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Foreclosure Updates

View the latest statistics and analysis of local Las Vegas foreclosure trends.

Found 33 blog entries about Foreclosure Updates.

People don’t know what they don’t know, and what they do know is enough to create false perceptions

Key Takeaways

  •         Erroneous assumptions about the business can cause a ton of confusion for the public about how the real estate process works.

The real estate process makes everyone an armchair expert by default. The buyer, the seller, their friends, co-workers and neighbors all know how real estate works.

After all, the last time they bought or sold a home was 10 years ago, and in their view, not much has changed. Misbeliefs and bad information are a dangerous combination.

People don’t know what they don’t know, and what they do know is enough to create false perceptions of a profession that is often surrounded by damaging

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las vegas real estate on the riseWhile you’re sweltering in the heat, keep in mind that whether you’re buying or selling a home in Las Vegas, a swimming pool is more than a way to cool down  – it’s also a big factor in home values.  2016 is set to be a record-breaking year when it comes to weather.  According to the National Oceanic and Atmospheric Administration, January through June of this year was the hottest 12 year stretch in the last 136 years!  No wonder more than 38% of Americans include a swimming pool when describing their “dream” home.  Nationally, a recent survey taking into account a home’s size, age, location, etc., found that being able to include a swimming pool in a listing could increase a home’s price anywhere from 8% to as much as 19%!  So, whether it’s a pool to

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It's A Buyers Market In Las Vegas

 

Real estate is one of the most prosperous investment avenues where you can expect your money to grow. The real estate market is supposed to boom in Las Vegas as with each passing day the demand for homes is growing. It is important for you to know the right approach to a buyer’s market so that you can make the most out of it. Before you step into the world of real estate, you must know about some strategies that would help you make the most
profit.

Understand the market

The first thing that you should do is to understand the market. If you are observing any real estate buyers market and notice that all the homes in that market are expensive, then you should look elsewhere. It is a good idea to check out homes

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Flipping Homes in Las Vegas NV

Over the past month, the Las Vegas real estate market has been literally flooded with would-be flippers,  making up to 30 bids each per week.  They are offering anywhere between 70 to 80 cents on the dollar on homes listed for sale around the Valley, hoping to get just one offer accepted so they can get started on their road to real estate riches.

Where are all these Donald Trump wanna-bees coming from? What fueled this sudden rush of real estate entrepreneurialism?

Massive radio campaigns have fanned the flipping fire in people all across the country. They are advertising get-rich real estate seminars, and the promos go something like "Sign up now to learn the secrets of house flipping, seats are limited!" But guess what: the seminars are free and I

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Invest in Real Estate Like Warren BuffetMost real estate investors follow the latest fads when determining what they will buy. They usually focus on short term gains rather than the overall big picture, and tend to buy in environments of economic euphoria rather than environments of economic doom and gloom. They go with the herd mentality.

Warren Buffet’s credentials as an investor need no explaining. And recently he shared the basis of his success with the shareholders of Berkshire Hathaway in his annual update letter. His strategies for investing are simple and easily followed for those that have the patience and persistence to carry them out.

In his letter to shareholders, he used the example of a farm he had purchased, even though he knew nothing about farming. But, by relying on the

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The latest statistics are in: with interest rates hovering around 4.5% for a 30-year fixed rate mortgage, buying is 38% cheaper than renting as a national average, down from being 44% cheaper one year ago.

For example, if your rent is currently $1200 per month and you purchase a $175k home with a 3.5% down payment at a 4.5% interest rate, you would save approximately $8200 per year if home prices appreciated a modest 4% per year, or almost $50k savings over 6 years. Check out this cool buy vs rent calculator that will tell you exactly which option would benefit YOU most! Click Here

Buying a Home is Cheaper than Renting in Las Vegas

The margin between buying and renting narrowed during the past year due to rising prices around the country. But even though the gap has narrowed, this is still great

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Las Vegas Luxury Homes for SaleWhile the average sales price in Las Vegas rose over 30% in 2013, the median price for homes over $1 million was virtually unchanged last year and remained stable at $1.4 million. Surprisingly enough, though, the volume of closed transactions for Las Vegas luxury homes priced at over $1M almost doubled from 2012. Buyers from pricier markets in California and New York took advantage of the situation, and the number of sales in 2013 spiked to 342.

Most of these luxury home sales were located in the newer upscale guard gated communities. These developments were built during the boom years between 2003 and 2006. Luxury homeowners were reluctant to sell during the subsequent bust of 2007 through 2011, but are now coming to the market after waiting out the

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Mortgage Debt Relief Act ExtensionAccording to Mark Stark, owner of Prudential Americana LLC (one of the largest Prudential franchisees in the country), the Las Vegas real estate market has made a full return to traditional sales. In February 2014, bank foreclosures and short sales combined only made up a meager 14% of total closed transactions.

This is due in large part to the failure of Congress to extend the Mortgage Debt Relief Act at the end of 2014. This Act allowed short sale homeowners to avoid paying taxes on the unpaid balance of their loan when they sold for less than what was owed. Instead, these potential sellers are opting to stay in their homes and make the payments rather than be faced with one huge tax bill.

And, though it is possible (anticipated?) that Congress will

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Las Vegas Shadow InventoryIs there really a shadow inventory in the Las Vegas real estate market? If so, when will these properties be released to the market? What will happen to prices when/if it happens?

As real estate agents, these are questions we are asked almost every day, and a number of buyers have stated they are waiting until prices "go back down" before purchasing.

But will prices go down? Prices skyrocketed during the boom and then plummeted below pre-boom levels during the recession. Las Vegas has seen appreciation of 30% over the past year due to low inventory, but we are not quite yet back to pre-boom pricing yet., and experts feel that prices will continue to rise slowly until they reach this level again. (Before the boom, the prices of homes for sale in Las

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FHA Loan Limits for Las Vegas, NVUrgent FHA Bulletin!

On Friday December 6th HUD announced the new FHA loan limits for 2014 (Mortgagee Letter 2013-43) across the nation. For Clark County, the current single family loan limit of $400,000 has been reduced by more than 28% to $287,500 effective January 1, 2014. 

This move is not unexpected - the FHA loan limits have not been changed since the "boom" years. Usually FHA prices its loans to the median of the local market. The only thing surprising is that they waited this long to decrease the limits in Las Vegas.

But if you are a buyer that has been looking at homes for sale in Las Vegas or Henderson in the $300K-$400K range and you were expecting to make only a 3.5% down payment, you need to decide on a property and make your loan

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