Why do buyers make offers on and buy Las Vegas short sales?

This is the third video in Comprehensive Guide to Buy Las Vegas Short Sales.
In the first video we talked about the different ways of buying Las Vegas short sales that are listed in the Las Vegas MLS. They are approved short sales, unapproved short sales and short sales that sell through online auctions.
In the last video we also talked about how long does it take to close Las Vegas short sales deals?
And in the next video we will show you that about half of the buyers have gained less than $10,000 in discounts.
Then why do buyers still make offers on Las Vegas, Henderson or North Las Vegas homes or condos? In this video we will answer this question.


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In this video we showed that the main reason for making offers on short sales is the big gap between asking and sales prices for non-distressed homes.
Even though this gap is smaller for Las Vegas foreclosures, Fannie Mae and Freddie Mac listings are initially listed at far above comparable sales and that is the reason for the price gap between asking prices and sold comps being twice as large for short sales.
In the next video we will discuss discounts gained by buying short sales.
We are Masoud and Karen Saberzadeh, Las Vegas Realtors and commercial real estate agent at Realty One Group and lasvegas4us.com.
We Are All One.

How long is escrow time for Las Vegas short sale homes, condos?

How long it takes to close different types of Las Vegas short sales homes deals?

This is the second blog post in the Las Vegas short sale home and condo buyer’s guide series.

In the last video we discussed the three types of Las Vegas short sales listings in the Las Vegas MLS, their difference with each other and with foreclosure or bank owned homes, condos and high-rise condos.

When a short sale offer is accepted by the seller, the buyer deposits the earnest money deposit or EMD and opens escrow. When the short sale is fully approved by the lender, the deal is consummated and escrow is closed.

In this video we talk about how long it to close the deal for pre-approved, unapproved and approved short sales. This includes those who run in online real estate auctions and the two combinations; bankruptcy short sales and probate short sales which require approval by courts in addition to the lender.


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In this video we showed that regardless of the type of Las Vegas, Henderson or North Las Vegas short sale, the average escrow times are close to or longer than 3 months. We also showed that two out of three of the longest full approval or escrow times, both longer than one year, belonged to pre-approved short sales.

In the next video we will discuss why do Las Vegas home, condo or high-rise condo buyers still make offers on and buy short sales.

This is Masoud Saberzadeh, Las Vegas Realtor and commercial real estate agent at Realty One Group and lasvegas4us.com.

We Are All One.

Las Vegas short sale home and condo buyer’s guide part-1

The difference between approved, un-approved Las Vegas short sales, auction short sales and Las Vegas foreclosures

Las Vegas short sales are the most misunderstood type of real estate deals and many Las Vegas homes, condos or high-rise condominium buyers or their Realtors do not really have a good understanding of the process, let alone were to look for the highest discounts or how to avoid the short sale trap.

Additionally there has been much talk about pre-approved short sales or how the process has become streamlined which is absolutely not true. So we have decided to do a series of blog and videos about the subject. In this first video we discuss the three different ways to buy Las Vegas, Henderson and North Las Vegas short sale homes, condos and high rise condos that are listed in Greater Las Vegas MLS, and the difference with buying Las Vegas foreclosures.


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The main difference between Las Vegas short sales and foreclosure listings in the Las Vegas MLS is that in the case of the foreclosure, the lender has the title in hand. Other differences depend on the type of short sale which we will explain in this series. However the average escrow time which is the time from the acceptance of an offer by the seller to close of the deal are much longer than foreclosures.

Las Vegas short sales vs Las Vegas foreclosures
Las Vegas short sales vs Las Vegas foreclosures

In the next blog and video we will discuss the average wait time to get approval from the lender for each type of short sale listing.

This is Masoud Saberzadeh, Las Vegas Realtor and commercial real estate agent at Realty One Group and www.lasvegas4us.com.

We Are All One.

Is it better to buy or rent in Las Vegas?

Is it better to buy a Las Vegas home or condo or to rent one?

One of the hardest questions for perspective Las Vegas home or condo buyers is a simple one. Are they better off buying or renting? Well, the answer depends on several factors like how long they intend to stay at their residence, the direction of the Las Vegas real estate market, mortgage loan rates, affordability, etc. We discuss them all.


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In this video we provided a short discussion of issues that should be considered in order to make an educated decision to buy or rent a home, condo, or townhome for sale in Las Vegas, Henderson or North Las Vegas as owner occupied buyers. We discuss investing in Las Vegas residential real estate separately in its own page.

