Foreclosure Maintenance
By Stephen Roberts | July 28, 2010
There have been many foreclosure properties that have greatly depreciated in value due to their condition. Often times foreclosure properties are not taken care of once the homeowner is evicted by the banks. One reason for this is because legally the banks do not foreclose on the property as soon as the homeowners are evicted. Many times the bank will not take possession of a foreclosure property until a few weeks before a sale with an interested buyer. Because the banks do not technically own the home, and the homeowners are evicted, this leaves the property in limbo, where it is likely to be neglected and not taken care of. Clark County is trying to take steps to prevent homes from reaching this level of disrepair and lowering the home values in the Las Vegas and Henderson Valley.
Clark County has recently implemented laws that attempt to stop homes from becoming in this condition. The county is starting to impose fines and liens on properties that have been neglected if no action is being taken by the homeowners to preserve the condition of the home. Since banks do not legally take possession of a home until it is already neglected and in need of repairs, the only legal action that Clark County can take is on the evicted homeowner, or placing liens on the property.
Many speculate that the county placing liens on the property will only slow the real estate market down. Placing liens on properties discourages buyers. Though the county is taking steps to stop homes from deteriorating during a foreclosure, they need to find a way to make banks foreclose on properties sooner after they evict the homeowner. Banks should be paying to maintain the foreclosure homes and making sure that the properties are not depreciating in value due to physical condition. It is difficult to take action and expect results on homeowners who have been foreclosed upon and evicted.
For all your Real Estate needs contact Steve Roberts at 702-739-4392.
Topics: Henderson Nevada Homes, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, foreclosures | No Comments »
Market Prices Expected to Remain Flat
By Stephen Roberts | July 23, 2010
The housing market in the United States and especially here in the Las Vegas and Henderson area has gone through its ups and its downs in the past couple of years. Housing analyst Dennis Smith predicts that much will remain the same for the rest of this year as we have seen in the past year. Market prices have stabilized, although they are still much lower than median home prices of previous years.
New home sales are beginning to pick up and many developers are looking to get back into building homes and finishing projects that were started before the crash of the housing market. Homebuilders are trying their best to compete with the low prices of the foreclosure and shortsale market. It is encouraging to see that some new construction developments have begun finishing the projects that were started before the crash of the economy. This shows that builders see potential profit in these properties and they feel as though the market will revive itself.
As of right now the market seems as stable as it has been in a long time. The prices have been consistent for the past 14 months and it looks as though we may have several more months before we start to see any changes.
For all your Real Estate needs contact Steve Roberts at 702-739-4392 or visit my website at www.HendersonRealEstateOnline.com.
Topics: Henderson Nevada Homes, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, foreclosures | No Comments »
Local Real Estate Market Update
By Stephen Roberts | July 2, 2010
Housing statistics, released by the Greater Las Vegas Association of Realtors, for the past month have indicated that local home prices have increased for the second straight month. The median single-family home price in Southern Nevada for May was $142,000, which matched April’s home statistics. This is a 1.4 percent increase over this time last year. Not only has the median price for single family homes risen but also for local condominiums and townhomes. Sales in this area are up 2.9 percent from the previous month and up 10.8 percent from the previous year.
The median price of a single family home rising is good news for the housing market. With the prices stabilizing we are now starting to see more houses on the market. If demand stays constant there should not be a lot of problem with the demand keeping up with the increased inventory in the Henderson and Las Vegas Valley.
Many government programs such as the first time homebuyer tax credit have helped raise demand in the housing market. There has also been a large drop in percentage of bank-owned homes in the market. Now the market has turned into a short sale market, with close to 30 percent of all homes sold being short-sales.
For all your Real Estate needs call Steve Roberts at 702-739-4392 or visit my website at www.HendersonRealEstateOnline.com!
Topics: First time homebuyer tax credit, Southern Nevada Monthly Economic Update | No Comments »
High Rise Condos in the Rental Market
By Stephen Roberts | June 21, 2010
One of the hardest hit areas in real estate when the market crashed was the high rise condominium market. The crash left more than 5,000 empty high-rise condominiums available. The high rise condo market has been very slow to recover and has been looking for new ways to generate income. There are few buyers in a market such as this since the economy is down and financing isn’t always easy to come by.
A few condo projects such as Turnberry Towers have started renting portions of their units this year. Doing this enables them to earn cash flow on the otherwise vacant properties. Rather than sell the condos at bare bottom prices, they are renting them out to supplement the shortfalls in developers’ budgets. This also allows them to hold onto the inventory until the market turns and they can sell the condos for a profit.
