Many times have I been asked, "Glena, you are still showing homes to those clients?  How long has it been? Or told, "I can't believe that you are still showing homes to them.  I would have given them up a long time ago."  They do not see the big picture and that is...when I leave my clients, they are happy.  Guess what they will do?  They will talk to everyone they know about me and that would mean business to me.  buyerMy most difficult clients were a family of four...with all of them deciding on which house to buy.  If the mother liked the house, the two daughters did not. If one of the daughters likes the house...the other daughter didn't.  We started looking for a house for them in February 2009 and we ended up getting one in October 2009 - that is 8 months later.  They were all str... 04/23/2010

North Las Vegas Real Estate Trends For March 2010, there were 691 home sales in North Las Vegas with a median price of $119,000. Of those, 630 were single-family homes with a median price of $125,000. Here's a quick look at price, volume and financing trends in the North Las Vegas real estate market. In 2009 there were a total of 9,207 homes sold in North Las Vegas. This area is north of Charleston Boulevard, east of Rancho Road, and west of the I-15 freeway, and includes most of the city of North Las Vegas. The median sale was a 3-bedroom, 1839 square foot home with a selling price of $129,900. The median selling price for a single-family home fell by 19.4% during the year, from $155,000 to $125,000. To find out more about buying or selling real estate in North Las Vegas, just give me ... 04/23/2010

Recently, I have listed 3 properties for my short sale clients (two properties with B of A 1st and 2nd loans and one IndyMac with 1st and 2nd loans also) and as always, I told them that I am not a tax preparer nor an attorney and adviced them to contact those professionals for questions relating to tax and legalities.  Being a conscientious peple that they are, my clients did exactly what I have adviced them to do.  They had contacted several attorneys.  According to them, most of them stopped talking the moment they know that they are moving out of state (for whatever reason) as he is being transferred by his company.  They ended up hiring the last attorney that they approached, however, he will only accept the primary home (IndyMac) for $3,000 and will not work with them on the proper... 04/22/2010

The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement. Inventory has DECREASED by -480 units.  Under Contract has increased by +882 units.    Solds have INCREASED by +276 units. (THAT IS HUGE!!) There are many reasons for the lack of closings in this market and it is outlined in this post.  Short Sale Synopsis: Listings 4/15/2010: 4323 Pending 4/15/2010: 11094 Closed March 2010: 970 Short Sales Currently Account for: 46% of All Las Vegas Valley Listings 25% of All Las Vegas Valley Sales  Read here for the most current Las Vegas Area Short Sale Report. Read here for last month's report on Las Vegas Area Short Sales. If you need to sell your home through the short sale process, you can either fill out the form on this page or you can call 702-966-2494 and p... 04/21/2010

The housing market bust in Southern Nevada - home to communities like Summerlin, Silverstone Ranch, Henderson, Mountains Edge, North Las Vegas and Rhodes Ranch - has taken down with it homeowners, mortgage lenders, real estate agents and builders, and a host of others closely tied to the industry. It has been as brutal a segment collapse as any in history. One of the most plundered victims has been the price. Homes in some of the newer subdivisions have lost as much as 60% of their value in just a few years. To scores of once-happy and optimistic homeowners the word underwater has suddenly become a hot topic, as their property value now is much less than the underlying mortgage. On the other side of the coin are first-time buyers who are drooling over the current housing affordability i... 04/20/2010

Home Sales in Sun City Aliante - North Las Vegas NV 89084 Sun City Aliante consists of all one-story homes with two to three bedrooms from 1,157 to 2,104 square feet. All homes have 2-car garages. Construction began in 2003, and new homes are still available. For more information, or to buy or sell a home in Sun City Aliante, contact John Novak at (702) 339-9700 or JohnNovak@kw.com.   Sales ActivityJan 1 - Mar 31, 2010:    Homes Sold: 21    Median Price: $148,600    Average DOM: 51   Existing Inventory:    Homes for Sale: 31    Price Range: $109,000 - $339,900    Under Contract: 39     Here are the details of the first quarter home sales in Sun City Aliante: Address Sq Ft Bed/Bath List Price Sale Price DOM Notes 2440 Lark Sparrow 2104 2/2 $240,000 $240,000 325 Short sale 7340 Petrel 210... 04/19/2010

