Las Vegas Area Sellers and Sales (Transaction) Categories: Lease Option to Purchase (#9 in a series) - 09/30/09 08:08 PM
Las Vegas Area Seller or Sales Transaction Category #9:  Lease Option to Purchase
A Lease Option to Purchase is a Type of Sale.
A Lease Option is technically a lease with the option to purchase the home and has two separate contracts secured by a non-refundable "option" deposit. 
Lease Option to Purchase is generally best when used for speculating on market changes in price.  So basically, the buyer is "locking in" a price to purchase a home during a certain timeframe.
In this current environment, buyers should NOT be speculating that their loan product will exist when the option to purchase … (6 comments)

The Lakes Las Vegas, NV August 2009 Real Estate Market Report (Homes For Sale/Pending/Sold - 09/30/09 07:54 AM

The Lakes August 2009 Real Estate Resale Market Report:
Listings (9/15/2009):  39 Under Contract (9/15/2009):  75 Sold August 2009:  23 Month's Inventory:  1.7 Since Last Month's Report:  Listings DOWN -6, Pendings UP +8, Sold DOWN -1
Why Las Vegas Pendings Aren't Selling
View Last Month's Market Report Right Here!
For More Las Vegas Communities and Reports Click Here
… (6 comments)

Charleston Heights Las Vegas, NV August 2009 Real Estate Market Report (Homes For Sale/Pending/Sold) - 09/29/09 12:14 PM

Charleston Heights August 2009 Real Estate Resale Market Report:
Listings (9/15/2009):  98 Under Contract (9/15/2009):  135 Sold August 2009:  59 Month's Inventory:  1.7 Since Last Month:  Listings are DOWN -7, Pendings are DOWN -13, Solds are DOWN -5
Why Las Vegas Pendings Are Not Closing
Last Month's Charleston Heights Real Estate Market Report
For More Las Vegas Communities and Reports Click Here
… (5 comments)

Welcome Home to SW Las Vegas Communities: Liberty at Warm Springs - 09/28/09 08:31 PM

Welcome Home to SW Las Vegas Communities: Liberty at Warm Springs
Liberty at Warm Springs is a community in Southwest Las Vegas near the corner of Warm Springs & El Capitan. It consists of "patio" style single family detached homes with garages.
Liberty at Warm Springs is within walking distance of many amenities - St Rose San Martin Campus, Red Ridge Community Park, Faiss Middle School, Tenaka Elementary School, Restaurants, Professional Offices, Medical Offices and Local Gaming. 
Catching the southern 215 beltway is a snap from the Durango Exit (leaving great proximity to McCarran Airport, UNLV and the South Strip Employment and Entertainment centers!)
There are … (4 comments)

Las Vegas - Henderson - North Las Vegas Sun Cities August 2009 Market Report - 09/28/09 12:54 PM

Age Restricted (55+) Communities are scattered throughout the valley.  Many offer a variety community amenities for Seniors who enjoy active lifestyles.
Here are real estate market reports for the most popular 5 Age Restricted Communities in the Las Vegas Valley:


Sun City MacDonald Ranch is located in the Green Valley Area of Henderson, NV (zip 89012). There are 893 Homes in Sun City MacDonald Ranch ranging from 1020-2489 Square Feet.  Community Amenities Include:  Clubhouse, Community Golf, Gym, Pool, Spa, Tennis

Sun City Anthem is located in the Anthem Area of Henderson, NV (zip 89052 and 90-44).  There are … (5 comments)

Why Las Vegas Homeowners Should Care About Things That Go "Bump in the Night"? - 09/27/09 02:07 PM
To prevent loss of value on their OWN home.
And why should renters care?  Maybe if they are buying or considering buying a home across town or in their own area, they should care if they are going to use financing to purchase their home. 
Here is what is going on:  stuff is getting stolen that prevents financing of a home.  I am not talking refrigerators or little appliances or a ceiling fan here or there.  I am talking about pool pumps and air conditioners and water heaters ~ even entire large above ground spas.
It always seems to me that … (11 comments)

