Serving the Las Vegas Real Estate Market

Hello! Thank you for visiting. This web site is designed to be your complete Las Vegas Real Estate resource. The links will guide you to information that will help answer your questions concerning available Las Vegas Real Estate and community issues.

Please use the links to the left to review lots of important information.  Don't see what you are looking for, please let me know and I will do my best to get you the information you need.

NEWS YOU CAN USE!  

03/18/13  
Demand Soars as Homes Are Selling Faster
Homes are selling faster as buyer demand picks up, leaving a very low supply of homes left for sale, according to the latest February MLS data figures from Realtor.com. Homes in February sold faster than in any February since 2007, according to the site.

In February, homes were on the market for a median of 98 days—that’s down from 123 days in February 2011.

In some markets, homes are spending even less than a month listed for sale, most notably in places like California.

For example, in Oakland, Calif., homes spent a median number of 14 days on the market in February before they were either sold or removed from the market for other reasons, according to the Realtor.com data. Sacramento’s median number of days on the market was 21. A total of eight metros in the top 10 for fastest selling times were in California, with only Denver (median 28 days) and Seattle (median 33 days) rounding out the list.

The median number of days on the market was also less than two months in places such as Phoenix, Washington, D.C., Detroit, Minneapolis, Atlanta, Dallas, Orlando and Fort Lauderdale.

With home sales picking up pace, buyers and sellers are less likely to see price reductions on homes and to see more multiple offer situations, Curt Beardsley, vice president with Move, which operates Realtor.com told USA Today.

In Las Vegas, since the first of this year, 58% of properties SOLD in 30 days or less! Moving very fast


03/12/2013

Kiplinger: Housing Recovery Firmly Underway
Daily Real Estate News | Prices are rising and inventories are falling in markets throughout the United States, which has led financial reporting and forecasting firm Kiplinger to declare the housing recovery “firmly” in motion. Moreover, the company says housing will help carry the overall economy at a time when U.S. exports are decreasing, says Karen Mracek, a Kiplinger editor and real estate analyst.

“The biggest reason we think we’re on firm ground is that we’re seeing every indicator on the way up,” Mracek says. “As with the overall economy, it’s kind of hard to call the bottom or the pivot point. But we’re seeing a range of indicators that suggest pretty solid growth going forward.”

In addition to home values and supply, positive indicators include the number of multiple-bid situations, new-home construction, and credit availability, she says. Solid improvements in these fundamentals will lead to formation of more new households and will also help more borrowers come out from underwater — and trade up to a new home. They’ll also create new jobs in real estate and construction, Mracek explains.

The recent gains made in housing have some concerned that real estate could be entering another bubble market, but Mracek disagrees with that assessment. “There might be [a bubble] in some concentrated markets,” she says. “But I don’t think it will be a bubble that’s as widespread and disastrous as the one that happened in the last decade.”

Improvements have been — and will continue to be — uneven. The turnaround will probably be slower in metro areas in Florida and the Midwest.

Nationally, Mracek says the current housing recovery is real and sustainable, but she also acknowledges that the rise in home values and decline in inventories won’t maintain their current pace.

“We see prices leveling out a bit more [in the future] from the late jumps in 2012,” she says. “There are still foreclosures for the banks to work through. As prices improve, you’re going to see banks get rid of REOs.”

03/07/2013

Mortgage Rates Remain Near 65-Year Record Lows
Daily Real Estate News | Fixed-rate mortgages mostly held at the same low averages this week, providing more support for the housing recovery, Freddie Mac reports in its weekly mortgage market survey.

“Low mortgage rates are helping to revive the housing market,” says Frank Nothaft, Freddie Mac’s chief economist. Mortgage rates have been staying near their 65-year record lows for the last several weeks.

Freddie Mac reports the following national averages for the week ending March 7:

30-year fixed-rate mortgages: averaged 3.52 percent, with an average 0.7 point, rising  slightly from last week’s 3.51 percent average. A year ago at this time, 30-year rates averaged 3.88 percent. 
15-year fixed-rate mortgages: averaged 2.76 percent, with an average 0.7 point, holding the same as last week’s average. Last year at this time, 15-year rates averaged 3.13 percent. 
5-year adjustable-rate mortgages: averaged 2.63 percent, with an average 0.5 point, rising slightly from last week’s 2.61 percent average. Last year at this time, 5-year ARMs averaged 2.81 percent. 
1-year ARMs: averaged 2.63 percent, with an average 0.3 point, dropping from last week’s 2.64 percent average. A year ago, 1-year ARMs averaged 2.73 percent. 

** We just hit a new LOW for the number of available properties - now at 4100 - which is causing prices to rise.**
 

3/5/13

Are Banks Easing Up on Mortgage Standards?

A very tight mortgage lending environment “promises improvements this year as the drivers of tough credit standards reverse,” according to Moody’s Analytics ResiLandscape Report. Still, lending will remain tight by historical standards, the report notes.

