Las Vegas Real Estate Market Data

December and End of 2008 Median Price Report - Las Vegas

RE/MAX Advantage — Tue, 27 Jan 2009 19:17:36 -0600

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

Las Vegas Real Estate Market Snapshot 1.26.2009

RE/MAX Advantage — Tue, 27 Jan 2009 18:23:32 -0600

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

The Best Tech Find in 2009...Already??

RE/MAX Advantage — Fri, 23 Jan 2009 00:21:12 -0600

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

Catastrophe Averted!

RE/MAX Advantage — Tue, 23 Dec 2008 19:49:32 -0600

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.

:-)

Las Vegas Real Estate, a Graphic Perspective

RE/MAX Advantage — Wed, 13 Aug 2008 00:54:10 -0500

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!

The Seven Wonders of the World

RE/MAX Advantage — Wed, 19 Dec 2007 11:31:48 -0600

A Few Yogi Berraisms

If you don't know where you're going, chances are you will end up somewhere else.

When you come to the fork in the road, take it!

You can observe a lot just by watching.

The Seven Wonders of the World

Author Unknown

Junior high school students in Chicago were
studying the Seven Wonders of the World. At
the end of the lesson, the students were asked
to list what they considered to be the Seven
Wonders of the World. Though there was some
disagreement, the following received the
most votes:

1. Egypt's Great Pyramids
2. The Taj Mahal in India
3. The Grand Canyon in Arizona
4. The Panama Canal
5. The Empire State Building
6. St. Peter's Basilica
7. China's Great Wall

While gathering the votes, the teacher noted that one student, a quiet girl, hadn't turned in her paper yet. So she asked the girl if she was having trouble with her list. The quiet girl replied, "Yes, a little. I couldn't quite make up my mind because there were so many." The teacher said, "Well, tell us what you have, and maybe we can help."

The girl hesitated, then read, "I think the Seven Wonders of the World are:

1. to touch...
2. to taste...
3. to see...
4. to hear... (She hesitated a little, and then added...)
5. to feel...
6. to laugh...
7. and to love.

The room was so quiet, you could have heard a pin drop.

May this story serve as a gentle reminder to all of us that the things we overlook as simple and ordinary are often the most wonderful - and we don't have to travel anywhere special to experience them.

Enjoy your gifts!

This holiday season provides ample opportunity to enjoy your gifts. Merry Christmas!

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

RE/MAX Advantage — Fri, 14 Dec 2007 09:49:23 -0600

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.

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

Live Inspired!

RE/MAX Advantage — Wed, 12 Dec 2007 10:56:44 -0600

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!

Knowledge is Power

RE/MAX Advantage — Wed, 12 Dec 2007 10:51:29 -0600

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?

http://headstraightrealestate.squarespace.com/weekly-las-vegas-real-estate-m/2007/12/11/distressed-homes-continue-to-grow-marketshare.html

November Sinks the Market to a New Low

RE/MAX Advantage — Tue, 04 Dec 2007 13:09:31 -0600

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

Las Vegas November Median Prices

RE/MAX Advantage — Tue, 04 Dec 2007 13:05:30 -0600

The Average Joe Index. The greater Las Vegas area real estate values continue to trend down as high inventory, a slower sales season, and bank repos continue to pressure home prices. Here are this month's numbers;

Home Size          Median         vs Nov 06      vs Peak (mo/yr)
1500sf                $236,500        -14.9%           -20.1% (11/05)
2000sf                $297,450        -11.4%           -17.8% (8/06)
2500sf                $338,995        -20.7%           -29.8%  (9/06)

The Average Joe Median Index measures the values of homes in the sweet spot of the market - where the average Joe can buy. This index removes the million dollar homes from the fray to reveal what the market is doing for the average homeowner.