WHY Las Vegas Pendings Aren't Closing - 09/25/09 04:54 PM
I have had a good number of astute real estate professionals recently ask me "why aren't your pendings closing?" on my market reports!
Here is just a peek at some market reports for one specific area (June, July and August Respectively):

What you are seeing here is that the Pendings (red) has been gaining ground and the Sales have been slowing down (green).  This doesn't make sense with rising pendings, you should see rising closings.
There several very good reasons and I am here to explain why this is going on.
When I got my license here in 2005 our … (58 comments)

Southern Highlands Las Vegas, NV August 2009 Real Estate Market Report (Homes For Sale/Pending/Sold) - 09/25/09 12:22 PM

Southern Highlands August 2009 Real Estate Resale Market Report (Homes For Sale/Pending/Sold):
Listings (9/15/2009):  192 Under Contract (9/15/2009):  220 Sold August 2009:  42 Month's Inventory:  3.7 Since Last Month:  Listings are UP + 42, Pendings are UP +18, Sold Units DOWN -13
Last Month's Report
For More Las Vegas Communities and Reports Click Here
… (2 comments)

Coronado Ranch Las Vegas, NV August 2009 Real Estate Market Report (Homes For Sale/Pending/Sold) - 09/24/09 07:35 AM

Coronado Ranch August 2009 Real Estate Resale Market Report (Homes For Sale/Pending/Sold):
Listings (9/15/2009):  17 Under Contract (9/15/2009):  83 Sold August 2009:  14 Month's Inventory:  1.2 Since Last Month:  Listings are DOWN -7, Pendings are UP +11, Solds are UP +2
Last Month's Coronado Ranch Market Update
To View Other Las Vegas Communities Click Here!
… (8 comments)

Silverado Ranch Las Vegas Real Estate August 2009 Resale Market Report (Homes For Sale/Pending/Sold) - 09/23/09 08:13 AM

Silverado Ranch August 2009 Real Estate Resale Market Report (Homes For Sale, Pending, Sold):
Listings (9/16/2009):  127 Under Contract (9/16/2009):  282 Sold August 2009:  68 Month's Inventory:  1.9 Since last month:  Listings are DOWN -36, Pendings are UP +51, Sales are DOWN -6
Read Last Month's Report Here
… (5 comments)

Web 2.0 is HERE! Let's Make Some Noise For Transparency in Regards to REO Listings! - 09/22/09 07:58 PM
Hello Banks, Noteholders, Servicing Companies, et al, etc, so on and so forth!
Today I want to let you know what is going on in the Las Vegas Area REO market.  I am sure to get big REO listers very upset with me by writing an argument on WHY you should make the process easier to submit offers ONLINE for buyer's agents. 
I get that our inventory situation is tight here in the valley.  I get you have your hands tied with mediation, short sales, tenants w/ new tenant law and I get that you are releasing them as quick as you … (61 comments)

Las Vegas NV Area August 2009 Home Sales and Listings by Type - 09/22/09 01:59 PM

Las Vegas Area September 15, 2009 Active Listings by Type
REO:  2379 (22%) Short Sale:  4718 (43%) All Other:  3921 (35%)

August 2009 Sales by Type:
REO:  2874 (72%) Short Sale:  491 (12%) Other:  627 (16%) This is just a guide for consumers to see what types of properties are closing vs what is listed.  Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market.
Click here to see last month's Listing and Sales Type Report
Click here to view the most recent stats (scroll to bottom)
… (7 comments)

Welcome Home to SW Las Vegas Communities: Morgyn Ridge Condos! - 09/21/09 06:17 PM

Welcome Home to SW Las Vegas Communities: Morgyn Ridge Condos 
Morgyn Ridge Condominiums is a gated community in Southwest Las Vegas near the corner of Durango & Russell. 
While it appears to not be close to much of anything but desert on the map, Russell Road is now connected and residents can access Rainbow Rd - Spring Valley Hospital, Restaurants, United States Post Office, Professional Offices, Medical Offices and Local Gaming. 
Catching the southern 215 beltway is a snap from either the Durango Exit (leaving great proximity to McCarran Airport, UNLV and the South Strip Employment and Entertainment centers!) OR Russell Rd … (3 comments)