Please like and share if you find the information useful and subscribe to our blog or video channel.

Please feel free to call us at 702-478-7800 with any questions or e-mail us at saber@lasvegas4us.com.

Water front homes in Desert Shores community in Las Vegas
Water front homes in Desert Shores community in Las Vegas

We Are All One. Masoud

Tips for buying Las Vegas foreclosure homes and condos

What it takes to get a good Las Vegas foreclosure deal?

While some of the best Las Vegas homes and condo deals are foreclosures, this is not true about all bank owned homes that are listed in the Las Vegas MLS. Actually if you make a full price offer on a Fannie Mae or Freddie Mac  foreclosed home or condo that is just listed in the MLS, I can pretty much guarantee that you have paid 15%-20% more than the current market value based on comparable properties or comps. But then again if you buy a HUD Home listing that is just listed in the greater Las Vegas MLS, you have paid close to the market value, it all depends.

We have been talking about foreclosures in our Las Vegas real estate market update for February, 2015, but in this video we will talk about what buyers should know before making an offer on a foreclosed home, condo or town-home.

In this video we will talk about the current inventory of REO listings in the Las Vegas MLS, what is to come in the next few months, and different policies by banks when pricing their foreclosures. And finally what it takes to find a good foreclosure deal.


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There is a big disconnect between asking prices in the Greater Las Vegas MLS and current market values. The median price for Las Vegas homes that are not under contract is $45,000 more than the median price for sold COMPS which we define as the current market value. This includes foreclosure listings too.

In this video we showed that due to the flat real estate market, the low numbers of Las Vegas foreclosures and high asking prices by banks it takes a lot of patience and know how to find a good buy.

Please like and share if you find the information useful and subscribe to our blog or video channel.

Please feel free to call us at 702-478-7800 with any questions or e-mail us at saber@lasvegas4us.com.

May you live long and prosper. Masoud

Las Vegas real estate market February 2015-housing market

No change in Las Vegas real estate market for January & damage done by incorrect market reports

In this blog and video we will go over the Las Vegas real estate housing market for January 2015. Given that the statistics released for January really reflect market activities (offers made) in December and October it is no surprise that the median prices for Las Vegas homes, condos and town-homes has dropped a bit as December is the best month of the year to make an offer on Las Vegas properties.

In the current flat market it is not necessary to do a new housing market report every month and what was said in, Las Vegas Real estate market, January 2015-housing market still holds. However due to the Serious errors in GLVAR Las Vegas real estate market reports we will publish one every month. These video links will open in a new window.

We also talk about the damage that incorrect real estate markets could cause. In this video we give an example of two distinct ways of talking about the Las Vegas housing market in the past 12 months, and both are totally correct. However one way of explaining the market leads to a much higher offer amount than the other, resulting in home buyers paying more than current market value or the seller listing his or her property at an unreasonably high asking price, thus hurting both buyers and sellers.

Please click on setting icon and watch in 720-P (HD) and full screen mode


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In this video we showed why it is of utmost importance for Las Vegas Realtors to do their own research on the Las Vegas real estate market and to educate their clients about it.

We also showed how incorrect information can hurt the Las Vegas home or condo sellers by putting an unreasonably high asking price on their property, thus compromising any chances of selling it at market value in a reasonable time.

Please like and share if you find the information useful and subscribe to our blog for upcoming articles.

I just heard that Leonard Nemoy who played our beloved Mr. Spock passed away, he will be missed.

R.I.P Mr. Spock
R.I.P Mr. Spock

This is Masoud Saberzadeh of Realty One Group. Live Long and Prosper

Las Vegas retail market Q3, 2014-commercial real estate

Total Vacancy in Las Vegas retail market has fallen to 9.1%

In this blog post and video we discuss the Las Vegas retail market for the third quarter of 2014. The TOTAL vacancy for retail space in the Valley (Las Vegas, Henderson and North Las Vegas) stands at 9.1%. However University of Nevada, Las Vegas tracks the ANCHORED retail for which the vacancy rate stands at 11.1% which is .4% lower than the past quarter.

The low number of Las Vegas retail foreclosures and short sales along with high asking prices from lenders no longer negatively impact our retail market and there isn’t much in the pipeline either as only 17 retail projects are more than 90 days delinquent in their payments as of January 2015.


