las vegas short sales: Las Vegas NV Area December 2009 Home Sales and Listings by Type
- 01/23/10 11:23 AM
Las Vegas Area January 15, 2010 Active Listings by Type
REO: 2137 (21%) Short Sale: 4735 (45%) All Other: 3552 (34%)
December 2009 Sales by Type:
REO: 2548 (62%) Short Sale: 794 (19%) Other: 793 (19%) 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 … (11 comments)
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las vegas short sales: Las Vegas, NV Area Short Sale December 2009 Inventory Update
- 01/17/10 10:29 AM
The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement. Absorption is moving to the stable market territory at only 5.9 months of inventory. Solds have FINALLY gone from hovering the 200 unit mark and near the 800 units mark. I see improvement in this sector! Inventory has increased by +260 units. Under Contract has decreased by -99units. Solds have increased by +149 units.
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
Listings 1/15/2010: 4735 Pending 1/15/2010: 8917 Closed December 2009: 794 Month's Inventory: 5.9 Short Sales Currently Account for:
45% of All Las Vegas Valley Listings 19% of All … (8 comments)
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las vegas short sales: *I* am Refusing to Believe in the "Shadow Inventory Fairy"
- 01/17/10 07:54 AM
Call me a cynic, but I am refusing in the belief of "Shadow Inventory". I don't believe there will be inventory "dumped" on the market, and if it does get dumped, we still need 14000 units to turn it into a stable market!
As you can see from the graph above, total inventory levels have remained quite stable in the last two years (when it is all added up!) Quite a bit of the inventory is swallowed up by the under contract (contingent or pending) category which has a lot to do with short sales clogging up the system! Now … (12 comments)
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las vegas short sales: Las Vegas, NV Area December 2009 Pendings Report: Sales UP in December!
- 01/16/10 09:30 AM
The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for December 2009 is a seller's market @ 2.5 months of 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!
We are FINALLY seeing a stabilization of inventory and a decrease with escrows (we should have seen that late spring/early summer!) Good news for buyers? Still remains to be seen. We need to get over 10000 active units on the market before it can be stabilized from a seller's market
… (9 comments)
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las vegas short sales: SW Las Vegas Home For Sale: Short Sale w/ Community Pool!
- 01/11/10 03:09 AM
SW Las Vegas Home For Sale ~ Community Pool!!Location: South MountainExcellent Condition! Community has a pool and a playgroundView the virtual tour: http://www.realestateshows.com/460313FeaturesBedrooms: 2Bathrooms: 2Year Built: 2005Subdivision: South Mountain Lot Size: 2178Garage Size: 1School District: CCSDSquare Footage: 1400Agent Name: Renee BurrowsBroker: Encore Realty GroupMLS #: 1005586InformationContact InformationRenee Burrows702-966-2494Contact Reply FormForward to a FriendView Other FlyersPricingPrice: $95,000Additional Pricing Information: Short Sale: Price, Terms and Conditions Subject to Third Party Lienholder Approval (Seller Contingency)Property Location9464 Ore CartLas Vegas, NV 89178View MapLinksSchools ZonedFloor PlanVirtual TourReal Estate BlogAttributesAppliancesRange/OvenFull RefrigeratorWasher/DryerDishwasherSink DisposalMicrowaveInterior AmenitiesKitchen IslandExterior AmenitiesPatioPowered by vFlyer.com EQUAL HOUSING OPPORTUNITYVFLYER ID: 3045140 … (8 comments)
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las vegas short sales: Economic Conditions for the Las Vegas Valley December 2009
- 01/07/10 12:16 AM
Economic Conditions for the Las Vegas Valley November 2009
Housing Conditions:
Foreclosure/Short Sale Listings (12/15/2009): Total Listings 10332; Short Sales: 4474, 43% of all listings; Bank Owned Listings: 2253, 22% of all listings. Short sale and REO listings consume 65% of total listings New Home Sales (November 2009, units sold): 581 Year Change -4.3% (excl condo conversions, highrises) New Home Sales (November 2009, median price): $200,000 Year Change -19.5% (excl condo conversions, highrises) Existing Home Sales (November 2009, units sold): 3774 Year Change +46.8% Existing Home Sales (November 2009, median price): $126,000 Year Change: -27.5% New Home Permits (November 2009): 285 Year … (12 comments)
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las vegas short sales: Quit whining about Short Sales. YOU are the problem.
