Archive for February, 2010
The Las Vegas Real Estate Market Condition Report for January 2010, courtesy of Nevada Title Company with chart breakdowns of short sale and REO (Bank-owned) closings is presented here for your review.
The trend continues to show an increase in successful short sale closings. In January 2010, short sales accounted for 22% of all closings (539 of 2,450 single family residential closings were short sales).
Overall, the supply count remained steady while demand backed off 10% from the previous month. Although supply is relatively tight, especially for REO (58% of demand/17% of supply), prices continue to show weakness for both Short Sale and Standard offerings (42% of demand/83% of supply). While median price remains soft and continues to decline, average price has stabilized and is increasing marginally. In the preceding 60 days, 32 properties closed at greater than $800K.
This implies the sale of higher priced properties is occurring with increasing frequency.
Declines in demand may be associated with the holiday cycle, however, uncertainty about the demand schedule is warranted by the simultaneous end of favorable government programs, low consumer confidence, persistent decline in REO inventories, and entry into the spring cycle.
January 2010′s total is a 17.3% increase over January 2009, and a remarkable 165% increase over January 2008′s total SFR units of 983.
Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale?
The Serra Group is here for your confidential, no obligation consultation
regarding your options – there are solutions! Call Kathryn at 702-348-7191.
Short Sale Your Home: A Seller’s Real Estate Guide – Tip #1 Organize the Basics
Posted by: | CommentsTip #1 – Your Short Sale Exit Strategy: Organize the Basics
Let’s face it, one of the main emotional reasons why a homeowner decides to sell their home as a short sale is to get closure. Initially, the financially tangible reasons are more obvious to them – drastic and permanent home equity loss, ballooning mortgage payments, decreased income, complete job loss, costly health issues, job transfer, and divorce to name the most common. Such plainly obvious life events are the root causes and motivation for a homeowner to pursue a short sale as a proactive means to an end. It is how they will find closure from an unexpected and difficult burden so they can get on with their lives.
All homeowners who choose to sell their home and are faced with a short sale must actively organize basic resources.
- Create a short sale file…or box or tote or bin.
- Any real estate transaction requires a lot of documentation and a short sale is no exception. In fact, a short sale demands additional paperwork that must be organized and accessible. You need to treat this documentation with as much reverence as your tax documents. You should know where the file is at all times and it should remain easily accessible even after you sell your home and move. You will need this file when filing for future taxes and potential legal matters that may need to be handled long after the sale. Save yourself unnecessary heart burn and late night anxiety attacks with some basic organization.
- Assemble a team of trusted advisors…including a REALTOR®, attorney(s), and accountant.
- Sellers need an experienced REALTOR® or team of real estate agents that are experienced in understanding contracts, negotiations, and disclosures related to short sales. Of course, that’s not all, they also need to be great communicators with buyer’s agents, the seller’s banks, naturally persistent, and possess a lot of intestinal fortitude. In addition, sellers need to have a trusted tax advisor and an attorney (or two) experienced in short sale/foreclosure law, real estate law, and possibly bankruptcy law. Each type of professional has their own unique expertise in helping a homeowner navigate the short sale process before and after the home is sold. There are specific laws and potential liabilities associated with short sales so having a qualified team of advisors is imperative to guide a homeowner through this very dynamic and life changing action.
In future short sale tips I will outline what documents must be maintained in a short sale file and how REALTORS®, attorneys, and accountants support a homeowner in the short sale process.
Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale? The Serra Group is here for your confidential, no obligation consultation.
Contact Stephanie at 497-7705 or stephanie@realtyaccess.net to proactively discuss options for your future.
