For the latest analysis of the Las Vegas Real Estate Market, be sure to visit Forrest Barbee's post: Las Vegas Real Estate Market January 2009 Some of the highlights include: Bank owned REO sales remain at seventy-five percent (75%) of all residential closings. The number of available listings dipped slightly for single family residences. The current Greater Las Vegas stats related to financing - and they are a dramatic shift from just a few, short months ago - are: Cash 22% Average Sale Price = $173,182 Conv 33% Average Sale Price = $238,951 FHA 38% Average Sale Price = $180,459... Read more →

The Nevada Real Estate Division announced the publication of its first textbook on Nevada real estate law, the Nevada Law and Reference Guide. The book covers six areas of Nevada law including: Agency, Fiduciary Duties, Brokerage Agreement, Disclosures and Advertising. Visit the Nevada Real Estate Division website to access the specific chapters and download the PDF files. Chapter 1 - Nevada Law on Real Estate Agency Chapter 2 - Nevada Law on Fiduciary Duties Chapter 3 - Nevada Law on Brokerage Agreements Chapter 4 - Nevada Law on Offers and Purchase Agreements Chapter 5 - Nevada Law on Disclosures Chapter... Read more →

Two of the most closely watched barometers of U.S. home prices are the Office of Federal Housing Enterprise Oversight home-price index and the S&P/Case-Shiller home-price index. Read more about these indices at the Wall Street Journal Real Time Economics Blog: Ofheo vs. Case-Shiller: A Primer. The S&P/Case-Shiller Home Price Indices measures the residential housing market, tracking changes in the value of the residential real estate market in 20 metropolitan regions across the United States. For a fifth consecutive month, all areas showed a decrease in prices in August compared with a year earlier, led by 31 percent declines in Phoenix... Read more →

Debbie Huber of Huber Appraisal and Home Pride Insections in Las Vegas is today's featured guest blogger. Debbie has been appraising residential homes in Las Vegas for over 20 years and holds the SRA designation (Senior Residential Appraiser). She is also a Past President of the Appraisal Commission for the State of Nevada. Her topic is recent changes to FHA appraisal guidelines. To reach her at Huber Appraisal, please call (702) 243-3256 or email her at [email protected] To reach Home Pride Inspections, please call (702) 363-1681 [email protected] FHA Required repairs for residential appraisals will be limited to necessary requirements. They... Read more →

This editorial opinion by Cyril Moulle-Berteaux, "The Housing Crisis is Over" appeared in the Wall Street Journal on May 6, 2008 and has been getting a lot of attention in the blogosphere. The author quotes historical real estate cycles and claims the national housing market is approaching the bottom now based on a variety of facts and economic trends: Home sales peaked in July 2005 New Home sales are down 63% from peak levels Housing starts have fallen more than 50% Affordability - prices have declined while, generally, incomes have grown Brett Arends asserts in his article "Is Housing Slump... Read more →

Mark Stark, CEO of Prudential Americana Group Realtors in Las Vegas has just posted some excellent tips and strategies for short sales. This post is a summary of the major points he covered at a recent seminar attended by over 120 people in Las Vegas (consumers and real estate agents alike). Mark includes valuable information geared to the consumer about: Why consider a short sale? The decision-making process and mindset of the seller Positioning yourself for the future Options and Solutions More articles on REO, Short Sales, Foreclosures Here are links to more great blog resources on short sales, REOs... Read more →

Welcome Back to Guest Contributor: Steven Kitnick Earnest money is the deposit paid by a prospective Buyer as evidence of their "good-faith" intentions to complete the real estate transaction. The Buyer is promising to be diligent in their efforts to fulfill the terms of the Residential Purchase Agreement ("RPA"). Additionally, if the Buyer and Seller agree, the earnest money deposit ("EMD") may also serve as a source of payment, and act as the Seller's sole legal recourse, as "liquidated damages," should the Buyer default, that is, fail to perform in accordance with the terms of the "RPA". Earnest money deposits... Read more →

In December I wrote a post entitled Understanding the Las Vegas Real Estate Market. I listed a variety of recommended resources to educate yourself and ultimately your clients about current market conditions and trends. Here are a couple more resources to bring you up to date on the Las Vegas Real Estate Market as of March 2008: Equity Title recently produced a graph that defines past peaks and valleys in terms of pendings and contingents. The graph suggests the market is entering a time of great potential for those who are prepared. Pending and Contingent graph Forrest Barbee’s Blog -... Read more →

