Las Vegas Real Estate News

Las Vegas Predicted to Have Strong Home Price Rebound Over Next 5 Years
Home Buying FAQs: What Are Closing Date and Possession Date?
How do I find a list of open houses in the green valley area?
How do I get a permit to rent my house?
Short Sales in Las Vegas May Get Shorter
Cedar Village -Apartments of Decision
Experts Predict Continued Short Sale Growth for Las Vegas
Summerlin Continues to Grow despite economic decline.
Improving the Odds of Receiving an Offer
Nevada Program Launched to Help Underwater Homeowners
Lender Cancellation, even after initial approval, of short sale property
Stark modernist grid on grass: $2M
CoreLogic sues Redfin, 2 others for alleged patent infringement
Beware of Municipal Risk When Investing in Real Estate | U.S. <b>...</b>
5 signs real estate markets are improving
First rule of Realtor safety: Know thy client

Las Vegas Predicted to Have Strong Home Price Rebound Over Next 5 Years

Posted: 05 Jun 2012 06:22 AM PDT

THE markets that had the largest home price crashes are likely to have the strongest home price rebounds over the next five years. In the long-run, home price appreciation tracks fairly closely with household income growth. But in the short-run, as we learned during the housing bubble, home prices can race far ahead of household income. However, unless households suddenly become willing to allocate much more of their spending to housing, short run home price bubbles cannot persist. http://tinyurl.com/7v3tegz

David Stiff, FiservImagine that home prices are attached to household incomes by a rubber band. During the bubble, home prices were much too high relative to income, stretching the rubber band (almost to the breaking point in some markets). When the bubble burst, home prices were "slingshotted" back toward household income. In many markets, after six years of falling prices, the ratio of home prices to income is substantially lower than it was prior to the bubble. For the entire U.S., the price-income ratio has returned to its 1991 level. This means that the rubber band is now being stretched in the opposite direction – in the former bubble markets, prices are now too low compared to income.

So, in many extreme bubble /crash markets, home prices should rebound strongly over the next five years. But these short-term rebounds don't mean that these markets will continue to be robust over the long term. In many of these markets, the housing sector contributed more than one-half of local economic (and income) growth during the bubble. Large inventories of foreclosed homes will constrain housing construction in the crash markets, limiting the contribution of the housing sector to household income growth. So, even though prices could jump by double-digits as the price-income rubber band snaps back, long-run appreciation will be limited weaker income gains.

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Home Buying FAQs: What Are Closing Date and Possession Date?

Posted: 04 Jun 2012 06:12 AM PDT

Find CO real estate agents and Henderson real estate on ActiveRain. Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, ...

How do I find a list of open houses in the green valley area?

Posted: 05 Jun 2012 01:55 AM PDT

How do I get a permit to rent my house?

Posted: 04 Jun 2012 08:47 PM PDT

Short Sales in Las Vegas May Get Shorter

Posted: 04 Jun 2012 07:45 PM PDT

Las Vegas, Nevada -- With rules that take effect next month, federal regulators have hopes of greatly streamlining the short-sale process.

Starting June 15, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, will require both agencies to give short-sale buyers a final decision within 60 days. (In a short sale, a lender agrees to accept less than the balance on a mortgage.)

Fannie and Freddie must also respond to initial requests for a short sale within 30 days of receiving the buyer's submission.

"Short sales are huge right now," said Peter Spino, the foreclosure services manager for Community Housing Innovators in White Plains, N.Y., a housing counselor certified by the Department of Housing and Urban Development. Distressed homeowners often prefer them to a foreclosure, he noted.

Expedited sales as a result of the new directive will benefit the entire housing market, said Michael McHugh, the president and chief executive of Continental Home Loans and the president of the Empire State Mortgage Bankers Association, a trade group. They could also remove some risks for buyers — many of whom previously had to wait months for a decision and then ended up not getting the house they wanted.

In March, the most recent month for which data were available, short sales represented more than 14 percent of existing home sales, according to CoreLogic, a data analytics company, compared with 12 percent for all of 2011 and about 10 percent in 2010. And as the number of short sales has risen, foreclosures have fallen. Completed foreclosures represented 25.3 percent of home sales in March, versus 34.9 percent in all of 2011 and 42.7 percent in all of 2010.

Lenders favor short sales because they are less costly and more efficient than foreclosures. Yet the homeowners, trying to exit as gracefully as possible, never know how long the process will take or how badly their credit will be hurt.

A recent report named The Myers Team the #1 Short Sale Realtors in Nevada. Number one status was determined by actual short sale listings closed from January 1, 2007 through December 31, 2011.