- 12/29/09 01:45 AM
Very pertinent info for the Las Vegas Area Market! Comments disabled, please go to Broker Bryant's post if you feel the need to comment:
Hi folks. I was commenting on an article by Russell Shaw over at AgentGenius earlier and one person actually stated that instead of trying to solve the short sale issue we should be working on speeding up the foreclosure process.
Speed up foreclosures? Sorry but I’m in the business of helping people salvage some of their credit and get out of a bad situation with the least amount of damage. Speeding up the foreclosure process … (0 comments)
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las vegas short sales: Loan Modifications: Is There More To The Story Than Meets The Eye?
- 12/29/09 01:43 AM
Very Pertinent information for the Las Vegas Area homeowners. Comments disabled, Please go to Katerina's post to comment:
I just read a featured post asking why loan modifications are failing. Let's see if there is more to the picture-
I also wrote a featured post about this some time ago. It is here: Is Your Short Sale or Loan Modification Being Turned Down? That post was reblogged 44 times and had 4437 views. It was one of the most read posts I have ever written.
The reasons are very clear if you research the facts. The servicers are under their … (0 comments)
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las vegas short sales: Sorry But No Look-y Without Proof-y
- 12/24/09 06:55 AM
This is a gentle reminder (with the holidays upon us) to my clients and people who just read my blog. I cannot make appointments without Pre-Approval with a DIRECT IN TOWN lender (financed offers, no out of town brokers please) OR Proof of Funds (all cash offers.)
Right now (as I have said in the past,) buyer interest is extremely high, combine it with holidays and out of town buyers, there is no one on my team that will show (even during the "slower" seasons) without those pieces of information.
You need them to submit on short sales, you need them to … (9 comments)
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las vegas short sales: Should We Consider Permitting for Short Sale and REO Sales?
- 12/23/09 01:59 PM
I read Katerina Gasset's (very valid) rant: Don't Represent Buyers In A Short Sale If You Don't Have A Clue!
The Short sale has got to be one of the most complicated contingency types (whether you are representing a buyer or seller.) Many types of scenarios can "pop up" during the course of a short sale (while you are waiting and waiting and waiting.) It is so important to counsel your buyers and sellers before you list or sell a short sale property with the different scenarios to make sure that they have "skin to stay in the game".
We permit property managers.
We permit … (32 comments)
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las vegas short sales: Las Vegas NV Area November 2009 Home Sales and Listings by Type
- 12/22/09 08:12 AM
Las Vegas Area December 15, 2009 Active Listings by Type
REO: 2253 (22%) Short Sale: 4474 (43%) All Other: 3605 (35%)
October 2009 Sales by Type:
REO: 2378 (63%) Short Sale: 645 (17%) Other: 751 (20%) 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 … (7 comments)
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las vegas short sales: Will Tax Credits Buy Our Way Out of This Mess?
- 12/19/09 05:47 AM
Something got me thinking yesterday, it's all about the tax credits. Yes, they have been so wildly successful that they have caused inventory shortages all across the country.
Qualifying First time buyers (and now move up buyers with the expansion,) are so wanting their fingers on that up to $8000 credit that they are gobbling up that foreclosure inventory as quickly as it is released on the market!
Now, I was hoping that they would put the buyer tax credit to rest (at least for a while) so that some of these areas (like the Las Vegas - Henderson - North Las … (75 comments)
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las vegas short sales: Did You Get Out of the Game Attempting to Buy Las Vegas Area Real Estate?
- 12/17/09 04:31 AM
If you got out of the game back in October when the kitchen was getting hot (due to high buyer interest trying to beat the tax credit clock).........right now you may want to check back in till the end of the month!
Here is what I am finding......crickets are chirping all over town in the dead of winter: keys are in lockboxes, less liklihood of running into other agents while looking at homes, offers are getting countered or accepted, life is busy and good for the buyers that are looking right now! There may be no heat on but it's better than … (11 comments)
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las vegas short sales: Las Vegas, NV Area Short Sale November 2009 Inventory Update
- 12/15/09 11:12 PM
The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement. Absorption is moving to the stable market territory at only 6.9 months of inventory. Solds have FINALLY gone from hovering the 200 unit mark and went over the 500 mark. I see improvement in this sector! Inventory has decreased (-1 units). Pending units have increased by +278 units. Solds have decreased by -43 units. (this is the first decrease in short sale solds since May)
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
Listings 12/15/2009: 4474 Pending 12/15/2009: 9016 Closed November 2009: 645 Month's Inventory: 6.9 Short Sales Currently Account for:
… (5 comments)
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las vegas short sales: Las Vegas, NV Area October 2009 Pendings Report: Pendings DROP, Inventory DOWN, Closes HAPPENING
- 12/15/09 12:22 PM
The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for November 2009 is a seller's market @ 2.7 months of 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!
