I recently completed the 2010 Las Vegas Valley Real Estate Report, which gave us a pretty good picture of what the previous year presented, as well as what we might expect this year in our local real estate market.

When we take a look all those numbers and data, we can really dissect them down to a very micro level…  à la we’ve got the numbers, now what do they really mean?

ABSORPTION RATE

My definition of ABSORPTION RATE is: The number of months it would take, based on current market conditions, to sell the existing real estate inventory.

There are many different ways to try and determine what the actual months-of-supply is- and because the Las Vegas housing market shows to be a 90 day market (one that we refer only 90 days back upon for statistics), we will take a look at a 3 month history of sold properties (including Single Family, Condominiums, and Townhomes).

The chalkboard at the top of this post shows us how the rate is determined. Quite a simple little formula… Take the number of sold properties (within the last 3 months), divide by the number of months (three), and that gives us the ABSORPTION RATE.

To arrive at our months-of-supply, we take the number of currently available properties and divide those by the absorption rate, which will give us our magic number.

THE GREATER LAS VEGAS VALLEY NUMBER OF MONTHS SUPPLY OF HOMES

Calculation after calculation and we arrive at pretty consistent numbers.

Reflecting on the properties available, we’ve got about 4.5 months supply of Real Estate (if nothing new was listed, we would be out of homes in 4 months…).   If we threw the homes that were in PENDING or CONTINGENT status into the mix, we arrive at approximately 8 months of inventory (I prefer not to use these listings as they are not “available to purchase”,  per se) .

We also need to be aware that specific price points have different numbers.  For example, homes priced between $0-$50,000 only have a 3 month supply of inventory; homes priced over 1 Million dollars have a 26.5 month supply.

The 3 Month Data

Back in the “old” days of Real Estate, 4.5 months of inventory clearly defined a ‘NORMAL” market. Although we’ve been all-but-normal here in Vegas, I think these numbers fit right into place with the information collected in the Year-End Report.  Close-to-the-bottom, and right on track to our “NEW NORMAL”…

What are your thoughts?

*information provided by GLVAR MLS, deemed reliable, not guaranteed.

**Click HERE to read the 2010 Las Vegas Real Estate Report**

Would you like Absorption Rate/ Months-of-Supply data about a specific Las Vegas area, or even your neighborhood? Just let me know and I will be happy to provide this for you!

As always, if you have any questions regarding any Las Vegas Real Estate, or about purchasing or selling any home in the Las Vegas Valley, please give me a call-

Talk Soon,

Heidi Griffith, SFR
Your Las Vegas Realtor® for Life!
Short Sale & Foreclosure Resource
Realty One Group
702-540-0420

E-Mail Heidi

A gorgeous rainbow view from the southern portion of Lake Sahara. What a beautiful oasis in the Las Vegas Valley!

Lake Sahara is a man-made lake located in the wonderful master plan community, The Lakes located in Las Vegas.  I recently had the opportunity to spend an uncommon, yet very welcomed rainy day in this fabulous neighborhood and was able to take a few great photos for you to enjoy!

Ducks enjoying their Lake Sahara home!

Located just west of Durango Blvd., between Sahara Blvd. and Desert Inn Road, The Lakes was one of the first master planned communities in our Valley.  Developed in the mid to late 1980′s, approximately 4,000 residents gladly call The Lakes home!

Tree-lined Streets, walking paths, greenbelts and wonderful waterscapes add to the charm of this fabulous community

The community has so much to offer its proud residents.  Walking paths, greenbelts, waterscapes as well as many private recreational facilities, neighborhood business plus much more all are within The Lakes approximate 2 square mile boundaries.

One of the many business in The Lakes includes King & I Thai Restaurant. Delish Thai food and great Lunch Specials too!

There is a variety of beautiful single family neighborhoods in various price ranges, along with a wonderful mixture of townhomes, condominiums, and apartment homes.  There are even many residences with lake-front property!  Not too many places in our desert valley that you can say you have that!

Pertaining to The Lakes Real Estate, there are currently 143 properties (active, with contingent offers, and pending sale date) available.  The median price of these properties is $162,00.

