Nevada Real Estate >> Las Vegas Real Estate Specialist: Nevada

www.lasvegasmtg.com Report: Is Las Vegas housing inventory rising due to declining sales? The Greater Las Vegas Realtors and Applied Science has reported that Las Vegas housing inventory has been increasing weekly at a pace of 280 homes per week since late April. The housing inventory in Las Vegas has increased to 14,854 a 4,800 increase in four months.

Current housing inventory has increased by 20% over last year withvacant or tenant occupied properties representing 80% of the standing inventory.  Contingent sales that are currently pending, 80% are short sales that require the banks approval. The Short Sale process is slow and tedious with a success rate of only 25% in  actual closing.

In a recent article about the concerns HUD Secretary Shaun Donovanhad about declining sales nationally of existing home sales since the First time Home Buyer Tax Credit had expired in April 30th we are seeing the same statistics in Las Vegas. Las Vegas has seen a decline over last year mirroring the west coast numbers of 31% decline in pending sales.

With rates as low as they have been in a half a century and housing prices at 1980 levels a slowing of sales and higher inventory does not paint a rosy picture for a recovery for our Las Vegas Housing Maket relatively soon.  If the Federal government re-instates the Tax Credit will we see another spurt of buyers interest only to slow after it is removed?

It is only speculation on my part but the increase in inventory might be the release of shadow inventory we have heard, about but did not see in listings. If this is true, the release of more inventory while consumer demand is slowing is not a positive outlook for home prices stabilizing in Las Vegas for the short term. What is your opinion?    

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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I was shocked.  Some days on home inspection days you fret a little because you just know there are issues but yesterday I didn't even squirm. 

The house was built in 2005 and appeared "solid".

Until the Home inspector turned on the water and everything (except the bathroom sinks) started leaking like a sieve.  Including toilets.  Including a hose bib.  Including pipes in walls.  Including the roof (well turning the water on didn't cause that one!)  Including the kitchen sink.

Here is the moral of the story for any buyer in any state:  GET A HOME INSPECTION!

I always recommend one and I always leave it up to the buyer to decide if they can live with the "issues" especially in these "as-is" homes sold these days.

Even if you think the home is "solid".

Especially if it is a "newer" home.  Newer homes here that were sold at the height have issues because they were slapped up by builders and maybe bought by "investors" who rented them out and didn't turn in minor issues to warranty - because the renters never told them - then they became bigger issues later.  Especially after a home sits vacant in the elements without utilities.

Definitely if it is a "distressed" property with deferred maintenance.

I think the fee is a small price to pay to alert you to potential disaster in the future and hopefully you have a home inspection contingency to get you out of your contract in the event things go horribly wrong. 

Even if you lose that inspection fee & end up walking away from that home - you may find yourself saving loads of money in the long run.

Las Vegas Listing Inventory (homes for sale) has risen dramatically since the first time buyer tax credit.  While I may be convoluted with my thinking as to whom I am working with (mainly investors all of a sudden) I had to go check GLVAR's listing stats and see if the "Shadow Inventory Fairy" paid us a visit.  NOPE!

It is because buyer demand is DOWN DOWN DOWN!  Not down horribly bad.  I took a peek at August's numbers (I don't pull my Las Vegas Real Estate Market Report stats until the middle of the month due to late reporting by list agents!)  Sales are pretty strong for August (in fact stronger than I thought) and are so far coming in at over 3500 closes.  Listings have dropped slightly and pendings have risen slightly so that is all good.

When I checked the new listings on the market, we rose slightly in June (but still down down down when you compare to 2006, 7 and 8).  July's new listings on the market were well below June 2006-2009's numbers.   We are still anxiously waiting on August's numbers.

I had my one and only first time buyer send me 10 listings last friday.  They were all still available on Tuesday when we went searching.  This would NOT have happend from January 2009 to May 2010.  What would have happened is that 4 would have changed to contracted status and another 4 would have multiple offers and 2 would be damaged so bad that they wouldn't be eligible for financing (which 2 were ineligible for financing.)  BUT HOORAH!  We still had 8 to choose from!

