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Pending home sales increase for fourth straight month Thursday, July 02, 2009 Pending home sales are sustaining growth, rising for four consecutive months with favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors.
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Statistics from GLVAR, (Greater Las Vegas Association of Realtors). FACT « The Las Vegas housing market average price of new listings increased + 9.8% from March to April 2009 « Average price of homes sold is $166,196 -3.9% from March to April 2009 « Number of homes on the market 15,414 as of 5-11-09 « Number of homes on the market 14,935 as of 5-19-09 « Number of homes in escrow 11,488 ready to close. 5-11-09 « Number of homes in escrow 12,057 ready to close 5-19-09 « Number of homes closed in March was +78% above last year. « Almost to the house every home I show has multiple offers on it. You make the call; rents average $1200 a month in Las Vegas for a 3 bedroom place. A mortgage on $166,000 is somewhere around $850 depending on your situation before taxes and insurance. If foreclosures continue to flood the market but are being bought as fast as they are listed we will soon absorb the entire inventory, stabilize the market and begin to increase. The advantage right now is selection, once inventory goes down, good properties will command a premium. It’s a great time to buy! A note from a lender In addition to the $8000 credit for 1st time home buyers there are some good programs available such as $100 down HUD homes, 1/2 priced homes for teachers, police and firefighters, 10% down investment loans WITHOUT mortgage insurance, and, of course, VA with zero down and FHA with 3.5% down. We are even hearing some rumblings that some sort of "stated income" loan may be coming back, and one bank has reduced the minimum credit score to 580. Investors can now own up to 10 financed properties. I am available to answer any of your questions, just drop me a note.
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Foreclosures continue to put Nevada at the top of a bad list, but we are seeing a bright spot. Many homes on the market are getting multiple offers. The high number of foreclosures plus the dropping cost of homes has created a buyer's market with bidding wars especially in homes priced between $100,000 and $250,000. One person's loss is now another’s gain. You are not the only one ready to pounce on a good deal. In the price range between $100,000 and $250,000, "You can see 13, 14, even 20 offers on one house." Investors have found their way back into the market and are competing with many first time home buyers. It's a phenomenon that frustrates buyers but it gives Las Vegas hope, "There is some competitive bidding out there, which kind of gives out the idea that maybe things are improving a little bit." The moratorium ended and the foreclosure process started again for thousands more in Las Vegas. Still, what one person could not afford, another was able to get for a steal when they were finally the top bidder, "I am really excited, but with all of the hoops that you have to jump through, you don't want to get excited until you got the keys." Banks have already discounted the home and know what price it will sell at over in an acceptable amount of time. Generally they respond if you offer is within 3% of list. Of course if you're there with 5 other bidders what do you think will happen? They generally don’t even respond to low ballers , too may homes too many buyers. 
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Community Pool, spa, tennis basketball
• 1,457 sq. ft., 2 bath, 2 bdrm single story "SW Highly Upgraded" -  MLS® $205,900 - Gated Community Las Vegas, Clark County - Highly upgraded shows like a model. Pergo floors & upgraded carpet, plantation shutters,granite counters, mirrors, ceiling fans, soft water, alarm system, intercom, covered patio courtyard. Attention to detail throughout. Property information
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The Las Vegas GLVAR has 19,456 homes listed for sale as of 3-15-09, 8349 homes are under contract and in escrow to be sold. 31% of the total inventory is under contract to be sold. They are broken down as follow Homes Listed For Sale. Bank Owned 6542 Resale’s 6066 Short Sales 6802 Under Contract Bank Owned 4834 73% of the total for sale under contract Resale’s 816 13% of the total for sale under contract Short Sales 2652 38% of the total for sale under contract Last month our average price sold only dropped 1.3 from the previous month, we have been running 5-8% drops a month for quite some time.
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All Appliances new and incuded
• 1,796 sq. ft., 3 bath, 3 bdrm 2 story - $1,250.00 USD Monthly - Like New Home Las Vegas, Clark County - Deal Directly with the owner, this is a courtesy listing for him.
3 bedroom 2.5 bath homes with upstairs loft.
All new appliances are included.
Close to freeways and Shopping
Small back yard 2614 sq ft lot.
