Silverado Ranch April 2009 Real Estate Resale Market Report:

• Listings (5/15/2009):  225
• Under Contract (5/15/2009):  219
• Sold April 2009:  59
• Month's Inventory:  3.8

No Past Data Available For This Market Report

• Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

Desert Shores April 2009 Real Estate Resale Market Report:

• Listings (5/15/2009):  89
• Under Contract (5/15/2009):  80
• Sold April 2009:  17
• Month's Inventory:  5.2

Last Month's Report

Click here for Most Recent Desert Shores Market Report

Click here for More Information on Desert Shores Lake Living.

If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

THERE ARE SHARKS SWARMING IN THE LAS VEGAS DESERT!  We have buyer interest at an all time high.  Agents stealing keys from lockboxes so no one else will show the property (ongoing prob for a while actually.)  Multiple buyers in a single resale home at one time that makes it look like new construction model homes.  10,20,30,40,100 offers on a single property.  Serious buyers that cannot get an offer accepted to save their lives, and they bid way over asking price!

Our active inventory is threatening to go under 14,000 units, as of right now our pendings are at 12,349.  The inventory is down 700 units and pendings are up 400 units from 2 weeks ago.  I would call the situation "dire" if you are a buyer.

So here's the million dollar question of the day.  Will the interest rate hikes today be the shark repellent we need to get more inventory?  Are the buyers searching at the high end of their PQ? (My financed ones are not.)  Did anyone take a gamble with their escrow and not lock in to the 4's because they were waiting for rates to go down and are now priced out of their house?  Will we see fall outs?  Can I get an accepted contract PLEASE?

I might be the only one happy that interest rates edged up today.  I want to win on some of these contracts and get a freakin new escrow ;)

Summerlin April 2009 Real Estate Resale Market Report:

• Listings (5/15/2009):  829
• Under Contract (5/15/2009):  485
• Sold April 2009:  148
• Month's Inventory:  5.6

Absorption is slightly higher than Las Vegas Valley.

Since Last Month's Report:

• Listings DOWN -100 
• Pendings UP +84 
• Sold Units UP + 39

Last Month's Summerlin Report

Most Current Summerlin Market Report

If you are thinking about buying, renting or selling a Summerlin Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Summerlin Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Summerlin Home
• Option 3 if you are interested in Financing your Summerlin Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Summerlin home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

Terms and Definitions for my Market Reports

With so many potential buyers salivating at Las Vegas Real Estate Home Prices, one thing always has to be kept in mind:  sometimes these prices are CASH ONLY prices because the property cannot be financed.  In a nutshell, there is something wrong with the home and VA, FHA and (sometimes even) Conventional will say no-go on pushing the magic funding button.

I am not a lending expert nor am I an appraiser.  I do not play one on Active Rain and this is my disclaimer/disclosure.  All I know is I gotta know what I gotta know so it causes my clients less heartache in the end if we can see it in the beginning.

During the lending process an appraisal is ordered.  An appraisal NOT ONLY determines value and risk for the lending institution but many lending products need to know condition of the home and if it is habitable.  Some sellers will fix & the larger the problem, the less likely a seller will be to fix or repair. 

The definition for HABITABLE is very subjective but FHA does have guidelines and here are some of the biggies that can get tagged as issues and kill a financed deal:

Mold:  If it smells like playdoh, if there is a black substance looking us in the eye, if there are clear water marks from a water damage and you see big hive welts on my legs and arms:  it is more than likely mold.  I am not a mold expert but my body thinks it is when my ears fill up with fluid and the hive welts come out.  Mold is flagged as a health hazard and the clean up and remediation and rehab can run into the 10's of thousands of dollars. 

Kitec Plumbing:  There is a class action lawsuit in the valley that affects around 30,000 homes for defective plumbing fittings.  If it is stated in the appraisal that Kitec fittings are in the homes, repairs are needed.  Again, repairs could end up costing thousands.

Unpermitted Additions:  It is popular in older homes to make garages into living spaces.  Unfortunately many homeowners did not get building permits to convert living space.  While getting it permitted can be a simple, inexpensive fix, if the space does not conform to building code, repairs could run into some significant $$$$$

Broken Windows:  Should be the obvious.  Occassionally vandalism will occur in the late stages of an escrow and this may postpone closing.  Plus many items that made the home "habitable" such as a stove or water heater may have been stolen.

