May Las Vegas housing data suggests that we possibly reached the bottom of the residential recession in the 2nd quarter of this year. I haven’t seen a home buying frenzy like this since 2004, says Las Vegas real estate agent Stuart Shienfeld.
Foreclosures have dominated the housing market with more than 60 percent of the sales each month being bank-owned properties.
With sales at their highest level since June 2006 the first-time homebuyers and investors snatching up Las Vegas inventory, say realtor Stuart Shienfeld.
There were 5,276 bank-owned single-family homes listed for sale in the valley and of those 2,623 had contingent offers, Smith says. That leaves an inventory of 2,653. About half of those homes don’t have offers.
The downturn in the stock market combined with the growing affordability of purchasing a home has prompted increased interest in using IRAs and 401K’s to help fund the purchase.
The number of resale homes on the market as listed by real estate agents continues to decline. During the past year, the number has dipped 36.7 percent or 8,109 units, lowering the inventory to less than 19,000 homes. The inventory has dropped for 13 consecutive weeks with 6,700 fewer properties listed during that time. The number of vacant homes is just under 7,500, a drop of 49 percent.
The number of foreclosures in May was 1,769, a 26% decrease from last year. This was the third month that foreclosure purchases surpassed the number of new foreclosures coming on the market.
New listings are down 18.1% from April 2009 and the number of units sold, are up 1.8% from last month. The average days on the market for homes are hovering for less than 60 days. That is an average of almost 65%.
There are very few REO homes that are currently available without offers to buy. You really need to move quickly to get your offer in. When you do you should offer you’re highest & best offer, says Stuart Sheinfeld. Some banks will do a multiple offer sheet and some don’t, so I wouldn’t take the chance of losing the property.
Sunday, July 5, 2009
Monday, May 11, 2009
Las Vegas Existing Homes Sales Surpass Boom Levels
With super low interest rates, an $8000 tax credit & affordable home prices, existing sales soar.
April 2009 Change from March 2009 Change from April 2008
#units sold 3,198 +7.3% +78.3%
First time home buyers are taking advantage of these factors & realizing that their new home payments are cheaper than rent. FHA financing which allows buyers to only put down 3.5% on their 1st home accounted for a whopping 49% of the March sales.
Investors & 2nd home buyers were responsible for 36% of the sales in March. The big attraction for investors is that the mortgage, taxes & insurance is less than what the potential rental income for the property may be.
We are seeing more & more multiple offers on homes, sometimes as many as 10-15 offers. Stuart Shienfeld, a local realtor says, “The homes that have very little repair or upgrade work are flying off the shelves”
Time on Market April 09 March 09 April 08
0-30 Days 43.7% 37.8% 36.1%
31-60 Days 16.4% 17.9% 16.9%
61-90 Days 11.3% 14.9% 14.4%
Contact me today to find out how to take advantage of this Booming Market
April 2009 Change from March 2009 Change from April 2008
#units sold 3,198 +7.3% +78.3%
First time home buyers are taking advantage of these factors & realizing that their new home payments are cheaper than rent. FHA financing which allows buyers to only put down 3.5% on their 1st home accounted for a whopping 49% of the March sales.
Investors & 2nd home buyers were responsible for 36% of the sales in March. The big attraction for investors is that the mortgage, taxes & insurance is less than what the potential rental income for the property may be.
We are seeing more & more multiple offers on homes, sometimes as many as 10-15 offers. Stuart Shienfeld, a local realtor says, “The homes that have very little repair or upgrade work are flying off the shelves”
Time on Market April 09 March 09 April 08
0-30 Days 43.7% 37.8% 36.1%
31-60 Days 16.4% 17.9% 16.9%
61-90 Days 11.3% 14.9% 14.4%
Contact me today to find out how to take advantage of this Booming Market
Sunday, April 26, 2009
Las Vegas Home Prices Plummet to Lowest Level Since Fall 2001
The good news is that demand for Las Vegas homes jumped in March, but the bad news is that prices dropped to the lowest level since fall 2001. Bad news for sellers.
