Las Vegas Real Estate Blog and News

The housing starts stats rose by around 8% in April. Apartment construction is adding new units pushing new housing numbers up. Single family housing is still weak but the optimism by contractors represents some recovery after a very slow March.

However, before we see a large up turn in these overall numbers we'll need to see a decrease in standing inventory:

"economists believe that housing construction will remain under pressure until builders have more success in reducing a huge backlog of unsold homes."

Yahoo listed a group of housing markets that are expected to show growth in value this year, even with the recent market down turn. The top five are:

1. McAllen, Texas
2. Rochester, NY
3. Birmingham, Alabama
4. Syracuse, NY
5. Buffalo/Niagra Falls, NY

For the rest of the list and details go here.

Regarding Las Vegas real estate, many real estate agents are expecting 2009 for real estate growth. That makes sales tough for those leaving homes behind. However, buyers are finding home values similar to values before the boom as though the market has corrected to previous trends.

Las Vegas has been at the top of the foreclosure list in several of recent months. However, analysts say that trend may slow soon. A recent article in the RJ addresses the issue by indicating that preforeclosure and foreclosure numbers are down from previous months.

"The sky isn't falling, and the bottom of the housing market is in sight," Foreclosures.com President Alexis McGee said. "The problem with foreclosures is they go up and they go down, so it takes two or three months to see where they're going, but for now, it looks like April is headed in the right direction."

Residents should contact a Las Vegas Realtor as soon as they realize they may have to sell. If a the process gets too far down the line then a sale is more difficult. If the sale begins soon enough, an agent can often make a big difference.

Las Vegas real estate agents have watched the foreclosures inventory pile up among banks. Many of these homes are vacant and many of those that are vacant have pools. These pools, left unkept, have begun to turn green.

Our next-door neighbor up and left his home. The pool has evaporated considerably and begun to change colors. What we're most nervous about is the potential for insect breeding. The kids love to play out back as the Las Vegas weather improves and we don't want an investation.

There are many Las Vegas homes for sale under great conditions. Others need some work and there are discounts for those situations. It really comes down to finding the opportunity and taking it.

Las Vegas is known for its hot summer weather. Many home owners ease the heat by buying homes with pools. CNN showcased some great pool designs recently. They are some pretty cool home features.

Many home buyers seeking pools wonder about the value between purchasing a home with a pool versus having one installed. Your Las Vegas real estate agent can help determine that value.

If you are looking for a community with a pool or other similar features Vegas has many options. You can find simple or extravagant designs.

The news commonly reminds us of unexpected disaster and loss of home. This Wall Street Journal article suggests we get our insurance in order. Many of our homes may not be insured properly for possible issues. We don't intend to scare home owners but want to point out that there are ways to verify if the home is properly insured or not.

Las Vegas is known for its storms during the monsoon season. A community can be flooded quickly. There is a resource home owners can use to determine whether they live in a flood plain or not. It is a web site with all of the flood zones outlined. Las Vegas Realtors can provide you with that resource.

We see huge, expensive Las Vegas homes. However, none of them approach the worlds most expensive. Forbes reported the first billion-dollar home.

Supposedly, every floor in the 27-story residence is unique driving the price around $2 Billion. It has around 400,000 sqft of interior space. It will be located in Mumbai. It will cost more than other skyscrapers of its size due to the unique features of each floor.

In Las Vegas, there are huge homes and spreads. Some of the wealthiest of the world have homes here.

An article in CNN this morning was very intriguing and will likely spark some political skirmish. As mentioned in the article:

"Under the House plan, the Department of Housing and Urban Development would dole out the loans and grants based on the number of foreclosures and home prices in an area. Cities could use the money to buy foreclosed homes, renovate the homes to make them compliant with housing codes, and resell or rent them."

The goal is to help keep neighborhoods and the city as a whole in good shape since there are so many vacant homes on the market. They tend to be run down.

In Las Vegas we're seeing a significant number of homes that are vacant. There has been issues with dilapitated homes and associated values. Some Las Vegas real estate agents are wrapped up in these properties and are able to get good deals on them. However, if buyers aren't available it takes some technique to sell these properties. We'll keep an eye out to see if the bill passes.

The Aliante community in North Las Vegas is offering considerable incentives to home buyers. They claim to be offering very competitive pricing and financing options.

Many Las Vegas communities are offering significant discounts and doing everything they can to attract qualified buyers. These builders have been competing with existing home prices and bank owned properties.

Las Vegas real estate agents are able to show a huge selection of both new and preowned properties. Buyers have been very selective and have chosen properties with great values.

Interest rates on mortgages have remained relatively low in recent months. They have risen slightly to 6.06% from around 5.5% in previous months. Bankers have concern for inflation and are adjusting accordingly.

What does that mean if you are purchasing Las Vegas real estate? It means there are still some great deals out there and if you are qualified housing can be very affordable. Investors have been calling, other home buyers are calling. They are looking for great deals because they know the market is at a great level. Your Las Vegas Realtor will help you get started and help you with any financing needs by referring the right professionals.

Many home owners bought homes years ago with payments over their heads. Over time their inability to pay has threatened or damaged their credit. Many of those who had protected their credit the most misestimated their repayment potential and are now struggling to maintain a good credit reputation.

In Las Vegas knowing the right real estate agent can help. He can refer you to a credible, honest lender who will counsel and lend according to a realistic ability to handle the payments instead of closing whatever lone possible just to get a commission. Get ahold of your Las Vegas Realtor to learn more about lending options in the valley.

Following years of appreciation marked at 30-50% per year, the Las Vegas housing market has dropped in value some 22% as it readjusts. Foreclosure trends, mortgage issues, and economic factors have curbed the previous growth. Many buyers remain on the edge awaiting better news before taking the plunge. Many say late 2009 will mark any new appreciation with the completion of major real estate projects in the valley which will create tens of thousands of new jobs.

Investors and savvy buyers are snapping up foreclosures and other great deals. They are anticipating this significant growth in the coming year. To see trends and other numbers contact a Las Vegas real estate agent.

Articles like this one: Yahoo, illustrate the investment potential in the Las Vegas real estate market today. Hundreds of foreclosures are for sale and in order to compete new home builders are offering amazing deals. Our team is selling several foreclosures a month directly from reputable banks. We have dozens listed and anyone who is qualified is able to make a solid purchase.

The best way to line up a Las Vegas home for sale is through a Las Vegas real estate agent. Agents are able to search the inventory in the area and find the best deals.

US homes for sale and that are vacant is up. That's a likely scenario in Las Vegas as well. Either people move and wait while a home sells or banks leave it empty while the home sells as a foreclosure. Reportedly:

"The Census Bureau report shows that shows that 2.9 percent of U.S. homes — excluding rental properties — were vacant and up for sale..."