The Lakes most expensive property for sale is a breath-taking, lake front home that is 9,469 square feet with six bedrooms and nine baths.  It is priced at $4,350,000.000

The Lakes least expensive property is a 672 square foot, one bedroom, one bath condominium  listed at $34,500.00

If you haven’t had the opportunity to experience the fabulous area, I highly suggest taking a drive over.  Maybe even stop in for lunch or dinner at one of the great dining spots- how about Marche’ Bacchus.  A great little French Bistro that also includes a magnificent Wine Shop!  Make sure to dine on the patio to enjoy your meal lake-front, the best-of-the-best!

*information provided by GLVAR MLS, deemed reliable, not guaranteed.

Do you have any questions about The Lakes?  Contact me, I’d be more than happy to help!

And as always, if you have any questions regarding any Las Vegas Real Estate, or about purchasing or selling any home in the Las Vegas Valley, please give me a call-

Talk Soon,

Heidi Griffith, SFR
Your Las Vegas Realtor® for Life!
Short Sale & Foreclosure Resource
Realty One Group
702-540-0420

E-Mail Heidi

Every year, I do extensive research about what the previous year brought us.  The past several years have been hard to gauge- with so many factors that would surround our local  Las Vegas housing market.

We’ve had the proverbial  black cloud looming over our heads here in the Valley for the past few years, wouldn’t you agree?  News reports of sky-rocketing unemployment rates, some of the highest foreclosure levels in the country along with consumers either not in a financial position or not willing to make a leap-of-faith towards purchasing Las Vegas Real Estate could certainly make an impact in what 2010 dealt us.  Even the so-called experts and local economists had a hard time forecasting what would lie ahead.

2010 is now history.  And with history comes the data that helps put the whole picture /pieces of the pie together.  And in my opinion, those forecasters landed pretty darn close to the target- take a look back HERE- this was the post I wrote almost one year ago. These are the prognostications that a panel of local “experts” presented at the Las Vegas Crystal Ball Seminar.

Heidi’s Analogy of the Las Vegas Real Estate/ Housing Market-
Right now our hand is in the water.  The water’s still a little murky, but we can feel the bottom.  We can’t see it just yet, but we know it’s there…

So was 2010 THE year of recovery?  It’s hard to say this early in the game, however the preliminary stats show us some definite consistency and leveling. This, coupled with reports of restoration on a National level, certainly leads me to believe that if we haven’t hit the bottom here in Vegas, we sure are close…

A QUICK LOOK BACK:

INTEREST RATES AT ALL TIME LOWS

Mortgage rates hit all-time recorded lows.  That alone had to assist- allowing buyers to not only receive phenomenal rates- making their mortgage payments significantly lower, but also helped those buyers who may not have qualified at higher rates to purchase a home.

HOMEBUYER TAX CREDIT EXTENSION

Late in 2009 the decision was also made to extend the HOMEBUYER TAX CREDIT through June 2010.  The numbers show us that this extension made a HUGE impact.  June’s data proves this, as it was our largest month for closings of the year (*SEE NUMBERS BELOW).

FANNIE MAE HOMEPATH PROGRAM

The Fannie Mae Homepath program took its first spin here in Las Vegas.  Offering buyers who planned on actually living in the home (versus investors scooping up all the deals) the opportunity to purchase before non-occupied owners/ investors.  This program has become a huge success and many families were given an opportunity that they might not have received without it.

VEGAS DEALS ABOUND

Deals, deals, deals galore still surrounded our valley.  Between Short Sales, REO’s/Foreclosures, and traditional sellers who understood the importance of pricing their home competitively, Las Vegas created a gold mine loaded with value.

WHAT SOLD?

The years sales data also dispayed much consistency throughout the market regarding the types of sales that were happening.  The closing numbers reflected, on a pretty even level that the markets closings were: 40% REO’s (bank-owned), 30% Short Sales, and 30% Traditional Sales (although the term “Traditional” has seen some changes).

LISTENING TO OUTSIDERS- DO or DON’T

2010, much like 2009, was a tough year to listen to the National News.  Las Vegas is a market of its own.  Outside information and data do not necessarily affect what is ACTUALLY happening here.  As I suggested to my clients this past year, use caution when referring to what the national broadcasters and reporters present to us.

We are as micro as it gets here in Vegas…..

