In Clark County, homeowners who think their valuations are not in line with the market, residents can file an appeal with the county assessor's office.  This can only be done between Dec 15th and Jan 15th.

Here is what you need to do: 

1. you will need to do some quick research of property values in the area.  Tim Kuptz & Team can help you with this! 
2. If like properties are being sold for less than the taxable value, then call 702-455-4997. At that point, let the assessor know that you would like to appeal your taxable value.

It is a fairly easy process. If I can be of more help, don't hesitate to drop me a note or call!

Recent mortgagee letter announcing change to FHA Mortgage Ins. Premiums.

FHA Upfront Mortgage Insurance Premium and Annual/Monthly MIP Factor Changes

* HUD announced that effective with case numbers assigned on and after October 4, 2010, new Mortgage Insurance Premium Factors apply to both Upfront MIP and Annual/Monthly MIP.

* UFMIP (Up Front Mortgage Insurance Premiums) is decreasing from 2.25% to 1.00% on all FHA Transactions. (this fee is financed into the loan up front)

* Annual/Monthly MIP is increasing for Amortization greater than 15 years:

>>And LTV (loan to value) less than or equal to 95% from .50% to .85% (monthly PMI will be calculated higher)
>> And LTV (loan to value) greater than 95% from .55% to .90% (monthly PMI will calculated higher)

Annual/Monthly MIP factors with an Amortization less than 15 years has No Change:

* LTV less than or equal to 90% remains at 0.00%
* LTV greater than 90% remains at .25%

This is affective for all new FHA loans just wanted you to be aware for your buyers.

Contact Linda Franklin @ Bank of America for more details

Las Vegas home buyers!  New changes are in store for FHA mortgage insurance premiums.  John Longstreet with Cornerstone Home Lending submmitted the following analysis today.

FHA is lowering their upfront MIP to 1% as of October 4^th,2010!  The bad news is that they are INCREASING the MIP renewal from .55% to .90%, which, in purchasing terms, will decrease the buying power of your buyers by approximately $7500 from their maximum purchase price.  But, in the long run, is it really bad news?  See how the new premiums will affect equity over time. 

 See below illustration:

 Up front mortgage insurance will decrease to 1.0% for all amortization terms

• Annual premiums will increase on amortization terms >15 years to:
  • .85% on LTV’s <95%
  • .90% on LTV’s >95%

Old MIP vs. New MIP illustration

Based upon a loan amount of $200,000 @ 4.5% rate @ 30-year @ 96.5% LTV:

(*The Borrower Pays $45 more per month which translates into a negative $7,500 in buying power.)

However, if home is sold at year 7:

[*FHA gets $2,102 MORE in MIP but principal balance is $2,175 less, so at year 7, it's basically a "wash". (the same calculation for 5 years, same deal.)]

Bottom line, FHA gets MORE, but the buyer builds up more equity.

As of right now, the MI is still deductible on income taxes (sunset on December 31, 2010).

Just a reminder, that the MI drops off after it reaches 78%, or approximately 10 years!

John Longstreet can be reached at 702-250-0688 cell.  He is based in Henderson, NV with Cornerstone Home Lending.

http://realestate.nj.com/?classification=real+estate&temp_type=search&tp=RE_nj&tl=42&guid=123360

A beautiful view, typical in February after a night of rain in the valley!  This place is beautiful!  Taken from Seven Hills in Henderson looking to Mt Potosi seen in the SW part of the valley.

Click here to read complete story

Cash 40.5%, FHA loan 29.8%, Conventional loan 23.4%, VA loan 4.8%, Other 1.5%

Figures may add up to more than 100% due to rounding.

Reduced Inventory Levels Result in Stabilizing Home Values.  The Las Vegas real estate market ends 2009 with median prices essentially stabilized.  Year-end numbers are within 2 to 3 percentage points of May 2009 values with little or no change month to month.  Supply of available homes are down significantly from the previous few years.  This is due to absorption of existing listings and the slow down of foreclosures hitting the marketplace due to federal and state government influences.  These results are seen in both the broad market as well as the Average Joe homes tracked in this report....

Read the rest on lasvegasrealestatewire.com - click here

What to expect looking for a home here in Las Vegas and Henderson?  Today, the under 200K price point will likely require multiple offers before getting a house unless you are open to looking at short sales – and allow for a longer closing timeframe.  The 300 to 400K price point is fairly active as well with good homes selling within 48 hours of list.  Above $400k price point and in age restricted areas the market is a little slower – you can actually think about a house for a minute of two before deciding to act. 

In any case, be prepared to work in a climate that resembles the period of hyper inflation in 2004 and 2005.  The good news is, prices are not escalating like they did back then.  Of course better news are the prices of homes today are 1/3 of what they were just 36 months ago.  There are increases in prices in micro markets around Las Vegas but overall little movement in the median price in the last 3 months.

Cash	43.2%
Conv	22.5%
FHA	28.3%
VA	4.9%
Other	1%

 Data used is from the Greater Las Vegas Assn of Realtors MLS. Single Family detached, condos, and townhomes used in the Las Vegas and Henderson metro areas only.

Click here to see some video testimonials on a real estate website.  I've chosen an Aussie site for entertainment value-love the accents.  Going beyond image and text is important to keep people on your site these day.  Video is the most searched file type on the net.  While these example testimonials are good, they could be better.

Michael Maher spoke recently in Denver about creating relationships and becoming relevant to people in this tough market. He talked about how marketing in today's challenging times requires a few key points.  To summarize; present the challenge, match the service, promote the succesful result.

Using this process, these videos may have more impact if the customers challenge was presented effectively, the agent presented the answer to this challenge, and the result was incredible.

In any case - video is big.  It is easy to incorporate into any website and an agent can either adopt this quickly and reap the benefits of early adoption or wait until the uniqueness is gone and it maintstream.  Today's digital cameras have video modes.   There are many HD video cameras under $200.00 with easy connectivity to Youttube on the market today.  YouTube offers free video channels where you can post video anywhere.  

Why is this blog not in video?  I have a cold and my voice sounds horrible.  I also have a face made for radio :-0.   Are you ready to elevate your game?

Foreclosure listings are coming to remax.com! In preparation for the new influx of leads, Affiliates using LeadStreet on the eNeighborhoods platform will need to opt-in to receive foreclosure leads. To sign-up, simply check box 1A on the Agent Options screen in your LeadStreet account. As you begin to receive these leads, you'll find that the subject line on notifications will help you distinguish the foreclosure leads from general leads.

Because the distressed property market can present numerous challenges, you're encouraged to carefully consider your level of confidence and interest in working to meet the needs of consumers interested in foreclosure properties.

Only agents who have opted in will receive foreclosure leads once foreclosures launch on remax.com in late October. If no agents in an office opt to receive foreclosure leads, then the leads will be sent to the Broker/Owner. Your decision will not affect lead assignments on non-foreclosure listings.