Summerlin Las Vegas, NV August 2009 Real Estate Market Report - 09/21/09 07:14 AM


Summerlin August 2009 Real Estate Resale Market Report:
Listings (9/15/2009):  690 Under Contract (9/15/2009):  607 Sold August 2009:  160 Month's Inventory:  4.3 Absorption is slightly higher than Las Vegas Valley.
Since Last Month's Report:
Listings DOWN -18 Pendings UP +16 Sold Units DOWN -15 Last Month's Summerlin Report
Most Current Summerlin Market Report
… (5 comments)

Desert Shores Las Vegas August 2009 Resale Market Report (Homes For Sale/Pending/Sold) - 09/18/09 03:25 PM



Desert Shores August 2009 Real Estate Resale Market Report:
Listings (9/15/2009):  72 Under Contract (9/15/2009):  97 Sold August 2009:  12 Month's Inventory:  6 Since Last Month:  Listings are UP +2, Pendings are STAGNANT, Sold Units are DOWN -13
This market has moved from a seller's market to a stable market in the last month!
Last Month's Report
Click here for Most Recent Desert Shores Market Report
Click here for More Information on Desert Shores Lake Living.
… (4 comments)

Las Vegas, NV Area August 2009 Pendings Report: Inventory Still Going Down, Pendings Still Going UP! - 09/17/09 05:31 PM


The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for August 2009 is a seller's market @ 2.8 months of inventory (slight rise from last month, seeing some micros inch up with inventory!)  Some micro-markets (ie,Foreclosures Bank Owned, REO) are extreme seller's markets where there is no mercy to the buyers, multiple offers are the norm! 
Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)
Listings (9/15/2009):  11018 (FOLKS THIS NUMBER DROPPED BELOW 11000 SINCE I PULLED STATS!)  Under Contract (9/15/2009):  14577 Sold August 2009:  3992 Month's Inventory:  2.8 Short Sales:
43% of Listings 12% … (7 comments)

Nevada Trails August 2009 Real Estate Resale Market Report (Homes For Sale, Pending, Sold) - 09/17/09 12:01 PM


Nevada Trails July 2009 Real Estate Resale Market Report (Homes For Sale, Pending, Sold):
Listings (9/15/2009):  21 Under Contract (9/15/2009):  49 Sold August 2009:  8 Month's Inventory:  2.6 Since Last Month:  Listings are UP +3, Pendings are DOWN -3, Sales are UP +1.
Last Month's Nevada Trails Market Report
Click here for More Information on Nevada Trails Living.
… (6 comments)

Mountain's Edge August 2009 Real Estate Resale Market Report (Homes For Sale/Pending/Sold) - 09/16/09 06:53 AM




Mountain's Edge August 2009 Real Estate Resale Market Report:
Listings (8/152009):  176 Under Contract (8/15/2009):  359 Sold July 2009:  63 Month's Inventory:  2.8 Since Last Month:  Listings are DOWN -6, Pendings are UP +2-, Sales are DOWN -16
Last Month's Mountain's Edge Real Estate Market Report
Mountain's Edge is a newer community so many of the listings are short sales or bank owned.
… (9 comments)

Las Vegas, NV Area Short Sale August 2009 Inventory Update - 09/15/09 05:05 PM


The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement.  Absorption still remains high BUT has recently moved under the 1 year mark.  Solds have FINALLY gone from hovering the 200 unit mark and went over the 400 mark.  I see improvement in this sector! Inventory has decreased  (-84 units).  Pending units have increased by +737 units.    Solds have increased by +33 units.  Absorption down by 0.9 months
There are many reasons for the lack of closings in this market and it is outlined in this post. 
Short Sale Synopsis:
Listings 9/15/2009: 4718 Pending 9/15/2009: 8020 Closed August 2009: 491 Month's Inventory: 9.6 Short Sales Currently Account for:
41.5% of All Las Vegas Valley … (16 comments)