Live Inspired

RE/MAX Advantage — Wed, 21 Nov 2007 11:25:27 -0600

Thanksgiving

***Thanksgiving is the most important holiday of the year for me. My career in real estate is a result of a literal life-changing event in January 1992 - the sudden death of my father. The previous Thanksgiving was the last time I saw my dad. I was supposedly attending Arizona State University at the time and working full time with gemstones. Due to the demands of retail and the holidays, I had chosen to remain in Arizona for the holiday but my dad would not have any of that. I flew home Wednesday night and flew back 24 hours later. I should have hugged him longer and thanked him more for the part of him that is me. Of course I told him "I love you" but I should have shown him or demonstrated my love that day more to leave the impression of true appreciation when I left to return to Arizona that night. I did not come home for Christmas that year. Thanksgiving was the last time I saw him alive.

Where I am today is a result of my dad's passing. The glorious path I have traveled is the result something tragic. Yet I am thankful.

We all have much to be thankful. We are blessed with life and are challenged with the responsibility to make the most of our it. Each of us are born with gifts in the form of individuality, talent, inspiration, opportunity, and more. While using them all and making the most of them all is a daunting task in of itself, we are obligated to use our gifts to the best of our ability to help ourselves and those around us be independent, productive contributors to our society and the world.

No one person is "self-made". We are interdependent people. We all grow from lessons and experiences from others. The helping hand from time to time, the short-term loan, introductions to influential people, inclusion in networks, sharing experiences, the small talk over a bottle of wine - it all boils down to people. People helping people in business, in life, in family, in the spiritual we all have something to be thankful.

I Am Thankful

I am thankful to my Creator. Commanding a virtuous, responsible life and the hope of the eternal.

I am thankful for our men and woman in uniform so that I can spend a holiday in freedom and security. May God watch over them.

I am thankful for my parents. My dad's short life and working with my mom today, their example has helped me to get this far.

I am thankful for my beautiful wife, LeeAnn. Her support, love, patience, and tenderness motivate me to excel at being a husband and provider. Her gentle reminders to slow down help me appreciate all the little things along the way.

I am thankful for my boys, Brandon and Ryan. Their unconditional love, curiosity, and tenacity are inspirational to me as they personify what we as adults tend to lose but sorely need.

I am thankful for my extended family. We work together creating memories that will last beyond my lifetime, ones that offer warmth, comfort, and joy only a family can enjoy

I am thankful for our leaders, stepping up to lead for the common good and accepting the targets they wear on their back.

I am thankful for differing opinions as they drive the debate and lead to better solutions.

I am thankful for my ability and capacity to think and make good decisions and learn from the decisions that proved poor.

I am thankful for humility.

I am thankful for my abilities. If I choose to use them, I can achieve what my heart and mind desires. The world delivers what the mind body is committed.

I am thankful for my health. To walk, talk, breath, and physically perform in the manner my body was designed is a blessing each day.

I am thankful for my friends. The chances to escape the grind and share great times pursuing common interests also creating crazy memories for years to cherish.

I am thankful for RE/MAX Advantage. The privilege to work with so many incredible people, staff and agents, achieving a myriad of goals is inspiring to me. They deliver remarkable impressions to our client public, maintain order in chaotic lives, and are driven to be the best in their positions and business. My capacity to serve those with Advantage is my great reward second only to my family.

I am thankful to the community. Their support of the agents and employees of RE/MAX Advantage enables us to provide for ourselves and our families.

I am thankful for Advantage and its agents who continue to support the community through volunteering, donations, and support of our agents out in the market seeking to make a difference. It the circle of life, giving then receiving that makes our community whole.

I am thankful to be in the position to serve. Serving my family, my friends, and the agents who choose to work with us. Through serving I get the opportunity to grow personally.

I am thankful to be me.

Happy Thanksgiving. God Bless.

Knowledge is Power!

RE/MAX Advantage — Thu, 15 Nov 2007 11:19:28 -0600

What I'm Watching...

