HOA's and Super-priority liens - NEVADA SUPREME COURT DECISION

As a bit of general Nevada real estate information for you, I have attached a link to a decision handed down by the Nevada Supreme Court last Thursday related to super-priority liens and HOA’s.  The court has determined that an HOA super-priority lien takes precedence over lien from a primary lender and that HOA’s can, in fact, foreclose on a property for past due HOA fees and penalties and actually wipe out the lien from a primary (or secondary, for that matter) lender.  Pretty scary stuff for the banks, and the real estate industry expects challenges to be filed and a stay to be issued without delay, but for the time being, you should be aware that if you are dealing with a property of some sort that has past due HOA issues of some sort, don’t delay in communicating with the HOA, management company or their collection agency to deal with the past due fees.

LINK TO DECISION

SUMMER MARKET UPDATE

Las Vegas home prices climbing again; short sales tapering off

The median sales price of previously owned single-family homes last month in Southern Nevada was $195,000, up 1.6 percent from April and 14.7 percent from a year ago, according to a new report from the Greater Las Vegas Association of Realtors.

Home prices are back to March's levels after slipping 1.5 percent in April - just the third time in more than two years that prices fell month-to-month.

"We'd still like to see more inventory in our housing market, but at least we sold more homes in May than we did the previous month," GLVAR President Heidi Kasama said in the report.

A total of 13,637 single-family homes were up for sale on the GLVAR's listing service by the end of May, down 1.4 percent from April and 1.3 percent from a year earlier. Some 3,450 used homes were sold last month, up 7 percent from April but down 11 percent year-over-year.

Meanwhile, short sales and sales of bank-owned homes, two staples of the housing market's collapse, continue to become less common.

Just 7.9 percent of used-home sales last month were short sales - in which banks agree to sell a house for less than what's owed on the mortgage - down from 12.4 percent in April.

Another 9.1 percent of last month's deals were sales of foreclosed properties, down from 11.4 percent in April.

Both types of deals comprised almost half the market in recent years.

Short sales have plunged in volume largely because rising property values have lifted thousands of homeowners out from being underwater and eliminated the need for lender-approved short sales.

Additionally, sales of bank-owned homes have been phased out in large part by state legislation that drastically slowed the foreclosure process after the market crashed.

SHOULD YOU INVEST IN REAL ESTATE IN LAS VEGAS?

There are many reasons as to why it is important to invest in Las Vegas real estate, the most important one being making money. It has become one of the hotly contested markets for real estate investors. It was initially built as a tourism town, but it has continually reinvented itself and continued to adapt with the times over years. It continues to mesmerize and capture lots of people with its spell, and as a result it continues to be a perfect investment venue.

Investing in Las Vegas real estate is very promising, and the number of people who would like to acquire property in this region has really increased. This implies that the real estate industry in this city is very competitive. In fact, it is really hard to acquire prime real estate properties in Las Vegas nowadays especially in the downtown area and the suburbs. In the event that there is a property that is on sale in these areas, a lot of investors compete for it and as a result, millions of dollars are invested in the process.

Even though Las Vegas real estate properties have hefty price tags, the number of people who want to buy homes there has remained high through the years. This is because a lot of people see the potential of gaining a lot from reselling the Las Vegas property they acquired. In a few years’ time, the property could have gained as much as fifty percent. You could also be lucky to find foreclosed properties which are not going to cost you that much compared to new properties; Las Vegas is one of the states in the United States with the biggest foreclosures.

But investing in Las Vegas real estate market is not that simple. You will need to first of all understand the status of the real estate market, and to help you do that you will need a realtor. You will need to work with a qualified real estate agent that will give you a good sense of what is going on in the market. A good agent will be able advice you whether it is right take to take a plunge and buy the home or if there might be a decline in the prices.

When talking to property managers or brokers, be careful of thinking that you will get market data that is completely accurate from them. They could be a biased source of information and therefore it is important to broaden your research to different areas before you make your final decision. Before you decide whether a condo, a single family home or any other type of home is the best investment for you, you will need to check out comparable properties with the help of a real estate agent and determine which one is most suitable to your budget. You need to invest into a property which you are sure that has a positive cash flow.

