THE ADAMS TEAM
Rothwell Gornt Companies
Las Vegas Real Estate Agent Robert Adams Las Vegas Real Estate Blog
I am interested to hear people thoughts on the Las Vegas market. We have many new factors to consider when predicting the market in the upcoming future. Some of the topics I was looking to get more info on are: -New legislation passed here in NV AB300, SB321, also the new law that will allow underwater homeowners to short sell their homes to themselves without an "arms-length" transaction disclosure being required. -Hedge funds leaving Vegas -New/higher home prices combined with lower rental rates causing lower CAP rates and cash flow -The 80,000+ homeowners that are in default -The spike in NOD's being filed (Las Vegas is currently the 2nd leading city for NOD's being filed. These are just a few of the factors our local market is currently facing. Due to these factors it is hard to predict the market going out further than then next 6 months. I would expect prices to rise over the next 6 months. After 6 months it gets tricky as there are so many factors that will come into play. It will be interesting to see how it all plays out. I am looking forward to hearing everyone's input on these and other topics concerning Las Vegas. READ THE ENTIRE ARTICLE HERE:http://www.zillow.com/advice-thread/Las-Vegas-market-going-through-changes/497577?c=1&fbp=true Best Regards,
The links below will allow you to check recent crimes around any address you plug in.
If you are thinking about purchase property in the Greater Las Vegas area, please see the following links to check crimes that have occurred recently. Type in the address of the property and it will give you a detailed view of recent crimes in the area, please see the following links to check crimes that have occurred recently. You can see the links for he various areas of the Vegas Valley below: The Las Vegas Metropolitan Police website covering Clark County and the City of Las Vegas, has a page where you can search crime statistics. We've included the link below. http://www.crimemapping.com/map/nv/lasvegas For areas covered by North Las Vegas police: http://crimeview.cityofnorthlasvegas.com For the City of Henderson: http://www.cityofhenderson.com/police/crime_search.php If you want to see what school ratings and zonings are in those areas you can visit the Clark County School District website here: http://ccsd.net/schools/zoning/search/ If you would like The Adams Team at Rothwell Gornt Companies to assist you with buying or selling a home please visit our Buyer's Form HERE OR our Seller's Form HERE. Best Regards, Great question. Difficult to answer and here is why. On one hand NOD's are on the rise (Las Vegas is currently second in the nation) and some say the REO/foreclosure supply to increase. The last numbers I heard, there were around 80,000+ homeowners that are currently not paying their payments. Also, some hedge funds/investors have started to pull away from the Las Vegas market as rising prices and decreasing rental rates are diminishing cash flow and CAP rates. This will decrease demand, however, there are a lot of people that are looking for primary residences that could not buy before due to the investor buzz so now will be a better time for those people. Prices are still relatively low compared to the national average. So this and low rates, and low taxes will continue to attract buyers from elsewhere. You also have to factor in that new homes sales are on the rise and builders are building again. There is not only AB300 that needs to be considered but SB321 which is going to drag out the foreclosure process for lien holders some say. There is also another new law that passed that will allow underwater home owners to short sale their homes back to themselves allowing them to remain in the home. An "arms-length" transaction disclosure will no longer be required. This will decrease the short sale inventory hitting the market. These are just a few of the factors our local market is currently facing. So to answer your question, AB300 being amended will help inventory but due to several other factors it is hard to predict the market going out further than then next 6 months. I would expect prices to rise over the next 6 months. After 6 months it gets tricky as there are so many factors that will come into play. It will be interesting to see how it all plays out. If you would like to discuss the market further please feel free to contact me directly anytime! READ THE ENTIRE ARTICLE HERE:http://www.trulia.com/voices/Home_Buying/Now_that_AB_had_passed_will_prices_fall_and_will_-537308-p_1-recent?answerId=1886590#left_content Best Regards, "If you're in Las Vegas, you're in a sellers market..." Very True! Now is the time to sell in Vegas!6/18/2013 If you're