Educate Yourself and Your Clients About the Las Vegas Real Estate Market. Adjusting to the real estate market is critical to a successful real estate business. Now more than ever it is essential to stay informed and updated on the trends, statisitics and historical data impacting our real estate market. Have you updated your Listing and Buyer Presentations with this critical information? Are you comfortable explaining the real estate market and helping your seller price their property to sell? Current supply and demand clearly shows that active listing inventory is approximately 14% overpriced on average - educating real estate agents... Read more →

Prudential Americana Group REALTORS, led by a highly motivated and caring agent-driven committee, is hosting a charity auction event on Tuesday, December 4th, 2007 from 9 am to 1 pm at the West Sahara Branch. All proceeds will benefit the Sunshine kids Foundation - an organization dedicated to supporting kids with cancer. The Sunshine Kids Foundation works with pediatric oncology units throughout the country to provide trips and fun activities for children with cancer. Las Vegas Auctioneer Guy Deiro has donated his professional services as the event's auctioneer. We are currently seeking donations for the event (gift certificates, trips, gift... Read more →

Welcome to Steve Kitnick - Guest Contributor: On July 26th, 2007 the Supreme Court of the State Of Nevada in Nelson v. Heer held that appellant Nelson "did not have a duty under NRS Chapter 113 to disclose the prior water damage or the possible presence of mold." The reasons cited were as follows: " Under NRS 113.140, a seller of residential property is required to disclose to potential buyers only those defects of which the seller is aware. NRS 113.100 (1) defines "defect" as "a condition that materially affect the value or use of residential property in an adverse... Read more →

Here is the June 2007 edition of the Las Vegas Real Estate Market Condition Report courtesy of Equity Title of Nevada. This is an excellent tool to use with your clients/sphere of infuence/personal database to keep them updated and educated on the LasVegas Real Estate Market. Download mcrlas_vegas_valley_june_2007_plus_comments_and_opinion.pdf Here is an excerpt from the report showing current trends in our market. Read more →

Are you staying on top of the Las Vegas Real Estate Market? Here is another excellent report to do just that.... the April 2007 edition of Fast Facts from Larry Murphy of Salestraq and Steve Bottfeld of Marketing Solutions and the Bottfeld Report. Download APRIL2007.pdf Make sure to also download the analysis of the data here...Download april_2007_fast_facts.doc. On the left is an excerpt from the report that shows the number of active listings in the MLS for 2006 and 2007. Current supply of homes is over 12 months. Larry & Steve state: "This may be the best time in history... Read more →

Equity Title of Nevada has compiled a very comprehensive and informative 7 year study that tracks the number of homes sold and average sales price of homes by zip code from 2000 to 2006. The chart is a useful presentation tool to use with both buyer and seller clients to show the overall picture of what happened in our market over the past 7 years. Download 7_year_study_compiled_2007.pdf For example, take a look at the number of homes sold year over year since 2003 - it clearly illustrates the dramatic shift and appreciation that occured in 2004-05. I t also indicates... Read more →

On May 3, 2007, Prudential Americana Group sponsored a day of golfing fun with proceeds benefiting the Sunshine Kids - an organization dedicated to providing activities, trips, and events for young cancer patients. 144 golfers played the course at Siena Golf Club and enjoyed refreshments and contests sponsored by local companies and individuals. A grand total of $32,396.75 was raised - up over $9000 from the previous year. Over 30 volunteers contributed their time and energy to helping make the event an absolute success! The Scintas gave away prizes which included: Closest to the Pin Longest Drive Best Poker Hand... Read more →

A recent article from Business 2.0 on CNNMoney.com ranks Las Vegas as the second best city in America with the best job growth forecast. With a 2 year job growth forecast of 6.5%, Las Vegas is right behind Orlando, FL . "Analysts say Las Vegas could end up topping Orlando in job growth, because it's uniquely insulated from downturns in ways that most major cities would envy. " Hottest jobs: Construction project manager ($78,800), IT project manager ($74,600), construction superintendent ($71,900), civil engineer ($70,000), executive chef ($65,500) "But almost in sync, another engine of the local economy went into overdrive:... Read more →

Here's an audio file of a recent conference call by Mark Stark, CEO and Owner Broker of Prudential Americana Group, REALTORS. The topic is Culture. Mark drives home the main point that Culture is simply People! A company is only as good as its people - It only is its people. He elaborates on how to create a positive, fun, productive, caring, supportive, 100% responsible, make results happen culture. Read more →