can expect a sustained slide in property values at least into early 2008, and perhaps into 2009, the 500 or so attendees at SalesTraq's Crystal Ball seminar learned.

"Give it 12 months to 18 months," Murphy said.

The Las Vegas MLS Search Tool is very helpful to buyers, sellers, and Realtors alike. It is FREE to you and easy to use. It is provided by Darren Hildreth, Realtor® and the Hildreth Barnhill real estate team and powered directly by the Greater Las Vegas Association of Realtors® (GLVAR). The GLVAR is responsible for the backend tool used by active Realtors® in the valley to manage Realtor® listings. The view you have access to has the most complete and current Las Vegas listing view available to the public on the internet by the GLVAR

While it is very helpful, this MLS tool is only intended to help you get started. The GLVAR does not make available to the public all of the data necessary to purchase a particular property (that is also true of realtor.com or any of the many web sites that receive their data from GLVAR). We hope you will use this tool to get an idea of what is available. If you find a property you like or would like to advance to the next level in the home purchase adventure we will be glad to represent you in your investigations as well as negotiations and the work through the details of the escrow process.

A couple of things will help you during your search:

• Have Fun! - You are looking to purchase a home to live in or invest with or both. Enjoy the fabulous opportunity!
• Be Specific - Enter search criteria that will give you a narrow group of homes to look through. If the search is too broad you may spend all of your time looking for a home that doesn't fit your needs.
• Understand Your Financing - You are going to be qualified by a lender at some point. It helps to know what you are qualified for. Let us get you in contact with some great lenders.
• Ask for Help - Don't be afraid to give us a call to help you. We are not going to obligate you to use us though we would like the opportunity so show you the value we have to offer.

This adventure begins by finding a Las Vegas home in a preferred area near desired amenities. A lot of the work can be done ahead of time if a home buyer will take time to find out what they want and need before ever seeing houses. They should ask themselves some questions:

• How large should the house be?
• How many bedrooms do I require? prefer?
• How many bathrooms do I require? prefer?
• What other rooms do I need? prefer?
• What is my budget?
• Do I want a pool? pool nearby?
• Do I prefer other exercise or entertainment nearby?
• Do I need to be near a school?
• Do I need to be near work?
• Do I care if I have to deal with traffic?
• Do I care if there is an HOA?
• etc.

As we watch residents of CA communities flee destructive fires among memories of recent catastrophic events it is important to ask ourselves if we are prepared for strenuous events. Do we have our homes prepared? Do we have evacuation and reunion strategies?

Here are a few items to keep in mind in preparation:

1. Make copies of important documents
2. Get insurance in order
3. Buy a fireproof safe
4. Prepare an emergency kit
5. Come up with a family plan

As the Boy Scouts recite in their moto, "Be Prepared"

Be sure to have a plan and the resources you need to execute it at any given time.

Las Vegas real estate is some of the finest property in the country. The Las Vegas real estate market has grown tremendously in recent years. It has been considered a "hot spot" for real estate in the United States. It has been one of the leading markets for real estate appreciation throughout the country. The recent national downturn has affected the valley like it has many other parts of the country. However, there is a considerable number of homes selling and the ones that are priced correctly are still selling quickly. The problem many sellers are having is that sellers still believe the market is as strong as it was. The key is to price the home correctly.

Many Las Vegas communities within the Las Vegas Valley have seen amazing gains in property values. Homeowners and investors alike have made a great deal of money by simply owning a home. Many owners have seen 50-200% return on their investments since 2001.

One of the biggest challenges of selling a Las Vegas home or piece of land is knowing what to do to prepare it for sale so you can get the maximum dollar the market will pay, in the shortest amount of time, and with the least amount of inconvenience. Las Vegas home sellers have enjoyed rapid sale times in the past. Even in a slow market Las Vegas homes sell faster than in many other parts of the country. Find a Realtor to guide you in the process.