Tight underwriting conditions have been one of the main obstacles for the housing market recovery. But the credit agency says that those conditions began to ease somewhat this year and likely will continue to.

"Rising house prices give lenders more breathing room to extend credit," the analysts at Moody’s noted.

Over the past year and a half, large lenders have loosened up or held standards stable on prime loans for mortgage originations, according to the Survey of Senior Lending Officers.

Aiding lenders’ confidence is that mortgage delinquencies have fallen to pre-recession rates.

"Being right-side up on the mortgage improves a borrower’s credit profile. It also lowers the risk of default and increases the likelihood of trade-up buying," according to the Moody’s report.

Mortgage supply will remain constrained, but “improved consumer credit quality combined with steady growth in jobs, low mortgage interest rates and modestly rising house prices makes it clear that more households will be able to qualify for a mortgage," Moody's said. "Greater credit availability will in turn help drive stronger home sales and stronger price appreciation and help keep the housing market and the larger economy on an upward path."

3/4/2013

I just received sales reports for January that show sales activity, average price, etc, sorted by Zip code.  I have reports for Condos, Townhomes, and Single family properties.  If you are interesed, send me an email and I will forward them to you.

Garry@GarrySellsLasVegas.com

3/1/2013More Struggling Home Owners Opt for Short Sales

 Foreclosure sales made up 11 percent of all transactions last year while short sales made up 32 percent, RealtyTrac reports.

"We're seeing fewer of the most disruptive sales, the [bank-owned foreclosures], hitting the market but there are still a lot of distressed property sales," says Daren Blomquist, spokesman for RealtyTrac. "They're shifting to short sales."

The increase in short sales is helping to give a boost to distressed home prices too. In the fourth quarter, foreclosure or bank-owned homes sold for an average of $171,704, a 4 percent rise from a year earlier, RealtyTrac reports.

Lots of folks are in distressed situations, and each situation has differenet options. Most folks decide a Short Sale is their best bet. Remember, I will manage the entire complicated process, at NO COST to you. Please give me a call. Garry 702-497-2262

2/27/2013
Here the the latest numbers concerning Las Vegas Real Estate:

Properties on the market   4112  This time last year 12,000

Short Sales - 652, Bank Owned - 472

Currently under contract - 12,942
Short sales - 9541 - 73%

SOLD SINCE 9/1/12 - 18443
CASH - 10,180, FHA/VA - 3446
SHORT SALES - 7469

Days on the market has been reduced to an average of 47 days!

If you are thinking of selling, NOW is the time. 

Remember, I will manage the entire Short Sale process for you at NO COST!

Please give me a call and let's get started

5 Toughest States for Borrowers

Fannie: Housing to See 'Sustained Growth'

February 25, 2013
The housing market is “on a sustained growth path,” according to the latest economic outlook by Fannie Mae’s Economic & Strategic Research Group.

... "One of the key developments for the housing market last year was the general consensus that home prices, on a national basis, bottomed earlier in the year and continued to build momentum, exhibiting robust year-over-year gains unseen since the housing boom," according to the report.

Housing inventories are at the lowest since December 1994 and fewer distressed homes have helped to lift home prices, according to Fannie Mae economists.

Among some of Fannie Mae economists projections for this year:

Home prices: Fannie Mae economists predict that the median price of existing homes will increase 2.3 percent on an annual basis this year, reaching $181,000. The median price of a new home will likely increase 1.6 percent to $248,000. For 2014, economists predict that home prices will increase an extra 2.8 percent.
Home sales: Existing-home sales will likely rise 11.5 percent in 2013, and new-home sales will rise 12.5 percent, economists predict.
Mortgage rates: Rates will likely edge up slightly this year with 30-year fixed-rate mortgages projected to average 3.8 percent this year and rise to 4.4 percent in 2014.

February 25, 2013
Foreclosed Home Owners Seek Second Chance

2/18/2013

For-Sale Home Inventories Remain Tight

2/17/2013

Foreclosure starts fell to a six-year low in January as the state of Florida took the dubious distinction of becoming the state with the most foreclosure filings, RealtyTrac said Thursday.
The Irvine, Calif.-based real estate research firm said foreclosure filings fell 28% year-over-year, declining to 150,864 filings in January, a 7% drop from December.

U.S. foreclosure starts also fell to a 79-month low, reaching levels not seen since June 2006.

About one out of every 869 housing units faced a foreclosure filing in January, according to RealtyTrac data.

The company’s vice president Daren Blomquist highlighted a significant transition that caused the state of California to no longer lead the nation in monthly foreclosure filing activity.

Blomquist says the enactment of the California Homeowner Bill of rights, which essentially bans dual tracking and creates a private right of action for borrowers to challenge foreclosure processes in court, shifted foreclosure filing levels in the state. Blomquist and other housing analysts have suggested the legislation would end up turning California into a judicial foreclosure state. The law first took effect in January 2013.

