If you are a buyer and looking for that steal of a lifetime, you’re in luck. I know I’m bringing this up a lot but this window of opportunity will not be around for as long as you think. If you are still wondering if the market in Las Vegas has hit the bottom, you are out of touch. Buyer activity is on the rise and properties are seeing multiple offers. We are out touring clients on a daily basis and can really see the increase in offers being made. This kind of activity reminds me of the market in 2004 and 2005. People were out in large numbers and sales were setting records. The biggest difference now is that the prices are about half of what they were then. The interest rates are also creating an increase in sales. They are at historic lows and combined with the prices, it’s a win-win for all. I realize that not everyone will be able to take advantage of this opportunity. If you own a home now that you purchased in 2004 to 2006, you may be upside down and owe more than you can sell it for. If this is the case, I would advise you not to sell until the market comes back. It is very hard for a seller to compete with all the bank owned foreclosures on the market. Most experts will agree that we will continue to see foreclosures for the next 2 years or longer. We feel that prices will increase on bank owned homes mostly because of supply and demand. As the supply gets sold, the prices will increase. The writing is on the wall. If you are in the market for a home in the Las Vegas market, it’s “show time”. As always, I’ll include things that are important when you are looking for your home.

• Many of the new foreclosures on the market do not have signs. Get a Realtor to help.
• If you find a home that has been stripped of appliances, you still can get it to appraise if you know how.
• Try to qualify for an FHA loan. They are a real bargain and down payment is 3.5%.
• If you can see past the clutter, you will have some great opportunities.
• Check with the neighbors and see if they like the area you may move to.
• Don’t be foolish, unless you are an expert, get a home inspection.
• Have your Realtor include a home warranty in your offer and make the seller pay.

This really is a “no brainer”. The Las Vegas Real Estate market had to turn around. You are hearing this direct from the “horses mouth”. The Market is Back! We are noticing a sharp increase in activity and the buyers that have been waiting are now making offers. Desert Homes Realty specializes in representing Buyers so we really are a thermometer for the market. Timing is everything and it could not get any better. The buys are unreal. Never have I seen such low interest rates combined with record low prices. If you don’t let greed get the best of you, this could be the best opportunity of your life. One of the main problems for investors in the past has been positive cash flow. With prices at almost half of what they used to be, positive cash flow with rentals is now a reality. The majority of our clients are purchasing properties as their primary residence but we are seeing more and more investors coming in to the market. The main reason we are seeing this increase is being repeated over and over by our clients. “ We don’t want to look back a year or two from now and say: Man! I wish we would have bought when the prices were really Cheep”. Here is another list of things that we feel will help in your property search.

• Check out Craig road and Losee area for some of the best values in Las Vegas.
• Bank Owned homes are king but check out some of the Corporate Owned homes.
• Inflation will drive up prices as well as interest rates. Time is running out.
• Think of a successful offer as a win-win for all concerned.
• You can’t make a smart investment if you don’t get your offer accepted.
• Don’t be another woulda – coulda – shoulda story.
• Bidding wars are a nightmare. Stay away from them and move on.
• Keep a good positive attitude when you negotiate for a property. Kindness works.
• Always take your spouse with you when you shop or tour. They need to be part of the process.

When most people ask about the Las Vegas Real Estate Market, they want to know if we have hit bottom yet. My response over the past few months has been to check it out for yourself. Our company specializes in representing buyers and we really have noticed a dramatic increase in activity in this market. A lot of our clients are telling us that the handwriting is on the wall. They feel that the market has no where to go but up and as soon as all the new stimulus items get plugged in, supply and demand will increase prices. The historically low interest rates will also have to go up soon and now, more than ever is the time to step up. If you have read a few of my blogs, you have heard me talk about this before. What we hear most from our buyers is this statement. “ I don’t want to look back a year from now and say Wow, I wish we would have bought when things were really cheep a year ago”. I’m sure that some buyers in this market will get better deals than others. I’m sure some will get lower interest rates and lower payments but I’m sure most of us will agree that now is a great time to buy. Your timing could not be better. I will include some things that I think are important in your search.