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Unfortunately there is no way to make commercial market reports fun since they are full of numbers and statistics and we don’t blame you at all for feeling like this after watching it

Confused by Las Vegas real estate market report
Confused by Las Vegas real estate market report

Believe me this is how I feel when I try to do an interesting blog and video about Las Vegas commercial real estate market reports

How I feel while writing Las Vegas real estate market reports
How I feel while writing Las Vegas real estate market reports

All you have to know is that it is the unanimous opinion of commercial real estate experts, which big professional commercial investment firms back by hundreds of millions of dollars in investment on and off the Las Vegas Strip, that even though it is nearing full recovery, it will do much better in the near future.

Expected legalization of marijuana in 2016 along with the unexpected cheaper fuel prices have not even begun to impact the Las Vegas retail market as it will take a couple of years before they do.

2015 is a great year to buy, invest in or lease retail space in the Las Vegas metro because property prices and lease rates will be much higher in a couple of years.

Please call Masoud at 866-278-5674 with any questions you may have and Like and Share if you find the information useful.

Las Vegas industrial space market, 2014-Q3

The recovery in Las Vegas industrial  market is officially complete

The pace of recovery in Las Vegas industrial market has been kind of amazing given that the 15.5% vacancy rate of January 2013 has been cut in less than half to 7.3% in only 2 years. The Valley (Las Vegas, Henderson and North Las Vegas) industrial market has officially entered the supply constraint state and is back on an upward and strong growth trajectory.

Asking rental rates for industrial space have gone up by 15% since the same time last year and escalating, as are sales prices. However two factors that will help the Las Vegas economy and industrial market will not fully show their effect for a while and they are; cheaper fuel prices and the expected full legalization of marijuana in 2016. The latter will impact the industrial real estate market the most as medical marijuana growers have already started to purchase industrial warehouses in order to grow cannabis, but their number will increase significantly with full legalization.


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In this video we have discussed vacancy and absorption for Greater Las Vegas industrial space and explained why we think that lease rates and asking prices will escalate significantly in the next couple of years.

2015 is a great year to buy, invest in or lease industrial space, because property prices and lease rates will be much higher in a couple of years.

Please call Masoud at 866-278-5674 with any questions you may have and Like and Share if you find the information useful.

Las Vegas commercial real estate market update, 2015-January

Las Vegas commercial real estate market 2015, the champ is back

Even though the Las Vegas commercial real estate market is well on its way to full recovery (except in office sector) commercial property prices and lease rates in 2015 are still far below the peak prices of 2007.

In this video we provide an overview of the Las Vegas, Henderson and North Las Vegas commercial real estate market which all experts agree will do much better in the near future.

We talk about the net absorptions, vacancy rates, the small number of short sales and foreclosures, plus other pertinent information for retail, industrial and office sectors.

Most of the data used here is supplied by the Lied Institute for Real Estate Studies at University of Nevada, Las Vegas.


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For years, investors shunned Las Vegas as it struggled in the aftermath of the housing bust and economic downturn, but now commercial real estate investors are back in force and investing heavily in new and existing projects on and off the Las Vegas Strip. We also explained how lower fuel prices in addition to expected full legalization of marijuana could positively impact industrial properties and retail stores that meet the Nevada Governments criteria for cannabis business.

Lastly we will repeat what we said in the video, buy all the Las Vegas real estate you can and you will look really smart in 5 years, geniuses bought all they could before 2013, but pretty smart is better than not smart at all.

Please call Masoud at 866-278-5674 with any questions you may have and Like and Share if you find the information useful.

Overview of Las Vegas real estate market for January 2015

Why Las Vegas real estate housing market will be at best flat in 2015?

As far as housing is concerned, Greater Las Vegas real estate market for 2015 will be flat at best, just like the last 6 months of 2014. Greater Las Vegas Association of Realtors press release dated January, 8th 2015 puts Las Vegas, Henderson and North Las Vegas single family median price appreciation rate at 10.1% which we agree with, yet the appreciation rate for the last 6 months has been at 2%. They also announced that the median price for Las Vegas metro condos and town-homes appreciated by 9.4% which is WRONG, it has been zero and we have explained this in detail in significant errors in GLVAR market reports.
The numbers of Las Vegas foreclosures and short sales keep shrinking and no longer have a significant negative effect on the housing market. Please see this video for a detailed discussion.