Is there really good news in the market? Possibly. Listings on the market continued to decline for the 3rd straight week. Inventory of homes are down 2.5% in the last 3 weeks. At the same time new pending sales contract have increased each week for the past 5 weeks. - increasing 10 percent in this time. More pending sales and fewer available listings lead to lower supply. Currently there is a 25 month supply of homes. There are still some challenges for owners who are occupying the homes they are trying to sell. One, there is fewer of them. 1 in 2 homes on the market this week are vacant - more than anytime in the recent market. Two, the portion of the market offering either shortsale listings or bank repos continues to bulge and now accounts for more than 1 in 4 homes currently being offered for sale. Bank repos account for the twice their marketshare in portion of closed homes. Due to this, prices are dropping and doing so at a rate faster than anytime this year. Depending on home size, median prices have declined 4 to 6% in just the last 60 days. Can owner occupant sellers afford to wait any longer to sell their homes?

Live Inspired!

RE/MAX Advantage — Thu, 15 Nov 2007 11:14:43 -0600

The Secret of Success

There was once a boy who wanted to seek the secret of success. One day he approached a wise man living up in the mountain. When he found the wise man at the hut, he asked, "Wise man, can you tell me the secret to becoming successful in life?" The wise man was silent for a while. After a moment of silence, the wise man led the young lad to a nearby river. They kept walking into the river until the boy's head was fully submerged in the water. The boy struggled to keep his head above the water. To his astonishment, the wise man did not help him. Instead, the wise man held the boy's head in the water. After a few minutes the wise man pulled the boy out of the water and they proceeded to walk back to the hut. At the hut the wise man asked the young boy what he desired most when his head was submerged in water.
To this the young boy quickly responded, "Of course, I wanted to breathe, you old fool!" To which the wise man replied, "Son, if you desire success as much as you wanted to breathe, then you would have found the true secret of success."

The Truth About Success
Is Success a pursuit? Several motivational and business philosophers say the following and this is what I believe as well. Success is not something you pursue rather success is something one attracts. It is our daily attitude, disciplines, and activities that create an environment for success to take place. Desire success? One needs to put the work behind it. The only place where success preceeds work is in the dictionary.

Be Your Best!

My Dog Can Walk on Water

RE/MAX Advantage — Fri, 09 Nov 2007 13:04:57 -0600

There was a hunter who came into the possession of a special bird dog. The dog was the only one of its kind, because it can walk on water. One day he invited a friend to go hunting with him so that he could show off his prized possession. After some time, they shot a few ducks, which fell into the river. The man ordered his dog to run and fetch the birds. The dog ran on water to fetch the birds. The man was expecting a compliment about the amazing dog, but did not receive it. Being curious, he asked his friend if the friend had noticed anything unusual about the dog. The friend replied, "Yes, I did see something unusual about your dog. Your dog can't swim!"

Application for Success
With the challenges of our CHANGED market, we face more and more negative agents in the marketplace. These are agents whose world is a glass half-empty and we all know misery loves company. Do yourself a favor, limit contact and interaction with agents you deem toxic to your attitude and your business. Success is out there - go and get it!

...Or in the following cases, just SHOW UP!
An agent closed on a Leadstreet lead this week that took only 3 weeks from contract to close. We've had many Leadstreet leads close, but what makes this one different is that it was not accepted by the listing agent, and the follow up agent and ended up in the broker distribution. So somewhere in the company there are 2 agents who could have enjoyed a closing.

Floortime - does it suck or what? An agent is currently negotiating 2 contracts for 2 separate buyers. Both buyers were walk-ins and the registered agent was not present to accept the FREE business. Again, there are 2 agents out there who may have enjoyed the future commissions to be enjoyed by this agent. All they had to do was show up.

Can we keep every commitment? No, but with the market tight on transactions, making funds tight for agents, showing up for the free stuff should be prioritized.

BE YOUR BEST!

Google and Keywords

RE/MAX Advantage — Fri, 09 Nov 2007 11:51:24 -0600

Google has launched a free phone directory assistance line. Here is how it works......

- Dial the phone number 1-800-GOOG-411 (1-800-466-4411)
- State the City and State
- State the business or business type
- The service will find it and connect you, FOR FREE!