“As a result, the downward foreclosure trend in California accelerated into hyper speed in January, decisively shifting the balance of power when it comes to the nation’s foreclosure activity,” Blomquist explained.

“For the first time since January 2007 California did not have the most properties with foreclosure filings of any state. Instead that dubious distinction went to Florida, where January foreclosure activity increased on an annual basis for the 11th time in the last 13 months.”

The states with the highest foreclosure rates included Florida, Illinois and Nevada. In Florida, one in every 300 housing units faced a foreclosure filing last month, which is twice the national average. One in every 344 housing units faced a foreclosure filing in Nevada, while Illinois data shows one in every 375 units at risk of foreclosure.

2/17/2013

FHA Mortgages to Get More Expensive

The Federal Housing Administration, which is the largest insurer of low-down payment mortgages, announced Wednesday that it will raise premiums by 10 basis points, or 0.1%, on most of the new mortgages it insures.

Translation: A borrower opting for a 30-year, fixed-rate mortgage who puts 5% or more down will now pay an annual insurance premium of 1.3% of their outstanding balance. And someone who puts less than 5% down will pay a premium of 1.35%.

The agency said it will also raise premiums for borrowers with jumbo loans — or loans of $625,000 or more — by 5 basis points, or 0.05%, and increase the minimum down payment requirement on these loans to 3.5% to 5%.

FHA said it will require most buyers to pay insurance premiums for the life of their loan. A policy that was put in place in 2001 allowed borrowers to cancel premium payments once their debt fell below 78% of the principal balance. One exception will be for borrowers who put more than 10% down at the time of purchase.

Additional new policies include a requirement that any mortgage for an applicant with less than a 620 credit score and debt-to-income ratio above 43% must be underwritten manually. Lenders who want to issue loans to these applicants must be able to adequately document why they decided to approve the loans.

The agency also decided to put new restrictions on reverse mortgages, no longer permitting retirees to take such large, upfront payments.

Related: Where are the first-time homebuyers?

The changes are an effort to reduce the agency’s exposure to risky loans and bolster its financial reserves, which have been depleted due to high delinquency rates from the mortgage crisis. The agency did not say when the new rates will take effect.

Last spring, FHA increased both premiums and upfront costs on mortgages. Such hikes make it tougher for mortgage borrowers — especially first-time purchasers who can’t afford the large down payments most private lenders require today, according to Jaret Seiberg, a Washington policy analyst for Guggenheim Partners. “They are the ones most likely to turn to the FHA for credit,” he said.

2/14/13 

Still CRAZY in Las Vegas. This time last year we had approx, 12,000 properties on the maket. This morning we have approx. 4200. WOW The market is movinf very fast - in the past to days, we have placed 710 properties under contract. If you have been thinking of buying NOW si the time -

1/25/2013

   Weds evening I placed a two bedroom, two bath Condo, 1138 sf on the market. Witihn the first 24 hrs, I received (8) offers... SOLD within 24 hrs!! Closing in two weeks. If you have been thinking of selling, NOW is the time. Inventory of properties is very low and the market is moving very fast! Need help with a Short Sale? I will handle the entire process at NO COST to you  

 Buying a Home in Las Vegas?

 Las Vegas has been identified as one of the Best cities to buy real estate due to our huge inventory of properties, prices at a fraction of what they were a few years ago, and of course some the lowest interest rates in a very long time.

Our inventory of available properties is changing drastically.  In January we had over 12,000 properties available - today we have less than 5,000!   This is resulting in a very fast moving market, with multiple offers, over the listed price, becoming the norm rather than the exception.  NOW is the time to buy!

Approximately 35% of these places are distressed properties that can provide some great values.  Lots of financing programs are available that means nearly everyone can buy a house. 

Tell me what you are looking for and let me find it for you.  With my 35 years of experience, I feel confident that we can find a place that will meet your needs

I WILL SHORT SALE YOUR HOUSE FOR FREE! 

NO HIDDEN COSTS, NO GAMES - CALL ME FOR DETAILS!!

Selling a Home? Although prices are very soft, the sales activity is very strong.  We are placing hundreds of properties under contract everyday. 

Are you in a distressed situation, lots of folks are.  You do have options ranging from a Loan Modification to Foreclosure to Short Sale to Deed in lieu. Each of these options have different consequences that you need to understand before you make a choice.   Most folks decide that a Short Sale is their best option.

Please give me a call and let's discuss your situation.  If you decide a Short Sale is the best for you,  I will handle the entire Short Sale process at NO COST to you!   That's right, I will handle your short for Free!!  Call me for a free consulation.

And remember - NEVER pay anyone in advance - IF they ask you to pay - run away! There are lot's of do's and don'ts when selling a home. Let me use my years of experience to guide you along a successful path of preparation, promotion, and closing the deal.