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In this video we have explained which factors will influence the Las Vegas housing market and why we think that the housing market will be flat for 2015 which makes for the best last chance to buy or invest in Greater Las Vegas homes, condos or town-homes for sale before prices seriously escalate in late 2016 and subsequent years.
Lastly, God willing we will have a brand new and updated web-site for you in about 45 days. I have been working on it for the past 6 months. The new Las Vegas homes, condos, land and commercial real estate will be one third of the size of the old site but have at least 5 times more information in it because it will be video based, just like the newer blog posts. Actually this video will be used in the Las Vegas real estate market section.
YOU are the reason that I am doing this, so I would highly appreciate feedback on this matter. If you like or dislike this new format PLEASE let me know. Your feedback is highly appreciated.

Significant errors in GLVAR’S real estate market reports

The reason for interest in the Las Vegas real estate housing market is its effect on evaluating the market value of a home, condo or town-home. The Greater Las Vegas Association of Realtors (GLVAR) has announced that the median price of condos and town-homes has appreciated by 9.4% in 2014 but our calculations show zero appreciation for the past year. The reason is that the GLVAR mixes the Las Vegas high-rise condo data with regular condos and town-homes which lead to this large error and we exclude them when we calculate our median price.

Please click on settings and watch this video in HD and in larger screen mode to see the info clearly


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Now there is large difference between 9.4% appreciation and no appreciation at all when it comes to calculating current market value for the Las Vegas, Henderson and North Las Vegas condo or town-home when listing it for sale or making an offer on it. If we believed in the 9.4% appreciation the market value would be higher than comps calculated from the previous sales prices, for example a unit sold in March 2014 should get about 7% added to the sales price to bring it up to date but since we know there has been no appreciation the current market value would be at or below the sales prices in the past year.

 

 

 

 

About Las Vegas short sales homes and condos, July 2014

The Mortgage Forgiveness Debt Relief Act expired in December 2013 and has not been re-instated yet.  So those who are short selling their home, condo or townhome run the risk of being taxed on the difference between the mortgage amount and net price from the short sale as income. This is the reason for the shrinking share of short sales homes in Las Vegas, Henderson and North Las Vegas which is down to 12% of total homes sales. The share of Las Vegas Metro short sales condos and townhomes has been about or less than 10% for 2014.

The other point was the change in the bank’s policies in countering unapproved short sale offers. Given the long time it that it takes for a short sale approval, banks used to counter the buyer based on the pricing at the time offer was made. This protected the buyer from the appreciation gained since the offer was made.

This changed in about August 2013 and banks are countering based on the current market prices. Buyer loses big, bank wins since they can market their short sale home or condo for sale as an approved short sale based on current prices and with minimal discounts. We do not even look at unapproved short sales due to continuing price gains, which average 1.2 percent per month for the past year. However approved short sales offer minimal discounts, and are worth going after as the price is already approved.

Unless the Mortgage Forgiveness Debt Relief Act gets reinstated, the number of short sale homes, condos or town homes for sale will not increase and due to low numbers and high counters from banks will not have a big effect on the median price for Las Vegas homes or condos or town-homes.

Sorry for disappearing web-site and blog, much trouble with the server which we have finally resolved (I hope).

Times have changed and Las Vegas short sales and foreclosures no longer have much of an influence on our real estate market. In the next video and blog we will discuss the factors that really affect Las Vegas residential real estate market.

 

Are Las Vegas foreclosures really affecting real estate market?

291 out of the 3196 Las Vegas homes, condos and town-homes sold in July, 2014 using a Las Vegas Realtor have been Las Vegas foreclosures or bank owned real estate. Foreclosures market share of total properties sold is about 9.1% and these did not sell at big discounts.

We do a short discussion about the effect of Nevada laws on Las Vegas foreclosures and how assembly bill 300, which made it far easier for banks to at least start the foreclosure process, has failed to produce the avalanche of foreclosures hitting the Las Vegas real estate market which some have been warning about for the umpteenth time. I wonder when these guys will get tired of crying wolf.

We also show that the number of distressed properties which are auctioned off at the Las Vegas Trustee Sale Auction, where the act of foreclosure takes place, has averaged about 527 properties per month for the past eight months, of which 61 percent were sold back to the banks and the majority of these will end up getting sold through the Las Vegas MLS.