  The Short Sale Process: Steps of a Short Sale Sometimes, to avoid going through the costs of foreclosure, a bank will sanction a short sale allowing a Buyer to purchase the home for less than the mortgage balance while the home is in pre-foreclosure state. A pre-foreclosure stage is the first of the three stages of foreclosures. Here are some of the steps of a short sale:   • Seller signs a listing agreement with a real estate agent subject to selling as a short sale with third-party approval. · A Buyer makes an offer for less than the amount of the mortgage. · Seller accepts the Buyer's purchase offer. · Seller's bank accepts the Buyer's purchase offer.   • Transaction closes when the Buyer delivers the funds, the bank releases the lien and the  Seller delivers the deed.   COLDWELL ... 04/16/2010

Cash REMAINS KING in the Las Vegas Area Real Estate Market!!!  It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is enjoying!  It is important to understand how a seller looks at each financing type: Cash Offers:  Generally have less contingencies and quicker close times.  A cash offer may be accepted even if it is lower than a financed offer. Conventional Financing:  Less strict with lender required repairs but larger down payments and more strict credit guidelines. FHA/VA Financing:  Requires more scrutiny with lender required repairs via appraisal.  In general these take longer to underwrite and close so a cash or conventional offer looks more enticing to the seller. ... 04/15/2010

This week's feature is on a community in North Las Vegas called Eldorado. It is located in the 89031 and 89084 zip codes. It is North Las Vegas's first Master Planned Community that started building homes roughly starting in 1989 and is still currently building homes. The whole community is roughly over 1000 acres in size. There is still currently about 110 acres of land that hasn't been developed yet, along with 2 communities that the builder is still selling brand new in the Eldorado Highlands section. View Eldorado Community North Las Vegas in a larger map Eldorado features 2 large community parks, Seastrand and Eldorado parks, with Eldorado park sharing space with Lee Antonello elementary school. On the southern edge of Eldorado is 2 shopping plazas where you will find your nearest ... 04/11/2010

Nevada has received approx $2.5 Million in Federal Grants to rebate purchasers of newer energy saving appliances and trade in older ones.  This rebate program *is* the talk of the town and money is limited so you will want to read & study the terms of your rebate and maybe even go shopping now so you know what you want by April 17, 2010. Here are the details and some links: Nevada Appliance Rebate Flyer Nevada Energy Efficient Appliance Rebate Press Release Nevada State Office of Energy Don't Procrastinate!  Start Doing Your Homework NOW!   04/10/2010

Bank of America has decided to give a hand to North Las Vegas homeowners as well as other homeowners around the US.Bank of America is planning to alloctae $3 bln to those borrowers who may experience some difficulties. The Bank has announced its intention to forgive up to 30% of the total Mortgage Balance but only for those borrowers who will qualify for the program.What effect will it have on North Las Vegas homeowners? It’s difficult to predict but I guess it’s likely to have a great impact on the whole real estate market since bank of America controls more than 20% of all outstanding mortgages.As a result, fewer houses in North Las Vegas will go into foreclosure, which will assist in stabilizing the housing market. Moreover, it can also encourage other banks to introduce similar prog... 04/08/2010

This week's feature is on a community in North Las Vegas called Madera.   It is located in the 89031 zip code and is close to Sandstone Ridge Park and numerous shopping centers.  View Madera Community in North Las Vegas in a larger map House's in this subdivision range from about 1200 square feet all the way up to over 2800 square feet.  There are 259 homes in this subdivision.  This is a picture taken from Sandstone Ridge Park looking into one of the entrances into Madera.  Currently there are 4 homes listed for sale and 5 homes are under contract to close very soon.  Current sales prices range from a low of $85,000 to a high of $225,500 at the moment.  In April there was 3 closings in the neighborhood.  That brings houses closed in the community to 11 for the first 4 months of the yea... 04/07/2010

Welcome Home To Gated North Las Vegas Community:  Nelson Ranch! 741 Single Family Detached Ranging from 1768-3805 Square Feet Built from 2005-2008 by Centex Nelson Community Amenities are Abundant and Include:  Clubhouse, FItness Center, Playground & Pool.  The Community is Gated for Security. Close to North Las Vegas Retail, Restaurants, Professional Offices & Local Gaming.   View Larger Map 04/07/2010

