New Homes for Sale in Las Vegas and Henderson

On April 25, 2011, in Las Vegas New Home Construction, by Gay Real Estate Agent in Las Vegas

After three straight months of declines, sales of new homes got a boost last month, jumping 11 percent, according to the Commerce Departments latest new-home sales report released Monday. New-home sales rose in March to a seasonally adjusted rate of 300,000 homes, up from Februarys 250,000. However, the number is still far from what economists […]

After three straight months of declines,
sales of new homes got a boost last month, jumping 11 percent, according
to the Commerce Departments latest new-home sales report released
Monday.

New-home sales rose in March to a seasonally
adjusted rate of 300,000 homes, up from Februarys 250,000. However,
the number is still far from what economists view as a healthy
700,000-a-year pace for the sector.

The median price of a new home increased 3
percent from February to $213,800. New-home prices are about 34 percent
higher than the median price of existing homes, according to economists.

Regionally, new-home sales saw the biggest
boost in the Northeast, jumping nearly 67 percent in March. The West saw
an increase in new-home sales last month by nearly 26 percent; the
Midwest posted a 13 percent increase; and in the South, new-home sales
dipped 0.6 percent.

The new-home market continues to be battered
by a high number of foreclosures that continue to dampen home prices
across the country. With 1.2 million foreclosures forecast this year,
the new-home sales market may not see a major turnaround for years,
according to RealtyTrac Inc.

However, while residential construction has
decreased considerably in recent years, reports have recently shown
building permits have increased 28 percent for apartment and condo
buildings.

Source: “The number of people who bought new homes jumped 11 pct., but pace is far below healthy level,” Associated Press (April 25, 2011)

If you would like to search for a new home in Las Vegas Click Here. Remember: Your realtor must accompany you on your first visit to a new home community. Buyer representation is FREE!

Felipe Crook

Realty ONE Group

8395 Sunset Road, Ste 190

Las Vegas, NV 89113

Felipe@felipecrook.com

1-866-589-1646


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Bill to help short sales move faster! It’s About TIME!!

On April 20, 2011, in Las Vegas Short Sales, by Gay Real Estate Agent in Las Vegas

A new bill to improve the process for approving short sales may soon bring relief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. The bill, introduced in the U.S. House yesterday and strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, would impose a deadline of 45 days […]

A new bill to improve the process for approving short sales may soon bring relief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. The bill, introduced in the U.S. House yesterday and strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, would impose a deadline of 45 days on lenders to respond to short sale requests.

The legislation, the “Prompt Decision for Qualification for Short Sale Act of 2011,” was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.). “The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure,” said NAR President Ron Phipps.

“REALTORS® and consumers continue to raise issues about delays in the short sale process, because lenders are unable to decide whether to approve a short sale. After many months of delays, and with no response from lenders, potential buyers are losing patience and cancelling their contracts, often resulting in the property entering foreclosure. A short sale minimizes the negative impact on sellers and generally costs the lender less than a foreclosure,” said Phipps.

NAR has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data. Phipps praised Reps. Rooney and Andrews for their efforts on the bill and urged Congress to pass the bill quickly.

“As the leading advocate for home ownership and housing issues,
REALTORS®want to help more home owners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time,” said Phipps. “Streamlining short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures. This benefits sellers, lenders, buyers, and the entire community.”

What is a Short Sale in Las Vegas?<—–click here.

My team and I negotiate short sales for sellers who are unable to sell their home because of the property’s current value is less than what they owe. Their is a lot of paperwork involved in a short sale, and the number one factor in a bank’s approval of a short sale is a seller’s hardship. Typically the big three hardships are:

  1. Money
  2. Marital (Divorce)
  3. Medical

If you would like more information the short sale process, please contact me directly at

1-866-589-1646. My team has successfully negotiated over 30 short sales with Bank Of America, Citibank, Aurora Loan Services, LBPS, Wells Fargo, and a few other smaller banks. It’s absolutely essential you speak to a lawyer and tax professional regarding the implications of a short sale. I have a team of professionals I can refer to you if you need help.

Felipe Crook

Realty ONE Group

8395 Sunset Road, Ste 190

Las Vegas, NV 89113

Felipe@felipecrook.com

1-866-589-1646

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Flipping homes in Las Vegas Nevada

On April 15, 2011, in Las Vegas Foreclosures, by Gay Real Estate Agent in Las Vegas

Realtor Magazine just release a short article about house flipping still being profitable. From my perspective in the field in Las Vegas, house flippers are continuing to make a huge impact on our market. I’m currently in escrow with two flipped houses that were purchased either from the court house steps or as a foreclosure […]

Realtor Magazine just release a short article about house flipping still being profitable. From my perspective in the field in Las Vegas, house flippers are continuing to make a huge impact on our market. I’m currently in escrow with two flipped houses that were purchased either from the court house steps or as a foreclosure from the multiple listing service. With over 50% of the inventory of homes being in short sale status, many of the buyer’s I’m working with are sick of waiting 3 to 4 months for a response from the bank. If you take out all of the short sale homes, you’re left with REO/Bank Owned properties, traditional sellers, and flippers. Usually, the flipped properties are in excellent shape or “turn key”. Some of them might be a little higher than recent comps, but a lot of them are right in line with the markeMore investors are taking on the risk of flipping homes, despite falling home prices and sluggish real estate markets across the country. But investors say there are still profits to be made in the house flipping business.

