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.

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.

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!

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.

For all your Real Estate needs contact Steve Roberts at 702-739-4392 and visit my website at www.hendersonrealestateonline.com!

It is hard to imagine a recovery of the economy without the recovery of the housing market leading the way.  If you are building homes you are going to build schools, roads, retail centers, etc.  Many homebuilders are expecting 2010 to be a rebuilding year, where they can focus on building different types of homes that better meet the demand of the time.

The large problem in a state such as Nevada is that many prior homeowners are underwater.  Many homeowners owe more on the mortgages than the homes are worth.  These people will not be in position to buy a new home for quite a while.  There is also a concern that recovery may still be stifled because a lot of subcontractors have gone out of business due to the recession.  Once there is high demand, it may be difficult for homebuilders to keep up.  There also may be a shortage of materials such as lumber.

As we approach summer in 2010 we hope to see not only the housing market recover, but the economy as a whole.

For all your Real Estate needs contact Steve Roberts at 702-739-4392.

No part of Las Vegas or Henderson was left unaffected by the dramatic drop in home prices last year.  There were some parts of the valley that were hurt less than others but none went unaffected.  Some areas only saw about a ten percent depreciation in median home prices while others saw up to sixty percent depreciation on median prices.  Overall the median price for an existing home fell thirty-eight  percent in 2009, down to $128,108.

New home sales in the Las Vegas Valley hit a 24 year low in 2009 sustaining a forty-eight percent decrease over the previous year.  In both the new home and existing home areas, many experts agree that here in the Las Vegas and Henderson Valley, we are extremely undervalued.  Many investors are taking advantage of the low priced housing market, driving existing home sales up fifty-seven percent in 2009.  About three quarters of the sales were attributed to foreclosures with the median home price being about $116,000 and nearly forty percent were cash transactions.

Another reason the Las Vegas and Henderson Valley may be undervalued is because cash flow on rental homes is strongly positive.  Back in the 1980’s investors were happy to break even on a rental home after deducting interest and taxes.  At this point in time most investors are taking advantage of the positive cash flow of rental houses and hanging on to their investment until the market picks up.

Larry Murphy, President of SalesTraq predicts that 2010 will be much like 2006 where home prices ended the year just about where they started.  It appears as though housing prices are bottoming out here in Las Vegas, but it still may be a while until we see a full recovery of the housing market.  It looks as though the worst is behind us.  Murphy is predicting that the banks will close on about the same amount of houses as 2009 but there will be a much different result.  Rather than foreclosing on the houses, many of the homes will turn into short sales, or deals where homes are sold for less than the mortgage balance.  Much of this is due to a new law in Nevada which require mediation before a bank can foreclose on a home.

For all your Real Estate needs contact Steve Roberts at 702-739-4392 or visit my website at www.hendersonrealestateonline.com!

There were good sales when it came to single-family homes in the Henderson area in December and January, but the southwest valley led the way when it comes to foreclosures and short sales in the previous month.  Sales in the south and southwest were strong, accounting for 37 percent of the total over the past few months.  On another hand, it seems as though luxury home sales are increasing.  Experts say the market showed a little more life in the months of January and February with an increase in sales from previous months.

To search for your perfect Las Vegas Valley home, please visit our website www.hendersonrealestateonline.com

In the first four months of 2009 there was reported fewer than three-hundred short sales per month.  In May the numbers slowly began to increase.  According to the research firm Applied Analysis, the last two months of 2009 short sales have brought their way up to averaging seven-hundred homes per month.  January had similar numbers and it looks like this trend is going to continue into 2010.

In 2009 foreclosures accounted for fifty percent of existing-home sales compared with sixty-seven percent to seventy percent in 2008.  The reason being is that short sales made up a larger margin of the sales in 2009.  This sudden change from foreclosures to short sales could have a very positive impact on the Las Vegas and Henderson real estate market.

Analysts say that short sales will get a boost in 2010 due to the federal government.  The Treasury Department of the United States is offering incentives on short sales by providing a $2,500 subsidy.  The program will be available by April 5, 2010 but servicers can implement it earlier.  This steady increase in short sales should have a positive impact on prices of homes in the housing market today.  We have seen prices stabilize over the last five to six months because we have seen a decrease in foreclosures in the Las Vegas and Henderson area.  It is likely that the increase in short sales will allow the median average price for an existing home to rise.

For all your real estate needs contact Steve Roberts at 702-739-4392 or visit my website at www.hendersonrealestateonline.com.

It has been a long four years since that report came out and the market was booming.  What a big difference these four years have made on the real estate market and the economy in general.  Today Naples real estate sells at a twenty-nine percent discount and median home prices are heavily down.  Nationwide there are only eighty-seven markets considered to be overvalued in the nation.  Coming in first place on the list of most undervalued homes is our city of Las Vegas.  Homes here sell for forty-one percent below fair market value.  Las Vegas’ big real estate boom in 2006 led to some big problems in the market today.  There are many reasons for this occurrence, one of them being builders trying to capitalize on the market and creating inventory overhangs.  Often times lenders were giving out loans to people who were not qualified enough for the loans, which is the reason foreclosures are so prevalent in our market today.  Home values are really low so if you are looking to buy, this is your opportunity.  Home values are bound to appreciate and bounce back from the market lows, it’s only a matter of time.

For a comparison between Buying and Renting a home please visit our website.

For all your real estate needs contact Steve Roberts at 702-739-4392 or visit my website at www.hendersonrealestateonline.com!