If you need assistance in buying, selling or investing in real estate, please contact me at 702-427-5720.

SHOULD YOU BET ON THE LAS VEGAS HOUSING MARKET IN 2014?

There is no doubt that 2013 has been great year in Las Vegas real estate.  Year over year increases have occurred in almost every month when compared to 2012, inventory levels have begun to increase and helped create a little more normal market, money is still historically cheap and some of the backlog of foreclosures, repossessions and short sales have started to work through the market.  All of that being said, here a great little news piece from a writer at the Home Buying Institute about what could be expected in the housing market in Las Vegas during 2014.  Understand that this is one man's opinion, not gospel.

Click here to read more on the 2014 housing market in Las Vegas.  

Or you can cut and paste this link:

http://www.homebuyinginstitute.com/news/bet-on-las-vegas-498/#ixzz2k4gtfN8M

ISN'T TECHNOLOGY GREAT!

You know, one of the most awesome things about the times in which we live is the ever changing landscape in the world of technology.  In real estate, technology is enabling buyers and sellers to find more detailed information about the ever-changing marketplace and what properties are on the market than ever before.  Websites like Trulia or Zillow, which mine information from public records (amongst other places), and Realtor.com, which is tied to local listing services, are just a couple of tools available to find out information about properties in your area.

Technology also is creating innovative ways to help users find information as well.  Clickable shortened URL's embedded in emails or scannable QR codes are just a couple of the new (and fun!) tools available when disseminating information.  Just today, I created a QR code for my website.  Here it is!

If you have a QR scanner on your phone, scan it and check it out.  If you don't have a QR reader, get one.  QR codes pop of everywhere and link you to information or specific content.

Don't run for the innovation.  It's lots of fun and easy to use.  Try it, you'll like it.

A BIT ABOUT THE LAS VEGAS REAL ESTATE MARKET

As you likely know, Las Vegas has been one of the most volatile real estate markets in the country over the last few years.  Between 2007 and 2011, in many parts of Las Vegas, home values fell 50%...or more!  But, things are changing.  For the better.  Since early 2012, home values in Las Vegas have seen a steady increase, helping many buyers recover some of the value which was lost during the economic downturn.  In fact, the National Association of Realtors recently released figures indicating that home values in Las Vegas are up 30% year over year.  Now, there are some unusual contributing factors to the seemingly meteoric rise in prices...the already depressed prices in the market, tremendous investor interest in the market, the relatively low cost of borrowing and restricted inventory.  All of that being said, the market has started to normalize somewhat.  We are seeing that inventories are rising and price increases are starting to moderate.  All of this is actually a great thing for those who are interested in purchasing a property in Las Vegas.  Prices continue to be lower than what many consider to be “market value”, and they are certainly lower than they were at the peak of the market 5 or so years ago.  Mortgage rates, while higher than they were a year ago, are still at historic lows, allowing those who are purchasing a home to afford more house for their money.  Rising inventories are allowing those in the market the opportunity to have more of a choice in the properties they view, and make an offer on, without the feeding frenzy that was perpetuated by the real estate investors.  

Now is a great time to buy or sell a property.  Interest is up.  Prices are up.  Go to my website to find out more information.

www.lasvegashendersonhomes.com

Have a great day!

FIRST EVER POST

WOW!  Who ever thought I would have a blog.  Now that I have entered the exciting world of real estate, I figured I might want to try and communicate with the world on a larger level.  So....here is my REAL ESTATE IN LAS VEGAS AND HENDERSON.  Catchy name, huh?

So, if you are interested in buying, selling or investing in real estate in the Las Vegas area, I am your guy.  I bring years of professional business experience and negotiating skill to the table when working on your behalf.  Let me help you find the right property to achieve your dreams.

Go to http://www.lasvegashendersonhomes.com and register today!