In March, 2,980 homes sold, a 30 percent increase over February and 102 percent jump over March 2008, according to the group. Bank sales accounted for three out of every four sales.
In March, $515 million worth of homes sold, a 22 percent increase over February and 14 percent increase over March 2008.
Foreclosures account for roughly 80 percent of homes sales in Las Vegas as investors have returned to the market to snap up deals.
With 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. It is not uncommon to see 10,15 or even 20 offers on a single bank owned home.
What this chart shows is that the banks are listing homes at prices to sell. With an $8000.00 tax credit for first time home buyers & interest rates between 4.59%-5.00% just adds rocket fuel the home buying fire.
If the house is upgraded with wood floors, granite counters, new carpet & paint, pool, large lot or gated community, it is receiving multiple offers and off the market in less than 30 DAYS!!!
Contact Stuart Shienfeld to discuss how you can take advantage of this GREAT BUYERS MARKET!!!
In March, 2,980 homes sold, a 30 percent increase over February and 102 percent jump over March 2008, according to the group. Bank sales accounted for three out of every four sales.
In March, $515 million worth of homes sold, a 22 percent increase over February and 14 percent increase over March 2008.
Foreclosures account for roughly 80 percent of homes sales in Las Vegas as investors have returned to the market to snap up deals.
With 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. It is not uncommon to see 10,15 or even 20 offers on a single bank owned home.
What this chart shows is that the banks are listing homes at prices to sell. With an $8000.00 tax credit for first time home buyers & interest rates between 4.59%-5.00% just adds rocket fuel the home buying fire.
If the house is upgraded with wood floors, granite counters, new carpet & paint, pool, large lot or gated community, it is receiving multiple offers and off the market in less than 30 DAYS!!!
Contact Stuart Shienfeld to discuss how you can take advantage of this GREAT BUYERS MARKET!!!
Las Vegas Bank Owned Homes
The government recently approved a First Time Buyer Tax Credit, up to $8000, that does not require repayment if the borrower resides in and maintains ownership of the property for at least three years. This will help pave the way for the housing market recovery in Las Vegas says, realtor Stuart Shienfeld.
President Barack Obama’s plan calls for $75 billion to help up to 4 million at-risk homeowners. Companies that collect mortgages will be paid $1,000 for every interest rate cut to make the payment no more than 38 percent of the borrower’s income. The government will split the cost of lowering payments to 31 percent and both lenders and borrowers will be paid $1,000 a year for keeping loans current.
Mortgage Rates Drop Below 5%
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.98 percent during the week ended March 19 from 5.03 percent the prior year, marking the lowest rate since 4.96 percent in mid-January.
Experts say rates could fall further in response to the Federal Reserve’s announcement that it will add $1.2 trillion to the economy to alleviate the credit crisis.
A total of 6,388 new movers came to Nevada in January. Existing home sales experienced a 72% increase in January over the prior year with 2,737 resales, while new home closings were off 66% at 284. Resale inventory hit its lowest level since September with 20,673 properties listed, or an 8.6 month supply.
Las Vegas home sales more than doubled in February from the same month a year ago, although median home prices continue to sink as foreclosures dominate the market
With bank-owned properties accounting for about 75% of sales, foreclosures are still forcing home prices to fall, Stuart Shienfeld says
President Barack Obama’s plan calls for $75 billion to help up to 4 million at-risk homeowners. Companies that collect mortgages will be paid $1,000 for every interest rate cut to make the payment no more than 38 percent of the borrower’s income. The government will split the cost of lowering payments to 31 percent and both lenders and borrowers will be paid $1,000 a year for keeping loans current.
Mortgage Rates Drop Below 5%
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.98 percent during the week ended March 19 from 5.03 percent the prior year, marking the lowest rate since 4.96 percent in mid-January.
Experts say rates could fall further in response to the Federal Reserve’s announcement that it will add $1.2 trillion to the economy to alleviate the credit crisis.
A total of 6,388 new movers came to Nevada in January. Existing home sales experienced a 72% increase in January over the prior year with 2,737 resales, while new home closings were off 66% at 284. Resale inventory hit its lowest level since September with 20,673 properties listed, or an 8.6 month supply.
