Las Vegas, Nevada – Earlier this week, the Las Vegas Review Journal released an article announcing that Nevada once again leads the nation with the most underwater homes. In fact, The Las Vegas Valley ranked No. 1 among big U.S. metro areas for its share of homes with mortgages that were significantly underwater at the end of 2015.
From 2012 to 2014, Las Vegas home values appreciated like crazy, with annual gains of 25 percent to 30 percent. The median price of an existing single-family home jumped 71.6 percent, going from $118,000 in early 2012 to $202,500 in fall 2014, according to the Greater Las Vegas Association of Realtors. Surging values slashed negative equity to 31 percent in the third quarter of 2014.
Everything seemed to change in 2015 as home appreciation significantly slowed down. While many are still trying to figure out what happened, local experts point to a variety of factors. Resale inventory increased as Sellers hoped to capitalize on rising home values; however, the resale market faced some strong competition with new builder homes. New home sales were stronger than ever in 2015, and for the first time in decades, we witnessed new home pricing more competitive than resale in many cases. Rising inventories gave Buyers more options than ever, and may have contributed to the slowdown in appreciation.
While the media reports the US economy is improving, the fact remains that millions of homeowners are still struggling to make their mortgage payment. Additionally, many who did loan modifications are discovering their monthly payment is about to increase, however, there is some good news. There has never been a better time to Short Sale your home than 2016. Congress recently extended the Mortgage Forgiveness Act, which allows homeowners doing a short sale on their primary residence the ability NOT to pay taxes on the forgiven amount. (Bill H.R. 1002) This applies both to homeowners doing short sales in 2016, in addition to homeowners who did a short sale in 2015.
Additionally, homeowners may qualify for $10,000 in relocation assistance by doing a HAFA short sale. In 2015, the Making Homes Affordable Program was amended as follows, “Upon the successful closing of a HAFA short sale, a borrower who occupies the property as a principal residence shall be eligible to receive relocation assistance up to $10,000.” HAFA short sales that closed prior to February 1, 2015 were only eligible to receive up to $3000.
Please note that not everyone will qualify for HAFA. Additionally, bank participation in the HAFA program is not mandatory. In order to qualify for the $10,000, it’s absolutely critical you work with an experienced Real Estate Agent proficient with the short sale process. Nobody understands this process better than The Myers Team.
Myers Team owners, Bill and Francoise Myers with Simply Vegas Real Estate are Las Vegas Top Short Sale Agents. Since 2007, they have closed more short sale transactions than any non-lawyer affiliated Agent or Broker in Nevada.* They will walk you through the short sale process and handle the difficult paperwork. Additionally, their short sale services are FREE. There is no need to pay anyone to do a Short Sale, and this includes Attorneys. Banks pay the Broker Fees in a Short Sale transaction; however, Banks typically do not pay for any Attorney fees. Hiring an Attorney to help you with a Short Sale can be very expensive, and does NOT guarantee any better outcome. Don’t take any chances. Contact Nevada’s Top Short Sale Agents.
Contact The Myers Team at: 702-677-4343
For Traditional Sales, CLICK: http://www.LasVegasList4Less.com
For Short Sales, CLICK: http://www.NevadaShortSaleInfo.com
Para Español: http://www.lasvegaslist4less.com/para-espaol.asp
The Myers Team are licensed Real Estate Agents. They are not CPA’s, Accountants or Attorneys. The content above is for information purposes only and should not be construed as tax or legal advice. Not everyone will qualify for relocation assistance funds.