Arlington Ranch Las Vegas, NV August 2009 Real Estate Market Report (Homes For Sale, Pending & Sold) - 09/15/09 02:47 PM

Arlington Ranch August 2009 Real Estate Resale Market Report
Listings (9/15/2009):  16 Under Contract (9/15/2009):  55 Sold August 2009:  14 Month's Inventory:  1.1 Arlington Ranch changes since last month:  Listings DOWN -2, Pendings DOWN -5, Sold UP +5
Click Here for Last Month's Report
For More Las Vegas Communities and Reports Click Here


 
… (8 comments)

Welcome Home to SW Las Vegas Communities: Apache Springs Condo aka "THE FALLS" - 09/14/09 07:54 PM

Welcome Home to SW Las Vegas Communities:  Apache Springs Condo aka "THE FALLS"
Apache Springs Condominiums "The Falls" is a gated community snuggled in the southwest Las Vegas valley foothills.  They feature great peek-a-boo views of the mountains to the west and to the north!View Map (Satellite Hybrid)Amenities include a Clubhouse, Pool, Spa, Basketball Court & PlaygroundThere are exactly 360 homes in this neighborhood ranging from  843-1237 square feet.  The builder was Rhodes Homes and these homes were built between 2003-2005.Don't let the year Apache Springs was built fool you!  Rhodes Homes used mature landscaping to adorn the grounds and make it … (12 comments)

North Las Vegas, NV Home For Sale: Not a Short Sale or REO, NO DRAMA! Hot Tub, Granite, Stainless Appliances, Laminate Floors - 09/14/09 10:37 AM
NOT A SHORT SALE OR REO! 3818 Discovery Creek, North Las Vegas, NV 89031 View Map Please click on the floorplan button! Totally unique floorplan (built with 4th bedroom option). 2 bedrooms down with full bath to share. 2 bedrooms UP and EACH has it's OWN bathroom! +++BONUS LOFT+++ Master bedroom has a balcony that overlooks spacious backyard & outdoor above ground hot tub! Patio is covered by balcony and has two beautiful ceiling fans to cool you off on a hot hot summer night! Kitchen boasts granite countertops & stainless steel appliances with eat-in dining area. Living room has two … (5 comments)

2009 NCAA College Football 'Helmet' Schedule Spreadsheet Download - 09/13/09 09:56 PM
Gotta love Mr Burris!

Via Tom Burris | FHA VA & Conv. Texas Mortgage Loans (DallasLoanGuy.com):
Download the 2009 NCAA College Football Helmet Schedule
The 2009 NCAA College Football Season kicks off TONIGHT!!!!! See who's on the schedule.
I finally found the 2009 version of the popular 'Helmet Schedule' that makes it so convenient to keep track of upcoming College Football games by conference.
Last year's spreadsheet was one of my highest viewed blogs of 2008. So I am happy to find this thing again and host it for download.....
 
The 2009 NCAA Football Helmet Schedule can be downloaded here.
… (0 comments)

Las Vegas Area Sellers and Sales (Transaction) Categories: Probate (#8 in a series) - 09/12/09 12:21 AM
Las Vegas Area Seller or Transaction Category #8: Probate
This is part 8 in a series describing different types of sellers and transactions in the Las Vegas Area market.
Probate is a type of seller. More specifically, it is a seller contingency.
Probate is a legal process after death of a property owner, that distributes the property to the heirs.  This process can happen if a person dies “intestate” (without a will) or with a will (court will interpret the will).
The best way for your heirs to avoid the probate process with real estate is to either put heirs on the … (4 comments)