2010 YEAR END REPORT:

NOTES:

• Average of Median Sales Price (Single Family Only) for 2010: $137,000- down $6,000 from ’09′s average ($143,000).
• June 2010 reflects end of HOMEBUYER TAX CREDIT with highest sales month for year. 4119 total homes closed in the Greater Las Vegas Valley.
• Approximately 4175 more homes closed in 2009 than did in 2010. Although 2009′s numbers were obviously stronger, with higher median sales price averages, this also showed major signs of stabilization in the Las Vegas Real Estate Marketplace.  The average median sales price in 2010 was much more anchored than 2009, which saw a drastic reduction in values early in that year (jumping from $160,000 median all the way down to $136,000 median).

There it is.  2010′s Vegas Real Estate Review.  What’s your take on what lies ahead?  I know I’ve got my batteries charged, and am ready to jump in to 2011 with both feet!

Would you like data specific to your Las Vegas Valley area or neighborhood? Comment, Call, Text, Email, Send by Carrier Pigeon, or whatever your means and I will be happy to provide this to you!

Wishing you and yours a Happy, Healthy, and Prosperous 2011!

As always, if you have any questions regarding Las Vegas Real Estate, or about purchasing or selling or even renting any home in the Las Vegas Valley, please give me a call-

I WOULD LOVE TO EARN YOUR BUSINESS!

Talk Soon,

Heidi Griffith, SFR
Your Las Vegas Realtor® for Life!
Short Sale & Foreclosure Resource
Realty One Group
702-540-0420

E-Mail Heidi

I’m so excited to get this year going!  I’ve got tons of ideas for posts over the months ahead, and am wrapping up the 2010 Las Vegas Real Estate Year-In-Review post (keep your eye out for that!).

I’d also love to hear from you guys.  Do you have anything you’d like for me to discuss here on the Las Vegas Real Estate Martini?  Questions about the local Las Vegas housing market?  Specifics on Short Sales, Foreclosures etc?  Either leave me a comment, email, text or call with what you’d like to see!

“Learn from Yesterday, Live for Today, Hope for Tomorrow”

Wishing you and yours a Happy, Healthy, and Prosperous 2011!

As always, if you have any questions regarding Las Vegas Real Estate, or about purchasing or selling or even renting any home in the Las Vegas Valley, please give me a call-

I WOULD LOVE TO EARN YOUR BUSINESS!

Talk Soon,

Heidi Griffith, SFR
Your Las Vegas Realtor® for Life!
Short Sale & Foreclosure Resource
Realty One Group
702-540-0420

E-Mail Heidi

If you’re looking for a  family pet, PLEASE ADOPT!   So many little fur-babies are in need of loving homes….

Visit the Nevada SPCA blog HERE.

As always, if you have any questions regarding Las Vegas Real Estate, or about purchasing or selling or even renting any home in the Las Vegas Valley, please give me a call-

I WOULD LOVE TO EARN YOUR BUSINESS!

Talk Soon,

Heidi Griffith, SFR
Your Las Vegas Realtor® for Life!
Short Sale & Foreclosure Resource
Realty One Group
702-540-0420

E-Mail Heidi

With an ongoing calendar of events schedule, the guys and gals over at the mag have provided us here in the Las Vegas Valley with a fabulous list of Christmas and Holiday activities.

Can’t wait to check a bunch of these out!

Thanks Las Vegas Weekly!

As always, if you have any questions regarding Las Vegas Real Estate, or about purchasing or selling or even renting any home in the Las Vegas Valley, please give me a call-

I WOULD LOVE TO EARN YOUR BUSINESS!

Talk Soon,

Heidi Griffith, SFR
Your Las Vegas Realtor® for Life!
Short Sale & Foreclosure Resource
Realty One Group
702-540-0420

E-Mail Heidi

And here we are.  Today is Thursday, December 16th, 2010.

GUESS WHAT-
This morning’s mortgage rate sheet shows today’s interest rate at about, YOU GUESSED IT….5.25%!  Rising, rising, rising, in probably the largest jump over the past couple of weeks, more quickly than we’ve seen in quite some time.

So I find today quite apropos to revisit the strictly dollars and cents outlook of it all.