What this boils down to is more concessions for first time buyers like I explained in the video that I did a while back in anticipation for this moment.

In May I predicted we would go from a seller's market to stable by December.  In July, I moved that prediction up to Oct/November.  Now I move it back to Nov/December!

First time buyers, if you feel like you missed out on the tax credit, do not feel bad.  You can recoop that in lower prices (yes we are having slighty declining prices in some areas) and by getting your closing costs paid (which was a little harder to do with 20 offers on the same property during tax credit time!)

Call or email for your consultation today!

As I am writing this on the eve of Labor Day Weekend in September 2010, temperatures are well above 100 degrees today!

Demand for pool homes traditionally drops with the temperatures in the fall and rises in the spring as the temperatures rise.  Generally the best time to buy a Las Vegas, Henderson or North Las Vegas pool home is October, November, December or January when no one else is thinking about it!  You will have less competition & more homes to choose from!

Just wanted to pass that little tidbit of information your way if you were considering buying a pool home in the future – like next spring.  You may want to start your search for pool homes right now so you have less competition and stress when looking for that perfect home!

Search the Newest Las Vegas, Henderson or North Las Vegas Area Pool Home Listings for Sale:

(links updated daily!)

• Las Vegas
• Henderson
• North Las Vegas

Economic Conditions for the Las Vegas Valley July 2010

Housing Conditions:

• Foreclosure/Short Sale Listings (8/15/2010): Total Listings 13902; Short Sales: 6144, 44% of all listings; Bank Owned Listings: 2738, 20% of all listings. Short sale and REO listings consume 64% of total listings
• New Home Sales (July 2010, units sold): 323 Year Change -14.6% (excl condo conversions, highrises)
• New Home Sales (July 2010, median price): $195,000 Year Change -5.2% (excl condo conversions, highrises)
• Existing Home Sales (July 2010, units sold): 3611 Year Change -17.8%
• Existing Home Sales (July 2010, median price): $123,400 Year Change: -1.3%
• New Home Permits (July 2010): 371 Year Change -17.9%
• Rental Rate (MLS Monthly Average June 2010): $1410/month 

My analysis:  Distressed listings (foreclosures and short sales) are 64% of total listings up 1% from last month.  This figure is slowly going up after many months of decline HOWEVER REO is emerging as a new life form (investor trustee sale purchase flips.)  Credit markets must be watched as underwriting guidelines continue to tighten.  Condos are barely financeable.  Resale sold units and pendings remain impressive from the tax credit highs.  Inventory IS increasing as pent up demand from first time buyers was exhausted from the tax credit offering that expired June 30, 2010.  The rental market is softening due to all the investor/first time buyer combination of activity.  This adds more supply and creates less demand.

New Residents/Employment Conditions:

• New Residents (July 2010): 4683, Year Change -3.3%
• Total Employment (July 2010): 801,300 Year Change -2.3%
• Unemployment Rate (July 2010) 14.8%, Year Change +1.8%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve.  New Resident Count will continue to plummet if no new jobs are created.  Economists are hoping that City Center brings tens of thousands of new jobs.  The Las Vegas Valley has lost -135,400 jobs since April 2008.  I am not optimistic that City Center can pull us out of this slump.  (see Tourism/Gaming conditions below!)  City Center is expected to draw in anywhere from 10,000-15,000 new jobs.  Unfortunately around 8500 construction workers from the project will be unemployed so that really boils down to only 2500-7500 new jobs.  Unemployment rate is painful yet again.  While these numbers are looking VERY bad, I am seeing some changes in the Tourism/Gaming Sector which will help this sector in the long run if it is sustainable!!

Tourism/Gaming Conditions:

• McCarran Airport Total Passengers (July 2010): 3,518,217 Year Change -1.1%
• Gaming Revenue (June 2010): $640,096,466, Year Change -6.9%
• Visitor Volume (June 2010): 3,395,759, Year Change +3.5%
• Convention Attendance (June 2010): 351,731, Year Change  -1.0% 
• Hotel/Motel Occupancy (June 2010): 82.1% Year Change -0.1%

My analysis:   Convention Attendance is Truggling again.  This sector (tourism) needs to see some serious price corrections before we see a comeback.  Corporate credit is not coming back any time soon.  It will be hard to get convention attendance back up without corporate credit.  Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers.  Gaming numbers are back in the negative but thankfully not in the double digits like they have been in the recent past.

