Kristine Dugan, ABR, BS, CRS, SFR
Kristine Dugan, ABR, BS, CRS, SFR
Your Resource for All Things Real Estate
Direct Phone: 702-332-7781 :: Email: info@HomeSearchVegasValley.com

March 2012 Vegas Valley Market Update

Posted on March 25, 2012
Summary of Homes Sold in February 2012

Homes Sold in Feb 2012  

Total Homes Sold in February: 3,732
Fast Facts  

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    

So Warren Buffett is one of the richest Buy Homes Nowguys 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.

 

Buffett was recently interviewed by CNBC and his message was pretty clear, if he was able to buy a COUPLE HUNDRED THOUSAND homes and manage them, he would. Buffett is confident that the real estate market is going to adjust (as all markets do) and when it does there will be a large demand for homes. Buffett also points out that buying a home is the best investment for your money because when you finance your home, the bank actually takes the risk, you don't. Click here to read more...     
 
Inventory Watch  
Current Inventory Available: 7,816 Properties  

The Vegas Valley Inventory decrease by over 2,000 homes in the last month. This is half the amount that was available last year at this time as you can see below.
Homes for Sale
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 2.1 Months - For Non-Short Sale properties, the Months of Inventory is 1.8 Months. 

March 2012 Months of Inventory 

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 Home in Northwest for $85,000

Posted on March 25, 2012
Awesome 1 Story in Northwest for $85,000


Overview
Maps
Photos
Market Stats




















$85,000
Single Family Home
Main Features
3 Bedrooms
2 Bathrooms
Interior: 1,298 sqft
Lot: 4,792 sqft
Location
7933 Lovely Pine Place
Las Vegas, NV 89143
USA

To get updates on open home dates and other property events, please click the "Like" button below:


Kristine Dugan

Kristine Dugan

SMG Realty
(702) 332-7781
kndugan@HomeSearchVegasValley.com
http://www.HomeSearchVegasValley.com



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Upside Down and Need to Refinance? HARP can Help

Posted on March 25, 2012
A business partner of mine, Michael Rodriguez, CMPS with Alderus Funding recently made a video about the new changes of HARP. HARP (or Home Affordable Refinance Program) is a government program designed to help homeowners refinance that are upside down on their home. When it was originally proposed, the program was great in theory however was a complete failure because it wasn’t functional to help homeowners in the current economic conditions. To learn more about why it originally didn’t help people and what new changes are being made, watch the video at the bottom of the page. To learn more about HARP, click here to review a blog post I did back in November of 2011.

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

Posted on March 23, 2012
So Warren Buffett is one of the richest 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.
 
Buffett was recently interviewed by CNBC and his message was pretty clear, if he was able to buy a COUPLE HUNDRED THOUSAND homes and manage them, he would. Buffett is confident that the real estate market is going to adjust (as all markets do) and when it does there will be a large demand for homes. Buffett also points out that buying a home is the best investment for your money because when you finance your home, the bank actually takes the risk, you don't.
 
Below are a couple more points Buffett mentioned during his interview:

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.”

To read the full interview from CNBC click here (which may be a little boring). To make it easier for you, I found this 3 minute video which is below describing the main points in the Buffett interview from Real Estate Video Box. If you or someone you know is ready to take Warren Buffett's advice and invest your money in buying a home, contact me today at 702-332-7781 to start the process now.  

February 2012 Vegas Valley Market Update

Posted on March 16, 2012

Summary of Homes Sold in

January 2012  

  

Total Homes Sold in January: 3,530      

 


Fast Facts  

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.   

Homes Available 

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. 

Jan 2012 Months of Inventory 

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

Posted on February 22, 2012
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Listing Information
Status:
Active
Type:
Residential
Style:
Single Story 1
Bedrooms:
3
Bathrooms:
2 Total ( Full:2 )
Square Footage:
1,545
Year Built:
1994
Acreage:
0.11
Garage:
2
Single Story Home:
Yes
Master on Main Floor:
Yes
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North West
$99,900
9613 STERLING RIDGE AV Las Vegas, NV 89129
MLS# 1228067
Features
Community
Schools
Map
Flyer
eCard
Request Showing
Contact Information

Marketing Remarks

Great 1 Story Home just outside of Summerlin! 3 Bedrooms, 2 Bathrooms and 2 Car Garage. Separate Living Rooms which is Great for Entertaining. Vaulted Ceilings & Potshelves. Upgraded Pergo Flooring in Family Room. Most Appliances Stay with Window Coverings. Covered Patio & Fountain in the Backyard. Additional Storage in Garage. Close to Schools, Parks, Freeways & Shopping. NO HOA! Will not Last at this Price!

