March 2012 Vegas Valley Market Update
This month I want to highlight the government program HARP. If Fannie Mae or Freddie Mac own your loan, this program will allow you to refinance even if you are upside down on your mortgage. To learn more about this program, watch the video below.
Warren Buffett Says Buy Homes Now
guys in the world. He has made his fortune by being one of the best investors the world has ever seen. He started his working career in 1952 at an annual salary of $12,000 and today his net worth is over $44 Billion. Needless to say the guy is definitely doing something right and has built his empire off seeing opportunity in markets when others do not.
For a more detailed marketing report, click here.
Deal of the Month: 1 Story Home in Northwest for $85,000
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 | Kristine Dugan SMG Realty (702) 332-7781 kndugan@HomeSearchVegasValley.com http://www.HomeSearchVegasValley.com        Listed by: SMG Realty |
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Upside Down and Need to Refinance? HARP can Help
If you are interested in HARP, click here to review additional program guidelines.
To find out if Fannie Mae owns your loan, click here. To find out if Freddie Mac owns your loan, click here. If you have additional questions on HARP or other options regarding your home, feel free to contact me directly at 702-332-7781.
Warren Buffett Says Buy Homes Now
Why invest in real estate now?
“It’s a way, in effect, to short the dollar because you can take a 30-year mortgage and if it turns out your interest rate’s too high, next week you refinance lower. And if it turns out it’s too low, the other guy’s stuck with it for 30 years. So it’s a very attractive asset class now.”
Is buying your own home better than investing in stocks right now?
“If I knew where I was going to want to live the next five or 10 years I would buy a home and I’d finance it with a 30-year mortgage… It’s a terrific deal.”
Should we buy multiple houses?
“If I was an investor that was a handy type and I could buy a couple of them at distressed prices and find renters, I think it’s a leveraged way of owning a very cheap asset now and I think that’s probably as an attractive an investment as you can make now.”
February 2012 Vegas Valley Market Update
| Summary of Homes Sold in January 2012
Total Homes Sold in January: 3,530 |
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The Vegas Valley Inventory is shrinking. Within the past month there have been under 10,000 homes available to buy. Considering that we sell anywhere from 3,500 to 4,000 homes each month, that's a pretty low amount of homes for prospective buyers to chose from. That amount of inventory also keeps the real estate market pretty busy with multiple offers on each property. Below is a chart reflecting the amount of inventory we have had the past couple of months.
Bank owned listings are down by 18% and short sale listings are down by 15%. I suspect this decrease of listings is due to the rebound of the holiday season. Hopefully as the temperature increases, the amount of homes available to buy will too or it will be a very competitive real estate market for the next couple of months.
15 Minutes could save you $5,000 Continue to read below regarding an important update on Kitec Plumbing Kitec Plumbing has been plaguing homeowners in Las Vegas the past several years. If you are not aware of what I am referring to, Kitec is a kind of fitting that has been used all over the country to holding the plumbing together in homes. Not all homes have Kitec however here in Las Vegas, Kitec was used in many homes. The issue with Kitec Plumbing is that the fittings wear down because of the harsh Las Vegas Water and cause a leak in the plumbing. In 2006, a court ruled that Kitec fixtures are considered a "defect" and ordered the home builders to pay to replace all of the fittings in homes. Depending on the home builder, all or some of the replumb costs are covered within the lawsuit.
I would strongly suggest you take a couple of minutes to check if your home has Kitec Plumbing because the deadline to have the builder pay for repairs is coming up on March 31, 2012. As long as you place your claim before then, you may be eligible to have all the repairs paid for; if you miss this deadline, you will be responsible for paying for the replumb yourself which could be up to $5,000. Click here to read more... |
| Inventory Watch Current Inventory Available: 9,961 Properties
The Vegas Valley Inventory decrease by over 1,000 homes in the last month. This is the lowest amount of homes available for sale in years. While this inventory supply is low, the demand of homes has increased which makes more competition among home buyers for the current homes available.
Months of Inventory for ALL properties in Las Vegas is down to 2.7 Months - For Non-Short Sale properties, the Months of Inventory is 2.0 Months.
This report is calculated by utilizing Absorption Rates and Inventory Depletion calculations. To learn about the importance of these click here.
For a more detailed marketing report, click here. |
Deal of the Month: 1 Story near Summerlin Under $100,000
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