The End of the Year. Las Vegas finished what is the worst decline in home values in a calendar year for 2008.  December posted the second highest decline in median price across the entire GLVAR MLS for the year following September's decline.   What do the coming months in 2009 have in store for home prices?  Positive-change of guard in Washington DC with significant optimism.  Negative-rollbacks in loan limits with FHA financing where buyers can buy with 6.5% less money down than conventiona loans.  How much room is there between here and the bottom?  It's still the day's most asked question.  Consider this...virtually every value of homes on the market is priced BELOW replacement cost today.  One has to wonder is the bottom near?

CLICK HERE TO DOWNOAD THE END OF YEAR MEDIAN PRICE REPORT

The Las Vegas Housing Market Remains Active!  While listing inventory continues to creep up ever so slightly, the Las Vegas real estate market supply continues to remain stable at 8.9 months.  This is good news as prices continue to slip  - now averaging close to 50% less than the market peak in 2006.  Inventory absorption is critical to a recovering market.  The million dollar market is dead.  Fewer homes qualify for the   market segment due to price declines.  Million dollar closings though are off 366% compared to last year in the same time frame.  2009 continues the momentum established in the 2nd half of last year with a moderate number of closings through the first 4 weeks-up 108% compared to 2008. 

CLICK HERE TO DOWNLOAD MARKET SNAPSHOT

I know its early in 2009 but I think the best tech tip of the year is this one. 

Slydial is a new technology allowing one to call people straight to their voice mail and never have to get caught in a wasteful or uncomfortable conversation.  It is free (listen to commercials) or pay only $25/yr for unlimited. 

>>Got a seller you need to update but do not want to get caught up in some crazy conversation about dwarf orange trees in the neighbors yard - Slydial.

>>Got 12 sellers to update on their listings and only 15 minutes to do it - Slydial.

>>Have a client that is caustic and not fun to talk to but you still need to communicate - Slydial.

>>Want to clearly state a point about something without interruption - Slydial.

>>Need to deliver timely information to some who cannot be disturbed due to work/sleep/other - Slydial.

There are a million or reasons to use Slydial.  Here's a link to a few more good uses   http://www.slydial.com/situations.php#1

Goto www.slydial.com to check out this really cool tool.

Tim Kuptz, RE/MAX Advantage, Las Vegas/Henderson, NV

A strange phenomenon has gripped the planet over the past 6 months.  Teams of scientists from the best universities and research facilities in the United States and abroad have been assembled to determine the cause and potential effects of this seemingly unstoppable and potentially man-caused crisis. Since last June, each following day offered 2 minutes less time of daylight than the proceeding one.  In a report just released, it was determined in late November that should the current diminishing daylight continue, the earth could be in total 24 hour darkness by June 2009.  On the heels of global warming alerts, this scenario would totally change the human lifestyle forever!.  Behind the scenes, nations around the globe have been scrambling to put measures into place forcing populations to make changes to hopefully avert a situation where total darkness would rule the day. In some cases, a whole new class level of poverty was emerging due to these sometimes very expensive measures according to a leading consumer watchdog group.

But in a Special Bulletin released this morning, an amazing occurrence transpired yesterday.  For the first time in six months yesterday, December 22, was actually longer than the preceding day.  Not wanting to declare a victory in stopping this certain slide into total darkness, the science community is waiting to see if this trend continues.  Still, some rogue scholars are willing to declare the emergency over - all thanks to the Winter Solstice.

:-)

A new report I am compiling is now available on my main blog www.lasvegasrealestatewire.com  It is a compilation of my Las Vegas real estate market snapshot data I keep each and every week.  Some interesting points are sold listings to date - we are ahead 14 percent year over year.  Considering last year the second half blew wind, the numbers should only get better.  To view the report CLICK HERE.

Be your best!

33 Things to Do (When there's nothing to do)

It takes money to make money. We hear it everyday. But does it really? Here's a list of activities one can do to boost business without spending hardly a dollar. I liken to electives. Do not have an appointment scheduled? Perform a few of these items below to continue your growth and opportunity in your business.