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

The Lakes July 2010 Real Estate Resale Market Report:

• Listings (8/15/2010):  73
• Under Contract (8/15/2010):  71
• Sold July 2010:  21

Since Last Month's Report:  Listings UP +4, Pendings DOWN -94, Sold Units NO CHANGE.

For Current and Past The Lakes Market Reports

View The Lakes Homes For Sale Here (Updated Daily)

More Information on The Lakes Real Estate Here

More Las Vegas Communities Here

Southern Highlands July 2010 Real Estate Resale Market Report (Homes For Sale/Under Contract/Sold):

• Listings (8/15/2010):  184
  
• Under Contract (8/15/2010):  210
• Sold July 2010:  54

Since Last Month:  Listings are UP +9, Pendings are DOWN -10, Sold Units DOWN -4.

Last Month's Southern Highlands Market Report

View Southern Highlands Homes For Sale Here (Updated Daily)

More Information on Southern Highlands Real Estate Here

More Las Vegas Communities Here

Age Restricted (55+) Communities are scattered throughout the valley.  Many offer a variety community amenities for Seniors who enjoy active lifestyles.

Sun City MacDonald Ranch is located in the Green Valley Area of Henderson, NV (zip 89012). There are 893 Homes in Sun City MacDonald Ranch ranging from 1020-2489 Square Feet.  Community Amenities Include:  Clubhouse, Community Golf, Gym, Pool, Spa, Tennis

Sun City MacDonald Ranch Market Report:

• Listings (8/15/2009):  13
• Under Contract (8/15/2009):  5
• Sold July 2010:  1

Sun City MacDonald Ranch is currently enjoying a stable market.  Since Last Month:  Listings NO CHANGE, Pendings UP +2, Sold Units NO CHANGE.

Last Month's Sun City MacDonald Ranch Market Report

View Sun City MacDonald Ranch Homes For Sale Here (Updated Daily)

More Information on Sun City MacDonald Ranch Real Estate Here

More Las Vegas Communities Here

Past and Present Siena Sun Colony Real Estate Market Reports

More Community Information on Siena Sun Colony Living

Siena Sun Colony Home Listings and Houses for Sale

Other Las Vegas Communities (note this site is only 1 month old on 8/29/2010 - more info being added daily!)

View Siena Sun Colony in a larger map

Here is what buyers received in seller paid concessions on July 2010 Las Vegas Area (Henderson - N Las Vegas - Las Vegas) Closes:

• Less than $500:  67% ($500 only buys you a home warranty or (no and) an appraisal)
• Between $501-4000:  20%
• Over $4001:  13%

This pretty much means that sellers aren't giving up much of anything since Las Vegas is a Seller's Market and in dire need of sellable inventory!  Inventory levels are rising just slightly and we are seeing some movement/improvement in this sector which is good news, especially for buyers who want/need closing costs!

Last Month's Concession Stand

Most Current Concession Stand

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-605 (the average consumer probably asks, what’s that?)  It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley.  They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

www.lasvegasmtg.com Report: Veterans are waging another war on the "Home Front" with slumping home prices in  Las Vegas and across this country when orders for reassignment comes. Veterans are concerned they have little options when they are being reassigned due to base closures or transfers. Their options are two house holds and splitting the family up, or renting out the property at $400 to $500 less then the mortgage payments, or the ultimate decision to let the home go to foreclosure, or Deed in Lieu of Foreclosure or a short sale.

The last resort, Foreclosure has a far more reaching impact then losing the Veterans "Certificate of Eligibility" due to the government loss that has to be paid to the lender when the house is foreclosed on. The loss has to be repaid back to the Veteran Administration before the Certificate of Eligibility" can be restored. A daunting task on military pay. VA requires a minimum of two years after a foreclosure before a new purchase but Fannie MAE guidelines are now two years for Short Sale, Pre-foreclosure, and five years after foreclosure unless proof of extenuating circumstances then it is three years.