The numbers are similar to those back in 8/09, however down payments are generally less.  FHA has taken over as the main source/type of mortgage folks are obtaining vs. the CONVENTIONAL mtg. days of the past….  What that means to you- in most instances, if you are going FHA, your minimum down payment is 3.5%, where-as with a Conventional mortgage, it’s usually a minimum of 5%….

Now, here’s the actuals- Buy TODAY at a possibly LOWER interest rate, or WAIT for prices to possibly GO DOWN… You be the judge.

Today’s purchase price for the home of your dreams:              $150,000

and Today’s Interest Rate:                                                                          5.25%

Your typical 3.5% FHA Down Payment:                                         $5,250.00
Your Loan Amount:                                                                                   $144,750

Your Monthly Investment (payment):                     * $780.00
*payment  based on loan amount only.  Does not include insurance & taxes.

*Scenario #2:  So you want to wait to see how low prices will go- now your faced with a  possibility of the higher interest rate- we’ll call it 6.25% (by all means, still a great rate, right?):
You just knew they’d go down- good thing you waited!!! (wasn’t it?)

Your REDUCED purchase price for the same home                                   $142,500
(based on a 5% drop from today’s current pricing)

Your New Interest Rate:                                                                                                6.25%
(keep in mind, 6.25% is a good rate right?  BUT rates could possibly jump even higher- thus a higher payment…)

Your 3.5% Down Payment::                                                                                  $4988.00
Loan Amount:                                                                                                                $137,512
Monthly Investment (payment):                                            *$847.00
*payment  based on loan amount only. Does not include insurance & taxes.

Soooooo…. by BUYING NOW- even with the possibility that home prices might continue to decline a bit more- you could save yourself $67 per month!

As always, if you have any questions regarding Las Vegas Real Estate, or about purchasing or selling or even renting any home in the Las Vegas Valley, please give me a call-

I WOULD LOVE TO EARN YOUR BUSINESS!

Talk Soon,

Heidi Griffith, SFR
Your Las Vegas Realtor® for Life!
Short Sale & Foreclosure Resource
Realty One Group
702-540-0420

E-Mail Heidi

Shout outs just like this have the Real Estate Industry abuzz.  We’ve seen historically LOW (the lowest on record) rates this past year.  Unheard of numbers hovering around the 4% mark…

And now…FIRE! FIRE!  Rates are going up. Consumer confidence levels are rising.  The Feds are deciding.  And rates are higher than we’ve seen in awhile (around -gasp- 5%)- with talk of even higher increases.

I remembered an article I wrote way back in August of 2009 that was titled Home Buyer Benefits: It’s Time to REALLY Start Thinking About Buying a Las Vegas Home.

The post highlighted why it was a great time to purchase a new home in the Las Vegas Valley, even if home prices continued to fall as the economists expected (and in reality, did decrease).

I’m going to write a couple of articles discussing reasons now might be the time to really start making a move towards purchasing a new home- especially with the increase we’ve seen in mortgage rates.

For now, might I suggest checking out the  ”POST” I wrote almost a year and a half ago.  It certainly has a ton of relevance today….

As always, if you have any questions regarding Las Vegas Real Estate, or about purchasing or selling or even renting any home in the Las Vegas Valley, please give me a call-

Talk Soon,

Heidi Griffith, SFR
Your Las Vegas Realtor® for Life!
Short Sale & Foreclosure Resource
Realty One Group
702-540-0420

E-Mail Heidi

I read a disturbing post via KTNV- Channel 13 Action News on Facebook this morning.

Throughout the years I’ve heard many horror stories about nice folks trying to rent homes in Las Vegas only to get duped.  Channel 13 reported a story about a potential renter talking with someone they felt was the owner of the property (this so-called “owner” was ready to take their cash…), only to find out the guy was only the window washer who tried to pull a fast one…

READ ENTIRE STORY HERE

I’d been thinking about re-visiting the post I wrote back in August ’09,  and after reading this article, new it was time to help people looking to rent stay aware and alert.

Although I try to live my life thinking that most people are good…there still, unfortunately, are a few bad apples.

The original post described online scams- primarily Craigslist ads- but you need to make sure any rental situation is on the up-and-up.  I’m going to revise post a tad and include some helpful tips at end of original story.

Thoughts or questions about this topic?  Let me know!