Appliances:  Appliances that are usually necessary to make the home habitable are:  stove, water heater, furnace, A/C.

Unfinished Rehab or Remodel:  Missing Drywall, flooring, countertops, etc

Exposed Wiring:  It is common for little extras like garage door openers and built in speakers to grow legs and walk away when the previous owners left the house.  This leaves exposed wiring that needs to be capped and covered.

Pools:  Pool equipment must be present (another item that grows legs and walks away) AND in working order.  Pools cannot be green!

As for Condominiums and financing - all of the above applies PLUS the condo certification.  Let's just call condos "all cash".  The condo certification is requested from the lender from the HOA and it is a basic questionnaire.  Here are some of the things that are killing condo deals (all condo deals, it's rare to find one that can be financed!)

Litigation against HOA:  Construction Defect is a biggie in the valley.  Things like slip and falls are smaller problems that can be overlooked.

HOA Defaults:  Lenders are wanting to see less than 20%.  This is hard to achieve in even the most normal markets

Investor Concentration:  Lenders are wanting to see less than 30% investors infiltrated in a subdivision.  Again, an impossible task to achieve in even a "normal" market.

Our market is in dire need of inventory & now you can see that we have even LESS inventory for the financed buyer.  If the price looks too good to be true, it probably is (unless you are an all cash buyer!)

Give us a holler at 702-966-2494 if you would like to be signed up on free listing alerts!

I love living in this city when I find good and inexpensive entertainment such as this - ISIS BAND @ the Fontana Lounge in the Bellagio.  Admission is free (except for the drinks that you may purchase.)

The variety of LIVE music is amazing from 70s to today and even ISIS original songs.  The backdrop is old school elegant Las Vegas in the Lounge with the occassional Roar of the world-famous Bellagio Dancing Fountains through the Large Windows on the side.

In the picture (from my cell phone) is the band belting out their most excellent rendition of "Bohemian Rhapsody" and in the windows you can see the fountains in the backdrop.

This lounge and band has to be one of Vegas' best kept secret for inexpensive and amazing entertainment!

To view Isis' upcoming Las Vegas schedule you can click here (they play a lot in Mississippi and Louisiana also!)

Mountain's Edge April 2009 Real Estate Resale Market Report:

• Listings (5/15/2009):  269
• Under Contract (5/15/2009):  261
• Sold March 2009:  53
• Month's Inventory:  5.1

Last Month's Mountain's Edge Real Estate Market Report

Mountain's Edge is a newer community so many of the listings are short sales or bank owned.

If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

This Rhodes Ranch Area resale market report:

• Active Listings (4/14/2009): 349
• Under Contract (4/14/2009): 271
• Sold March 2009:  72
• Months Inventory: 4.8

Rental Market Report:

• Active Listings (4/14/2009): 129
• Under Contract (4/14/2009): 17
• Leased March 2009:  45
• Months Inventory:  2.9

How to read my market reports (definitions and terms!)

Last Month's Market Report

Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

For More information & most current market report on the Rhodes Ranch Area:  http://www.livingatrhodesranch.com/

If you would like to buy, rent or sell a home in the Rhodes Ranch Area, please call 702-966-2494. 

702-966-2494 menu:

• Option 1:  Buyers wanting to purchase a Rhodes Ranch Area Home
• Option 2:  Renters wanting to rent a Rhodes Ranch Area Home
• Option 3:  Financing Questions for Rhodes Ranch Area Buyers - Ask about 100% loans for first time buyers!
• Option 0:  Sellers wanting to sell their home in the Rhodes Ranch Area:  We do have a short sale specialist (with a proven track record) and a full time licensed, permitted property manager if you need to rent out your Rhodes Ranch area home!
• Option 4:  Para español presione el cuatro.

A very rare glimpse into my personal life (unless you are my facebook friend!) Mike and I will be married tomorrow: May 20, 1989 for 20 years. The little girls in the early years are my baby stisters. I still am in disbelief that it has been 20 years!