If there is a short sale or foreclosure this will impact the veterans credit negatively and a credit check is required to determine security clearance for career military personal. This would eliminate any promotion and could decrease the Veterans rank and pay.

With an all voluntary military and the sacrifices that we ask of them, how can we allow this to happen and not provide a solution for them?

Well there is some relief even if it is a small one there was legislation in the stimulus package for $555 million to help the Veterans that are facing these tough choices. First it is estimated by the Army Corp of Engineering that only about 17,000 Veterans would be eligible for help. This program was designed to limit the amount of claims and funds to help the Veteran.

To be eligible Veteranshad to purchase the home prior to July 1, 2006. The funds would be used to pay up to 95% of the loss if the Veteran is forced to sell. The government could also acquire the title at 90% of loan amount or payoff the loan balance. The problem is that the remainder or difference of the 5% or the 10% loss would have to be restored before their Eligibility by the Veteran can be available again to them.

I ask you, do you feel that it is right for the Veterans to fight another battle on the "Home Front" while keeping our country safe? Please let me know.

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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Mountain's Edge July 2010 Real Estate Resale Market Report:

• Listings (8/15/2010):  277
• Under Contract (8/15/2010):  314
• Sold July 2010:  62

Since Last Month:  Listings are UP +28, Pendings are DOWN -11, Sales are DOWN -26

Last Month's Mountain's Edge Market Report

View Mountain's Edge Homes For Sale Here (Updated Daily)

More Information on Mountain's Edge Real Estate Here

More Las Vegas Communities Here

So you have a million dollars burning a hole in your pocket and you want to buy Las Vegas Real Estate!?!?

Well here you have it!  All of these Links are Updated DAILY with the newest listings!

Here is what you can buy today in Las Vegas for $1 Million Dollars (give or take $100K!)

OK OK so you have champagne tastes and a beer budget.  Let me show you what you can buy today in Las Vegas for $500K (give or take $50K!)

Let’s just say you are a big baller and you choose to be pampered with the best of everything in life – you need total luxury, views, privacy and amenities.  Take a peek at Las Vegas’ most expensive listings right here!

See, there is a little something for everyone

PS:  Don't forget these links never expire so you may want to bookmark this posts as the links to Las Vegas Luxury homes for sale and listings are updated DAILY!

Charleston Heights July 2010 Real Estate Resale Market Report:

• Listings (8/15/2010):  129
  
• Under Contract (8/15/2010): 136
• Sold July 2010:  51
  

Since Last Month:  Listings are UP +20 units, Pendings are DOWN -20 units, Solds are UP +13 units.

Last Month's Charleston Heights Real Estate Market Report

For More Las Vegas Communities and Reports Click Here

Coronado Ranch July 2010 Real Estate Resale Market Report (Homes For Sale/Pending/Sold):

• Listings (8/15/2010):  26
  
• Under Contract (8/15/2010):  42
  
• Sold July 2010:  7

Since Last Month:  Listings are UP +3, Pendings are UP +2, Solds Units are DOWN -1.

Last Month's Coronado Ranch Market Report

View Coronado Ranch Homes For Sale Here (Updated Daily)

More Information on Coronado Ranch Real Estate Here

More Las Vegas Communities Here

I had a chit chat with a nice out of state all cash investor today.  She has been led to believe that she can flip homes in this environment.  Resale homes that is.

She has been looking for several months as I understand and she had been given some poor advise.

I wasn't willing to take her on!

WHY?

Right now Las Vegas area listings are increasing with a rapid pace due to the first time buyer tax credit.  "Sellable" inventory has increased also.  I was right in my January article - the investors have been left holding the bag as I watch their overpriced inventory gather dust. 

This stuff would have been snatched up in a New York Minute back in April (tax credit buyers) but with calculated price reductions by bank asset managers now it just seems to stand out like a sore thumb.