Here’s the original post:

Are you thinking about renting a property in Las Vegas?  In today’s market, there are certainly plenty of places to choose from.   As so many of us do, most turn directly to the popular classified website, Craigslist for so many things.    And real estate, both purchasing and renting, are two of the most frequent searches.

RENTER BEWARE

Unfortunately, this scam has been around for a very long time, but over the past year or so,  a new breed of scammer has hit Craigslist and other various online/ print classified sites. The scam goes like this.  A potential renter looks up Las Vegas rental properties (typically single family homes, townhomes or condos)  on the Craigslist site.  The scam artist has a rental property listed and requires deposits on the property.  Renter pays scammer his/her deposit and then finds out 1) the property is not even owned by scammer, and  2) the property is not available for rent. The renter is now out whatever money he has given said scam artist, and most likely homeless as he or she’s intention was to move into property they’ve given the deposit on. YIKES! Some of these scam artists are claiming to be Real Estate Agents, others say that they own the property. Remember, always use caution when forking over cash and beware of scams.

TIPS:

1. If the deal sounds too good to be true…well, yep, it probably is.
2. Working with a licensed Property Manager and/ or Realtor® will help protect your interest, and know that you are leasing through a legitimate agency.
3. Make sure to read all leases prior to turning over any deposits
4. ASK QUESTIONS.  If you don’t ask…you won’t know.  If they can’t answer, hmmm…
5. Be wary of overly enthusiastic landlords who are “ready to move you in right away”. Also make sure to research about what rental price should really be.  If it seems way too low…well, refer back to tip #1 folks…
6. It’s best to use CASHIERS CHECKS/ MONEY ORDERS for leasing transactions- especially deposits.  SCAMMERS LOVE CASH!
7. Meet prospective landlord, leasing agent or the likes AT THE PROPERTY.  If they want to meet elsewhere and just “turn over keys for cash”, uh, yeah, that’s probably a big red flag too.   Also, it is a good idea to bring someone along with you . ALWAYS MAKE SAFETY YOUR FIRST PRIORITY!
8. Concerned that the home is in Foreclosure?  You can check the Clark County Recorders site and do a property check to see if a NOTICE OF DEFAULT has been filed on the home.  Your Property Manager and/or Realtor® can also obtain current information for you.

This is just a short reference list of things to be aware of.  If you, or someone you know has any questions or  is looking for a Las Vegas Rental property, I have access to thousands of homes, condominiums and townhomes available in the Las Vegas Valley via the MLS .  I can also refer some great Property Managers to work with (either renting or renting out a place).

As always, if you have any questions regarding Las Vegas Real Estate, or about purchasing or selling or even renting any home in the Las Vegas Valley, please give me a call-

Talk Soon,

Heidi Griffith, SFR
Your Las Vegas Realtor® for Life!
Short Sale & Foreclosure Resource
Realty One Group
702-540-0420

E-Mail Heidi

So go grab your favorite shaker and get to shakin’ up some holiday cheer!

CANDY CANE MARTINI

Gingerbread Martini

• 1 oz. vanilla vodka
• 1 oz. hazelnut-flavored liqueur (recommended: Frangelico)
• 1/2 oz. butterscotch schnapps
• ice cubes
• 4 oz. ginger beer (recommended: Reed’s Ginger Brew)
• dark rum
• Gingerbread man cookie (recommended: Pepperidge Farm) for garnish

Pour the vanilla vodka, hazelnut liqueur, and butterscotch schnapps into a cocktail shaker filled with ice. Shake well. Strain into a highball glass or any 8-ounce glass filled with ice. Top with ginger beer. Pour a little dark rum over the back of a spoon and float on top of the ginger beer. Garnish with a gingerbread man cookie. ~Recipe courtesy of Sandra Lee.

EGGNOG MARTINI

Read more at Marthastewart.com: Eggnog Martini – Martha Stewart Recipes

***Remember, The Real Estate Martini asks that you drink responsibly.  And remember, the Real Estate Martini only drinks after-hours  ENJOY!

As always, if you have any questions regarding Las Vegas Real Estate, or about purchasing or selling any home in the Las Vegas Valley, please give me a call-

Talk Soon,

Heidi Griffith, SFR
Your Las Vegas Realtor® for Life!
Short Sale & Foreclosure Resource
Realty One Group
702-540-0420

E-Mail Heidi