Renting the properties has also proven to be a good sales tactic. Renting the condos out is a way to get bodies in the building and market the property by word-of-mouth. Since the rentals have started there has been a slight boost in sales in the high rise condominium market. The problem the high rise condominium market faces here in Las Vegas is very large and they are trying many solutions to get this problem under control. Renting may be the best option for many locals who are single or in a relationship without kids. Many of the occupants may work nearby and therefore will have a short commute to work.
For all your real estate needs and/or high rise condominium questions call Steve Roberts at 702-739-4392 or visit my website at www.hendersonrealestateonline.com!
Topics: Southern Nevada Monthly Economic Update | No Comments »
Homebuyer Tax Credit Extension
By Stephen Roberts | June 15, 2010
The first time homebuyer tax credit has helped out the real estate market for the first two quarters of this year. The $8,000 incentive has pushed many first time homebuyers to make a move and achieve the American dream to own their first home. With home prices as low as they have been in years and the tax incentive many homes have been purchased and the large inventory of foreclosures has reduced.
The deadline for this tax credit is set at June 30, 2010. Senator Harry Reid proposed a bill last Thursday that would extend the deadline to September 30 if passed. The reason for this extension would be for the many homes that are currently under contract in a short sale situation. Short sales, which currently account for more than 30 percent of home sales in Las Vegas, require approval from a lender and go through a process that can take up to six months. The extension would allow for many of the homes that are currently in the process of short sale to be eligible for the homebuyer tax credit. The tax credit not only gives a tax incentive to first time homebuyers but also gives a $6,500 credit towards move-up buyers.
For all your Real Estate needs contact Steve Roberts at 702-739-4392 or visit my website at www.hendersonrealestateonline.com!
Topics: First time homebuyer tax credit, Homebuyer tax credit, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update | No Comments »
Cheaper to Buy rather than Rent in Las Vegas?
By Stephen Roberts | June 8, 2010
It is true, with where the market is currently at, it is cheaper to own a home than to rent in the Las Vegas and Henderson Valley. Las Vegas ranked number 10 among the 50 largest U.S. cities by population in terms of price-to-rent ratio. According to Trulia.com Las Vegas has a 10.92 price-to-rent ratio, which is determined by multiplying rent times 12 months and dividing that figure into average list price. A price to rent ratio under 15 indicates that it would be much cheaper to own a home in that city rather than rent one. A ratio in between 16 to 20 means that costs of ownership may be slightly greater, but it may make more financial sense to buy rather than to rent. A city with a ratio above 21 means that it is much less expensive to rent a home in that area rather than buy one.
The reason for the ratio being so low in the Las Vegas and Henderson Valley is because of the short sales and foreclosures. The amount of people losing their home drives the demand for rentals in the Valley up. There is much demand for rental properties so naturally rent will increase. Because of all the foreclosures and short sales in the market the prices have driven lower than we have seen them in a long time. Home prices in Las Vegas have dropped nearly 40 percent in the past 5 years. All of this makes the cost of ownership pretty low here in Las Vegas and Henderson. It is safe to say that right now in the Valley it makes more financial sense in most situations to own a home rather than to rent one.
For all your Real Estate needs contact Steve Roberts at 702-739-4392 or visit my website at www.hendersonrealestateonline.com!
Topics: Henderson Nevada Homes, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate, foreclosures | No Comments »
Las Vegas Land Prices At Lowest Rate Since 2003
By Stephen Roberts | May 26, 2010
Banks have not hesitated in taking land away from owners who default on their payments here in Las Vegas, resulting in some of the lowest prices for land off the strip in the past seven years. In the first quarter of this year, 74.4 percent of land transactions resulted from bank foreclosures. Many investors can greatly benefit from these downed prices. The average price per acre has dropped dramatically since the peak of the market. At the market’s peak in 2007 land off the strip was selling for an average of $939,400 an acre and now is down to an average per acre price of $182,441. This average price is the lowest that we have seen in here in the Las Vegas and Henderson Valley since the fourth quarter of 2003.
Due to the poor economic situation that Las Vegas and the rest of the nation is currently in there is a low demand for raw land. Many developments such as residential or commercial developments have come to a complete standstill here in the Las Vegas and Henderson Valley, leaving a relatively large quantity of raw land with low demand. It will be hard for investors to ever find prices like this again once the economy bounces back and people begin to build again. Now is a better time than ever to invest in raw land. Thought the price per acre is similar to 2003’s statistics, there is nowhere near the same amount of transactions occurring. In the first quarter of 2003 there were over 3,100 transactions involving raw land. That number is down to 527 for the first quarter in 2010, even though prices are close to the same.
For all your Real Estate needs contact Steve Roberts at 702-739-4392.
