Las Vegas Real Estate Blog

Las Vegas, Nevada is a growing spot, not just for vacationers, but as well for individuals and families that are moving there as well. A common misunderstanding is that Las Vegas features only fancy hotels with grand casinos or resort areas for family travelers; though, a lot of people move to Las Vegas to enjoy other benefits. Las Vegas offers enlightening opportunities, tax breaks, employment opportunities, and much more. Hence, finding Las Vegas Nevada real estate is getting easier as the city continues to grow.

Moving to Las Vegas from another state can seem overwhelming. Not only do you need to find Las Vegas real estate, but you also have to become comfortable with Nevada state regulations for moving to that area. You can do all the research yourself or employ a reliable real estate agent to assist you in your search. Whether searching for Las Vegas condos for sale or Las Vegas homes for sale, choosing the right Las Vegas real estate agent will save you from scores of headaches.

How to Pick a Las Vegas Real Estate Agent

Be sure the agent you want is willing to go the extra mile for you. If you living far from Las Vegas, you’ll want an agent who can do the research for you in finding a new house. The last thing you need is to travel back and forward only to visit new homes that do not meet your criteria. The real estate agent might also be willing to assist you find Henderson real estate if you want to live on the outskirts of Las Vegas.

Choose a Las Vegas real estate agent who will carefully research each new home to be sure it fits perfectly with what you wish for. Be sure they offer online services also so you be able to view the potential homes online before taking a trip. This will save you much time and money.

Building a New Home in Las Vegas

Maybe you’d somewhat build a new home in Las Vegas. If so, choose a real estate agent who can help you find reasonable Las Vegas land in a good spot. The agent might also be able to help you find a reliable builder in the area.

Other Valuable Services

Other services your agent might provide that can benefit you when buying Las Vegas real estate contain providing connections with an affordable mortgage lender, skill in foreclosures, repossessions and estate homes, and experience in corporate rearrangement.

Where to Look

To get a reliable Las Vegas real estate agent, begin by searching online. The Web is a huge source where you can learn all about an agent before you ever meet them! This as well will save time and money.

Whether you’re planning on moving into a new home, a Las Vegas condo, or building a Las Vegas home, you’ll find that hiring a dependable Las Vegas real estate agent to be a excellent time-saver!

Read competent points of view about vacation home – your individual tips store.

If you haven't been keeping up on real estate news in the Las Vegas valley, there have been several developers that have filed bankruptcy. Most of the projects involved were nothing more than a plot of land or the shell of a building, but not all. Lake Las Vegas resort filed some time ago and is auctioning off some property.

Bargains at Lake Las Vegas

The auction will take place on Saturday, September 13th, 4 p.m. The properties to be auctioned include 11 fully furnished condominiums with five selling absolute (studios to two bedroom units), 12 luxury homes (three to five bedroom, some fully furnished) and four homes sites.

Lake Las Vegas real estate offers some of the most luxurious residences available in the Las Vegas valley. There are luxury condominium communities and several neighborhoods of semi-custom and custom luxury homes. The community has several events throughout the year, not to mention various water sports and great golfing.

This isn' t the only auction coming up at Lake Las Vegas. There is a silent bid auction going on for four Bella Fiore homes. Program registration runs until 6 pm on September 15th, after which no further registrations will be accepted. The household having the accepted bids will be notified on September 16.

For listings of Lake Las Vegas homes or information about either of the upcoming auctions including bidding requirements and rules, call me at 702-493-8033.

Just a couple quick notes on the current state of Las Vegas repossessions for August.  A national analytics company , First American CoreLogic reports that ” The Q3 2008 Core Mortgage Risk Index (CMRI) has risen 12% above a year ago and increased for eleven of the last twelve quarters. The CMRI—which forecasts delinquency risk—is currently 55% above the base period of Q1 2002, a period near the end of the last U.S. economic recession. Although significantly higher now than during this base period, the CMRI is likely to continue rising nationally over the next 18 months.”

“An elevated CMRI signals the increased potential for financially disruptive and costly economic consequences for consumers, their local community, and mortgage financiers.”

So it appears that the information gleaned from the finance industry calls for an increasing number of foreclosures for the next 18 months before things start to subside in the housing industry nationally.

As you can see from the picture above, (Courtesy of First American Title) the Banks took back 2,847 pieces of real estate in Clark County in August 2008. While the total number of real estate transactions sold in Las Vegas was 2,704 units.  Both of these figures include all real estate transactions including land , homes, condos, etc.

As reported in the Las Vegas Sun. Patty Kelly,  president of the Greater Las Vegas Association of Realtors said the number of bank owned properties (R.E.O.’s) accounted for nearly two-thirds of the Las Vegas real estate sales for August 2008.  That would mean that if the number is actually 61% as reported by other experts then the number of R.E.O.’s (repo’s) sold was 1,649 units.  If the Mortgage industry took back 2,704 units and sold 1,649 units and lets assume that they sell an additional 300 units at auction they took back 645 more units than they sold.  A wopping 21% deficency just for this month August 2008.

I once again reiterate that the Mortgage industry is holding back inventory from the market in an effort not to slow the price depreciation in this market.  If all the available inventory were put on the market in Las Vegas we would probably go from 22,700 units to 36,500 units. This would mean there would be a 22 month supply on the market. Not the 14 month supply based on the Greater Las Vegas Board of Realtors data.

How do you take advantage of this current market? Find a good Real Estate Agent and hire them as a Buyers agent.  Pay them to get you the best deal they can find. Make sure they know how to buy from the banks and not just through the MLS.  You can make fantastic deals in this market with a good agent.  By signing a contract with a good agent you give the agent the freedom to find you the best deals without the need to use the MLS which can sometimes have some of the highest priced homes.  The money you pay a good Buyers agent to find you a home or investment property may save you 5% in auction fee’s and 3% to the listing agent of the auction property.  It can save you 3% for the Selling agent commission if the property is bank owned but not listed.

So why use a good Buyers agent? Because they have the ability to show the Selling Mortgage Company what similar homes are CURRENTLY Selling for and have sold for in the neighborhood and can help negotiate for your best interests to get you the best deal on a particular property.  A good Buyers agent works full time helping you find an excellent property.  Yes you may have to add the commission (example 3%) to your closing costs.  If the agent saves you 15 to 20% on your purchase is it worth paying them their commission?  What most Buyers don’t realize is that when an agent sells them a home that is listed the Buyers agent commission is all ready added into the price of the home.  The only difference is that the Buyer doesn’t see the commission on their side of the closing statement but they still pay for it when they buy the home.

Play it smart call an agent, sign a Buyers Agency agreement and let them find you the best home. If the home is over the MLS then the seller generally pays anyway.

Max Schmidt is nationally syndicated through his web blog and video reports. Licensed as a real estate agent since 1977 he has seen many markets and economic cycles throughout his career and been in thousands of  home transactions. He has also been a licensed general contractor, re-modeler and developed subdivisions. Max currently sells Las Vegas homes, Henderson homes and real estate.

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.

Not all Las Vegas real estate is being sold for the same price and it isn’t just the location or the size that dictates the price! Investors are currently flooding into the market looking for the real deals and they are finding them. Some Las Vegas home Buyers are finding real deals with prices that comparable homes were selling for at or near Las Vegas real estate boom prices. My Banks and individuals are selling well below the current average in an effort to sell their property NOW. This has resulted in some properties below the $250,000 mark receiving multiple bids.
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