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?

If you are finally ready to step up and buy one of the tremendous bargains on the Las Vegas Real Estate Market, you will need help. Most of your seasoned home buyers know that a good Realtor can be invaluable. As a buyer, your agent gets compensated by the seller. You basically get their services at no charge. Real Estate is like any other business. Some agents work hard and get results and others are not real effective. The buyers market that is going on in Las Vegas now is very fast pace. No matter what you have heard on TV or the internet, Bank Owned Foreclosures are selling in Las Vegas. Don’t take my word for it, go out and tour homes with an agent. Look in the 250 to 350 price range and you will see many other buyers with agents looking that the same homes. I found a great home in Southern Highlands today for my clients. They wanted to put in an offer so I called the listing agent. There are 6 other offers and several above asking price. We have our work cut out for us but it’s common in this market. I always advise my clients not to get into a bidding war and I really feel that if it’s not meant to be, we will find a better home. If I were looking for a Realtor to work with me, here are some things that I feel are important.

• Are we compatible? Do we communicate well?
• Is the Realtor interested in what’s best for me or just looking for a commission?
• Does the Realtor really know this market or are they just going through the motions?
• Is the Realtor a Specialist?
• Is this person a good negotiator? Can they get your home at the best price possible?
• Can they save me time and narrow down what I really want?
• Are they computer savvy and get me all info I need to make a decision?
• Are they patient and realistic?

If you have watched the local news channels in during the past few days, the Las Vegas housing market is starting to turn around. Sales have been up two months in a row and the hand writing is on the wall. Our team is out in the community on a daily basis showing homes and we have really noticed an increase in activity. The good news is that the Bank Foreclosures are getting bought up. 72% of the homes being sold here are bank owned foreclosures. Many of the experts are predicting that Las Vegas will be one of the first places to rebound. All this is good news for our local housing market. As these foreclosures get bought up, the market as a whole will level off and prices will come back. Many of the buyers are telling us that the stimulus package will begin shortly and they want to buy before that happens. We are telling our clients that now is the time to step up and get that bargain they have been looking for. Don’t say we didn’t tell you so. The lenders are also playing a major roll in this market. They have more flexible products and historically low interest rates. Here are some areas of town that we feel have the best bang for the buck.

• Summerlin. An area that used to be untouchable is now affordable.
• The new northwest. (95 and Durango). Larger lots and great prices
• Aliante. A lot of bank owned foreclosures. Your gain is their loss.
• Southern Highlands. Great location and really good buys.
• Mountains Edge. Investors bought out here and had to walk away.
• Green Valley Ranch. If you ever wanted to live here, now is the time.

When you buy a resale home, what happens if the air-conditioning stops working two days after you move in? If your Realtor did not ask the seller to include a home warranty, get out your wallet. That’s the last thing a buyer needs to be faced with is a major repair bill. I try to get a home warranty for all my clients when they purchase a home. If the seller is not willing to pay for it, then I will. There are several companies that offer home warranty products. Some are better than others. We have been using a company called Home Security of America and have had good results. They do charge a 50.00 service fee when they come out but they can save you 1,000’s in repairs. One of our clients just recently had to have their complete heating system replaced. It cost just over 3 thousand dollars and HSA paid the bill. The home warranty is good for a year and costs about 355.00 or 550.00 if you have a pool. If you would like to renew your warranty every year, you have that option. The warranty company will not make repairs that are pre- existing. It has to be something that broke after you bought the home. No warranty is perfect but these home warranties really come in handy if you have a problem. Here is a list of things that a Home Warranty covers.

• Roof leaks and wind damage.
• Plumbing leaks.
• Heating and Air-conditioning units.
• Dish washers.
• Ovens and microwaves.
• Swimming pool equipment.
• Washers and Dryers
• Refrigerators
• Plumbing fixtures
• Water heaters
• Electrical damage

If you are not real handy, these warranties can be a life saver. Make sure that your agent gets you a home warranty. It will make things much easier and give you peace of mind. You have enough to deal with. Enjoy your new home.