North Las Vegas Real Estate Report The North Las Vegas real estate market is showing signs of recovery through the first quarter of 2010. Year-over-year sales were vitually even with 687 North Las Vegas homes sold in March, compared to 682 in the same month for 2009. For the first quarter, sales activity is up 8.3%. If that rate of growth continues, that will put us on track for about 4,300 - 4,700 home sales in the first six months of 2010.   The median selling price for single-family homes in North Las Vegas is down 14.8% from March 2009 to March 2010. However, since June we've seen the median price remain flat within a range of $125,000 to $130,000.  GLVAR deems information reliable but not guaranteed. Information is for MLS areas 101-103. Previous North Las Vegas real estate reports... 04/03/2010

Las Vegas Area Real Estate Market Watch was created for informational purposes only.  This is for all the buyers wondering "where is the inventory"?  The inventory is here, this graph shows that buyer interest is extremely high and gobbling up all that new inventory coming online! This is also for people saying "shadow inventory exists"!  Well I believe it exists but it also exists in short sales which has tripled to quadrupled it's formerly stagnant close ratio since late spring. These are Listing/Under Contract & Pending/Sold Trends from December 2007-February 2010. Even since these numbers were pulled mid February we are looking at 9300 active listings now!  Major inventory reductions in our already inventory squeezed market are upon us! I do expect a frenzy of pendings & closes as ... 04/02/2010

North Las Vegas Home Sales: Average and Median Prices Homes in North Las Vegas saw average selling prices fall 2.53% in February of 2010. The median selling price decreased 2.34%. For 2009 the average selling price for North Las Vegas homes was down 17.03%, while the median selling price fell 19.35%. To find out more about buying or selling real estate in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.) 03/28/2010

North Las Vegas Real Estate Market Breakdown In last week's look at the North Las Vegas real estate market, I highlighted sales price, volume, and financing trends. Today I'll break down the different listing types of that market -- REOs (bank owned homes), short sales, and regular sales. Overall we have about 3.0 months of North Las Vegas real estate inventory. When we look at each of the listing types, we see that there are three distinct markets. Here are the current figures for North Las Vegas REOs, North Las Vegas short sales, and 'regular' North Las Vegas home sales. Absorption is the number of months it would take to sell the available inventory at current sales rates. (Available Inventory/February Sales = Absorption Rate). There are only 3 weeks of REO inventory, but almost seve... 03/25/2010

Age Restricted (55+) Communities are scattered throughout the valley.  Many offer a variety community amenities for Seniors who enjoy active lifestyles. Sun City Aliante is located in the Aliante Area of North Las Vegas, NV (zip 89084).  There are 1829 homes in Sun City Aliante ranging from 1157-2104 Square Feet.  Community Amenities Include:  Community Golf, Clubhouse, Gym, Pool, Spa, Tennis, Recroom. Sun City Aliante Market Report: Listings (3/15/2010):  37 Under Contract (3/15/2010):  36 Sold February 2010:  8 Sun City Aliante is currently enjoying a stable to seller's market. Since Last Month's Report:  Aliante Sun City, North Las Vegas Listings DOWN -10, Contracted Homes UP +3, Sales UP +3 Renee Burrows carries the SRES (Senior Real Estate Specialist) Designation and has Probate a... 03/19/2010

North Las Vegas Real Estate Trends In 2009 there were a total of 9,207 homes sold in North Las Vegas. This area is north of Charleston Boulevard, east of Rancho Road, and west of the I-15 freeway, and includes most of the city of North Las Vegas. The median sale was a 3-bedroom, 1839 square foot home with a selling price of $129,900. The median selling price for a single-family home fell by 19.4% during the year, from $155,000 to $125,000. For February 2010, 575 homes sold in North Las Vegas with a median price of $120,000. Of those, 532 were single-family homes with a median price of $125,000. Here's a quick look at price, volume and financing trends in the North Las Vegas real estate market. To find out more about buying or selling real estate in North Las Vegas, just give me a call a... 03/18/2010

North Las Vegas Homes For Sale: Listings by Price Range Here's a summary of the single-family homes for sale in North Las Vegas. Short sales are responsible for 55.7% of the inventory, while bank owned properties (REOs) equal 15.0%. To find out more about buying or selling real estate in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.) 03/15/2010