We were high school sweethearts and when this rolls into facebook I want everyone that was in our wedding to send us the money because they all said we wouldn't make it that long :wink:

Please send all replies to Ken Cook's blog

Trust me on the headline.  If it isn't crap, it's overpriced or has 50 offers on it!  I actively work this market and show homes so if someone tells you how great this market is and that you can get fantastic bargains at the moment in the REO market, they probably aren't working it!  Lots of great bargains for cash buyers left, however.  Many homes are unfinanceable due to condition.  Hopefully we will get sizable new inventory soon!

I encourage you to click on last month's report and keep going back one month to see how the inventory situation has evolved over the last several months.  You will never hear or see this on the national media and you rarely hear this in other Las Vegas Real Estate blogs.  I have been reporting it weekly.  There are some out there, but very few.  The situation is dire for current <financed> buyers right now.

We are awaiting moratorium inventory but short sale agents have been reporting acceptances left and right.  Short Sale closes were boosted (a little) this past month.

Today I was working with two buyers and in many instances there were streams of Realtors and their clients in and out of the properties all at the same time.  Lines to see houses if you will.  It was like Target at 6 AM the day after Thanksgiving.  OK, maybe not that bad but it was something I have never seen to this magnitude before.

Inventory has fallen dramatically since last report (-2881 units), Pendings have risen +1187 units  Closing data is up up up at +924 units.   Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.  

REO sales accounted for 80.4% of all Las Vegas Area Valley resales in April 2009.  REO listings account for only 25.2% of total resale listings.

Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.

Current Listed Bank Owned Statistics:

• Listings (5/15/2009): 3761
• Under Contract (5/15/2009): 6530
• Sold April 2009:  3114
• Absorption Rate:  1.2 Months

View Last Month's Report Here  

To find the most recent report, click here

If you are thinking about buying an REO (Foreclosure or Bank Owned) property in the Las Vegas Area Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase REO Property.
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 4:  Para español presione el cuatro.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed

The absorption rate for Las Vegas Valley Area Short Sales went down  for April 2009.  Absorption still remains high BUT is under the 2 year mark.  Solds have FINALLY gone from hovering the 200 unit mark and went over the 300 mark.  I see improvement in this sector! Inventory has decreased  (-542 units).  Pending units have increased by +1010 units.    Solds have increased by a very nice +94 units.  Absorption down by 10.6 months

There are many reasons for the lack of closings in this market and it is outlined in this post. 

Short Sale Synopsis:

• Listings 5/15/2009: 5156
• Pending 5/15/2009: 4336
• Closed April 2009: 317
• Month's Inventory: 19.4 (=1.6 Years Inventory.)

Short Sales Currently Account for:

• 41.2% of All Las Vegas Valley Listings
• 8.2% of All Las Vegas Valley Sales
  

One thing you really need to consider when buying or selling short is to make sure the list agent is EXPERIENCED in this niche.  These deals are hard to pull whether it is or is not an experienced agent.  

Read here for the most current Las Vegas Area Short Sale Report.

Read here for last month's report on Las Vegas Area Short Sales.

If you need to sell your home via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0.  If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions.  Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for April 2009 is a healthy 3.9 months of inventory (compare it to 22.5 months inventory in Nov/Dec 2007!)   Some micro-markets (ie,Foreclosures Bank Owned, REO) are extreme seller's markets where there is no mercy to the buyers, multiple offers are the norm! 

Here is a snapshot of valley listings:

(Feb/Mar 2008)  All SFR, Townhome, Condo Listings:

• Listings (3/20/2008):  22,644
• Under Contract (3/20/2008):  4516
• Sold February 2008:  1318
• Month's Inventory:  17.2

(Mar/April 2008)  All SFR, Townhome, Condo Listings:

• Listings (4/16/2008):  21983
• Under Contract (4/16/2008):  5390   
• Sold March 2008:  1747
• Month's Inventory:  12.6 

(April/May 2008)  All SFR, Townhome, Condo Listings:

• Listings (5/13/2008):  21236
• Under Contract (5/13/2008):  6283
• Sold April 2008:  2063
• Month's Inventory:  10.3

