What Las Vegas homeowners should know about our market.

By
Real Estate Agent with HomeSmart Encore
https://activerain.com/droplet/VdT

What Las Vegas homeowners should know about our real estate market is that so much of what is going on has been influenced and controlled. Nationally Las Vegas has always received mixed reviews and mostly inaccurate information when it comes to our market. It is likely most are unaware of the reality we are facing with the new bills currently in our legislature and the effects it will have on our valley. Understanding the details will help everyone better prepare for what is coming down the road.

The current strangle hold bill, AB284 was enacted about a year and a half ago which put a hold on our more than 80,000 properties past 90 days delinquent.(45,000 we know are vacant) There are revisions being considered in the legislature (AB300) right now that would free up these homes to move forward as future inventory. Normal process continues and inventory climbs, right? Wrong!

While we are busy enacting the changes needed to put some sense of normal back into our foreclosure process, there is a bill coming like a freight train that will keep our back logged inventory in check for years to come. Several powers in play here in our valley decided that they liked our year over year appreciation of over 20% and sudden but strange increases in New Home sales. By adding a new bill SB321 "Homeowner's Bill of Rights they assure everything stays this way for years to come.  This bill at its premise you would think would be something good putting in some standards around the process of foreclosure, but as they say the devil is in the details. The sad facts are that there are many taking advantage of our current lock down on inventory and this bill will allow it to continue. Just to be clear here there is no way that something named the "Home Owner Bill of Rights" is not going to move forward, the question is can we at least help by influencing the sections that will have a negative impact on our economy and our inventory. This bill has already passed in the Senate. To follow the bill http://www.leg.state.nv.us/Session/77th2013/Reports/history.cfm?ID=772

Among the sections of the bill that appear to be problematic are

  • Sections prohibiting dual tracking, a no opt-out provision for homeowners and increased litigation risk for servicers.
  • This bill as currently written will substantially lengthen the already delayed foreclosure process in Nevada.
  • The bill is modeled after the CA Homeowner Bill of Rights - which when enacted in January 2013 resulted in thousands of properties in the short sale process to be canceled and has significantly slowed down foreclosure filings.

The California Homeowner Bill of Rights (HBR) is the main driving force behind the recent slowdown in foreclosure sales and short sales in the Golden State, according to a research report from Barclays.

California Homeowners Bill of Rights pushes foreclosure starts down to levels last seen in 2005. 

The challenges for buyers in Las Vegas is to first understand the realistic conditions and then develop a strategy on how to get in first position. It rarely includes looking at anything as it first comes on the market competing with 30 or more offers. In the case of sellers they just need to know all of the information to make an informed decision from. Understanding all of the intricate details of these forces at work and what we are anticipating will happen, with help a homeowner in Las Vegas plan for the best strategy moving forward.

I will close by saying that what goes on in politics was once explained to me this way -

"Sausage is something most of us like from time to time, but we do not want to know how it is made." Just knowing where and when to buy, is all most of us want to know.

Best regards,

Dean Decker

Real Estate Professional

www.PropertiesLasVegasNV.com

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Topic:
Real Estate Market Trends
Location:
Nevada Clark County Las Vegas
Tags:
real estate in las vegas
las vegas inventory
vegas new laws
vegas inventory
market conditions in las vegas

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Ambassador
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Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information
Howdy and afternoon Dean
 
Welcome to the ActiveRain Real Estate blogging community! You'll sure find a lot of mighty fine folks here in the community to get to know. I'm one of the many ActiveRain community members which are an ActiveRain Ambassador.
 
If you should ever have any questions about how to do anything or about the rules of the ActiveRain community, please feel free to contact me either by sending me a e-mail or by giving me a call, I'll sure be mighty glad to give you a helping hand. If for some reason I don't know the answer to a question which you might have, I'll sure will find out the answer and get back to you with an answer.
 
Take the time to look at the different groups within the community, pick some different groups to join, post your blog posts in them, be sure to take the time to read the posting guidelines of each group you might want to join, folks sure will want to follow them. Members can join as many or as few of the different groups within the community as they would like to. Members are able to post their blog posts in 5 different groups at a time.
 
Keep up your mighty fine job of posting! I'll be looking forward to seeing even more blog posts written and posted by you, plus seeing you join some of the mighty fine groups in the AR community.
 
Have a good one
Dale in New Hampshire
May 06, 2013 07:26 AM #1
Rainer
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Greg Steffens
Mountain Country Realty - Lake Arrowhead, CA

Welcome to Active Rain and congrats on your first post.  Be sure to spend some time looking around at what and how others are blogging here - it is a great education and lots of fun.  Looks like you’re off to a great start…keep it up!

May 06, 2013 09:00 AM #2
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Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

Welcome to Activerain and I hope you are learning a lot and if you ever need any assistance, don't hesitate to check out my blog, email me, call me, I will be glad to help you in any way possible. Also, check out the main page of Activerain and look for the Activerain University tab, there are lots of educational webinars to help you build your business.

May 06, 2013 04:10 PM #3
Rainer
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Dean Decker
HomeSmart Encore - Las Vegas, NV
Integrity, Experience, Results!

I have attempted blogging on some of the National sites, only to be met with nasty demeaning comments so it is really nice to be given encouragement and support. I have a ton to learn. Thanks!

May 07, 2013 04:59 AM #4
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Connie Harvey
Pilkerton Realtors - Brentwood, TN
Realtor - Nashville TN Real Estate

Dean, What a great first post. Welcome to ActiveRain. Let me know if you need any help around here!

May 09, 2013 01:00 AM #5
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation
Welcome to Active Rain, Dean. What a very informative first post. You are off to a great start.
May 09, 2013 03:02 AM #6
Rainmaker
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Graziella Bruner
NCS Premier Real Estate - Detroit, MI
Associate Broker - Serving Wayne & Oakland County

Welcome to Active Rain Dean.  A very nice and informative post.  Great job for your first post.  Thanks for sharing.

May 09, 2013 04:03 AM #7
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Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Dean you'd be hard pressed to be demeaned around here. The welcome that you are receiving right now is the norm around here. We're a friendly bunch and we treat and support each other like old friends do and we look forwarding to you becoming a part of the family.

May 09, 2013 05:19 AM #8
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Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Dean,

Welcome to ActiveRain and hoping this is the start of many posts to come. .

May 09, 2013 08:43 AM #9
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Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Dean, Welcome to ActiveRain. Congratulations on writing your first blog post. The pendulum is certainly swinging in the opposite direction with the Homeowners Bill of Rights.

May 10, 2013 12:47 AM #10
Rainer
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Dean Decker
HomeSmart Encore - Las Vegas, NV
Integrity, Experience, Results!

What a wonderful world of positive outlook and accomplishment that could be achieved with this communities disposition influencing the discourse of the world. Thanks for the new found faith!

May 13, 2013 01:23 AM #12
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Dean Decker

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