considering buying a home, you might want to know whether we're in a buyers or sellers market. The answer depends very much on where you are. Just as the real-estate bust played out differently in different cities, so does the recovery. If you’re in Chicago, you’re in a buyers market. If you’re in Las Vegas, you’re in a sellers market, according to the latest research by Zillow. To reach its conclusions, Zillow compared asking prices, sale prices, the number of days homes were on the market and the percentage of homes with price cuts in the 30 largest U.S. metro areas. Post continues below Whether you're in a buyers or sellers market doesn’t reflect whether prices or rising or falling, but it can affect your negotiating power. Number of improving markets hits new high "Many of the strongest sellers markets are in areas that were hardest hit by the housing bust, places like California, Nevada and Arizona, which may seem counterintuitive," Stan Humphries, Zillow’s chief economist, said at the Zillow blog. "But much of that strength is likely driven by investor interest, as many distressed and nondistressed homes are purchased in bulk and transformed into rentals. This investor activity is contributing to very low inventory levels, which increases demand and helps drive up prices for all homes in these markets." Best and worst housing markets in the next 5 years A shortage of inventory in many cities — including Las Vegas and Phoenix, where investors have scooped up many bargain-priced homes — is also making those communities sellers markets. Home prices continue rising The top buyers markets, according to Zillow’s analysis: Chicago Cleveland Philadelphia Cincinnati New York Pittsburgh Baltimore St. Louis Columbus, Ohio Charlotte, N.C. The top sellers markets: San Jose, Calif. San Francisco Sacramento, Calif. Las Vegas Phoenix Riverside, Calif. Los Angeles San Diego Seattle Washington, D.C. Even if you live in an area that is dubbed a buyers market, you may not have as much leverage as you think. Each metro area is made up of micromarkets, and popular neighborhoods may still be sellers markets, with few homes for sale and great demand. READ THE ENTIRE ARTICLE HERE:http://realestate.msn.com/blogs/listedblogpost.aspx?post=9a5cb394-95c0-4ce5-902a-826f427a40c9&sharedfrom=scpshrjwlinkedin Best Regards, There are some basic statistics that we all know buyers want (and/or need) to know, in every market climate. The average number of days a home stays on the market (DOM), average list price-to-sale price ratio: these and other stats are part of every good agent’s tutorial for understanding the market and making offers. But today’s market – hot and heating, in most areas – presents some unique challenges to buyers. In turn, those challenges (e.g., multiple offers, super short DOM, way over-asking sales prices) give rise to buyers’ craving for a unique set of “statistics.” These data points have the power to manage buyer expectations and help them quickly get up to speed on today’s market realities to ramp up to be successful more. This knowledge will translate into fewer unsuccessful offers, fewer discouraged buyers who fall out of the process entirely, a higher close rate, and less of a time drain for you. Here are some of the insider stats that house hunters desperately desire or need, in today’s market: 1. The number of homes most of your buyers “lose” before they “win”Have you ever taken up running? If you just go out there cold, you might stop as soon as you feel the heart-pounding, chest cramping distress of the first minute or two on the track or trail. But if you do the research first or talk to other runners, you’ll find out that everyone experiences those awful sensations and – more importantly – that they go away once you get through the first few moments of a run. I call this “normalizing” the distresses and discomforts that so often derail people and frustrate them into giving up on an important life initiative. If you let buyers know that it’s normal for even smart, strategic, aggressive buyers to lose out on a few homes before they are the prevailing bidder in your market, it takes a little bit of the sting out of it. And that keeps them moving forward more quickly to make the next offer. It also scores you some credibility points for being the expert about what’s “normal” in your local market. 2. Average number of offers per listingBuyers keep hearing that this is a multiple offer market. But what that truly looks like and means for any given buyer in any given market varies dramatically. If most buyers are bidding against 1 or 2 other offers, that’s one thing. If it’s common to have one or two dozen offers in contention for every home, though, that’s an entirely different scenario. Talk with your buyers as early as possibly in the buying process about what is normal in the way of competition levels in the various neighborhoods, price ranges and property types in which they’ll be hunting. That will avoid the sometimes paralyzing fears and feeling of futility that come up when they hear about multiple offers and click their mindsets into reality mode sooner, rather than later. 