Even the true flippers (the ones that purchase at the actual foreclosure/trustee sale) are stating that their margins are tight these days.

I would never, in our volatile Las Vegas real estate environment advise someone that doing this is a walk in the park without checking with the customer/client to make sure they have the stomach & means to hold the property in the event of another decline (which could happen!)

Maybe this is my odd combo of altruistic/narcissistic side  of me that assumes I will get a sale and then consequently a listing.  Who needs another person pissed off at you because you can't sell their house at the margin they expect?  Not even the best marketing machine in the world could do it..........in this environment.

It is possible to do this, just not highly probable to see the results you want.

You can see my Las Vegas Market Report Graphs right here if you don't believe me.

Henderson NV Back to School Home Sale!

Clark County Classes (Henderson NV) will be starting on Monday August 30, 2010.  In celebration I am having a back to school home sale with details following some helpful Clark County School District Links:

• Clark County School District's Main Page
• Zoning Information - see boundary maps and search by address (note:  these change frequently so be sure to check each school year!
• Enrollment Information
• Accountability Report (good stuff in here!)
• School Calendar (breaks, holidays, teacher staff days, etc) 

JUICY HENDERSON REAL ESTATE OFFER:

Buy a home through me or any of my associates and you PAY ZERO file management/transaction/doc brokerage fees PLUS a home warranty (of your choice) up to $600 in value*

*THE CATCH (terms and conditions):

• Final home must be sold for $250,000 or more (no exceptions even if final sale price is $249,999)
• You must be fully approved (financed) or proofed (all cash) for an appointment to be made
• Home warranty must be disclosed and APPROVED by all parties involved in the transaction (seller, listing agent, title, your lender)
• You must have a fully executed contract by October 15, 2010 and close by January 15, 2011
• Short sales are excluded from this offer (there is plenty of REO, New Construction, Trustee Sale Flips and NORMAL inventory in this price point)

Mention "HENDERSON BACK TO SCHOOL HOME SALE" to get the ball rolling when you email or call!

Search for HENDERSON HOMES FOR SALE ABOVE $250K NOW!

Arlington Ranch July 2010 Real Estate Resale Market Report

• Listings (8/15/2010):  28
• Under Contract (8/15/2010):  49
• Sold July 2010:  12

Arlington Ranch changes since last month:  Listings DOWN -1, Pendings DOWN -9, Sold units UP +2.

Last Month's Arlington Ranch Market Report

View Arlington Ranch Homes For Sale Here (Updated Daily)

More Information on Arlington Ranch Real Estate Here

More Las Vegas Communities Here

Nevada Trails July 2010 Real Estate Resale Market Report (Homes For Sale, Pending, Sold):

• Listings (8/15/2010):  20
• Under Contract (8/15/2010):  53
• Sold July 2010: 11

Since Last Month:  Listings are NO CHANGE, Pendings are UP +2, Closes are DOWN -2

Last Month's Nevada Trails Market Report

View Nevada Trails Homes For Sale Here (Updated Daily)

More Information on Nevada Trails Real Estate Here

More Las Vegas Communities Here

Cash REMAINS KING in the Las Vegas Area Real Estate Market!!!  It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is enjoying!  It is important to understand how a seller looks at each financing type:

Cash Offers:  Generally have less contingencies and quicker close times.  A cash offer may be accepted even if it is lower than a financed offer.

Conventional Financing:  Less strict with lender required repairs but larger down payments and more strict credit guidelines.

FHA/VA Financing:  Requires more scrutiny with lender required repairs via appraisal.  In general these take longer to underwrite and close so a cash or conventional offer looks more enticing to the seller.  FHA Requires the deed to be seasoned for several months so some flips bought at trustee's sales are generally out as options when competing with multiple offers!

Other:  Less common and creative financing types such as Lease Options, OWC (Owner Will Carry), etc.  The "other" category INCLUDES auction terms!!

Last Month's Report

Most Current Las Vegas Sold Terms and Trends Report

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-605 (the average consumer probably asks, what’s that?)  It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley.  They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.