According to the report, The Myers Team with the Caliber Realty Group has negotiated more short sale approvals and closed more short sale listing transactions than any Realtor or Broker in Las Vegas.

The Myers Team is nationally recognized as one of the most influential figures in Real Estate today. According to Myers Team owner, Bill Myers, "Surrendering a home worth half of what you owe is NOT a failure, it's a business decision. A short sale is an opportunity for you and your family to take control and walk away free and clear. Nobody wants to lose their home; however, loan modification doesn't work and there is no need to go down with a sinking ship. Homeowners need to know when to say enough is enough."

Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure. Myers said, "Sellers facing foreclosure must remember that banks are not looking out for you or your family. When you work with The Myers Team, our job is to get between you and the bank. We represent our clients, NOT the banks. It is our job to negotiate the best possible outcome. Ultimately, our job is to take away the stress, and make the transaction as smooth and stress-free as possible."

Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com

Also visit http://www.VegasShortSaleInfo.com

*Above production is based on results from January 1, 2007 through December 31, 2011 (short sale listing ends only.) The information provided is obtained from public records, it is deemed reliable but not guaranteed.

Las Vegas Short Sale Specialists | The Myers Team

Cedar Village -Apartments of Decision

Posted: 04 Jun 2012 08:19 PM PDT

You will find rumors and thoughts that the Las Vegas real estate market is heading for a crash. I beg to differ. I concur that the rise in prices hasn't been as higher lately because it was within the dizzy times on the previous two ...

Experts Predict Continued Short Sale Growth for Las Vegas

Posted: 04 Jun 2012 05:04 PM PDT

Las Vegas, Nevada -- With new deadline requirements set by the Federal Housing Finance Agency (FHFA) looming on the horizon, short sales are expected to increase after an already active first quarter.

According to RealtyTrac's Q1 2012 U.S. Foreclosure Sales Report, pre-foreclosure sales (most often short sales) reached their highest level in the first quarter of 2012 than they've seen since 2009. The report went on to show that pre-foreclosure sales accounted for 12 percent of all sales during the first quarter of 2012, up from 10 percent in Q4 2011 and 9 percent in Q1 2011. Third parties purchased a total of 109,521 pre-foreclosure homes in the quarter, an increase of 16 percent from the previous quarter and 25 percent year-over-year.

Pre-foreclosure homes that sold in 2012's first quarter took an average of 306 days to sell after starting the foreclosure process, a decrease from 308 days in the previous quarter but up from 256 days in the first quarter of 2011. The FHFA issued guidelines in April that will require servicers to make a decision within 30-60 days of receiving an offer on a property under a short sale program. The new deadline requirements, which go into effect June 15, comes as a welcome change to buyers and sellers who felt that servicers were taking too long to complete sales.

The report also showed that pre-foreclosure sales prices have been falling. In first-quarter 2012, the average sales price of a pre-foreclosure home was $175,461, down 4 percent from the previous quarter and 10 percent from first-quarter 2011. This price was the lowest quarterly average price in the history of the report, which goes back to the first quarter of 2005. It was also 21 percent below the average price of a non-foreclosure home, up from a 19 percent discount in Q4 2011 and a 16 percent discount in Q1 2011.

"Foreclosure-related sales picked up in the first quarter, particularly pre-foreclosure sales where a distressed homeowner is selling to avoid foreclosure—typically via short sale," said RealtyTrac CEO Brandon Moore. "These pre-foreclosure sales hit a three-year high in the first quarter even as the average pre-foreclosure sales price dropped to a record low for our report. Lenders are approving more aggressively priced short sales, which in turn is resulting in more successful short sale transactions."

A recent report named The Myers Team the #1 Short Sale Realtors in Nevada. According to the report, The Myers Team with the Caliber Realty Group has negotiated more short sale approvals and closed more short sale listing transactions than any Realtor or Broker in Las Vegas. Number one status was determined by actual short sale listings closed from January 1, 2007 through December 31, 2011.

Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com

Also visit http://www.VegasShortSaleInfo.com

Short Sales in Las Vegas | Las Vegas Short Sale Experts | The Myers Team

Source: DSNews

Summerlin Continues to Grow despite economic decline.

Posted: 04 Jun 2012 03:07 PM PDT

The Master Planned community of Summerlin in Las Vegas Nevada is very diverse and upbeat. The decline in the economy did have an effect on Summerlin but you would never know it driving around the area. Shopping centers are busy! And people are out and about taking advantage of all that Summerlin offers. But most of all the people are great and that's just one of the things that made me move to Summerlin. http://www.jonslasvegashomes.com Tags: Summerlin , Homes for Sale Las Vegas NV

Improving the Odds of Receiving an Offer

Posted: 04 Jun 2012 01:08 PM PDT

Selling a home is never as easy as we would like it to be. There are contradicting reports about the uncertainty or improvements in the housing market. If you are the process of selling your home, you should put forth as much effort as you can to increase your chances of receiving an offer. Some properties sell themselves, right? Times have changed, and even the best houses require more effort to sell. Here are some practical ideas you can use to improve the chances of selling your home.

