If you have been shopping in the housing market lately you probably have seen or heard of “Short Sales”. What is a short sale? A short sale is a property that has not been foreclosed but is for sale at less than what the owner owes the lender. The owner has contacted the lender and has agreed to put the home on the market at current market value. Since home prices are at record lows, many people owe more than what their home is worth. We have seen many short sale listings that are selling for less than half of what the seller paid for the home. Once an offer is accepted, it is submitted to the lender for approval. This process can be lengthy and can take up to 3 months. The reason for the long process is because the lender is agreeing to lose money and the decision needs to be approved by management. We have been successful at getting many of these short sales approved but you must be patient. Here are a few things to consider when looking at short sales.

• If you need a home in the next 30 to 45 days, a short sale may not be a good choice.
• You will need a pre-approval letter to submit with your offer.
• You may get into bidding wars so get a good Realtor that knows the short sale process
• Many of the short sales actually sell for much more than the asking price.
If your offer is not accepted, move on and find a better bargain.
• Keep Your Las Vegas home search fun and don’t get discouraged.

Our Las Vegas home search helps many new home buyers find the home that meets their needs and in a price they can afford in the most time efficient way possible. If you need help, we look forward to the challenge. Send us an email and include a check list of the most important things that you want or need. Here are some examples of previous client’s most important things they look for in the Las Vegas real estate market.

1. Price Range. Price is not the only concern that buyers have when they purchase a home but it is number one on the list. We need to know the most you are willing to spend and if you are going to get a loan or pay cash. If you are getting a loan, you will need to secure a pre-approval letter from your lender of choice. In most cases, this really is your first step in the home buying process. There really is no need for you to shop for homes or tour homes that are not in your price range. Your lender will also narrow down a price range that will give you payments that you will be comfortable with.
2. Area of Town. The Las Vegas Valley is very spread out. Buyers have many choices in this Buyers Market and can really narrow their search to an area that fits their lifestyle. If you like to be near the Strip or the Airport, but still want to live in a suburban environment, then Henderson may be your choice. If you like mountain views and cooler summers, then Summerlin should be considered. It really is a matter of personal preference and there are many great places to call home in Las Vegas.
3. Size( square footage), number of bedrooms, baths, etc.
4. Lot Size. Larger lots are getting harder to find but are still available in many areas.
5. Schools. Very important for buyers with children. Let us know and we will get your questions answered.
6. Bank Owned Homes. These are where most of buys are in this market today. If you would only like to look at Bank Owned, let us know.

You could not have picked a better time to shop for Las Vegas Homes than now. The prices and interest rates are at historic lows. Timing is everything. Make 2012 your

When people ask about the Las Vegas Real Estate Market, they always ask 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 bank owned foreclosures get sold, 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 , “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 such as location, amenities, etc
• 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”.