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 shortsales, 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

However, an open house can be an unnerving event; after all, you’re opening your home up to complete strangers, and in most cases, you won’t be there to witness the event. By knowing what to expect, you have a better chance of selling your NV home – all while keeping a handle on your peace of mind.

• Remember that an open house is just one part of a larger marketing process. No one wants to sell your home more than your Henderson real estate agent, and the best approach in any sales climate is to reach as many potential homebuyers as possible. That means diversifying the way you market to include those who prefer the low-key atmosphere of an open house.

• Don’t expect immediate results. Few people enter an open house and make a purchase right then and there. The real outcome is most likely going to be a few appointments for a private viewing or future appointment.

• Remove your valuables, money, keys, pets, medications, and any paperwork that has personal information on it (such as bills). Although a good real estate agent will keep an eye on your property to avoid damages, anything that is of value (for either monetary or personal reasons) should be safely tucked away. This can actually help sell the house in the long run, since personal effects tend to turn buyers off.

• Do a walk-through with your real estate agent immediately before and after the open house. This will allow you both to determine damages or thefts with an objective eye.

• Remember that an open house can tell you a lot about your property. Your real estate agent will be able to draw conclusions based on the turnout and the overheard comments. If few people show up, it could indicate that your asking price is too high, or that your curb appeal simply isn’t up to snuff. A large turnout with few leads could mean that the problem lies with the layout or “dressing” of your home.

Selling a home in NV can be difficult in today’s market – but it isn’t impossible. By approaching your marketing strategies with an open mind – and an open house – you can get your home effectively promoted throughout the Henderson, Las Vegas and Summerlin housing market with better results than ever before.

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!

There are some techniques and adjustments used by higher-level appraisers that can bring the appraisal closer to what the true market value of the home is.  Many times people are looking for the cheapest and quickest appraisers to do the work, usually least experienced and least educated, creating a lower appraisal on the home.  Prices have stabilized at around $120,000 – $125,000 in the past six months.  Because of the high volume and high sales of foreclosed homes in the past year, the value of appraisals has dramatically dropped.  This has created a problem for many buyers and sellers who have agreed on the sale price but cannot come up with the additional money not covered in the financing.  We are hoping to see a change in the trend of appraisals soon, making it easier for people to buy and sell homes here in the Henderson and Las Vegas area.

For a list of things to consider when purchasing a foreclosure visit our website.

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

The inventory of foreclosed houses has been an unexpected surprise in last quarter of 2009.  More foreclosures were sold in December than put on the market, which is a good sign for price stability.  The median price for a new home jumped 5.8 percent from November to December.  Resale prices remained low, only dropping a few thousand.  A little over half of existing home closings in the month of December were bank-owned homes with a median closing price of roughly $116,000.

All this information could be a great sign for the housing market here in the Henderson and Las Vegas Valley.  Hopefully 2010 will be a successful year for the real estate market, it looks like it is getting a good start.

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

Many banks such as Bank of America are starting to get short-sales done in as little as 30 days.  Many are also offering “Cash for cooperation” deals, giving people up to $5,000 to leave their foreclosed home in good condition.  It is becoming easier and easier to buy a short sale home.

For a look at the current inventory of short sales in the Las Vegas Valley visit our website.

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

The truth is, there’s no reason why your Henderson home has to be the size of a small country in order to appeal to homebuyers. Small spaces, while more of a challenge to decorate and stage, have quite a bit of potential for appealing to those looking for charm, coziness, and class. If you’re doing the staging for your home yourself, here are few important tips in making your small home look like it’s worth every penny.

1. Get rid of the stuff. In any home staging effort, you want to get rid of personalized items and all the miscellaneous knickknacks that find their way into your home – including paintings and even overly unique drapes. This is never more important than when you’re trying to make a small house look bigger in NV.

2. Go for neutral colors. Dark colors make rooms look smaller in size. By using light, airy colors, you’ll give the appearance of more light – and therefore, more space.

3. Offer storage options. Most people need to really “see” themselves in a Henderson home before they buy it. If you find creative ways to set up storage (such as in hidden cupboards, in strategic locations behind the couch, or even in a great set of shelves), you’ll give the impression that the house is not only beautiful, but livable.

4. Go for high-end details. Many of today’s homebuyers are willing to overlook a smaller space as long as it still retains a high value. Things like crown molding, built-ins, great appliances, and hardwood floors can go a long way in adding to the charm factor.

5. Use bright, strategic lighting. As with choosing lighter colors for wall paint, the idea of using light to give the impression of space is a good one. This is especially true if you can use track or recessed lighting to streamline the space even more.

Remember, there is no such thing as a typical homebuyer. By neutralizing your space and offering the little luxuries that allow people to envision themselves in your home, you’re allowing them to look beyond square footage to see how your Henderson house for sale will help them create a lifetime of memories.

To view all homes currently listed in the Las Vegas Valley visit our website.