Las Vegas home sales more than doubled in February from the same month a year ago, although median home prices continue to sink as foreclosures dominate the market
With bank-owned properties accounting for about 75% of sales, foreclosures are still forcing home prices to fall, Stuart Shienfeld says
Wednesday, October 1, 2008
Buyers Gobble up Las Vegas REO’s
The Las Vegas housing market is chewing through excess inventory of foreclosures, which now account for about 80 percent of resale homes.
The inventory of single-family home listings dropped sharply from 23,803 in January to 20,623 in August. The average Days on the Market went from 93 to 62 days during the same time frame.
The population of Clark County is still growing at a furious pace. In 2007, the population was at a cool 2,000,000, now it is estimated at 2,075,000 that is an increase of 6,250 people a month moving to the valley. Stuart Sheinfeld, Realtor in Las Vegas noted “With bank owned homes going for as little as $50/sq ft this makes a great time for 1st time homeowners and investors to get back in the market.” Especially when there is so much lending uncertainty on the horizon
The estimated current housing supply is at 7.3 months
When buying a REO or bank owned home here are a few things to know:
1. Property is being conveyed “AS IS/WHERE IS” condition. There will be no warranties, expressed or implied as to the condition of the property. Seller’s limits of liability to make any repairs to the property will be zero ($0). Seller will most likely not complete or compensate for any repairs.
2. Since Seller(s) do not have the means to provide HOA Association documentation, Buyer(s) are responsible for ordering & paying for the HOA documents; should a fee exist, to satisfy any and all due diligences per the CCR’s requirements to purchase a property in an association.
3. The actual selling price of this transaction will be determined upon getting an acceptable “net proceeds” required notification from the Seller’s Lender(s) and adding the Lenders acceptable costs to that bottom line.
4. The Lenders provided closing date is firm. There will be a monetary increase placed on the Buyers to compensate for additional interest or fees incurred by the Lender(s) for closing after the required date. REO’s are time sensitive and agents must understand that extensions are usually not honored by loss mitigation departments.
5. The Lender(s) may decide not to pay for Buyer’s Appraisal, Home Warranty or other “Buyers Closing Costs.”
6. Any required upfront payments will be paid for by the Buyer(s).
Most of all the list price is not always the price the bank is willing to accept. If the home is turn-key then you can bet there will be multiple offers and most likely be bought for as much as 120% of list price.
More info go to http://www.elitevegasrealestate.com
The inventory of single-family home listings dropped sharply from 23,803 in January to 20,623 in August. The average Days on the Market went from 93 to 62 days during the same time frame.
The population of Clark County is still growing at a furious pace. In 2007, the population was at a cool 2,000,000, now it is estimated at 2,075,000 that is an increase of 6,250 people a month moving to the valley. Stuart Sheinfeld, Realtor in Las Vegas noted “With bank owned homes going for as little as $50/sq ft this makes a great time for 1st time homeowners and investors to get back in the market.” Especially when there is so much lending uncertainty on the horizon
The estimated current housing supply is at 7.3 months
When buying a REO or bank owned home here are a few things to know:
1. Property is being conveyed “AS IS/WHERE IS” condition. There will be no warranties, expressed or implied as to the condition of the property. Seller’s limits of liability to make any repairs to the property will be zero ($0). Seller will most likely not complete or compensate for any repairs.
2. Since Seller(s) do not have the means to provide HOA Association documentation, Buyer(s) are responsible for ordering & paying for the HOA documents; should a fee exist, to satisfy any and all due diligences per the CCR’s requirements to purchase a property in an association.
3. The actual selling price of this transaction will be determined upon getting an acceptable “net proceeds” required notification from the Seller’s Lender(s) and adding the Lenders acceptable costs to that bottom line.
4. The Lenders provided closing date is firm. There will be a monetary increase placed on the Buyers to compensate for additional interest or fees incurred by the Lender(s) for closing after the required date. REO’s are time sensitive and agents must understand that extensions are usually not honored by loss mitigation departments.
