Las Vegas Real Estate Blog

A short sale is when a bank will allow a home seller to sell for less than they owe the bank. Sellers often need to move and buyers often want to buy but the current home value is less than the mortgage amount. Banks are all that stand in the way. Ironically, they end up losing more money by foreclosing, relisting the property, and managing the assets. According to CNN:

"Lenders are taking much longer than necessary to approve short sales, according
to Duane LeGate, of House Buyers Network, a short sale specialist."

If you have more questions about short sales or foreclosures let your Las Vegas Realtor know.

The Green Movement is strong and will get stronger. Many are out to improve and conserve our environment. On the Las Vegas RJ a reader asked about an HOAs role in natural energy restrictions. The interesting response is that no governing body can regulate systems used for solar or wind energy. The NRS provided an answer:

"NRS 278.0208 is entitled "Restrictions on Use of System for Obtaining Solar or Wind Energy Prohibited." It states that a governing body shall not adopt any regulation or take action that prohibits or unreasonably restricts the owner of real property from using a system for obtaining solar or wind energy on his or her property..."

For more on the policy read here or for more on Las Vegas real estate contact a professional.

Home buyer/seller sentiment often follows what is read in the news. An article in MSNBC suggest that the housing market won't be turning quickly. They give 4 reasons it will take some time:

1. More looming foreclosures to come
2. The Mortgage lending system is broken
3. Consumer confidence is in the toilet
4. There is a larger underlying inventory than most people realize

He concludes that we may have found a marginal bottom to the slide but it will take some time to begin to climb again.

To learn more specifically about the Nevada/Las Vegas real estate market (as mentioned in the article) contact your Las Vegas real estate agent.

National Realtor web site realtor.com has added a new service to their offering. They have integrated with MicroSoft Virtual Earth to provide a home valuation option. A service like this is important when trying to get a ballpark on homes within a market.

In Las Vegas, those interested in real estate may use the local MLS search to find properties for sale. For specific property values and comparables use a Las Vegas Realtor to accurately determine the right move.

Even in the midst of so much negative housing news, Internet leads keep on rolling in. Las Vegas real estate agent web sites continue to receive a steady flow of interest from buyers, sellers, and renters. Clients tend to be reluctant to act quickly but they are interested. Investors are nosing around. New city residents want to know how the market is. People are anxious to buy or sell properties but they are holding out until the news shifts. Oddly enough, economy and mortgage pressures are not detouring many. There remains a steady desire to engage and own. There is likely a damming effect that will burst open once the circumstances change some.

Homes in Las Vegas that were selling for $320,000 are considerably lower priced today. Our team just put a home under contract for $120,000. Granted, it was a foreclosure property that the bank wants to dump but the numbers are staggering. Oddly enough, you can't build that home today for that price. We have seen several properties with a huge bank discount come through our group. If you want to see other properties like these you need a Las Vegas real estate agent to get you connected.

Other parts of the country are also seeing considerable price changes. CNN illustrated some of these factors.

A lot of emotion gets tied up in a home purchase. Lenders and other professionals are considering mandatory mortgage counseling prior to making a home purchase. Recent housing woes have many searching for methods to avoid future fall out.

Las Vegas real estate has been in the forefront with high foreclosure numbers and struggling home owners. Until courses become mandatory it is important to find a quality Las Vegas real estate agent who has financial resources for helping valued clients understand their position.

The Las Vegas sun will beat down this week as temperatures rise to a new record for this period of the year. Las Vegas weather is usually quite predictable and the newmen claim higher than normal marks. Surprisingly the days to follow may drop off considerably and produce rain. There was talk of a string of above normal "hot days" to set a new string of days but we will get relief.

Sun City aliante, the seniors community in the north end of Las Vegas, is closing out soon. Aliante as a whole has been popular and offers up great options for housing in the newer part of North Las Vegas. Sun City specifically offers seniors housing in a quieter, calmer atmosphere. At the same time there are many activities to do. Club houses, golf courses, and community centers make the Del Webb properties perfect for many retirees and seniors.

A Las Vegas Realtor can explain the benefits of senior living in Las Vegas.

The housing starts stats rose by around 8% in April. Apartment construction is adding new units pushing new housing numbers up. Single family housing is still weak but the optimism by contractors represents some recovery after a very slow March.

However, before we see a large up turn in these overall numbers we'll need to see a decrease in standing inventory:

"economists believe that housing construction will remain under pressure until builders have more success in reducing a huge backlog of unsold homes."

Specifically in Las Vegas, real estate new construction is still flat. Builders wait on the sidelines until inventories indicate a need for strong builds. There are communities that have been popular and new homes are still being built. Las Vegas Realtors are the professionals to ask when looking for a new home.