(May/June 2008)  All SFR, Townhome, Condo Listings:

• Listings (6/12/2008):  20674
• Under Contract (6/12/2008):  6847
• Sold May 2008:  2418
• Month's Inventory:  8.6

(June/July 2008)  All SFR, Townhome, Condo Listings:

• Listings (7/15/2008):  20744
• Under Contract (7/15/2008):  7092
• Sold June 2008:  2588
• Month's Inventory:  8.0

(July/Aug 2008)  All SFR, Townhome, Condo Listings:

• Listings (8/16/2008):  20559
• Under Contract (8/16/2008):  7070
• Sold July 2008:  3034
• Month's Inventory:  6.8

(August/Sept 2008)  All SFR, Townhome, Condo Listings:

• Listings (10/5/2008):  20795
• Under Contract (10/5/2008):  6793
• Sold August 2008:  2893
• Month's Inventory:  7.2

(Sept/Oct 2008)  All SFR, Townhome, Condo Listings:

• Listings (11/14/2008):  21540
• Under Contract (11/14/2008):  6414
• Sold September 2008:  3115
• Month's Inventory:  6.9

(Oct/Nov 2008)  All SFR, Townhome, Condo Listings:

• Listings (11/14/2008):  21540
• Under Contract (11/14/2008):  6414
• Sold October 2008:  3084
• Month's Inventory:  7.0

(Nov/Dec 2008)  All SFR, Townhome, Condo Listings:

• Listings (12/11/2008):  21715
• Under Contract (12/11/2008):  6320
• Sold November 2008:  2539
• Month's Inventory:  8.3

(Dec2008/Jan 2009)  All SFR, Townhome, Condo Listings:

• Listings (1/12/2009):  21034
• Under Contract (1/12/2009):  6099
• Sold December 2008:  2900
• Month's Inventory:  7.0

(Jan/Feb 2009)  All SFR, Townhome, Condo Listings:

• Listings (2/15/2009):  20201
• Under Contract (2/15/2009):  7291
• Sold January 2008:  2620
• Month's Inventory:  7.7

(Feb/Mar 2009)  All SFR, Townhome, Condo Listings:

• Listings (3/25/2009):  19377
• Under Contract (3/25/2009):  8923
• Sold February 2009:  2678
• Month's Inventory:  7.2

(Mar/Apr 2009)  All SFR, Townhome, Condo Listings:

• Listings (4/14/2009):  17846
• Under Contract (4/14/2009):  10068
• Sold March 2009:  3525
• Month's Inventory:  5.1

(Apr/May 2009)  All SFR, Townhome, Condo Listings:

• Listings (5/15/2009):  14938

• Under Contract (5/15/2009):  11969

• Sold April 2009:  3871

• Month's Inventory:  3.9

Short Sales:

• 41.2% of Listings
• 8.2% of Sales

REO (Foreclosures, Bank Owned:)

• 25.2% of Listings
• 80.4% of Sales

The above breakdown shows how very few short sales are being closed and how little inventory is in the REO market currently.  We are hoping to have some more come online with the moratoriums ending March 31 but we still have to see that happen.  Maybe it will, maybe it won't.  It could be an avalanche of inventory or it may be a dud.  I will keep you informed all month long if I start seeing a rise in inventory!

In a Little Under One Month:  Listings are down -2908 units, pendings are up +1901 units, closings are Up +346 units and absorption down down down.  Pending inventory is rising at a phenomenal pace.  Compare this to last year's pendings!!

 DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!

Last Month's Pending Report

The Most Current REO (Foreclosure) Report

The Most Current Short Sale Report

The Most Current Las Vegas Area Pendings Report

If you are thinking about buying a home in the Las Vegas Area Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase a home.
• Option 3 if you are interested in Financing your home - (including down payment assistance for first time buyers)
• Option 0 if you are interested in selling your Las Vegas Area home.
• Option 4:  Para español presione el cuatro.

I spent some time trying to find a lender who could do this yesterday.  No dice with the bridge loan on the FHA.  Not many directs do those anymore.  Probably none.