We also take a look at notices of default which have averaged 750 per month and notices of trustee sale have averaged 910 per month. Given that only 25%-35% of properties that are scheduled to sale at the Trustee Sales Auction actually end up getting sold back to the bank, many get cancelled or postponed. There are no more than 250-350 Las Vegas, Henderson or North Las Vegas homes, condos or town-homes per month in the pipeline at least until 2015.

We have recorded this video in HD, but in order to see it in HD on YouTube please click the settings icon below the video and choose (720P or HD) and watch in Full Screen mode so you can see everything clearly.

 

Las Vegas residential real estate market report for June, 2014

The median price for Las Vegas residential real estate has gone up by about 15% in the past year and keeps appreciating more than 1.2% per month.

Even though Las Vegas real estate investor activity has slowed down from the peak of 56%, it is still difficult to outbid them for Las Vegas homes priced below $250,000 and condos and town homes priced below $150,000.

In this video we discuss Las Vegas residential real estate inventory as of July, 27, 2014 and sales numbers and median prices for Las Vegas homes, condos and town homes for June, 2014. We also comment on the direction of Las Vegas, Henderson and North Las Vegas real estate market for remainder of 2014.

Lastly, I have changed the software for these videos resulting in recording much better quality videos that can be seen clearly even on cell phones, just make sure that you watch it in (HD) mode by clicking the ranch below the video and choosing (720P) or (HD) and watch in (full screen mode) so you can see everything clearly.

 

Importance of pricing in the sale of Las of Vegas homes, condos, high rise

In this video we discuss the importance of correct pricing in the sale of Las of Vegas homes, condos and luxury high-rise condos. This is very important in the current Las Vegas real estate market as the market has turned and prices are going down and it all starts with your listing agents visit to you home or condo.

It is a mistake to have your Las Vegas Realtor see your property at the time of listing presentation, listing agents should be given access to the property before listing presentation so he/she can see selling points as well as problems in order to provide a target price for you property.

We discuss the importance of Las Vegas Realtor familiarity with your type of real estate deal and use an example of listing Las Vegas short sales. We found out that short selling a home may not be the best course of action for an underwater Las Vegas, Henderson or North Las Vegas home seller and for example bankruptcy may be the way to go. A top Las Vegas short sale agent should be at least familiar with legal remedies in order to point their client in the right direction without giving legal advice.

There are a few short sale agents who spent a great deal of time learning all about short sales. Although we have closed many short sales deals as buyer’s agent, we decided that we can never be as GOOD as these short sale specialists, the right thing to do is to was to refer short sales deals to the these agents. So we decided not to do short sales and refer them to the best agents for the job, if you need one, let us know. Your listing agent should have expert knowledge of the type of real estate deal.

Pricing Las Vegas homes, condos or high rise condos is a two stage process,

1: Figuring a target price based on comparable sales

2: Devising a marketing plan to arrive at the target sales price

We discuss how to calculate the asking price based on comparable sales for a proper duration of time taking into account the direction of the real estate market. This is not easy in always changing Las Vegas real estate market. For example the asking price should be higher than target price in a buyer’s market to account for the low ball offers, etc.

At this time it is difficult to find good deals because majority asking prices are too high given that prices have gone up in 28 out of the last 30 months but it takes time for Las Vegas real estate sellers to adjust their asking prices. However prices are going down some right now and Las Vegas properties that are going under contract now are selling less than comparables that have sold 6 month ago.

There is too much emphasis on median price of Las Vegas homes which is computed using a waited mix of sales results from previous months with the prior 2nd and 3rd months influencing the results the most, so it will miss sudden changes in the market and by the time it makes news it is 3 month too late. Your listing agent should know the current Las Vegas real estate market and not read about it in the newspapers when it is too late.

I want to repeat that this video series is published to help Las Vegas homes, condos or high rise sellers avoid bad listing agents so we are doing it as a crash course and cannot go into as much details as we want, so we are using blogs too.

 

 

While correct pricing is essential in generating interest in your property and  influences the offer amount, listing pictures and ease of access to the property are as important as correct pricing which we will discuss in the next blog and video.

Other videos in list, sell your Las Vegas home, condo or high-rise condo for top money while avoiding costly mistakes

Las Vegas real estate blog, including homes, condominiums, high-rise condos, land and commercial real estate, plus Las Vegas real estate news, investment properties and more