Economic Conditions for the Las Vegas Valley August 2009 - 09/11/09 09:51 AM
Economic Conditions for the Las Vegas Valley August 2009
 Housing Conditions:
Foreclosure/Short Sale Listings (8/15/2009): Total Listings 11568; Short Sales: 4802, 41.5% of all listings; Bank Owned Listings: 2649, 22.9% of all listings. Short sale and REO listings consume 64.4% of total listings New Home Sales (July 2009, units sold): 378 Year Change -41.4% (excl condo conversions, highrises) New Home Sales (July 2009, median price): $205,791 Year Change -20.8% (excl condo conversions, highrises) Existing Home Sales (July 2009, units sold): 4371 Year Change +37.9% Existing Home Sales (July 2009, median price): $125,000 Year Change: -40.5% New Home Permits (July 2009): 452 Year Change -56.4% … (1 comments)

Las Vegas Area First Time Home Buyers: How Far Will You Go For $8000? - 09/09/09 08:21 PM
Two of my favorite mortgage bloggers wrote some great articles that I want First Time Buyers in our area to check out and weigh their options:
Outsmart the Crowd: Skip the $8000 Tax Credit and Wait to Buy by Janet Guilbault
And the rebuttal:
So you think you outsmarted the crowd because you skipped the $8,000 first time homebuyers tax credit by Jeff Belonger
Who do I feel is right?  They both are to a degree.
I feel there is a bit of a sense of urgency because we DON'T know nor can we predict where rates are going to be in December.  … (12 comments)

Las Vegas Real Estate Market Seller Concession Stand July 2009 - 09/09/09 11:03 AM

Here is what buyers received in seller paid concessions on July 2009 Las Vegas Area (Henderson - N Las Vegas - Las Vegas) Closes:
Less than $500:  68% ($500 only buys you a home warranty or (no and) an appraisal Between $501-4000:  14% Over $4001:  18% This pretty much means that sellers aren't giving up much of anything since Las Vegas is a Seller's Market and in dire need of sellable inventory!
… (7 comments)

Rhodes Ranch Area Active Listings/Sold/Rental & Resale Real Estate July 2009 Market Report - 09/08/09 07:29 PM


Rhodes Ranch Area Resale Market Report (homes for sale, pending and sold):
Active Listings (8/15/2009): 195 Under Contract (8/15/2009): 386 Sold July 2009:  104 Months Inventory: 1.9





Rhodes Ranch Area Rental Market Report (homes for rent, contingent, leased)
Active Listings (8/15/2009): 133 Under Contract (8/15/2009): 21 Leased July 2009:  50 Months Inventory:  2.7

How to read my market reports (definitions and terms!)
Last Month's Market Report

Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch (Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.
For More … (7 comments)

Silverado Ranch Las Vegas Real Estate July 2009 Resale Market Report (Homes For Sale/Pending/Sold) - 09/08/09 07:05 AM

Silverado Ranch July 2009 Real Estate Resale Market Report:
Listings (7/16/2009):  163 Under Contract (7/16/2009):  231 Sold June 2009:  74 Month's Inventory:  2.2 Since last month:  Listings are DOWN -22, Pendings are UP +30, Sales are UP +15
Read Last Month's Report Here
… (7 comments)

Desert Shores Las Vegas 2009 Resale Market Report (Homes For Sale/Pending/Sold) - 09/07/09 12:20 PM


Desert Shores July 2009 Real Estate Resale Market Report:
Listings (8/15/2009):  70 Under Contract (8/15/2009):  97 Sold July 2009:  25 Month's Inventory:  2.8  Since Last Month:  Listings are DOWN -8, Pendings are DOWN -14, Sold Units are UP +1
Last Month's Report
Click here for Most Recent Desert Shores Market Report
Click here for More Information on Desert Shores Lake Living.