Go see Jeff's Post to Comment Please:

Economic Conditions for the Las Vegas Valley April 2008

 Housing Conditions:

• Foreclosure/Short Sale Listings (4/15/2009): Total Listings 17846; Short Sales: 6698, 37.5% of all listings; Bank Owned Listings: 5543, 32.9% of all listings. Short sale and REO listings consume 68.6% of total listings
• New Home Sales (March 2009, units sold): 466 Year Change -46.4% (excl condo conversions, highrises)
• New Home Sales (March 2009, median price): $228,030 Year Change -12.3% (excl condo conversions, highrises)
• Existing Home Sales (March 2009, units sold): 3220 Year Change +69.6%
• Existing Home Sales (March 2009, median price): $142,000 Year Change: -38.3%
• New Home Permits (March 2009): 233 Year Change -41%
• Rental Rate (MLS Monthly Average February 2009): $1365/month 

My analysis:  Distressed listings (foreclosures and short sales) are 68.6% of total listings.  Credit markets must be watched, it's hard to remain optimistic with all the bad news on Wall Street.  Resale sold units and pendings remain impressive.  Builders cannot compete with bank owned listing prices, thus sales remain lackluster. 

New Residents/Employment Conditions:

• New Residents (March 2009): 4770, Year Change -11.3%
• Total Employment (March 2009): 875,700 Year Change -5.2%
• Unemployment Rate (March 2009) 10.4%, Year Change +100%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve.  New Resident Count will go down if no new jobs are created.  Unemployment rate is painful.

Tourism/Gaming Conditions:

• McCarran Airport Total Passengers (March 2009): 3,633,269 Year Change -11.8%
• Gaming Revenue (March 2009): $786,457,648, Year Change -9.8%
• Visitor Volume (March 2009): 3,549,864, Year Change -7.9%
• Convention Attendance (March 2009): 446,588, Year Change  -30%
• Hotel/Motel Occupancy (March 1009): 85.9% Year Change -6.8%

My analysis: Rising gas costs and flight cuts during the summer started hurting the tourism business.  This sector needs to see some serious price corrections before we see a comeback.  Corporate credit is not coming back any time soon.  Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation.  Information deemed reliable but not guaranteed.  My analysis is my humble opinion.

No it's not.  This market is definitely special and one that will go down in history.  I am not a quitter and refuse to be a quitter.  One of the BEST ways to describe a market is playing a board game with a sibling who keeps changing the rules after it starts.  I WANT TO PICK UP THE BOARD WITH THE PIECES ALL OVER AND THROW IT AT THEM.  But no, I accept the challenge!

Will the inventory come back?  I still don't know.  Rumors of Freddie & Fannie doing rentback programs on foreclosed properties with tenants already in them, short sales being approved & loan modifications happening makes me unsure of what the future holds.  Will the avalanche fall now that the moratoriums have ended is the big question.   Read in more depth here

We still have a light trickle of REO inventory coming on the market.  I am going to post numbers (don't yawn!!)  I want everyone to see where we are at:

April's numbers from my monthly stats (Pulled 4/14/2009):

• Listings (4/14/2009):  17846
• Under Contract (4/14/2009):  10068
• Sold March 2009:  3525
• Month's Inventory:  5.1

4/23/2009:

• Listings (4/23/2009):  16903
• Under Contract (4/23/2009):  10723
• Sold March 2009:  3523
• Month's Inventory:  4.8

4/30/2009:

• Listings (4/30/2009):  16450
• Under Contract (4/30/2009):  11001
• Sold March 2009:  3525 (closed for April 2009 as of AM 3193)
• Month's Inventory:  4.6 (using March's numbers since all closes are not in)

5/1/2009 (ONE DAY LATER!):

• Listings (5/1/2009):  16341
• Under Contract (5/1/2009):  10946
• Sold March 2009:  3523  (closed for April 2009 as of AM 3476)
• Month's Inventory:  4.6 (using March's closed numbers again)

5/7/2009 (LESS THAN ONE WEEK LATER!):

• Listings (5/7/2009):  15610
• Under Contract (5/7/2009):  11351
• Sold April 2009:  3867
• Month's Inventory:  4.0

In less than one month, our inventory has gone down by ONE MONTH!