3. Neighborhood “run rate.”You calculate a run rate by projecting mathematically how the current rate of rise in home prices in an area would look like if it continued for the whole year. For example, if homes have risen 7.5% this quarter, a run rate for the year would look like 30%. It’s true that home price increases are seasonal, and that spring and summer home price increases will likely outpace the increases the same market will see in the fall and winter – especially in cold weather markets. So, a run rate is not at all a highly precise way of predicting the market’s performance – but it still has utility (see below). That said, in many markets, there’s still a long way to go for the market to recover. As a result, the pace of appreciation might actually continue to increase over a one-year horizon, as the market simply continues to make it’s comeback and buyer demand continues to outweigh seller supply. So, a run rate is not a terrible tool to use, right this moment, either. Buyers may logically understand that they need to be aggressive in multiple offer markets or face the prospect of being priced out. But talking through the run rate for their target neighborhood can help them understand precisely what that could look like. Instead of just saying “you’ll end up priced out,” in the abstract, a run rate allows you to get much more vivid. “If homes continue to increase in value at the rate they did this quarter, X home that you lost, which sold at $200,000 will actually go for $260,000 this time next year.” Breaking the numbers down this way creates the reality check some buyers need to make their real best offers in heated, ascending market climates like today’s. Use your best judgment, though, before having this conversation with buyers. Make sure that they know the reality that appreciation could slow after the summer, or not. Also take an approach that creates a reality check vs. using unfounded fear tactics: no buyer should feel scared into buying prematurely or overextending himself or herself financially. 4. Average pest report repair estimates.If you work in an as-is market with older homes or where many of the homes have decks, woodwork or other items that commonly need repair, buyers may balk at the concept of taking a home as-is and still paying top dollar – despite the fact that the pest inspector is calling for $10,000, $20,000 or even $30,000 of repairs. But that is the reality of what it takes to be successful on many markets. The thing is, buyers have no way to know this is normal.Giving them hard data to show the average pest report bill in your neighborhood or town – even if you just compile it from your last 10 transactions or jointly with other agents in your office – can help buyers know what is a standard practice in your area, and make it easier for them to wrap their heads around it. It also empowers them to make an offer that is competitive not just on price, but on terms. 5. Inventory rate and direction it’s trending.The inquiring minds of buyers with demanding or hard-to-find home feature requirements want to know: what are their chances of finding a home that fits the bill. As they make offers, it’s critical to brief them on how those chances are trending, numerically speaking. Making your buyer aware that they fall on the picky end of the spectrum, that very few homes on the market will work for them, and that the trend in inventory in their target areas is flat or barely budging, this can change the way they approach offer-making. It may motivate them to loosen the purse strings when they do make an offer on a home that checks all the boxes on their wants and needs list. It can also help them be more willing to deprioritize some ‘needs’ to non-essential ‘wants,’ when a house comes up that could work for them. These five powerful stats can help your buyer clients make both well-informed and -timed decisions. What other stats and tactics are you guys using to help your buyer “see the light” in today’s market? READ THE ENTIRE ARTICLE HERE:http://pro.truliablog.com/tools-trends/5-secret-stats-that-matter-to-house-hunters/?ecampaign=anews&eurl=pro.truliablog.com%2Ftools-trends%2F5-secret-stats-that-matter-to-house-hunters Best Regards, Is the rental market very good? Or will I have trouble renting my home out as an investment?6/18/2013 If you price the home properly you should have no problem renting it