• Bank Owned listings are different than traditional listings in a normal market.
• Find out why banks list their properties at almost to good to be true prices.
• The price or “asking price” is not your main focus. Look at the total picture.
• Many of the buyers that get offers accepted, belive in the “take some and leave some” theory”.
• Realize that the banks are losing a lot of money on these foreclosures. Don’t get greedy.
• Yes, their loss is your gain and isn’t it about time.
• Negotiation is a two way street. Both parties need to agree before the offer is accepted.
• Stay in a price range that does not make you “house poor”.
• Get ready, you just hit the Lotto.

The time has come for all the buyers that have been waiting for the bottom of the market. Sales are up again this month so if you have been waiting, your time is here. The window of opportunity is getting smaller but don’t take my word for it. Have your Realtor take you out and tour some of the bank owned homes currently on the market. If you find one that you really like, make an offer. If the home is priced low and is in good condition, my guess is that it will have multiple offers. What does this tell you? Do you think that prices will continue to drop if the homes on the market now are getting multiple offers? Isn’t one of the main things in Real Estate that drives the prices is supply and demand? The demand is increasing and the supply is still good but not for long. We specialize in working with buyers so we hope the supply of bank foreclosures stays high for as long as possible. The clients that are buying now are telling us that they don’t want to get left in the dust. As the new stimulus package gets plugged in, many of the home owners will be able to keep their homes and not go into foreclosure. This will be good for the economy and will help stabilize the housing market. There really is a tremendous opportunity for buyers to purchase a home at prices that you may never see again. As the banks start to loan money again, interest rates will probably go up. All things considered, it’s time to step up because the train is leaving the station. Here are a few tips that may help.

• The writing is on the wall. Sales prices will start to climb shortly.
• Las Vegas will be one of the first markets to recover. It already is.
• If you have cash, you will have more bargaining power with the banks.
• If you can qualify for an FHA loan, get this loan.
• If you are a veteran, a VA loan is also an excellent value.
• Greed kills offers getting accepted. Be realistic, it has to be a good deal for all.
• If your cash on hand is low, have all closing costs included in your offer.
• Make sure your offer is contingent on appraisal.

The Las Vegas Real Estate Market continues to show signs of recovery in this Challenging economy. Many of our buyers feel that this market is an opportunity of a life time. I have talked about this several times but I do feel it should be repeated. The banks are starting to respond in a timelier manner. This is a good sign that signals the start of more to come. The bank owned foreclosures continue to lead the market at over 74% of total sales. Most of our buyers are not used to dealing with the banks as the seller.
Many of these foreclosures are listed at fire sale prices that almost seem to good to be true. These listings do generate a lot of attention and if the property is nice, they usually sell for substantially more than the asking price. We should not be shocked that the banks main objective is to sell the property for the most amount possible. Sometimes they just arrive at the sale price in a different manner. We do have to realize that the banks are taking a great loss on these properties so we as buyers need to look at more than just the asking price. Of coarse we want a smoking deal but we may need to step back and take a look at the total picture. You will notice when you start touring the bank owned homes that there is a lot of interest and a lot of offers being made. Here are some points to consider when you are trying to get an offer accepted.

• The asking price has nothing to do with the true value of the home.
• Just because the home is priced low, does not mean it’s a great deal.
• Your agent should be experienced in bank owned properties and know how to find out their bottom line.
• Location is everything.
• Ask for a short amount of response time to the offer.
• If there are multiple offers, you may need to restructure your offer.
• Remember, it’s your money and you make the final decision.
• Have fun.

For the second month in a row, sales are up over 100% in the Las Vegas Real Estate Market. We could tell, by the traffic at home showings that things are starting to turn around. The foreclosure market will be with us for a while but that’s a good thing for our buyers. I’m sure you realize that it’s only a matter of time before the new administration will focus directly on the housing market. When loans become easier to get and the supply of foreclosures level off, this market will start to recover. Even Donald Trump is telling everyone to buy now before the prices start to go up. The good news is you still have some great values to choose from. Here are a few more tips that we hope will help you in your search.

• This is very important. Be Patient, good things come to those who wait.
• The Banks are very slow in responding to offers. Some are slower than others.
• Most Bank Owned Homes are sold “As Is”. Do not ask them to make repairs.
• Banks love offers that close quickly and have the least amount of liability.
• Ask your Realtor to include a home warranty in the offer. This is one item that the bank should agree to pay for.
• The really good deals are usually sold in the first week on the market. Try to tour new listings right away.
• Look past the clutter. Get estimates on repairs during your due-diligence period.
• Planned communities like Summerlin and Green Valley will hold value well.
• Research the area before you make an offer. Check all the amenities near the property.
• The larger the lot size the better.
• The neighbors will tell you what they like and dislike about the community.
• If you are new to Las Vegas, look at homes in all areas. Get a good feel for the lifestyle you want.