All of the other services I have seen require you to send a text message. With upcoming laws changing, soon it will be illegal to send a text message while driving. With this, all you are doing is making a phone call. So your safety isn't compromised. You can find out more at www.google.com/goog411/

Thanks to Tyler Lien with RE/MAX Excalibur for this best business practice tip

*************************************************************************************

Ever wonder what keywords are more popular and offer a better channel to your desired audience? Try this simple and free download. http://www.goodkeywords.com/ is a free download program onto your computer where you can test keyword's popularity on the net and find help with keyword phrases and more. There is even an guide for the novice website owners looking to receive more traffic to their sites with some simple keyword strategies.

Thanks to Steve Bell with RE/MAX Central for this tip.

Success Sucks?

RE/MAX Advantage — Thu, 11 Oct 2007 16:37:23 -0500

Or does it? It is a matter of perspective. To the Achieved, success is sweet. To those who have yet to taste, it may suck. Why? It's all the stuff in between the initial desire to be a success and the achievement of that goal or desire. It's hard, not fun, and can just plain suck.

>>Do you think Michael Jordan enjoyed shooting the hours of free throws he did?
>>Does Tiger Woods enjoy taking 1000 swings of his driver to change his drive direction by one or two degrees?
>>Does a doctor like the cadavers, long hours as in intern, and residency, in order to start their practice?
>>Did Marion Jones (without the Juice) love to run wind sprint after wind sprint for months to compete in the Olympics?

The answer is NO. But people at the top of their game understand "stuff". "Stuff" is the less than fun things champions do on a day to day basis in order to achieve their goals. There is no glory in the "stuff" they do day to day, but "stuff" produces glory as an end result.

Here is success to me in a nutshell. Success begins with a decision "to be". Success is achieved by engaging massive action that leads to a progressive realization of goal.

Massive action is the "stuff". Gaining advanced knowledge are the free throws in our business. Meeting new people with real estate needs every day are the 1000 swings. Working on building relationships with those we already know are our wind sprints.

The road to success is littered with "stuff" that must be done to achieve goals. A lot of this "stuff" sucks. Most people stop short because they hate the "stuff". So, does Success suck? No. But the road to it sure can. Be determined to reach the end.

Millions in a Fish Bowl?

RE/MAX Advantage — Thu, 11 Oct 2007 16:33:38 -0500

Ever walk into a restaurant or service store and see realty business cards pinned to the wall or corkboard? It is a simplistic means for some exposure. But the problem is the agents that post the cards have no idea if an impression is being made or who is taking the cards. Here is a spin designed to put the agent in the driver seat and build a database for referral at the same time.

In many restaurants, sandwich shops, golf stores, and specialty stores there are small fishbowls at the register for people to drop business cards to win something of value. Ameriprise Financial does this well in Las Vegas. How this works at a restaurant (for example) is a small bowl left at the register with a sign to have people drop their cards in exchange for a chance to win a lunch for a number of people (at that restaurant). It is sponsored by the agent. The agent picks up the cards weekly and draws one winner.

This strategy puts the agent in the driver seat. The agent gets exposure at the bowl (just like the business cards on the boards), but the agent gets business cards of hundreds of people and ALL their contact information to boot.

Another spin could be to be if you are golfer to use the golf stores (creating a tighter bond with the consumer). Or if you are a wine buff - use the wine stores. Draw for a free bottle of wine! You can deliver guaranteed sales (your money) to a store owner, you get extensive contact information, and you grow your database!

Good luck...and to your success!

These lead generation ideas are sure to find some Las Vegas bound business. Send me your referrals!

Tim
www.timkuptz.com

Las Vegas Real Estate Data Market Snapshot 9.17.07

RE/MAX Advantage — Tue, 18 Sep 2007 23:23:53 -0500

It's a bad news, good news day. First the bad news. This week's rolling 30 day solds (homes sold in the last 30 days) represents the lowest number of sales (1206) in a 30 day period this year. It might be the lowest this decade. Use the 30 day sold number (most recent activity) and divide that into the current inventory and we get the highest supply of the year - 22.58 months. This is the greatest supply of homes I have seen in my 15 years serving the Las Vegas market. Last, REPO homes continue to grow at quite a clip. Inventory grew this week by 5%. It has grown 14% in the last 3 weeks. Now the good news. New sales under contract (Pending sales) are up for the first time in 13 weeks. This elevated the Pending Index to 84 - still close to 50% less market activity (relative to inventory) than we had in January. Pending sales are an indicator of what to expect in the coming weeks for closed sales figures. Should this trend continue, the market will be showing some sign of resiliency not seen in many months and sorely needed to instill buyer confidence.

