I always say my crystal ball’s been broken. Shattered into a bazillion tiny pieces… If only I could look into the future and see what’s in store- especially when talking real estate.
Things were a bit easier to predict in the late ’90’s. Prices continued to tick up slowly. Sales happened regularly. Buyers and Sellers were happy with a mostly win-win situation for both.
Fast forward 2004′ish. At the time, I was working directly with a Builder/Developer in the NW part of the valley. The buzz everywhere was that you had to buy a home, heck many conversations included talks of multiple homes…
As builders released homes on the market we saw buyers rush in to take advantage of the craze. I actually saw a phase release of new homes where the potential buyers camped out for 8 days. Yep, you read correctly, they slept in their cars, trucks and even RV’s for EIGHT DAYS. All in hope of securing a home.
So here we are… 2010. What’s in store for the future of the Las Vegas Valley Real Estate Market? I don’t have to put my tush on the line with predictions this time around- I’ve left that for the analysts… Although what they’ve had to say is right about on the mark with my exact thoughts.
Every quarter a group of experts hold the “Crystal Ball” seminar and offer area Real Estate Professionals with their forecast for what they believe is in store.
This quarter was no exception. The experts included: Larry Murphy, co-founder of Salestraq. Mr. Murphy is considered The Source for residential home data for Southern Nevada. He is often quoted in the Wall Street Journal, USA Todayand the Las Vegas Review Journal. Steve Bottfeld, president of Marketing Solutions- He is regularly quoted in national publications and has two books being considered for publication. And last but not least,Rita Brandin, Senior Vice President and Development Director with Newland Communities.
So what do these experts think the future holds???
In a nutshell, we might not have hit rock bottom yet, but it looks close. Chances are, we will see the bottom months after it actually happens because home pricing is going to be flat for a bit…
Foreclosures aren’t going away. Unlike the flood of bank owned homes that the media keeps telling us to expect, the forecast says they will continue to trickle into the marketplace- seeing about 2,000+/- more than last year. Short Sales are here for a while. I’ve talked about that a lot. Good news- the banks and lenders seem to be making our job as Real Estate Agents a tad easier when negotiating these types of sales for our sellers. Lines of communication have improved and responses have been quicker- for the most part. This is also great news for buyers looking for a bargain!
With all of that said, it looks like we’ll continue to see tremendous values for buyers as well as a continuous flow of sales. The issue: Inventory. We only have about a 3 mo. +/- inventory of homes available to prospective buyers. What does that mean? If no new homes were listed for sale, there wouldn’t be anything available in 3 months!
Read Hubble Smith’s article in the Las Vegas Review Journal here.
Talk Soon,
Heidi Griffith
Your Las Vegas Realtor® for Life!
Realty One Group
702-540-0420
Categories: Uncategorized
Desert. Yes, Las Vegas is typically a dry, non-precipitation kinda town… The past couple of days have
proven differently, haven’t they?!
We’re expecting a bunch more rain (even a few thunder boomies) throughout the rest of today and through tomorrow. That means one thing.
FLOODING.
And between the flooding and silly drivers on the roadways, you’ve got to be careful! Be proactive, not reactive. Watch yourself and others out there! Never drive through high water- too many have taken that risk and got stranded, I’ve seen them floating away\!
Enjoy the drops- we sure do need them. Just use caution and stay dry!
Read the Las Vegas Review Journals weather update here.
Talk Soon,
Heidi Griffith
Your Las Vegas Realtor® for Life!
Realty One Group
702-540-0420
Categories: Uncategorized
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The Federal Housing Administration is set to announce stricter standards for borrowers looking to get FHA financing on home purchases. FHA plans on increasing its premium charges for mortgage insurance (MIP), and requiring purchasers with poor credit to come up with a larger down payment.
Read more about the expected FHA changes reported by CNN- money.com here.
As always, if you have any questions about selling or purchasing a home in the Las Vegas Valley, please give me a call-
Talk Soon,
Heidi Griffith
Your Las Vegas Realtor® for Life!
Realty One Group
702-540-0420
Categories: Las Vegas · Las Vegas Real Estate · Mortgage/ Lending News · buying a home
Welcome to our third week of Twenty-Ten! (I’ve decided this is the way I will pronounce our much welcomed new year!) Three words describe 2009- WHAT A YEAR! Interesting as it was, a lot, I mean a whole lot- took place…
2010 marks the 14th year of my Real Estate career and although every single year has been different, 2009 included the most changes and adjustments I’ve ever witnessed. It’s certainly been an exciting ride- we saw the Vegas market go up, down and sideways… The media reported good stories, bad stories and everything in between. Regardless of the reported news, actual facts proved that Las Vegas Real Estate sales were on an upturn (see info below), and prices continued to dip back and forth. Interesting data all the way around.
I spent many hours putting together your 2009 Year End Review and hope you find it informative. There was a lot of information, so I’ve tried my best to highlight and recap the information that affected us the most. Enjoy!
2009 Real Estate has been coined “The Year of the First-Time Homebuyer” and that isn’t a surprise. The past year brought us many newsworthy real estate topics but the First time Homebuyer Tax Credit was at the top of that list.
Here are my choices for the top Real Estate stories and information for ‘09:
Las Vegas, Nevada saw record numbers for high sales in 2009. According to the Greater Las Vegas Association of Realtors, 46,879 homes were sold. The 2009 numbers are almost double those we saw in 2008, and trail just behind 2004’s sales data (the year of the boom).
Here’s a look at the month-by-month breakdowns for 2009 Real Estate Closings in the Greater Las Vegas Valley (data includes single family homes only):
January:
Single Family: 1644
Median Sale Price: $158,057
February:
Single Family: 2287
Median Sale Price: $155,900
March:
Single Family: 2980
Median Sale Price: $149,000
April:
Single Family: 3205
Median Sale Price: $141,900
May:
Single Family: 3262
Median Sale Price: $140,000
June:
Single Family: 3784
Median Sale Price: $140,000
July:
Single Family: 3740
Median Sale Price: $138,300
August:
Single Family: 3236
Median Sale Price: $135,000
September:
Single Family: 3360
Median Sale Price: $138,000
October:
Single Family: 3542
Median Sale Price: $139,000
November:
Single Family: 3127
Median Sale Price: $140,000
December:
Single Family: 3422
Median Sale Price: $135,900
Information provided by GLVAR MLS. Deemed reliable, not guaranteed.
As always, if you have any questions about selling or purchasing a home in the Las Vegas Valley, please give me a call-
Talk Soon,
Heidi Griffith
Your Las Vegas Realtor® for Life!
Realty One Group
702-540-0420
Categories: Las Vegas · Las Vegas Real Estate · Mortgage/ Lending News · buying a home
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