We are FINALLY seeing a stabilization of inventory and a decrease with escrows (we should have seen that late spring/early summer!) Good news for buyers? Still remains to be seen. We need to get over 10000 active units on the market before it can be stabilized from a seller's market
Las … (7 comments)
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las vegas short sales: Deep Thoughts About "Shadow" Inventory in the Las Vegas - Henderson Area
- 12/14/09 11:51 AM
While I am seeing no end in sight with so many upside down properties, I don't see "shadow" inventory being dumped on the market.
While we sit in the middle of "moratorium" and "slow" season, here is what *I SEE* is going on:
Inventory climbed slightly in November and now dropped slightly (I pull numbers officially on the 15th.) Pendings have dropped tremendously since November BUT so far December's closings are telling me that there will be more closings (Christmas presents) in December than November!
Where is that pesky Shadow Inventory or the "Big Dump" banks will be taking that people (Realtors, Servicing … (10 comments)
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las vegas short sales: Unsure What to do with Your Las Vegas Area Distressed Property?
- 12/10/09 11:04 PM
Unsure About Your Options? (Short Sale, Foreclosure, Deed in Lieu, BK, OH MY!)
As a Realtor, it is my job to list and sell homes, it is not my job to counsel you about your options. I will leave that job to attorneys.
If you are unsure about your options, you may want to set some time aside, tomorrow, Saturday December 12, 2009 @ 2:05 PM and listen to an internet talk show called "Veterans in Politics". The show is hosted by Steve Sanson and his guests will be Deborah Vick and Michael M Later, Esq. Real Estate Attorney. You are … (14 comments)
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las vegas short sales: Your Las Vegas NV Area Home Search: What Does Contingent Offer or Pending Offer Mean?
- 12/10/09 12:39 AM
Searching Las Vegas - Henderson - North Las Vegas Homes For Sale:
When analyzing my keywords on my real estate blog on how people found me in the last month, I found this query:
It is actually a good question for home searchers that are taking a peek at IDX sites, Realtor(dot)com, Home Buyer's Scouting Report, etc to help aid in their search for AVAILABLE Las Vegas Area Homes!
1) Active-Exclusive Right: Means the home is "available". Available is relative these days with the lack of inventory (homes for sale) available in the MLS.
Just because a home appears "available" doesn't necessarily mean it doesn't have offers on … (13 comments)
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las vegas short sales: E Las Vegas NV House For Sale ~ NO HOA!!
- 12/08/09 09:19 AM
Opportunity Knocks Near Nellis!Location: White CliffsFeaturesBedrooms: 4Bathrooms: 2.5Year Built: 1995Subdivision: White CliffsLot Size: 4948Garage Size: 2School District: CCSDSquare Footage: 1637Agent Name: Renee Burrows Broker: Encore Realty GroupMLS #: 998131InformationContact InformationRenee Burrows702-966-2494Contact Reply FormForward to a FriendView Other FlyersPricingPrice: $90,000Additional Pricing Information: Short Sale: Price, Terms and Conditions are subject to third party approvalLinksVIRTUAL TOURAttributesAppliancesRange/OvenFull RefrigeratorWasher/DryerDishwasherSink DisposalExterior AmenitiesFenced YardTool ShedPowered by vFlyer.com EQUAL HOUSING OPPORTUNITYVFLYER ID: 2977379 … (10 comments)
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las vegas short sales: Las Vegas, NV Area October 2009 Pendings Report: Pendings DROP (slightly), FINALLY!
- 11/23/09 11:12 PM
The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for October 2009 is a seller's market @ 2.1 months of inventory (dropfrom 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!
We are FINALLY seeing an increase with inventory and a decrease with escrows (we should have seen that late spring/early summer!) Good news for buyers? Still remains to be seen. We need to get over 10000 active units on the market … (9 comments)
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