~ What's Happening in the Las Vegas Real Estate Market by Las Vegas Real Estate Agent Team, The Ballen Group of Keller Williams Realty specializing in Las Vegas Short Sales

April 2011

HAPPY SPRING FROM THE BALLEN GROUP AND WEKERLE FAMILY

By: Lori Ballen

BUYERS READY TO SNATCH BARGAINS THIS SPRING

Bargain prices on housing combined with low interest rates below 5 percent may bring the real estate market its busiest spring season in years, economists say. 

Distressed sales continue to put downward pressure on home prices, which may lure more buyers off the fence and ready to snag a deal during the typical prime-time buying season.

Some builders are ramping up discounts on new homes as well as boosting commissions to brokers to try to spark more transactions.

Sellers of existing-homes also are getting more competitive in pricing their homes. 

"After three years of the housing downturn, people are becoming much more realistic in terms of valuing their homes," says Lawrence Yun, chief economist at the National Association of REALTORS®.

An improved job market with better income potential may also motivate more people to buy, says David Berson of the PMI Group. 

"Household formations are also very important," Berson says. "Kids may have moved back in with their parents, or two people may have moved in together, because of job concerns. Now they can move into their own place."

While interest rates are sitting comfortably below 5 percent for now (30-year fixed rates averaged 4.76 percent last week), economists warn the attractive low rates won't last long. 

"Few think mortgage rates are going lower," says Mark Zandi, Moody's Analytics chief economist. "It's more likely they will be 6 percent than 4 percent next spring. This lights a fire under buyers."

Source: "Discounts Expected in Spring Housing Market," The Wall Street Journal (March 22, 2011)

SALES STATISTICS

The chart above compares first quarter sales by Short Sales, Bank Owned and Traditional for 2010 and 2011 sales. The first quarter sales do not indicate a significant market change.


The chart above indicates a small difference between first quarter of 2010 and 2011 for new listings, but does not indicate a significant change in the market.


The median sales price for the first quarter continues to demonstrate a slow decline in the market value of single family homes. The single family values did fluctuate during 2010; Up and Down. We expect simular results during 2011.


The median list price mirrors the median sales price in that the 2011 numbers are slightly lower than the 2010 median list prices.

Thinking of Selling your Las Vegas Home? Need to Sell but owe more than it's worth? We can Help. Call 702-482-7739 for your FREE Short Sale Kit or to speak with Richard Ballen or Erin Camp (Short Sale Listing Manager) personally about YOUR options.

Email us at The Ballen Group or call us at (702) 604-7739 for more information regarding the Las Vegas Real Estate market.

Check out HOT properties now on the web athttp://www.forsalebyballen.com where you'll find The Ultimate Las Vegas Real Estate Search Engine.

Happy 50th Birthday to RICHARD BALLEN on April 24th.

and

Don't Miss RED DAY!!! May 12th - Rummage Sale, Entertainment, Food, Vendors and more. Proceeds to benefit Victims of Violent Crimes in honor of our own Mary Kay Beckman.

AND

Martini's with Mary Kay and The Mayors at Dinosaurs and Roses on 4-28th. ~ See Facebook or email me for further details on this GREAT event!

Why Use a REALTOR®?

The REALTOR® mark shows that your real estate agent is a member of the National Association of REALTORS® and adheres to a strict Code of Ethics. There are many reasons to use a REALTOR® to help you buy or sell a home. Here's one:

A REALTOR® can give you up-to-date information on what is happening your local marketplace and the price, financing, terms and condition of competing properties.

For information on choosing and using a REALTOR®, click here.

February Pending Home Sales Rise

Lawrence Yun, NAR chief economist, says it's important to look at the broader trend. "Month-to-month movements can be instructive, but in this uneven recovery it's important to look at the longer term performance," he said. "Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines. Contract activity is now 20 percent above the low point immediately following expiration of the home buyer tax credit."

10 Tips to Improve Your Vehicle's Fuel Economy

By Jerry Hirsch 
RISMEDIA, March 17, 2011

With the price of regular unleaded gasoline topping $4 a gallon, auto information websites TrueCar.com and AutomMD.com have come out with a simple guide to get more mileage from your vehicle.

1. Drive more smoothly: Be gentle with your gas pedal and your brakes. There's no reason to speed up to a red light just to slam on the brakes. Aggressive driving will lower your gas mileage.

2. Slow down: Most vehicles get the best fuel efficiency at 45-55 miles per hour. Driving more than 60 mph can cut fuel efficiency 7-23%.

3. Reduce idling: Turn off your engine if you're waiting for more than 20 seconds. Idling wastes more gas than turning off your engine and restarting it.

4. Use lower-grade fuel:Regular unleaded fuel won't hurt most vehicles even if premium unleaded fuel is required. Unless your engine starts to knock or ping when using a lower-grade fuel, stick to regular.

5. Remove excess weight: An extra 100 pounds sitting in the trunk or back seat can reduce fuel economy as much as 2%.

6. Turn on the ventilator and turn off the air conditioning:The most efficient way to cool your car is with the air that comes in through your flow-through ventilator. Air conditioning or open windows make your vehicle less fuel-efficient (because of the drag). Driving fast with the windows open can burn more fuel than the air conditioner.

7. Replace or tighten the gas cap: Fuel evaporates through gas caps with broken or weak seals, potentially reducing your car's gas mileage by 2%.

8. Keep the tires inflated: Tires that are improperly inflated have a higher rolling resistance, which reduces efficiency. Keeping tires at the proper pressure can improve gas mileage by as much as 3.3%.

9. Change the oil: Energy-conserving or synthetic motor oil can reduce engine friction, improving efficiency as much as 2%.

10. Replace the spark plugs:Misfiring spark plugs can reduce fuel efficiency as much as 30%.

(c) 2011, Los Angeles Times.
Distributed by McClatchy-Tribune Information Services.

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