5. The Lender(s) may decide not to pay for Buyer’s Appraisal, Home Warranty or other “Buyers Closing Costs.”
6. Any required upfront payments will be paid for by the Buyer(s).
Most of all the list price is not always the price the bank is willing to accept. If the home is turn-key then you can bet there will be multiple offers and most likely be bought for as much as 120% of list price.
More info go to http://www.elitevegasrealestate.com
Monday, August 11, 2008
Short Sale Frustration
Purchasing a short sale property which requires the seller’s lender approval is very complex situation. Even if you are working with the seller, however, the lender must approve the final numbers. We are asking them to accept less than what may be currently owed to them on the property.
If you submit an offer on a short sale property they usually should be submitted to the bank as they come in. This is not always the case since some real estate agents wait to submit groups of offers at once. This can delay an offer for at least a week to 10 days. Once it is submitted, it will take at a minimum 30-90 days to get a response, all depending on the institution that holds the note. Hopefully the seller has received approval for the short sale. If not, this process will take at least 45 days longer. You will need patience with this process!!!
Short sales, may change in the negotiation process in getting a final approval for the sale. The buyer will most likely have to pay for any reports, inspections &/or repair items. The buyer may be responsible for ordering & paying for the HOA documents; should a fee exist, to satisfy any and all due diligences per the CCR’s requirements to purchase a property in an association.
The lenders provided closing date is firm. The actual selling price of this transaction will be determined upon getting an acceptable “net proceeds” required notification from the seller’s lender and adding the lenders acceptable costs to that bottom line.
Short sales are time sensitive and agents must understand that extensions are usually not honored by loss mitigation departments; especially if there is a bank sale date scheduled.
Short sales can be a very frustrating transaction for most buyers. You may fall in love with a property and submit a generous offer on it compared to the comps in the area and still not get it. The worst part is not knowing for months if your offer was accepted or not and not even getting a chance to submit a counter-offer.
I always explain this scenario to my clients. With the numbers showing that foreclosures have doubled in Las Vegas from a year ago and the next wave of adjustable-rate mortgage resets could deepen the misery for an already severely depressed housing market. Almost 1.5 million loans, representing more than 40% of the outstanding loans of subprime ARMs, are scheduled to reset this year, according to the Federal Reserve.
For more information on short sales, foreclosures, reo’s, & Las Vegas real estate contact Stuart Sheinfeld at www.elitevegasrealestate.com
If you submit an offer on a short sale property they usually should be submitted to the bank as they come in. This is not always the case since some real estate agents wait to submit groups of offers at once. This can delay an offer for at least a week to 10 days. Once it is submitted, it will take at a minimum 30-90 days to get a response, all depending on the institution that holds the note. Hopefully the seller has received approval for the short sale. If not, this process will take at least 45 days longer. You will need patience with this process!!!
Short sales, may change in the negotiation process in getting a final approval for the sale. The buyer will most likely have to pay for any reports, inspections &/or repair items. The buyer may be responsible for ordering & paying for the HOA documents; should a fee exist, to satisfy any and all due diligences per the CCR’s requirements to purchase a property in an association.
The lenders provided closing date is firm. The actual selling price of this transaction will be determined upon getting an acceptable “net proceeds” required notification from the seller’s lender and adding the lenders acceptable costs to that bottom line.
Short sales are time sensitive and agents must understand that extensions are usually not honored by loss mitigation departments; especially if there is a bank sale date scheduled.
Short sales can be a very frustrating transaction for most buyers. You may fall in love with a property and submit a generous offer on it compared to the comps in the area and still not get it. The worst part is not knowing for months if your offer was accepted or not and not even getting a chance to submit a counter-offer.
I always explain this scenario to my clients. With the numbers showing that foreclosures have doubled in Las Vegas from a year ago and the next wave of adjustable-rate mortgage resets could deepen the misery for an already severely depressed housing market. Almost 1.5 million loans, representing more than 40% of the outstanding loans of subprime ARMs, are scheduled to reset this year, according to the Federal Reserve.