out. We help investor find tenants all the time. If you need any help please let me know or fill out our form here: http://lvrealestatehelp.weebly.com/property-management--rent… READ THE ENTIRE ARTICLE HERE:http://www.trulia.com/voices/Traffic_and_Public_Transportation/Is_the_rental_market_very_good_Or_will_I_have_tro-535605-p_1-recent?answerId=1881418#left_content Best Regards, I am interested to hear people thoughts on the Las Vegas market. We have many new factors to consider when predicting the market in the upcoming future. Some of the topics I was looking to get more info on are: -New legislation passed here in NV AB300, SB321, also the new law that will allow underwater homeowners to short sell their homes to themselves without an "arms-length" transaction disclosure being required. -Hedge funds leaving Vegas -New/higher home prices combined with lower rental rates causing lower CAP rates and cash flow -The 80,000+ homeowners that are in default -The spike in NOD's being filed (Las Vegas is currently the 2nd leading city for NOD's being filed. These are just a few of the factors our local market is currently facing. Due to these factors it is hard to predict the market going out further than then next 6 months. I would expect prices to rise over the next 6 months. After 6 months it gets tricky as there are so many factors that will come into play. It will be interesting to see how it all plays out. I am looking forward to hearing everyone's input on these and other topics concerning Las Vegas. Best Regards, As of today I have 3,252 endorsements on LinkedIn. I just wanted to say thank you to all of those who have endorsed me. Most endorsed for... Robert also knows about... Best Regards, Real estate and mortgage software provider Altisource Portfolio Solutions S.A. has added a short-sale option for servicers and buyers to its online auction platform, Hubzu Real Estate Marketplace. The company said the Altisource Assisted Short Sale Program will streamline short sales by increasing their transparency, shortening their approval timelines, and reducing the “the processing burden on borrowers and their real estate agents.” The short-sale program appears designed partly to help agents and brokers who have listed on behalf of individuals, reflecting the site’s fresh focus on non-REO properties. Previously, the site listed only lender-owned REO properties. But in January, Hubzu announced that it would open up its service to licensed brokers and agents and begin carrying non-REO listings. In January, 125,000 of the site’s 285,000 total registered users were licensed brokers and agents, even though they could not list properties on the site, Hubzu General Manager Scott Wielar previously told Inman News. “Short sales can be quite frustrating for both sellers and buyers, as the existing process is complicated and often forces servicers to make quick decisions based on limited information,” said Joseph Davila, president of Altisource Mortgage Services, in a statement. “Our program takes advantage of Hubzu’s ability to provide equal and open access in the marketplace and an efficient platform to successfully transact. We make those benefits available to all parties involved in the process.” - See more at: http://www.inman.com/2013/06/04/online-auction-platform-hubzu-expands-into-short-sales/#sthash.MQ2nB350.dpuf READ THE ENTIRE ARTICLE HERE:http://www.inman.com/2013/06/04/online-auction-platform-hubzu-expands-into-short-sales/ Best Regards, Absolutely! I have a condo I am selling in the NW. 2bd, 2bath, 1 car garage if you are interested. I am the seller and an agent. READ THE ENTIRE THREAD HERE:http://www.trulia.com/voices/Investment_Properties/Are_there_any_good_deals_on_condos_in_the_NW_and_-534657-p_1-recent?answerId=1880004#left_content Best Regards, It feels great to win a listing, no matter what market you work in. But, we all know “winning” is the beginning of where the real work starts. So what’s next? It’s time to talk with your client about the selling tactics that will really get them to the finish line – and in the time and for the price they want. One of the hardest part of this of this early sale sit down, whether you’re selling in Beverly Hills or anywhere else, is the staging chat. You know great staging is critical but getting your sellers on board can be a challenge. After spending a ton of time decorating and personalizing their home, most clients often aren’t too keen on undoing their hard work. Here are a few of my tips and tricks to help clients see why I know best: READ THE ENTIRE ARTICLE HERE:http://pro.truliablog.com/sellers/high-end-staging-tips-that-work-anywhere/?ecampaign=anews&eurl=pro.truliablog.com%2Fsellers%2Fhigh-end-staging-tips-that-work-anywhere Best Regards, The vast majority of