Always Look for the Silver Lining: May 2013

Thursday, May 23, 2013

The Las Vegas Housing Market 2013; A More Cautious Market Rebound?

This is an interesting article via the Real Estate website Trulia. Will the market, in its recovery, be more cautious or will there be a lot of speculators?

http://trends.truliablog.com/2013/05/trulia-bubble-watch/

Monday, May 20, 2013

The Las Vegas Housing Market 2013

We’ve all seen the dramatic real estate bubble roller coaster and its specific effects on the Las Vegas housing market, which grew exponentially during the boom, and came crashing down equally hard throughout the bust. But where are property values now and where might they be headed in the future? Let’s first examine some data for the national big picture, before zeroing back in on the Las Vegas housing market.

Experts Believe Real Estate has Reached a Major Turning Point

Beginning with the 3^rd and 4^th quarter of 2011, a modest but distinct increase in property prices and sales foreshadowed a continuing upward momentum. Since October 2012 the real estate market has shown steady progress. According to the Wall Street Journal in April 2012, the Real Estate market showed all the signs of healthy recovery including:

Increased housing starts
Rebounding sales for existing homes
Renewed interest in home-builders from Wall St investors

Real Estate Investment Outlook Highly Favorable in 2013

All the upward trends as of 4^th quarter 2012 continued into 2013. In the Las Vegas housing market, the strong upsurge in sales has significantly impacted the number of vacant homes available, increasing tenants’ demand for rental homes, which in turn triggers greater interest from investors looking for income property.

Top Housing Markets Trending Upward

From February 2013 to February 2013 home values across the U.S. rose 5.1% according to Zillow data. In 10 of the 30 largest housing markets with Zillow data records, home prices rose over 13%, and in five of those markets prices actually rose more than 20%! In many of these markets unemployment levels have decreased and construction employment has risen – both indicators of an improved economy.

The Las Vegas Housing Market is Second on Hot Housing Markets List

In the most recent quarter alone, home values here rose over 7%. Given the deep plunge (59%!) that prices took between the peak in 1^stquarter 2006 to the bottom in 3^rd quarter 2012, values have not returned to pre-recession levels. This means there is ample affordability in the market, where current average home value is $138,800. With growth of 7.5% expected from 1^st quarter 2013 to 1^st quarter 2014 the home or income property you purchase today makes a smart investment for the future. Retreating unemployment rates in the market also bode well for the outlook on real estate.

The Las Vegas housing market, while full of new bright spots, can prove challenging for both Buyers and Sellers. The amount of activity requires expert guidance from an experienced Realtor in order to navigate bidding wars, appraisal obstacles, proper pricing guidelines and many other key components for successful transactions. With the right guidance and assistance, however, there is every reason to move forward in marketing or purchasing in the current market.

Whether you’re thinking of buying or selling a Las Vegas home, now is the time to stop sitting on the sidelines. After reviewing, the case is clear that the positive signs outweigh the negatives.

Call or email Eric D'Richards today and receive a free customized Market Analysis of your home and Always Look for the Silver Lining!!

Saturday, May 18, 2013

Should you buy a fixer-upper? - MSN Real Estate

Tuesday, May 14, 2013

Foreclosure activity for Las Vegas Homes sends mixed signals

In April 2013 national foreclosure activity fell to its lowest level since 2007! But before breaking out the champagne, lets consider other indicators in the Las Vegas homes market, as well as the nation and see if this good news could be a “false positive” reading of conditions overall.

In 26 states where foreclosures go through the courts, the activity in foreclosures actually increased. States where the push for new laws to protect homeowners dramatically slowed foreclosures now see lender processes coming back up to speed, resulting in a fresh increase of foreclosure activity.

But is the inevitable continuation of the foreclosure cycle all bad? Not necessarily. According to RealtyTrac, Las Vegas home foreclosures as of March 2013 still ranked in the top ten for the nation. However, the same report also cited, foreclosure rates down 59% from the year prior for the state of Nevada.

Both buyers and sellers can actually benefit from current market conditions:

· For buyers, foreclosure properties often come in poor condition, making risky as well as costly investments for new homeowners

· For sellers, the advantage of no longer competing against a glut of homes on the market is clear.

· For buyers, the more favorable conditions for sellers as well as continued release of foreclosure properties provides new inventories to choose from.

· For sellers, many Las Vegas homes remain underwater, making short sale the best

option. On the bright side, as banks see less dramatic losses as their foreclosure sale prices rise, they become more willing to negotiate with homeowners on short sales

For those buyers waiting for the right time to buy, that moment has arrived. For sellers, there is certainly less reason to hesitate in deciding to put their home on the market. The proverbial stars have moved into alignment.

You needn’t (and shouldn’t) take the plunge alone. Your realtor has the most up to date listing information, and sales tools for navigating current market conditions. The Las Vegas homes market has seen a 30% increase in pricing over the past year, making it more important than ever to have an expert help price your home for sale or negotiate your purchase successfully.

According to the Greater Las Vegas Association of Realtors the median price of a single family home is still half of what it was at the peak in 2006. The prevailing wisdom also advises not to expect a glut of bank-owned shadow inventory to flood the market and deflate prices. Instead, banks are expected to implement a strategic release cycle that allows pricing to remain stable.