Real Estate Information

Big is out.  Smaller and responsible is in.  So is luxury and lifestyle amenities.  Judging on the newest offerings from Las Vegas and Henderson homebuilders, they seem to align with national trends.  How does this top 10 list rate with you? Read this article reported from the International Homebuilders Show here in Las Vegas.  Tell me your one "must have" on your next home.  http://bit.ly/bpT7QQ

REALTOR Magazine published today a short news story about the 10 most undervalued real estate markets in the US.  Las Vegas real estate was #1 on this list by a followed by Vero Beach, FL at number 2.   With home prices now hovering about 65% LESS than their peak values, the pendulum has moved to past a reasonable price correction to extreme as shown here with our now most undervalued honors.  Contact me to BUY TODAY!

Click here to read complete story

There were 4055 closings in the immediate Las Vegas real estate market in December 2009.  HOw buyers bought these homes are as follows;

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.

From the official RE/MAX Advantage real estate blog...

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

November unemployment rate falls dramatically from October.  Good news?  Not so fast.  Looking at the numbers, one would have to expect higher numbers in the coming months...read more on the RE/MAX Advantage blog here...http://bit.ly/5N7PmT 

The Las Vegas MSA had unemployment drop from 13.9% to 13.0%.  We lost 16,600 jobs from September but lost 11,300 unemployed. Nevada state numbers also decreased but what was really bhind the decrease?  Click Here to read the post on the RE/MAX Advantage blog.

Here is an update to the state of the greater Las Vegas market.  We continue to experience an artificial shortage of available homes for purchase.   Our own market tracking here at RE/MAX Advantage reports as of 10/20 there were only 8076 single family homes on the market.  46% of those were short sales, leaving a little over half of the inventory to be REO (bank owned) 18% and the remaining owner occupied or corporate owned.   This translates to about 4000 homes available for purchase with an option to close in 30 to 45 days for buyers in the market place.  With 3127 detached homes closed in the last 30 days, and just over 4000 homes available for traditional closing timelines, the market is ULTRA tight for those looking to buy and close within common timeframes.  70% of those closed are bank owned.

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.

Is Cash still King in Las Vegas?  This month’s Closings by Term suggests cash has never stronger in the market place.  Here are last month’s closings (September) breakdown.

 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.

Video Testimonials... real punch to your website.

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?

New Foreclosure Search Goes Live in October!  Copied from RE/MAX announcement today.

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.