renters say they expect to buy in the future, but nearly half don't believe they'll be able to for at least five years. A report from Fannie May’s Economic & Strategic Research Group has indicated 90 percent of aspiring renters expect to purchase a home in the future, even though most have ranked their renting experience favorably. But 42% of those who expect to buy believe they will not be able to do so for at least five years. Despite the hurdles renters anticipate on the path to homeownership, many say they are renting now primarily as a stepping stone toward making that move into a home in the future. This news comes on the heels of the recent ORC International survey that shows over half of investors who own rental properties plan to hold them for at least five years or more. Single-family rentals are the fastest growing component of households, expanding over 25% since the 2005 peak in homeownership, according to Zelman & Associates. The number of renter-occupied single family detached homes is about 11.4 million, almost 2.1 million, or 22% higher than in 2006, according to the Census Bureau. Fannie May’s findings showed that younger renters aged 18 to 34 are nearly twice as likely to say their main reason for renting is to prepare financially for future ownership, compared to renters aged 35 and up. The National Housing Survey polls more than 1,000 homeowners and renters each month to assess their attitudes toward owning and renting a home, the current state of their household finances, views on the U.S. housing finance system, and overall confidence in the economy. READ THE ENTIRE ARTICLE HERE:http://www.mpamag.com/real-estate/renters-want-to-buy-just-not-yet-15320.aspx Best Regards, Good news for the housing market is being overshadowed by new regulations, industry figures have said. The number of U.S. housing markets on the mend rose by five to a total of 263 in June, according to the Improving Markets Index (IMI). The number of improving markets is now more than three times what it was in June 2012, said National Association of Home Builders (NAHB) Chief Economist David Crowe. "The continued strength of the IMI is an indicator of the ongoing, positive momentum in housing markets nationwide as consumers move to take advantage of historically favorable interest rates and affordable home prices," said Kurt Pfotenhauer, vice chairman of First American Title Insurance Company. But other industry professionals wonder whether these recovery signs will last. "This is the fifth consecutive month in which the IMI has designated more than 70% of U.S. metros as improving," observed NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. "While that's a good sign that the housing recovery is on solid footing, we know that various challenges are slowing its progress – including continuing issues with credit availability for builders and buyers, as well as appraisals that aren't keeping up with the rising cost of construction." Marc Savitt, president of National Association of Independent Housing Professionals (NAIHP) echoed these concerns to MPA. “While this is certainly good news, I’m concerned about what the housing market will look like in January 2014, when the qualified mortgage rule kicks in,” Savitt said. “QM will further tighten credit, disqualifying large numbers of consumers who currently qualify under today’s regulations.” The IMI from the NAHB/First American identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. Twenty-nine new markets were added to the list while 24 others were dropped from it this month. New entrants included such geographically diverse metros as Salinas, Calif.; Sioux City, Iowa; Chicago, Ill.; Topeka, Kan.; Baton Rouge, La.; Laredo, Texas; and Philadelphia, Pa. SEE THE ENTIRE ARTICLE HERE: http://www.mpamag.com/real-estate/positive-signs-for-housing-overshadowed-by-tighter-regulations-15319.aspx Best Regards, Best Regards, We need more info to accurately advise you of your best options. With that being said when you meet with your loan officer you may want to weigh your options. It might be better to refi on the exsisting home and use that cash to purchase the new property. This will allow you to be a cash buyer opposed to a FHA buyer. I am not sure about the GA market but here in Vegas it is a lot easier to get a cash offer accepted than it is to get an FHA buyer deal accepted. Just food for thought. My first move if I were you would be to get with a loan officer and go over your options. From there you can formulate a plan and move forward. READ THE FULL DISCUSSION HERE: http://www.trulia.com/voices/Home_Buying/Can_i_buy_another_house_with_FHA_after_i_have_purc-529041-p_1-recent?answerId=1870589#left_content Best Regards, |
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