Room Descriptions

Master Bedroom:
Master Bedroom Walk In Closet 16x12
Master Bathroom:
Double Sink, Shower Only
2nd Bedroom:
11x10
3rd Bedroom:
11x10
Downstairs Bedroom:
Yes
Downstairs Bathroom:
Yes ,
Family Room:
Separate Family Room 17x13
Den:
0
Dining Room:
Family/Dining Combo 8x13
Living Room:
Front Living Room, Formal, Entry Foyer 20x13
Kitchen:
Island

Appliances & Ammenities

Appliances:
Microwave
Dryer Utilities:
Gas
Washer/Dryer Location:
ROOM
Oven:
Stove (G)
Fireplace(s):
1, Gas Fireplace FAMILY
Furnishings:
Not Furnished
Heating:
Central Natural Gas
Cooling:
Central Electric

Interior

Interior:
Potshelves, Window Coverings Through-Out

Structure & Design

Roof:
Tile
Construction:
Frame & Stucco
Flooring:
Carpet, Vinyl
Garage:
2 Attached Garage, Entry to House, Storage Area/Shelves
Converted Garage:
No
Ground Mounted:
Yes
House Faces:
North

Property Information

Exterior:
Backyard Access, Covered Patio, Patio
View:
Mountain View
Fence:
Backyard Fully Fenced Block
Equestrian:
None
Landscaping:
Drip Irrigation/Bubblers, Desert Landscaping, Mature Landscaping, Rock
Private Pool:
No
Spa:
Lot Square Footage:
4,792
Lot Description:
Under 1/4 Acre

Community

Community Features:
None

Utilities

Water:
Public Water
Sewer:
City Sewer
Utilities:
Underground Utilities
Energy:

Additional Information

Zoning:
Single Family
Occupancy:
Vacant
Miscellaneous:
County:
clark

Schools

Elementary K-2:
TARR
Elementary 3-5:
TARR
Junior High:
LEAV
High School:
CENT
 
For Rental Analysis Information like Return on Investment and potential Cash Flow opporunities, click here.
 
This listing appears courtesy of: Kristine Dugan , SMG Realty
All information provided is deemed reliable but is not guaranteed and should be independently verified.

More Blog Entries
Kitec Plumbing Deadline Ends Soon - Posted on February 18, 2012
HARP 2.0 Changes Update [Video] - Posted on February 18, 2012
How to Spot Foreclosure & Short Sale Scams - Posted on February 18, 2012
January 2012 Vegas Valley Market Update - Posted on January 21, 2012
2012 Home Sales Looking Good According to NAR - Posted on January 21, 2012
Tips for a Smooth Loan Approval - Posted on January 21, 2012
Five Ways to Prepare to Buy a Home - Posted on January 21, 2012
Kristine Dugan earned “Top 5" Agent Award - Posted on January 18, 2012
Government Refinance Program HARP Changes to Help More Homeowners - Posted on November 24, 2011
How New Law AB284 Helps Nevada Homeowners - Posted on November 24, 2011
How to Battle the Neighborhood Eyesore - Posted on November 24, 2011
Top Three Things to Know before You Choose to Short Sale your House - Posted on August 31, 2011
This Too Shall Pass... - Posted on August 24, 2011
The "Why" Behind S & P's Decision... - Posted on August 24, 2011
June 2011 Vegas Valley Market Update - Posted on June 25, 2011
Behind on Your Mortgage Payment & Don't Know What to Do? - Posted on June 25, 2011
Why There has Never Been a Better Time to be a Landlord - Posted on June 24, 2011
May 2011 Vegas Valley Market Update - Posted on May 14, 2011
Beware! Scam with Bank of America Mortgages - Posted on May 14, 2011
Why People Buy a Home - Posted on May 14, 2011
 
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