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Archive for June, 2011

If you watch the news, read a newspaper, or live in the Las Vegas area, then you’ve probably heard that the recession has hit the Las Vegas real estate market. But a new article in the Las Vegas Review Journal has some good news for those who think the Las Vegas market is in the dumps.

Hubble Smith, quoting a recent SalesTraq finding, says, “Sales of existing homes in Las Vegas rose to the highest level in 17 months with 5,114 closings in March — a 7.6 percent increase from the same month a year ago.” Not exactly what you would expect from our “recession-hit-market.”

And even with the bad image of the Las Vegas market, home sales remain brisk! 50% of all sales today are for CASH. Many investors apparently feel that our housing market is over corrected and under-valued. We feel the same way. We expect prices will continue to decline through the end of this year, and possibly into next year, but not by much.

It’s not that there is going to be a quick turnaround, but we do feel that we are at or near the bottom of this cycle, and that the long term outlook is excellent. Every recession in history has come to an end at some point, as will this one. So,  if you want to look like a genius five years from now, buy all the Las Vegas real estate you can today.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

 

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Positive real estate news is few and far between these days, especially in the Las Vegas real estate market. But I’m happy to report some good news.

The first fact: The median price of a single-family Las Vegas home is up .8%, from $125,000 in April to $126,000 in May, Hubble Smith of the  Las Vegas Review Journal reports.

The second fact: The number of homes sold in Las Vegas increased: From May of last year, single-family homes increased 7.9% and condos and townhomes increased 14.4%, Smith reports.

Either fact alone would be a good sign; together, they’re a great sign. Indeed, Realtor’s Association president, Paul Bell, notes that “This was the first time so far this year that both of these key indicators increased in the same month for both single-family homes and for condos and townhomes.”

On top of this, the traditional home buyer is coming to the fore in the Las Vegas market. In the past, banks and investors were the main players, outbidding the traditional home buyer. And at least for the lower price ranges, the housing market is seeing some welcomed stability, says Rob Jenson of ReMax Central.

Residential Resources reports that 1,322 bank-owned sales, 985 regular sales, and 758 short sales. Frank Nason, president of Residential Resources, estimates that these numbers, together with the assumption that payments have ceased for short-sale listings, adds up to $5.54 million financial shot in the arm for the Valley.

Well that’s a lot of numbers, but what are we to make of it? For one, we shouldn’t oversell the good news—there’s nothing that deserves the word “trend” quite yet. It looks as though more homes are being sold, the price is slightly increasing, and people, not institutions, are buying more homes. And portions of the market are beginning to sail into calmer waters. This is what the scant data seems to suggest. Let’s just hope that it’s a microcosm.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

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The downtown area of Las Vegas is changing. If you’ve been down there, or opened up one of the city’s local papers in the past few years, then you probably already know that.

What started a few years ago, an event called “First Friday” to showcase the growing number of galleries’ exhibitions, has evolved into a community of locals dedicated to bringing culture to Las Vegas. Galleries, coffee shops, community spaces, bars, The Smith Performing Arts Center, and urban lofts are just a few new additions.

But downtown Las Vegas hasn’t had it easy. It has been called dangerous, unsafe, and even violent. However, a recent article in the Las Vegas Weekly uses Metro’s statistics to give a different perspective on the stereotypes. It turns out that contrary to popular belief, downtown Las Vegas is no more dangerous than other parts of the Valley that aren’t perceived as dangerous.  Either way, downtown Las Vegas is getting safer by the week.

Safety isn’t really the major selling point for downtown Las Vegas, though. It’s unique. Whether you’re interested in a high rise condominium, a maturely landscaped home, or an urban loft, downtown has you covered. With a strong sense of community among its residents and the most urban style of living in Las Vegas–you can walk to a cafe or bar–living in a downtown Las Vegas home has its draws.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process. If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Having trouble short selling your Las Vegas home? It might be your couch. Yep. It looks like something from grandma’s. Really though, in this fiercely competitive market with more homes on the market than buyers, you may already know that things like getting rid of the clutter and having professional photographs taken may help your home sell. But there may be something else you can do, too.

In a recent article in the New York Times, Diane Cardwell claims that providing a floor plan might be an equally important component when putting your home on the market. Because we all don’t have the same taste in furniture and color palettes, a floor plan can provide a more neutral backdrop for the buyer to access. By looking at a floor plan potential buyers can better see each room in relation to another as well as imagine their own furnishings inside.

Some sellers are even hiring floor plan artists to create aesthetically better versions of the floor plans of their homes. Jettisoning blurred or incomplete lines and illegible hand writing, a floor plan artist takes measurements of your home but also has the skills of a graphic designer, making sure the floor plan translates into a clear picture on the web. A buyer may want to know things like exactly where the plumbing is in a home so they could add an extra bathroom. By adding fixtures like toilets, sinks, and bathtubs to the floor plan, a buyer could do just that. A floor plan artist can also estimate the thickness of the walls on the floor plan by making some lines thicker and others thinner. Windows, columns, or anything else that cuts into the space of the home can also be marked on the floor plan.

Looking for more creative angles to short sale your home? Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process. If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

 

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