Topics: Henderson Nevada Homes, Investment, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate, foreclosures | No Comments »
Real Estate Expert Expecting Recovery
By Stephen Roberts | May 19, 2010
At the grand opening preview of American West’s Reserve at Coronado Ranch, Las Vegas real estate authority Richard Lee stated that he believed that a turnaround is coming for the Las Vegas and Henderson real estate market. He explains that historically, the homebuilding industry has been an economic leader in pulling our nation out of a recession, but it is not happening this time. Due to the fact there is so much excess supply, it seems impossible to build our way out of this recession. In order for us to pull out of this recession, we will need to figure out how to become more efficient within the real estate market. The turnout at the grand preview of American West’s Reserve at Coronado Ranch was great, and realtors noted that the turnout may be a sign that the local residential market is beginning to come out of its slump. Another sign that we may be on our way to recovery is the current inventory of homes. There are about half the number of homes listed on the Multiple Listing Service (MLS) than there was last year at this time. The inventory dropping is a good sign for the local real estate market, this means that prices may begin to stabilize, showing that we may soon be bouncing back.
For all your Real Estate needs contact Steve Roberts at 702-739-4392 and visit my website at www.hendersonrealestateonline.com!
Topics: Henderson Nevada Homes, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, foreclosures | No Comments »
Do-It-Yourself Real Estate Marketing in Henderson
By Stephen Roberts | May 10, 2010
Marketing a Henderson home to make it attractive to buyers isn’t just about staging the house or putting a For Sale sign up in the yard. In today’s real estate market, it’s important to reach out to a larger audience through various types of media. After all, buying and selling a home in the Las Vegas region means tapping into everything that people use on a daily basis: computers, newspapers, magazines, and more traditional real estate routes.
A Picture is Worth 1,000 Words
The majority of home buyers in the NV region begin their search online. The Internet is becoming an increasingly viable way to present homes from both an interior and an exterior vantage point. Although Stephen Roberts will help you to understand the best angles for presenting a photographic display of your house, you can help by pointing out what it is you love best about the home. A great backyard garden, a cozy front porch swing, a spacious kitchen, the tile on your bathroom floor – no matter what it is, use it as a way to entice buyers into contacting your agent for more information.
Virtual tours are becoming a very popular way to showcase your home online, as well. Allowing viewers to “walk through” your home gives them a stronger connection to it.
Signs and Advertisements
The more traditional Nevada home selling options include putting up a sign or placing an ad in the newspaper, in your local real estate magazine, or even on direct mailing advertisements. These steps have long been a part of the buying and selling market, regardless of where you live.
The truth of the matter is, there’s a reason these actions are relied upon so heavily: no one will know you’re selling your Henderson home unless you post it somewhere! While decisions related to where you place the signs and advertisements will most likely be made with the assistance of Stephen Roberts, you can help by finding additional ways to spread the word of your sale. Online home selling postings for Summerlin or Las Vegas are fairly common, and oftentimes, simply letting your friends and family know that your Henderson home is on the market can go a long way in spreading the word.
Rely on Stephen Roberts
Of course, the most important home marketing step you can take is trusting Stephen Roberts to work hard to sell your home as quickly and efficiently as possible. Like any real business partnership, selling a Nevada home is all about finding someone you can trust and working together to get the best possible results.
Topics: Henderson Nevada Homes, Las Vegas Nevada Real Estate, Summerlin Nevada Real Estate | No Comments »
Las Vegas Going Green
By Stephen Roberts | May 7, 2010
Habitat for Humanity is going green in a big way here in the Las Vegas and Henderson Valley. The Habitat for Humanity Organization, which is a non-profit organization that provides affordable housing to lower-income residents who participate in the houses construction and paying the mortgage, has unveiled two completely green homes here in Las Vegas. The homes are designed based on the Leadership in Energy and Enviornmental (LEED) criteria, which wil result in lower energy bills and improved indoor air quality.
The two prototype homes were built with funding help from the MGM Mirage Voice Foundation and the Lincy Foundation, along with materials donated by local building suppliers. Due to the high cost, not all homes will be built by this high standard but many efficient features of the home may be copied. There are many top of the line features in this home that will not be replicated to all of Habitat for Humanity homes. The improvements will benefit the future home owner who will greatly save on their energy bills every month. A typical Habitat for Humanity home costs around $130,000 to $150,000. The family selected to live in the environmentally friendly house will only pay the cost of the house, without any profit margin for the organization. The families also must put in 300 hours of volunteer labor and have a full time job to be qualified to purchase the home.
For more on Green Real Estate visit our website and look under Go Green.
Topics: Green Real Estate | No Comments »