For more information on short sales, foreclosures, reo’s, & Las Vegas real estate contact Stuart Sheinfeld at www.elitevegasrealestate.com
Wednesday, July 30, 2008
Housing Bill Shuts Down Non-Profit Downpayment Assistance Programs on October 1, 2008.
Take Action Today to Save Downpayment Assistance!
Nehemiah Corporation of America, a national non-profit organization, has helped over 300,000 families who would have otherwise been locked out of homeownership due to lack of down payment funds.
Both the House and Senate passed H.R. 3221, Housing and Economic Recovery Act of 2008, a comprehensive piece of legislation that addresses a variety of housing related issues. The bill contains a provision (SEC. 2113) that forbids FHA from insuring mortgages in which the borrower’s down payment comes from a private down payment assistance provider, beginning October 1, 2008. As of this date, the minimum down payment will be increased from 3% to 3.5%.
The bill is headed for the President’s desk where his prompt signature is expected. With the stroke of the President’s pen, down payment assistance will be shut down in the United States on October 1, 2008.
The consequences will be devastating! By FHA's own estimates, DPA comprises nearly 40% of FHA's volume. This means more than 300,000 working class families will be locked out of homeownership in the next year alone. Communities across America will take the brunt of the $50 billion in lost real estate sales, not to mention the indirect impact on the real estate, mortgage and building sectors that will be forced to shed tens of thousands of jobs due to this dangerous legislation.
Act Now! Contact your elected officials and urge them to introduce and pass a bill that allows down payment assistance to endure. Failure to act now will ensure the death of all private down payment assistance programs.
Preserve private down payment assistance programs for families who are credit-worthy, but lack the savings necessary to fulfill their homeownership goals, protect the already fragile economy, improve the current housing market, and save jobs.
Take Action Today to Save Down payment Assistance!
In order to save down payment Assistance, we need to come together NOW to convince Congress to introduce and pass a bill that allows down payment assistance to continue indefinitely.
As a real estate professional I feel we need to stop this bill from becoming law. Down payment assistance can help many qualified people get into homes.
Down payment assistance provides an opportunity for borrowers who can afford a mortgage payment but don't have the down payment to get the process started.
Nehemiah Corporation of America, a national non-profit organization, has helped over 300,000 families who would have otherwise been locked out of homeownership due to lack of down payment funds.
Both the House and Senate passed H.R. 3221, Housing and Economic Recovery Act of 2008, a comprehensive piece of legislation that addresses a variety of housing related issues. The bill contains a provision (SEC. 2113) that forbids FHA from insuring mortgages in which the borrower’s down payment comes from a private down payment assistance provider, beginning October 1, 2008. As of this date, the minimum down payment will be increased from 3% to 3.5%.
The bill is headed for the President’s desk where his prompt signature is expected. With the stroke of the President’s pen, down payment assistance will be shut down in the United States on October 1, 2008.
The consequences will be devastating! By FHA's own estimates, DPA comprises nearly 40% of FHA's volume. This means more than 300,000 working class families will be locked out of homeownership in the next year alone. Communities across America will take the brunt of the $50 billion in lost real estate sales, not to mention the indirect impact on the real estate, mortgage and building sectors that will be forced to shed tens of thousands of jobs due to this dangerous legislation.
Act Now! Contact your elected officials and urge them to introduce and pass a bill that allows down payment assistance to endure. Failure to act now will ensure the death of all private down payment assistance programs.
Preserve private down payment assistance programs for families who are credit-worthy, but lack the savings necessary to fulfill their homeownership goals, protect the already fragile economy, improve the current housing market, and save jobs.
Take Action Today to Save Down payment Assistance!
In order to save down payment Assistance, we need to come together NOW to convince Congress to introduce and pass a bill that allows down payment assistance to continue indefinitely.
As a real estate professional I feel we need to stop this bill from becoming law. Down payment assistance can help many qualified people get into homes.
Down payment assistance provides an opportunity for borrowers who can afford a mortgage payment but don't have the down payment to get the process started.
Subscribe to:
Posts (Atom)
Posts