One of the most common questions in this market is how to find the foreclosures. The banks are using the most effective way to market these properties and the answer is the MLS. MLS stands for Multiple Listing Service. The banks that have repossessed these homes, list them with Realtors that are part of MLS system. This is a very aggressive Buyer’s market and the trend has been to list these properties at close to the bottom line. Because of this, many of the properties actually sell for more than the listing price. Our advice to our clients is to look at more than just the asking price. This does not mean that you can’t negotiate the price. We take each home on an individual basis and use our past experience to get the lowest realistic price that the seller will accept. If you still think that the Real Estate Market is dead and homes are not selling in the Vegas Valley, get a Realtor to show you homes that are on the market. Check back in about 2 weeks and you will find that many of the homes are Sold. As these foreclosures get bought up, the window of opportunity gets smaller. If you are really serious, the time has arrived to step up. Here is a list of things that may help.

• Sign up on lasvegashomesmlssearch.com to receive listings that meet your criteria.
• Get very specific in what you want.
• Do not look at homes that are above your price range.
• Get a good feel for the market. Tour several homes in your price range.
• Find out what the seller paid for the property.
• Be Cautious of homes that are being auctioned. Why didn’t they sell when they were listed on the MLS?
• Location is everything in Las Vegas.
• The Banks like short escrows and large down payments.
• The more upgrades, the more value.
• Shop around for your loan. All lenders are not created equal.
• The newer, the better.
• Check out the planned community Aliante. There are great buys out here.

The American Recovery and Reinvestment Act of 2009 has been signed. Thanks to the hard work of the National Association of Realtors, this Act will hopefully stimulate the market in several different ways. Although some of the items are still being debated, Most of the top priorities were met. Here are a few of the items that homebuyers and homeowners will have shortly.

• Very low interest rates for home mortgages.
• Better ability for buyers to get home loans from FHA, Fannie Mae, and Freddie Mac.
• Tax credit incentive to buyers who buy a home now.
• Mitigation for foreclosures and short sale standards.

I’m sure you realize that these items will make it very attractive to purchase a home. We are seeing a dramatic increase in our traffic of buyers shopping for homes. If you are serious and want to find that perfect home at a price that makes sense, then your time has come. If you are going to shop for a loan, contact your lender of choice and find out what price range will work best for you. We will help you fine tune your search and make this as painless as possible. Remember these rules.

• Stay in your price range.
• Don’t get into a bidding war.
• Don’t rush into any decisions.
• Get professional help.
• Ask for a due-diligence period.

The main concern that our clients talk about on a regular basis is are the prices on homes going to continue to go down? If the bank owned foreclosures were not selling, then the opinion would be yes. The bank owned foreclosures seem to be selling quite well. Our Company, Desert Homes Realty, represents buyers and we are encountering multiple offers on many of the properties. We have also noticed an increase in activity on our website. I think that you will be pleased with the results if you buy your home at this time. We are certainly not telling our clients to look for short term gains in this market but to think 3 to 5 years down the road. Most of our clients purchase their home to live in and are looking for a lifestyle as apposed to an investment. Which ever way you look at it, this is a window of opportunity. Some will take it, some will not. If you are in the market for a home, your timing could not be better. Here is a list of things that may help.

• Know the difference between Bank Owned Foreclosures and Short Sales.
• Most Short Sale Listing Prices have not been approved. Find out if they have.
• Make sure you hire a seasoned pro Realtor to represent your best interests.
• Do your homework and know the pros and cons of the areas you pick.
• Have your Realtor explain what an LID or SID is.
• Find out why all the major planned communities have special assessments.
• Find out what areas of town had the lowest price drops.
• Find out what areas had the highest price drops.
• Get familiar with the area of town that you are going to make an offer in.
Check out the Shopping Centers, Grocery Stores, Restaurants, etc.
• Talk to the neighbors if possible. See if they like living there.
• Check the HOA. Rules. See if they will be OK for you and your family.
• Be Realistic when you make an offer. It’s a two way street.
• Have fun.