Click here for this week's Market Snapshot

Best Practices Idea - Picture This!

RE/MAX Advantage — Fri, 14 Sep 2007 00:10:21 -0500

Closing gifts are forever a challenge for real estate agents. Some do not do them, some do. For those who do, the pressure of what and how much leads to a whole new set of challenges. Here is a rather inexpensive yet sentimental closing gift idea.

Take a picture of the new home. Do so with or without the buyers in front of the home. Take the picture back to your office and use a photo editing program (Adobe Photoshop Elements is good) to transform the picture from a photo to a water color, sepia, or pencil line drawing. Print it 8x10 and purchase a frame for $10 to $20 and mount it. Deliver it to your client.

It's simple $20 to $30 gift with shelf life.

For more best practice ideas click here

A look through different glasses

RE/MAX Advantage — Wed, 12 Sep 2007 19:32:40 -0500

Let go of the past
"The man who views the world at fifty the same as he did at twenty has wasted thirty years of his life" ~ Muhammed Ali

Focus on the good things
"Some people are always grumbling because roses have thorns; I am thankful thorns have roses" ~ Oriana Fallaci

And have faith
"The best and most beautiful things in the world cannot be seen or even touched-they must be felt with the heart" ~ Helen Keller

After spending so much time evaluating real estate market data, one can become consumed with the 900 pound gorilla. Once one says "ok it's a gorilla" and looks around the rest of the picture, other things come to the forefront. There is opportunity. One just has to push the gorilla out of the way.

Las Vegas Real Estate Market Data Snapshot 9.10.2007

RE/MAX Advantage — Tue, 11 Sep 2007 23:15:33 -0500

Closings in Boca Raton changes the luxury condo supply. Condo listings jumped 52 units (7%) in 7 days. With a reduction in closed units to only 9 in the last 30 days, suppy has extended to 88 months - if last week's numbers were to remain constant. Look for some opportunities in this market segment with the new supply. Foreclosures and short sales continue to make their mark on the market. Closed repo homes accounted for twice their share of the market listings last month. Perception is there are deals out there with bank homes. Pendings sales were consistent with the previous week. However, pending sales are down 18% in just the last 6 weeks - the same time our national credit crisis came to the forefront. Home buyers are faced with real financing challenges. Investor money is scarce as well. Lending has become the 2 in a 1-2 punch of oversupply and tough lending. Where are the buyers? There are buyers, some now forced to rent, others now forced to save more down payment, and still others who are scared straight by the media reports.

Click Here for Market Snapshot

Click here for Previous Weekly Snapshots

What has the Credit Crunch Done to Your Market?

RE/MAX Advantage — Mon, 10 Sep 2007 19:35:40 -0500

The Credit Crunch. What a difference a few weeks can make. While the fed tries to determine whether or not the real estate economy is in need of resuscitation, here are some figures in the Las Vegas market to help make a decision.

In just 7 weeks the Las Vegas market has slowed significantly. Here are some interesting stats from the past 6 weeks (last week of July 2007). Today's listing inventory (supply) is 21 months. Six weeks ago was 18. Combine the growth of inventory over the last 12 weeks, supply has grown more than 6 months. Supply is determined by the number of available listings divided by the number of closed homes within the last 30 days. What a cruddy 3 months. What does the future hold? Look at current Pending sales.

The number of Pending sales are 2251. This number is down 18% in 6 weeks. In the previous 6 week period the decline was 8.7%, less than half. I'm a "half full" type. There is opportunity here for serious buyers. Speaking of buyers...

In a related news point, according to the Originator Times, 1/3 of brokered purchase money loans failed to close last month as loan programs disappeared or changed qualifying terms.