Nearly 1 million homes were bought as investment properties in 2010, according to the National Association of REALTORS®, and a record number of buyers purchasing properties with cash currently are flooding the market.

Flipping homes for profit is easier in rising markets, but not many markets are reporting increases in home prices, analysts say. In Washington, D.C., Justin Konz of RestorationCapital says his clients are going through four of five properties a month and are making gross profit margins of 35 percent or higher.

Where to Find the Deals

Flippers mostly are finding their homes through foreclosures auctions, REOs, and short sales. They seek homes at rock-bottom prices that will have low fix-up costs, no more than about 5 percent or 10 percent of the purchase price.

In Florida, where investors are finding it more difficult to flip homes because of the drastic drop in prices and high inventories, flippers are targeting inner-city properties that are being sold at steep discounts. For example, some of houses are selling for $30,000 when they once sold for $200,000.

Perry Henderson, a real estate agent and investor in Austin, Texas, says the biggest opportunities in flipping are the “ugly” houses that have lingered on the market or “old houses that somebody’s grandma lived in for 40 years and didn’t do anything to. Now, she’s passed away and her family wants to sell quickly.”

Real estate investor Brian Fuller, who with partners buys and sells more than 200 properties a year in the San Diego area, says he’s drawn to the “biggest eyesore on the block.” He says they then ” turn it into the best looking house there. We’re helping pull up values in the neighborhood.”

Source: “Vulture Investors Flipping Their Ways to Big Profits,” CNNMoney.com (April 13, 2011)t.

If you would like more information on properties in Las Vegas, please contact me directly at 1-866-589-1646.

Felipe Crook

Realty ONE Group

8395 Sunset Road, Ste 190

Las Vegas, NV 89113

Felipe@felipecrook.com

1-866-589-1646

Housing supply headed for shortage?

On April 1, 2011, in Las Vegas New Home Construction, by Gay Real Estate Agent in Las Vegas

Housing Shortage on the Horizon? Mike Castleman, founder and CEO of Metrostudy, which tracks real-time data of the country’s inventory of new homes, says a housing shortage is looming that will soon will create a huge surge in demand for new homes. As such, now is the time to buy, he says. In the 41 […]

Housing Shortage on the Horizon?
Mike Castleman, founder and CEO of Metrostudy, which tracks real-time data of the country’s inventory of new homes, says a housing shortage is looming that will soon will create a huge surge in demand for new homes. As such, now is the time to buy, he says.

In the 41 cities Metrostudy covers, 78,000 houses are either vacant and for sale, or under construction – that is less than a quarter of the new homes that fell in that category during the housing boom in 2006 and way below the level of a decade ago.

“If we had anything like normal levels of buying, those houses would sell in 2½ months,” says Castleman. “We’d see an incredible shortage. And that’s where we’re heading.”

The historic drop in new construction mixed with the decline in housing prices is laying the foundation for a dramatic recovery in residential real estate, Castleman told CNN. Castleman expects home owners soon will start returning, which will drive up prices in many markets later this year.

While demand remains low for new construction, he expects that to change. He foresees the recovery following a similar path as previous ones: A severe housing shortage will drive a big increase in demand.

“We’ll get a big surge in demand and the drywall companies will take a long time to ramp up, and it will take years to get new lots approved,” he predicts. “Buyers will show up looking for a house in a subdivision, and all the houses will be sold. The builders will tell them it will take six months to deliver a house.” But they’ll want the house so bad that they’ll “bid the prices up.”

Source: “Real Estate: It’s Time to Buy Again,” CNN (March 28, 2011)

Properties are moving very quickly in Las Vegas despite our economic bumpiness. The investors have targeted Las Vegas as a prime city to invest in real estate. 51% of all our transactions last month were paid for with CASH. Yep, people wrote a check to buy a house. That is a staggering amount of money coming into our market place. When investors pour tons of money into a market, be it stocks, bonds, or housing, that is where the deals are. Below, I’ve pulled together some of the top new homes for sale in the Las Vegas valley. Many of these properties are standing inventory, which means the builder has built the home and they are just waiting for a buyer. Often with standing inventory homes, the builder is much more motivated to sell them because they can’t get the next round of financing until it sells. You will often see builders include upgrades to the home for free, offer the closing costs to the buyer, and sometimes even buy down your interest rate on the loan.

Remember to have your Realtor present on your first visit to a new home community otherwise the builder’s employees will represent you AND the builder. You want an advocat who only looks out for YOUR interest!

Below are the top new home builders for sale currently in Las Vegas. If you’d like to see any of these homes, please contact Felipe Crook at 1-866-589-1646 for more information and to schedule a showing.

Felipe Crook

Realty ONE Group

8395 Sunset Road, Ste 190

Las Vegas, NV 89113

Felipe@felipecrook.com

1-866-589-1646

 

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