1. Plan and write your schedule for tomorrow
2. Call a friend or client and ask for referrals
3. visit http://www.rismedia.com/
4. Preview new listings in your farm
5. Preview new home models
6. Review and role play scripts and dialogues
7. Review local news periodicals
8. visit http://www.realtor.org/
9. Watch a training broadcast on RE/MAX University - ATOD
10. Knock on the door of a FSBO
11. Hold a strategic open house
12. Write a thank-you note
13. Work on your website
14. Review and practice your listing presentation
15. Review and improve a system
16. Sit in on another agent's buyer appointment
17. Read and post the message boards on RE/MAX Mainstreet
18. Attend a CE class
19. Review goals
20. Visit http://www.banews.com/
21. Work on your business plan
22. Shake a few hands at a networking function
23. Qualify your Sphere of Influence
24. Watch a program on RE/MAX Satellite Network
25. Visit a friend/associate
26. Clean your workspace
27. Visit http://www.inman.com/
28. Sit with a title company rep to review tools
29. Call and expired listing
30. Create a professional brochure on RE/MAX Design Street
31. Research your primary competitors
32. Shadow another agent on a listing appointment
33. Find a quiet place and think for 5 to 10 minutes

Take Time Out Today

Let's take a time out from inspiring ourselves today to have a little fun, send some gratitude and enjoy this holiday season.

First - Let's say thanks! http://www.letssaythanks.com/
This is a website set and paid by Xerox to send cards of thanks to our troops serving abroad. The cards are custom cards designed by kids around the United States and its easy to select one design, write a message and then send. It's free and obligatory (my opinion) to say thanks to those who ensure our freedom. Freedom is not free.

Second - Elf Yourself http://www.elfyourself.com/?id=1315028397
Many of you may have already seen this but for those who haven't, this is very cool and comical. Take a picture file of your head, place it on an elf and watch. Really cool.

Third - Thank You RE/MAX Advantage
I am proud of the support afforded to Carol and Karen in the Anthem office with their quest to deliver cookies and other treats to troops abroad. This company is outstanding when it comes to supporting timely causes. Thank you again.

Fourth- For those looking for some online Christmas fun (adult or otherwise) here is a link for a google search delivering 100's of options to consider.

http://www.google.com/search?q=christmas+fun+online&revid=1197230533&sa=X&oi=revisions_inline&resnum=0&ct=broad-revision&cd=7

Have a great night. Be your Best!

Distressed Homes Continue to Grow Marketshare

1 to 2  in 10 listings in the MLS are bank repos.  The assault of reposessed homes continues to flood the market and make the resale market tough for traditional owner/sellers.  Short sale offerings now account for 1 in 5 mls listings.  Bank repos and shortsales combined account for more than 30% of the market offerings.  More are coming.  More than 500 reposessed homes were auctioned in the past 2 weeks.  No numbers on the total homes sold, but many of these homes will return to the market to compete.  They will undoubtedly re-enter the market at lowered prices creating further pressure on already declining prices.  Chew on this, roughly 1 in 2 homes on the market are vacant with motivated investors, builders or institutional sellers.  With every offer, Sellers need to consider this in their responses...greedy or grateful?

1087 detached homes and condo/townhomes closed in November - a new low for the mls this decade.  The winter season is historically the low point of our market rhythm.  December and January typically chalk the lowest percentage of our annual closings.  Good news?  Listing inventory continues to decline-this past 7 days by 568 listings!  This marks 6 consecutive weeks of declining inventory and a total reduction of 1434 mls listings.  30 year fixed nterest rates today fell to 5.625%.  The lowest in a very long time.  Bad news?  One bank repo auction down, one more this weekend.  In total, more than 500 homes are up for auction.  Early bidding this past weekend resulted in the gavel hitting the podium with high bids at $90/sf!  These are prices not seen in years.  Prices will continue to decline for some time as banks continue to move their ultra-high inventories. 

CLICK HERE TO DOWLOAD LAS VEGAS MARKET SNAPSHOT