Our REO (Foreclosed Homes) Market is an EXTREME Seller's market with almost no inventory at 1.0 Months currently (the next set of stats will not be released until around the 15th.)  Last month's stats were 1.9 months and that was rough on us.  You can always get the most CURRENT Monthly REO Stats that I pull right here.

Short Sales are remaining stagnant and a really depressed market and it will be hard to tell for another 30-60 days if the buzz on the street is true about short sales getting accepted left and right.  Reporting in the MLS is very inconsistent.  You can read the most current short sale statistics right here.

 Appraisals are a challenge also.  Coming in with repairs or low. (We had 3 good appraisals to 2 challenging appraisals this week!) BLAH!

If you want to take advantage of the low interest rates and the up to $8000 tax credit for qualifying first time buyers and don't want to play the "wait and see" game for the REO to come back online, give us a call.  We are in the trenches every day (16-18 hours a day M-F) and are extremely aggressive and creative to get offers accepted.  We have the resources and will and patience to prey on expired listings, pre-listed foreclosures, new construction and short sales.  If you have the patience, we will work with you to get you into your home! 

You are not allowed to fall in love with your home until we hand you the keys.  You have to be strong emotionally and we can guide you through the tough process!

This is NOT your daddy's market nor is it even your sister's market!  This is not the time to buy a house from your husband's friend's uncle who is a Realtor and who hasn't sold a home in two years.  This is a very very special and difficult market and you deserve a great buyer's agent team that is living in the trenches on your side!  Feel free to contact us, even if you are not ready so we can set you up on your search and keep you updated on all market changes weekly!

The Las Vegas Market is abuzz with buyers.  We hit 11000 pendings for a short time in a 24 hour period Weds/Thurs.  The end of month closes brought us down for the first month since I think December.  I think that is a sign that we are topping off (ie pendings are no longer rising at a quick as lightening pace.)

At the beginning of the decline (let's call it the major increase in inventory) which happened from March 2006-July 2006 we watched the inventory units climb by a staggering 10,000 units in just months.  The Active Listings hung steady in the 20000+ mark till February 2009. 

We also had around 20,000(ish) Realtors in 2006.

Today, 2009, we are shy of 14000 Realtors (something like 13600 and some change.)  Active Listings are looking like they will drop below 16000 in the next several days.  Pendings, again near the 11,000 mark.

In 2006 a ham sandwich could get a loan.

In 2009 people can get loans but it is harder to qualify. They have to qualify by income, credit, ratios and so on and so forth.  Is that a bad thing?  Not when prices are rolled back in the 90s.  It's easier for tipped workers to qualify.  Many couples want to qualify only on one income "just in case".

Prices are low, interest rates are low, there is a nice tax credit for first time buyers.  401K's are hurting so boomers are drawing money out to invest in all cash deals.  Buyer interest=all time high.

REO will not look at offers without pre-approval letters or proof of funds (all cash.)  You need it anyway to submit an offer in this environment.

Please, no tears when we won't show you the home because you won't show us the money.

Read:  Top 10 Reasons Why You Should Get Pre-Approved Before You Go Shopping

Summerlin is a unique 22500 acre Master Planned Community w/ more than 100 parks and over 150 miles of trails for walking, hiking, biking and jogging.  Summerlin is also home to 8 world class golf courses.

Due to all the amenities and aesthetics of Summerlin, it is very popular and remains one of the most highly desired areas for real estate in the Las Vegas region.

Summerlin Features 18 Villages:

• The Canyons
• The Mesa
• The Paseos
• The Vistas
• The Ridges
• The Arbors
• The Crossing
• The Gardens
• The Hills South
• The Hills
• The Pueblo
• The Trails
• The Willows
• Red Rock Country Club
• Ridgebrook
• Siena (age restricted)
• Sun City Summerlin (age restricted)
• One More Village on the Way also: Reverence

Homes range from Condo Living for Second or Vacation Home Buyers to Ultra Luxury behind Guard Gates on Golf Course Lots.

You can view a map of Summerlin and Red Rock Canyon on my website along with the most current Summerlin Real Estate market Report