Two thirds of homes in Las Vegas have negative equity. That means if someone wants to avoid foreclosure, but needs to sell their house, they need to consider a short sale. A short sale is where the house is worth less than what is owed on it.
Logic would say that it may be better for a bank to negotiate a short sale rather than let a home go to foreclosure. One big advantage to this from my experience is that short sale homes are usually in much better condition than foreclosures.
When I reflect back to when short sales began increasing I was not prepared that the banks would not get them closed and foreclosure was the outcome. It makes me wonder if the banks had sold these homes would we now see as much reduction in our home values.
Only about ten percent of short sale homes actually close escrow. You never hear any discussion about this on the news. We only hear about foreclosures. I wish they would talk more about the failure of the short sale process. Then, maybe then we could see a reduction in foreclosures thus helping our Real Estate Market stabilize.
The buzz now is that those sinking in debt should just let their houses go. The bank will ultimately take a loss so why not do it sooner than later?
Does anyone disagree with me?
Thursday, May 28, 2009
Wednesday, May 27, 2009
Great Deals for Qualified Home Buyers
Prices in Las Vegas are down to approximately what they were in 2002. Amazing! Even though this is hard to imagine and creating great difficulty for practically everyone, it can also be an opportunity for Buyers to get into this Market.
Be sure if you are interested in purchasing you qualify yourself to make sure you are an able buyer. Many before did not. How would you respond to the list below?
Can you support your mortgage?
Do you understand the risks and responsibilities in owning a home?
Are you prepared for life events that can make making your mortgage payment difficult?
Do you understand it is important that you meet your full mortgage payment on time?
Are you prepared for the additional costs and fees of home ownership?
Do you understand your mortgage terms and know who you can contact for questions?
Are you realistic in your price range?
If you can answer these questions in a positive way than maybe you are ready to purchase. Done correctly, there is nothing as great as home ownership. For those who are prepared there is nothing as sweet as home ownership.
Be sure if you are interested in purchasing you qualify yourself to make sure you are an able buyer. Many before did not. How would you respond to the list below?
Can you support your mortgage?
Do you understand the risks and responsibilities in owning a home?
Are you prepared for life events that can make making your mortgage payment difficult?
Do you understand it is important that you meet your full mortgage payment on time?
Are you prepared for the additional costs and fees of home ownership?
Do you understand your mortgage terms and know who you can contact for questions?
Are you realistic in your price range?
If you can answer these questions in a positive way than maybe you are ready to purchase. Done correctly, there is nothing as great as home ownership. For those who are prepared there is nothing as sweet as home ownership.
Tuesday, May 26, 2009
The $8,000 tax credit for first time home buyers provides a dollar for dollar reduction. That means you would actually get an $8,000 deduction.
Another reason it is a great time for first tiime home buyers to step into this Real Estate Market.
The local television news this week-end reminded us that two-thirds of local home owners have negative equity in their property.
Another reason it is a great time for first tiime home buyers to step into this Real Estate Market.
The local television news this week-end reminded us that two-thirds of local home owners have negative equity in their property.
Monday, May 25, 2009
It is Monday evening. What a nice Memorial Day weekend we have had at the Shearer House.
People who do not live here, when they thinkg of Las Vegas, usually think of the Strip and downtown. We are so much more than that. And, one of our treasures is the Red Rock Canyon National Forest. It is one of the most beautiful and interesting places to see. Because of oxidation much of the rock actually has turned red.
It had been awhile since we had been there so this weekend we took a ride to see it once again. You can hike or just take the 13 mile scenic drive to enjoy this wonder. Hikers & climbers love this geological wonder.
It was a good day for me and a reminder of the great place I live.
People who do not live here, when they thinkg of Las Vegas, usually think of the Strip and downtown. We are so much more than that. And, one of our treasures is the Red Rock Canyon National Forest. It is one of the most beautiful and interesting places to see. Because of oxidation much of the rock actually has turned red.
It had been awhile since we had been there so this weekend we took a ride to see it once again. You can hike or just take the 13 mile scenic drive to enjoy this wonder. Hikers & climbers love this geological wonder.
It was a good day for me and a reminder of the great place I live.
Friday, May 22, 2009
In Las Vegas in April the average sales price for a single family home was $166,000.00. http://www.lvhms.com
Don't forget to spay/neuter your pets. http://hsus.com
Don't forget to spay/neuter your pets. http://hsus.com
Thursday, May 21, 2009
My first post - Let me introduce myself
The reason I have decided to do this blog is because I want to communicate with all of you. I do believe I have worthwhile things to say.
I am a Real Estate Agent in Las Vegas. Across the country there are only about 10% of Realtors blogging. So I figured, that still has me ahead of the game.
I am passionate about my career and feel the information I share will be very useful.
Besides being a Realtor I am a Mom of two daughters, a wife and a grandma. I will try to discuss topics that we all can relate to.
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