The Las Vegas Real Estate Market feels like we are right in the middle of a strong storm. When you are in a hurricane, the center or eye of the storm is fairly calm but you know that you don’t have much time. There is a small window before the rest of the storm comes. I know you have heard me talk about the market stabilizing but all indicators are that the time is near. The Obama Administration has no choice but to through the kitchen sink at the housing market to fix it. Even Warren Buffet came out today with a statement that the President needs to leave the daily business to his staff and concentrate on the Economy and Housing. If any of you have been shopping for a home in Las Vegas lately, you have experienced an active market. We are running into multiple offers on the Bank Owned Foreclosures. I can not believe the asking prices on these properties. Homes that sold for over 700k just a few years ago are in the 375k range. These are in Guard Gated Communities with pools, casitas, and all kinds of upgrades. If you are looking to upgrade your lifestyle and you can qualify for a loan, you just won the Lotto. Here are some things to look for in your search.

• Use your time wisely; there are a lot of homes on the market.
• The asking price on many of these homes is set low to generate interest. Many of these homes sell for more than the asking price.
• Forget the asking price. What is the home really worth in today’s market?
• Some of the Banks try to generate bidding wars. Set your bottom line and stick with it.
• Many of the bank owned homes are in newer areas of town. These seem to be a good value.
• Talk to your loan officer to see if you qualify for FHA, 3.5% down.
• Short Sales are starting to improve on response time. Don’t rule them out.

Sometimes, when first time home buyers start their search, they are concerned that they may miss something. No one wants to find out that they paid too much for their home or that they did not shop around enough. Buying a home is probably the single most important and expensive purchase that most people will make in their lives. We know this to be true and take pride in finding the right home for the client. Not everyone has the same wants and needs. A good agent is a good listener and lets the client pick the criteria that fits their lifestyle. If the area of town is the main focus then that is where you should stay. We encourage our clients to look at all the homes in their price range and area of town. It is similar to the saying “leave no stone unturned”. This strategy helps the buyer feel comfortable that they have seen all of the other homes in the area. When you do find the home that you really like, you know it’s the one for sure. Here are some considerations when you find the right home and want to make an offer.

• Does the area of town you like dictate a higher price?
• Does your agent know this area or even specializes in this area?
• Have you done any homework online to see how this area of town has held up in these tough times?
• Are the schools in the area considered good to excellent?
• Is this area of town in a flood zone?
• If this area is considered a planned community, does it have any special tax assessments?
• Are regular property taxes high or low in this area?
• Is the home highly upgraded and if so, how much value does this ad?
• Does this home meet the requirements for the type of loan you are qualified for?
• Are you going to ask for time to check the condition of the home?
• If this home is under priced in the market, are you willing to pay more than asking price?

There are a lot of things to consider when you first start your search for a property. Many buyers are torn between Las Vegas Condominiums and Single Family Homes. It really is a matter of personal preference and lifestyle. Many people prefer to have a back yard for their kids and pets. Others may want to have a private pool and patio. Your work may demand that you travel a lot. You may not be home much and a Condo with no exterior maintenance would make more sense. You may also enjoy a resort style complex with a large pool and a club house with an exercise facility. Maybe the Las Vegas high rise Condos near the Strip are more of what you are looking for. In any case, it’s nice to have a choice and we do have some great choices in Las Vegas. There are some very important things to consider when making your decision.

• Cost. What can I qualify for? How much do I really want to spend?
• Value. What will the property be worth 5 years from now?
• If you buy a high-rise condo, will you use the amenities that you are paying for?
• If you buy a Single Family Home, will you enjoy the maintenance needed?
• Would a patio overlooking the Strip be more appealing than a backyard pool party?
• Is a garage for your car a priority?
• Do you entertain a lot?
• Which property shows the greatest potential?
• Is location more important than space?
• Are you a Partier or a home body?
• How long are you planning to live in this property and does it have room to grow?