… (9 comments)

FHA market share increases, but cash reserves shrink - 09/06/09 04:33 PM
Interesting insight from Esko!  To comment please click on the link to go to the original post:

Via Esko Kiuru - Las Vegas NV Mortgage Consultant (FHA, VA, Conventional, Refinance, Jumbo):
FHA is a mortgage loan insurer that has stepped into the rather sizable vacuum the recent housing finance market collapse created. Inside Mortgage Finance reports that its market share has jumped from a paltry 3% in 2006 to a strong 23% in the second quarter of 2009. It has become very popular especially with first-time home buyers because of its as low as 3.5% down payment requirement and more accommodating … (0 comments)

Mountain's Edge July 2009 Real Estate Resale Market Report - 09/04/09 12:56 PM


Mountain's Edge July 2009 Real Estate Resale Market Report:
Listings (8/152009):  185 Under Contract (8/15/2009):  339 Sold July 2009:  79 Month's Inventory:  2.3 Since Last Month:  Listings are UP +1, Pendings are UP +32, Sales are UP +5
Last Month's Mountain's Edge Real Estate Market Report
Mountain's Edge is a newer community so many of the listings are short sales or bank owned.
… (1 comments)

Las Vegas NV Area July 2009 Home Sales and Listings by Type - 09/03/09 01:21 AM

Las Vegas Area August 15, 2009 Listings by Type
REO:  2649 (23%) Short Sale:  4802 (41%) All Other:  4117 (36%)
July 2009 Sales by Type:
REO:  3415 (75%) Short Sale:  458 (10%) Other:  670 (15%) This is just a guide for consumers to see what types of properties are closing vs what is listed.  Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market.
Click here to view the most recent stats (scroll to bottom)
… (3 comments)

Las Vegas, NV Area July 2009 High Rise Inventory Update - 09/03/09 01:13 AM

Las Vegas High Rise Rentals:
237 Listed 8/15/2009 14 Under Contract 8/15/2009 55 Leased July 2009  4.3 Months Inventory





Las Vegas High Rise Resales:
670 Listed 8/15/2009 88 Under Contract 8/15/2009 46 Closed July 2009 14.6 Months Inventory  Still bad but significant improvement over last several months! This Market is extremely volatile due to the boutique nature and lack of financing.    Read last month's report here.
This report is compiled by using data from the GLVAR MLS. Data is gathered by the "VERTICAL" field and the "RESIDENTIAL" field using "CON" as subtype and  "HIGHRIS,LOFTLIV,PENTHSE" equals any for building description.  Information is deemed reliable but not guaranteed.
… (0 comments)

The Lakes Las Vegas, NV July 2009 Real Estate Market Report - 09/03/09 01:02 AM

The Lakes July 2009 Real Estate Resale Market Report:
Listings (8/15/2009):  45 Under Contract (8/15/2009):  67 Sold July 2009:  24 Month's Inventory:  1.7 Since Last Month's Report:  Listings UP +4, Pendings DOWN -11, Sold DOWN -1
View Last Month's Market Report Right Here!
For More Las Vegas Communities and Reports Click Here
… (0 comments)

Las Vegas NV Area Sold Terms & Trends for July 2009: Cash, Cash, Cash! - 09/02/09 08:06 AM
 



Cash REMAINS KING in the Las Vegas Area Real Estate Market!!!  It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is enjoying!  It is important to understand how a seller looks at each financing type:
Cash Offers:  Generally have less contingencies and quicker close times.  A cash offer may be accepted even if it is lower than a financed offer.
Conventional Financing:  Less strict with lender required repairs but larger down payments and more strict credit guidelines.
FHA/VA Financing:  Requires more scrutiny with lender required repairs via … (12 comments)

Las Vegas NV Area July 2009 REO Inventory Update: Not Much Out There (less than one month inventory!) - 09/01/09 07:09 AM

Inventory has fallen since last report (-109 units), Pendings have dropped -239 units  Closing data is DOWN at -115 units.   Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.  
REO sales accounted for 75.1% of all Las Vegas Area Valley resale closings in June 2009.  REO listings account for only 22.9% of total resale listings.
Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.
Current Listed Bank Owned Statistics:
Listings (8/15/2009): 2649 Under Contract (8/15/2009): 5236 Sold July 2009:  3415 Absorption Rate:  0.8 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY) View Last Month's Report Here  
To find … (4 comments)

 
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Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com

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Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate

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