Secutity deposit required. Property information
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Las Vegas, Clark County - Announcing a rent/lease reduction on 10021 Barengo Ave, a 1,796 sq. ft., 3 bath, 3 bdrm 2 story. Now $1,250.00 USD Monthly - Like New Home. Property information
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There has been a lot of talk lately that the sky is falling and there is no bottom in sight for the real estate market. The stock market will continue to fall, but the real estate market is exhibiting pockets of strength in many areas. True, some cities have a long way to fall, but others are at bargain prices that we've never seen before! A window of opportunity exists right now in many areas, but that window will be closing faster than you might think. Did you also know that although Las Vegas was one of the worst performing cities, and you can now buy a 10-year-new single family home in a decent neighborhood, 4 bedrooms, 2 bathrooms, an attached garage, needing just carpet and paint, in the low $100’s? The same house sold for $325K+ just 5 years ago (I know, I was selling then). Add to that the fact that Las Vegas is technically land-locked for growth (Mountains on one side, Lake Meade on another, a military base on another, and an Indian Reservation on the last) which means that once the relentless population influx absorbs all the inventory, prices have nowhere to go but up (literally; have you seen the height of the new towers on the Strip lately?). Now, how much can you rent said house for right now? About $1,200 per month. Do the math on that and tell me why you're not running to the airport? When it would be the right time to jump in to the market. ? "You don't wait for the bottom of the market, you wait till it makes sense." The point here is that no one really knows where the bottom is, and it really doesn't matter. The bottom won't officially be called until it has long passed and the analysts decide it was 2 years ago. Would you rather have your money sitting in a casino (oops, I meant the "stock market") completely unsecured and at risk, or would you rather have your funds secured by an investment like a described above? Imagine if you could buy stock at 70% or less of it's current value, have it pay you a 10%+ return annually, have it fully secured by a performing asset, insured against fire, theft, and disasters and you could do it all tax-free within your retirement account! I'm not sure what all this doom and gloom nonsense is all about, but the opportunity I just described is available to you right now! Buying properties that will cash flow almost immediately with tremendous upside and very limited downside
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There will be NO negative words in this post! This is an inspiring, uplifting and altogether nauseatingly POSITIVE post. I have just decided that all I can control is my attitude. So, if you enjoy wallowing in depression and self-pity, STOP READING HERE! OK, to better explain where I'm going with this--TIME FOR AN ANALOGY! Let's say you have been playing the board game, Monopoly, your entire life. But, the deeds have become dog-eared over the years, all the money has disappeared except a five and two ones, and the only playing pieces that haven't been misplaced are the iron and the thimble. But, you remember seeing the game on sale at Target, so you put the old game out in the trash, and purchase a new one. 
You open the brand new box, and it doesn't take you long to realize that the game is different and the rules have changed. You get upset. There should have been a warning on the box: MONOPOLY NOW HAS NEW RULES! You run out to the trash only to discover that the old game is covered in coffee grounds.  It starts to sink in. The old game is gone for good. If you still wish to play Monopoly, you will have to learn the new rules. If you aren't willing to learn the new rules, you will have to play a different game. You think to yourself if only I had known it was going to change, I would have taken better care of the old game.
So, if you think of our current economy as being different, all we have to do is learn the new rules. And, the best part? We get to make them up as we go. We get to be creative. It's all trial and error, now. There are those who are so stuck in the past, they aren't willing to make the changes necessary. Those people will have to play CandyLand (I mean that in the nicest possible way).
Here are a few suggested new rules: 1. If reading the newspaper or watching the news depresses you, STOP DOING IT. 2. If your old marketing strategies now feel like a waste of time, THEY PROBABLY ARE. 3. If the old stuff isn't working, THINK UP NEW STUFF. 4. If you know someone who feels very negatively all the time, STAY AWAY FROM THEM. 5. If all you can do is complain about the new administration, YOU ARE NOT HELPING. 6. If you feel like you could manage better with more moral support, GET IT. 7. If you need help, ASK FOR IT. 8. If you feel like you are all alone, YOU ARE NOT. 9. If you think you will die without the luxuries you are accustomed to, YOU WILL NOT. 10. If you can still laugh, HOW BAD CAN IT BE? As far as I know, we don't have poor farms anymore. Most of us will survive (although some of us may have to cut back on the Starbucks) and some of us will even flourish. If we stop acting like victims, we will stop being victims. So, get out there and PLAY!!!
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Guard Gated Community
• 1,889 sq. ft., 3 bath, 3 bdrm single story "Original owner" - MLS® $399,900 - Anthem Country Club Anthem Country Club, Henderson - Enjoy all the benefits of Anthem Country Club living. Casita is 3rd bedroom. Original owners show pride throughout. Lightly used home. Opened living area with volume ceilings. Kitchen features a breakfast bar, separate master bedroom, tile flooring in all major traffic areas, carpet in bedrooms. Special features include central vacuum, water filtration system all window coverings, and surround sound tv stays. Upgraded garage store cabinets. Separate laundry room. All appliances stay. Property information
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Las Vegas, Clark County - Announcing a rent/lease reduction on 713-2405 W Serene, a 1,196 sq. ft., 2 bath, 2 bdrm 5-level split. Now $2,995 USD Monthly - Fully Furnished Upgraded.. Property information
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• 1,196 sq. ft., 2 bath, 2 bdrm 5-level split - $2,995.00USD Monthly - Fully Furnished Las Vegas, Clark County - Beautiful, 2 Split Master Bedrooms, in Boca Raton Condos. , Fully Furnished! Stainless appliances, washer/dryer, guard gated, pool/spa full of amenities.!!!
