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Will 2011 be the Year of the Short Sale for Las Vegas?

By Kathryn Bovard

The short answer? Well in a recent Las Vegas Sun article economist and director of the Lied Institute for Real Estate Studies, Nasser Daneshvary, says he hopes so. Asked in an interview with Buck Wargo if banks were turning to short sales, Daneshvary responded, “There was good news until the end of November because short sales were increasing and foreclosure sales were declining. But December’s numbers showed foreclosures were higher. I think 2011 will be the year that short sales surpass foreclosures, but that’s optimistic.” Daneshvary recently finished a study on the effects of foreclosures and found that they have a devastating effect on neighborhoods to the tune of a 33% drop in value on homes.

But it’s not all bad news. When asked where Daneshvary sees home prices going in the future, he replies that he believes the price has bottomed out. So have we returned to 2004? Not exactly. The era that Daneshvary deems as “crazy price appreciation” is over. But buying a home is still a financially responsible move. Daneshvary goes on to state, “I think the whole attitude of households in the United States has changed. More and more people are accepting that having a house is not a quick investment. Having a house used to be called a long-term investment but even that’s gone. Having a house is a long-term savings.” And while saving may not sound as exciting as investing, it’s much less risky. In fact, with careful planning, it’s almost risk-less. It’s no secret that foreclosing on a home is bad news for the homebuyer, but Daneshvary’s recent study makes clear that when one of our neighbors goes under, we all take a hit.

If you are a Las Vegas area homeowner facing a possible foreclosure and wanting to learn more about your options, including a Las Vegas short sale, contact us today for a no obligation short sale consultation.

Related posts:

  1. Will The Foreclosure Moratorium Impact Las Vegas Short Sales?
  2. Las Vegas Short Sale Time Frame
  3. Field Guide to Making an Offer on a Las Vegas Short Sale

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