There are buyers wanting to buy. They can't due to tight credit. Have the banks overreacted?

Where does the market go from here? UP! There is just some more down before that happens.

Market Information

RE/MAX Advantage — Thu, 06 Sep 2007 00:35:04 -0500

Here are comments I submitted to a relo company today when asked to do a second opinion on a home on the market with a very competent agent at CB Premier.

The subject is a very nice home; well maintained in side and out. Any buyer could move right into this unit. Positives are condition, "feel", location in community, and community itself. Negatives are living room is small and not very functional, backyard privacy is limited and backyard itself.

The financial market has become a train wreck and half the buyers became renters at the end of July. The rental market had the best 30 days in more than 2 year with new leases -1556 new ones signed last month alone-200 more than recorded resales for the same period. I am attaching a Market Snapshot that I produce each week and is distributed among the REALTORs and news communities.

The last 30 days have had the LOWEST number of Closed sales in more than 5 years. The number of Pending sales is at the lowest point this year, a 44% drop in activity since just the beginning of the year. Listing inventory is at an all-time high (up 46.6% since Jan 1) and more than 45% are vacant. Last week the number of REO listings increased by 8% in just 7 days! REO and Shortsale now comprise an estimated 20% of the available listings in the immediate Las Vegas market. Market declines in median price are 8.8% for current 12 months for a 1500sf home. Currently there is a 21 month supply of homes on the market, an increase of 6 months supply in just the last 60 days.

Specifically to zip 89012, DOM in the immediate area for sold homes are 75. BUT, current Pending sales are 102 DOM - an incease of essentailly one month. The market is tanking. Year to date-for every 4 houses listed only 1 is selling. A seller looking to move home in 60 to 90 days has a 1 in 16 chance of that happening. Price is king.

In the immediate market of the subject REO is commanding since July 30. Last month Repos accounted for 5% (verifiabled but suspected to be 10%) of all listings on the markt. In the same month, repos accounted for 18% of all closings. Comparable or not, they are selling and driving down prices. Sales closed prior to July 30 are prices that never will be attained in the next year as lending criteria has eliminated many of the buyers in this price point. From community to community, the homes under contract are those at the bottom of the deck - lowest price in the subdivision or best dollar/sf. With a 4% tumble in median price in just the last 30 days for this size home, pricing AHEAD of the market is critical - Incentives are nice and 50% of the homes sold did so with an average of $9000 in incentives. But it is still the lower priced homes in any neighborhood that are selling. Best price for best condition, period.

Do Today

RE/MAX Advantage — Thu, 06 Sep 2007 00:28:55 -0500

"Procrastination is the fear of success. People procrastinate because they are afraid of the success that they know will result if they move ahead now. Because success is heavy, carries a responsibility with it, it is much easier to procrastinate and live on the "someday I'll" philosophy."
Denis Waitley

"There are two primary choices in life: to accept conditions as they exist, or accept the responsibility for changing them."
Denis Waitley

"When it is obvious that the goals cannot be reached, don't adjust the goals, adjust the action steps."
Confucius

The bottom of the market happened today. Tomorrow, prices will begin to increase and inventory will disappear. Really? No.

But the market will change and improve. Maybe tomorrow, maybe in 3 months or 12 months. Who knows? It is because none of us really know, the actions, systems, and knowledge we gain today will position us to be ready when the market turns. This I mean.

>>A geographic farm put in to play today, will produce results in 6 to 9 months - when the market begins to turn.
>>An agent farm (referrals) put into action today will produce results in 3 to 6 months - as the market is turning.
>>A renewed commitment to building relationships with your circle of influence through phone calls, notes, mailers, and personal visits will produce results in 3 to 6 months. This could help weather the stormiest days ahead and keep you selling while the market turns around.
>>Practicing scripts and dialogues today will cause them to be internalized as your opportunities increase in the coming months as the market picks up.

Bottom line is it is what you do today that will cause your success tomorrow. Waiting until the market changes is too late. It is what the farmer does in the spring that gets him paid in the fall.

Champions are not made from what they do in front of people, it is what they do when no one is looking. Be a champion.