PURE LUXURY on the SOUTH STRIP with FULL STRIP & MOUNTAIN VIEWS! Right NEXT TO CLUBHOUSE & GYM!
This handsome 2 Bdrm 2.5 Bath residence is BETTER THAN A MODEL; rich colors and elegant furnishings replete with Stainless appliances, luxury bedding, complete kitchenware, and flat screen TV's. Guard gated, this Floridian Resort-Style complex gives you the best of both worlds; a relaxed tropical atmosphere just 5 minutes to the Heart of the Strip! Gourmet kitchen, 2 Masters, Powder Room, Formal Living and Dining, and a view to die for! Underground secure parking. Fully appointed, just bring your suitcase and groceries. This price includes utilities, satellite TV, local telephone, internet.
Combining the urban sophistication and excitement of Las Vegas with the peaceful solitude of a beach resort, Boca Raton offers a truly impressive list of amenities. Carefully crafted to suit the discerning expectations of luxury home owners, Boca Raton goes beyond the expected to offer you the very best in luxury condominium living. A residence at Boca Raton is more than a place to call home. It is a place to rejuvenate your soul. Away from the sights and sounds of a busy day, Boca Raton provides its residents with a luxury escape to relax and enjoy the beautiful Las Vegas desert. Boca Raton is located on the south strip where the night sky opens up to the expansive desert landscape. 2
2 heated tropical swimming pools, 3 outdoor hot tubs and inviting outdoor BBQ area complete with cozy fireplaces. 10,000 sq. ft. elegant clubhouse available for the exclusive use of residents. State-of-the-art fitness center plus a fitness/exercise room in each building. 15 acres of lushly landscaped grounds with pet friendly walking paths. Professional business center with meeting/banquet room available for private dining area. Property information
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Something funny's happening in Las Vegas. Home sale prices from last year are down 28%, but home sales are up 15%. The reason? Motivated sellers--those in distress or foreclosure--or banks with too many homes on the books are slashing asking prices in order to unload their properties. Motivated sellers in Las Vegas accounted for 64% of sales in October, the highest rate in the country according to Radar Logic, a New York-based derivatives firm that provided the data for this story. That means buyers are getting deals and hastening Las Vegas' recovery. In fact, buyers are eating up inventory fast enough that the discounts offered by motivated sellers are tightening as supply contracts. The difference between what motivated sellers have to offer and what non-motivated sellers can command has held steady for three months at a 17% discount, versus the 33% national average. So while it's still a buyers' market, prices have dropped to a level that's stimulated demand. There's a pretty active housing market, it's simply at a lower-priced inventory. There are now bidding wars taking place over homes in foreclosure
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Northwest Las Vegas, Las Vegas - Announcing a price reduction on 7225 Elite Ct, a 1,782 sq. ft., 2 bath, 3 bdrm single story. Now MLS® $199,999 - Well cared for home. Property information
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Home sales nearly tripled in December from the same month a year ago, though median prices declined 32.7 percent, from 12-07, the Greater Las Vegas Association of Realtors reported Thursday. The inventory of homes for sale remained relatively stable, up 0.6 percent from a year ago at 22,144 units. It's the fourth straight month of dramatic sales increases for both single-family homes and condos and townhomes. The 2,498 home sales are up 184.2 percent from 879 in December 2007, while the 455 condo sales are up 172.5 percent from 167 a year ago. Buyers are realizing that this is a great time to buy a home. The market presents opportunities that "can't last much longer." Investors scooping up deals. They don't really care if they've found the bottom. They're getting homes below replacement cost, they're holding them for three to five years and they're getting cash flow. So to them, it's a no-brainer." Interest rates are at historic lows for 30-year mortgages. Median home prices dropped to $175,000 in December, the lowest level since 2003. Condo prices are down 51.4 percent from a year ago at $89,900. Bank-owned properties, or foreclosures, accounted for 41 percent of all listings in December and slightly more than 75 percent of all closings, Short-sale properties, offered at less than the mortgage owed, accounted for 31 percent of listings and 11 percent of closings. The percentage of vacant listings continues to increase, 65.2 percent of single-family listings vacant in December, compared with 44 percent in the beginning of 2007. Condo vacancies rose to 74 percent from 57 percent during the same period. Greater Las Vegas Association of Realtors statistics are based on data collected through the Multiple Listing Service, which does not account for new homes sold by builders, sales by owners and other transactions not involving a Realtor.
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