Be sure to price the property correctly

Regardless of if you are selling the property yourself or if you allow a real estate agent to handle this process for you, make sure that the home is priced as accurately as possible. This simply means that you should put yourself in a position to receive the highest value on the property reasonably speaking. You may believe you have the opportunity to sell the property at a lower rate in a shorter amount of time but you shouldn't make this mistake.

Some homeowners make this mistake and end up losing out on viewings and potential sales for the property. Price the home as if you were going to purchase it for the first time; understand the value of the home to the market not it's value to you personally. It's a good idea to check online and offline listings to compare the value of properties similar to your property to put things into perspective.

Prepare your home for viewings a few weeks in advance

Make sure that the home is properly cleaned and free of the non-essential items so that prospective viewers are given the chance to evaluate the home as they would decorate it. This helps to show the potential of the property and what it has to offer.

If you were viewing a home wouldn't you want to see a well maintained living environment without many immediate replacements required? These expenses to repair minor damages can add up and may not be appealing to potential buyers. Some potential home buyers are willing to put in the extra work in small repairs if they see the value and potential of the property but there are some that just wan't to move in and unpack.

Opinion is divided on whether larger improvements - such as replacing windows, which can cost thousands of dollars - is a wise move prior to selling your home. While this may make your home ultimately more appealing to any prospective buyers, you need to seek advice from a Realtor on whether you are likely to recoup the cost of this in the sale price. However, interior painting can be done fairly cheaply and can make a vast difference to the overall look of your house.

Make yourself easily accessible for showings

In order to increase your chances of selling your home, make sure you are easily accessible for potential buyers to contact and schedule viewings with you. Put aside a set amount of time everyday in order to schedule a consistent flow of showings which will maximize your chances in making the sale. Even if you only schedule one hour a day for viewings, you are making the necessary progress in order to get your offer accepted.

Be Prepared to Negotiate Offers

Make sure that you know what you're willing to accept when it comes to the terms and price of the home. If you're unsure of what your home is worth, get a professional appraisal so that you can be familiar with the most current sales in your area. Work with a realtor to help you get the highest and best offer. The highest price offer is not always the best, since some buyers have more financing options than others, or are willing to pay a higher earnest money deposit.

Be Prepared to Take Less than your Original Asking Price

Don't let your pride keep you from lowering the price on your home. If your home has not received a single offer and has been listed for more than a month, it's time to reduce the price.

Selling your home is no easy task and you should take all of the advice you can get from your realtor to help increase your chances of selling. Pricing the home accurately, staging the home for visitors, making yourself available for showings, and preparing yourself for the negotiations will increase your odds of receiving an offer. Consult with a realtor to get the most current information on what your home is worth, and what is required to sell your home for the best price.

Nevada Program Launched to Help Underwater Homeowners

Posted: 04 Jun 2012 12:51 PM PDT

A pilot program announced on Friday in Nevada hopes to help underwater homeowners who are current reduce their loan amount and refinance at a lower rate.

The program announced by Governer Sandavol will utilize Federal Funds given to Nevada as part of the Hardest Hit Funds.

Click Here to read the complete article.

Lender Cancellation, even after initial approval, of short sale property

Posted: 04 Jun 2012 11:22 AM PDT

In Nevada, can a lender to a short sale cancel on a lender-approved short sale at any time for any reason? On closing date, the bank refused to sell my property to the buyer because I believe a better offer came in. The buyer is holding up the property by not signing the escrow cancellation. The buyer did everything it needed to do and is quite angry about the situation.

Stark modernist grid on grass: $2M

Posted: 04 Jun 2012 10:52 AM PDT

House of the Week: from Curbed.com

CoreLogic sues Redfin, 2 others for alleged patent infringement

Posted: 04 Jun 2012 11:04 AM PDT

6 of 11 companies sued in first round of AVM dispute have settled

Beware of Municipal Risk When Investing in Real Estate | U.S. <b>...</b>

Posted: 04 Jun 2012 04:17 AM PDT

Beware of Municipal Risk When Investing in Real Estate. Las Vegas real estate. You've got cash for a down payment just burning a hole in your pocket, financing is lined up, you set up your LLC, you've even checked out things like insurance, ...