Real Estate Sales Pick Up...6/15/2009 8:45:00 AM
2010 Local Market Update:
As a rule, sales involving short sales take longer than usual to close because of their inherent complexity. They represent a significant portion of sales activity. How can you get in on a good short-sale deal? It takes a certain amount of fortitude and patience, plus a lot of luck.
This is the Best Real Estate Investing Market in the History of Our Country!
Needless to say, this buyer's market is not going to last forever.
2010 will present "generational opportunities" for investors to buy at or near cyclical lows. 30-year mortgage rates have dropped back down to their record low mark. Foreclosures also remain high, meaning that there's significant pressure on prices -- it remains a buyer's market! Those factors combined sound like a good recipe that should result in a great time to buy a home.
All recessions lead to recoveries; we are already in the beginning stages of a massive recovery now. Home prices are stabilizing. The real estate market moves in approximately 20-year cycles. You've heard of buy low and sell high. Guess what? The "buy low" time is now! We are in a Down Cycle. The key is to take advantage of these conditions NOW before the market takes an inevitable up-turn.
Don't wait till the Robin appears...
Photo Courtesy of Craig Newmark
The Red Robin Report: Will housing outperform the overall economy in 2010 as we pull out of the Great Recession?
Those who make a close study of our local housing market have made their predictions for 2010. Larry Murphy, of RealtyTrac, a respected local housing market expert, is looking at 2010 to be similar to 2006, when there was no appreciation in house values. In 2009, there were 5,184 new home closings, the least since 1985; Murphy expects an increase in sales in 2010, but he foresees a decline in the median price of
new houses, which was $212,883 in December. That was a decline of 20 percent from 2008.
Resale, or existing, home sales were up 57 percent in 2009, over 2008, with 48,075 closings. The median price of existing homes was $120,000, down 25 percent from December, 2008. Median prices were $137,000 in May 2010!
Analysts, including Murphy, anticipate there will be 26,000 foreclosure homes coming onto the Las Vegas market in 2010, up a little from 23,981 in 2009, which is not the huge number others have anticipated. This steady stream would provide a two month inventory. In other words, based on last year’s sales figures, houses will remain on the market about 60 days before selling.
The median price of a bank owned house is $137,000, compared with $146,000 for a short sale. Short sales will account for 50 percent of all sales in 2011, as banks realize short sales are more profitable.
Too many new homes were built between 2000 and 2005, according to Murphy, about 50,000 more than were needed. Of these houses, about one-quarter were purchased by investors and second home owners. 38,000 homes were built in 2005 when only 18,000 were needed.
There were 230 active subdivisions at the end of 2009 compared with 350 at the beginning of 2009. In January, 2008, there were 525 new subdivisions.
Steps To Buying "Bank Owned" "Short Sale" Homes in Las Vegas:
1.)
Contact me for list of "bank owned" "short sale" homes within your budget
2.) Get Pre-Approved or Show Proof of Funds When Paying CASH
3.) Select Home To Buy
4.) Submit Highest and Best Offer W Contingency
5.) Order Home Inspection and Remove Contingency
6.) Sign Docs
7.) Title Records
8.) Pick Up Keys!
Nevada's tax environment (including no personal income tax) is regarded as one of the most-business friendly environments in the nation!
Click Panache To Get Started Now!
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