Now that FHA has approved bridge loans for the $8000 tax credit, many states have programs providing bridge loans to qualified buyers.  However, Nevada is one state that does not have this type of provider.  Is anyone aware of a national provider that will monetize the tax credit so buyers can apply the tax credit to down payment and or closing costs?  I have a number of buyers who would like to do just that.  Thanks!

During my 25 plus years of corporate life, before starting my real estate career, I had the opportunity to hire, mentor, promote, and unfortunately sometimes fire employees.  What helped me during some difficult discussions with people was a phrase I truly believe in and it helped to keep discussions on the task at hand:  "This is Business - It's not Personal."

Today in our Las Vegas Real Estate market we work with buyers and investors interested in purchasing properties where the owner has defaulted.  At any given time we have over 5000 Bank Owned REOs out of 20,000 listings.  We see properties in every condition imaginable.  In some cases the sellers were obviously very angry as they left their homes.  Holes kicked in walls and doors is relatively common.  Built in appliances, smoke detectors, and sometimes plumbing fixtures have been removed before the owner departed.  One recent listing had bullet holes through windows and the ceiling. 

Every now and then we see bank owned homes that have been meticulously maintained and show the pride the homeowner had before they had to leave.  Many times I will have a prospective buyer or investor comment that they feel badly for the owners who had to leave their home.  At first I wasn't sure how to respond to this heartfelt comment.  Today I tell my prospective buyer or investor "This is Business - It's not Personal." 

Markets go up and markets adjust and go down.  Properties that once sold for $150 to $250 per square foot are now listed for under $100.  The misfortune that many homeowners are experiencing in this down market end up being great opportunities for buyers and investors. Purchasing and selling real estate is a business transaction, it is not personal. 

If you are interested in learning more about Las Vegas Bank Owned opportunities please call me:  (702) 325-2769. 

The Greater Las Vegas Association of Realtors just released a report this month announcing an increase in sales of Las Vegas Real Estate for the sixth straight month in June. Approximately 2,226 Las Vegas Homes were sold in June, which was up 50.8% from the same month a year ago and up from 2,026 in May - we continue to see positive growth trends in our local market!

Bank Owned Las Vegas Homes are driving the market and establishing a floor for prices, accounting for approximately 65% of all transactions. We are working closely with a number of banks and have a large block of Real Estate Owned ("REO") homes that we are selling and are in touch with their representatives on a daily basis.

We are starting to see more flexibility on pricing from the banks - we believe as we move further into this third quarter of the year and into the fourth quarter, banks will become more flexible on their negotiations and pricing. They simply want to get these homes of their books to minimize a drain on their earnings.

One of the most telling statistics that was just released is the supply of Las Vegas homes available on the Multiple Listing Service - inventory has dropped from 18 months at the beginning of this year to approximately 13.7 months at the end of June. This is a healthy trend and means that we are moving back to a much healthier market and there is clearly demand for homes, especially Las Vegas Foreclosures and REO Homes, which are priced well.

We talk with consumers, homeowners and investors every day and we are constantly analyzing important statistics to help our clients make good decisions about purchasing Las Vegas Real Estate. We are encouraged when we see these kind of statistics coming from our local Greater Las Vegas Association of Realtors and believe these numbers indicate our market is returning to sound fundamentals.

Inventory is dropping, homes are selling and banks are becoming more flexible on pricing bank owned homes! It's not all blue skies and green lights yet but the tea leaves are looking better!

For further insite you can reach me toll free direct at (877) 850-7866.  Have a wonderful weekend!  Patrick

Today the Las Vegas housing market can best be summed up in the numbers:  16,000 single family resale homes are currently for sale.  50% of those are vacant.  5000 are Short Sales, 3800 are bank owned REO and 600 are in the Foreclosure process.  So roughly 60% are for sale due to defaulting owners. 

One of our biggest sources of meeting new buyers is our Foreclosure Bus Tour/Las Vegas.  We schedule the bus 3 times per week and pack in buyers, investors, and lenders interested in learning more about this ever changing market.  At the end or our tour the question our guests ask is "what do we offer on bank owned properties?"  Logic would tell you that throwing a low ball offer at a bank might be the route to go.  Well logic does not hold in the the current Las Vegas housing market.

This year many of the large (50 to 300 listings at an given time) listing REALTORS who work with banks to sell REO properties have instituted a new strategy.  Buyers and buyer's real estate agents are looking for GREAT deals.  How better to attract attention than to list the properties below what the bank expects to get and in many cases well below current market value.  The result is multiple offers coming in on any given property.  Then comes the "Best and Final" stage of the transaction.  All buyers are informed there are multiple offers on a particular property and they now have the opportunity to change their offer (raise it) and their agent presents the Best and Final offer.  The bank reviews all offers and may accept one or pick one and negotiate the terms & conditions. 

How better to demonstrate the "List Low and Sell High" process with actual examples.  Here is an example of a search for an investor with specific criteria: For Sale REO Example.  You will note that all listings are current and are priced under $85 per square foot.  I have taken the same investor criteria and provided recent sold properties: Sold REO Example.  You will note at the bottom of the Sold Example that these 15 properties average list price was roughly $150,000.  You will also note the average sales price was $159,000 or 6% higher than list. 

The buyer/investor real estate agent in Las Vegas needs to be aware of this strategy and educate prospective buyers on how the game is played in order to secure these properties.  Needless to say we are writing lots of offers in order to secure deals for our clients.

Who is really buying Las Vegas Real Estate today? If you read this article just published via CNN Money, "Vulture Real Estate Investors Swoop In" it indicates real estate bargain hunting is occurring on a national basis. We believe the Las Vegas Real Estate market is in a similar position, we estimate approximately 10-30% of our recent real estate transactions are via savvy investors who know a good real estate deal when they find one!

The numbers are clearly starting to work for some investors - meaning, some percentage believe the purchase price of a Las Vegas home has fallen low enough to substantiate their purchasing based on anticipated increase in value for 2-3 years out and/or their confidence in renting the property out for a high enough return to cover their mortgage costs.

A "wild card" factor impacting real estate in our Las Vegas Real Estate Market (which the CNN article touches on) is what perception banking and lending institutions have of the market and most importantly, how much or how far do they write they portfolio down. They are looking at carry a fixed costs on their books and the associated pain can be worse or better, depending on when they bite the bullet and lower the price on a REO/Bank Owned Home to stimulate interest in a sale via a consumer or a professional investor.

Stay tuned - we are in a fluid market, with lots of variables changing on a rapid basis. If you are curious about what you can buy right now in the Las Vegas Real Estate market please call me toll free direct at:  877-850-7866.