Comments on: Everyone Wants to Buy Your House. And it’s Worth More than a Year Ago! http://www.movoto.com/blog/market-trends/everyone-wants-to-buy-your-house-and-its-worth-more-than-a-year-ago/ The Lighter Side of Real Estate Wed, 19 Jun 2013 11:45:01 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Paul Francis http://www.movoto.com/blog/market-trends/everyone-wants-to-buy-your-house-and-its-worth-more-than-a-year-ago/#comment-5588 Paul Francis Thu, 21 Jun 2012 16:42:21 +0000 http://www.movoto.com/blog/?p=5951#comment-5588 The inventory in Las Vegas is dramatically down (resulting in the median list price going up significantly - primarily due to "traditional" sellers) due to a New State Law called AB284 that went into effect on October 1st, 2011 making it harder for banks to foreclose on properties. Therefore... the amount of REO homes has declined significantly (just a little over 500 REO homes currently available on the Las Vegas MLS) and homeowners that have not been paying their mortgages --- really have no incentive to short sale their homes right now since it's going to take a long, long time for them to be foreclosed on. A couple of years ago.. It might have taken six months for a lender to foreclose on a property in Las Vegas. Today -- estimates are at over two years. There is NO shortage of homeowners not paying their mortgages in Las Vegas. When the banks will ever catch up and start foreclosing on Las Vegas properties again is the big wild card in play right now. By the way... Appraisal issues are popping up left and right all over Las Vegas right now. If you are not a cash buyer in the under $200K price range -- Good Luck! Multiple offers on day one for anything decent that comes up for sale... I've even gotten into Bidding Wars on properties over $500K. Pretty crazy right now... For Las Vegas homeowners --- it's a great time to sell right now since the increase in prices is probably only going to be a temporary thing while the banks figure out how to foreclose with new law in place. The inventory in Las Vegas is dramatically down (resulting in the median list price going up significantly – primarily due to “traditional” sellers) due to a New State Law called AB284 that went into effect on October 1st, 2011 making it harder for banks to foreclose on properties.

Therefore… the amount of REO homes has declined significantly (just a little over 500 REO homes currently available on the Las Vegas MLS) and homeowners that have not been paying their mortgages — really have no incentive to short sale their homes right now since it’s going to take a long, long time for them to be foreclosed on.

A couple of years ago.. It might have taken six months for a lender to foreclose on a property in Las Vegas. Today — estimates are at over two years.

There is NO shortage of homeowners not paying their mortgages in Las Vegas.

When the banks will ever catch up and start foreclosing on Las Vegas properties again is the big wild card in play right now.

By the way… Appraisal issues are popping up left and right all over Las Vegas right now. If you are not a cash buyer in the under $200K price range — Good Luck!

Multiple offers on day one for anything decent that comes up for sale… I’ve even gotten into Bidding Wars on properties over $500K. Pretty crazy right now…

For Las Vegas homeowners — it’s a great time to sell right now since the increase in prices is probably only going to be a temporary thing while the banks figure out how to foreclose with new law in place.

]]> By: Chris Kolmar http://www.movoto.com/blog/market-trends/everyone-wants-to-buy-your-house-and-its-worth-more-than-a-year-ago/#comment-5587 Chris Kolmar Thu, 21 Jun 2012 14:34:29 +0000 http://www.movoto.com/blog/?p=5951#comment-5587 Hey Thomas, Two problems with your comment: 1. That DQNews report is using April data. We are using June 19th data. DQNews is not a brokerage, so their data is delayed by a significant margin. 2. DQNews is using Median *Sold* Price. We are using Median *List* Price. As a brokerage, our data is more accurate and more up to date than independent data from 3rd party aggregators. Hey Thomas,

Two problems with your comment:
1. That DQNews report is using April data. We are using June 19th data. DQNews is not a brokerage, so their data is delayed by a significant margin.
2. DQNews is using Median *Sold* Price. We are using Median *List* Price.

As a brokerage, our data is more accurate and more up to date than independent data from 3rd party aggregators.

]]> By: ThomasWong http://www.movoto.com/blog/market-trends/everyone-wants-to-buy-your-house-and-its-worth-more-than-a-year-ago/#comment-5586 ThomasWong Thu, 21 Jun 2012 06:25:28 +0000 http://www.movoto.com/blog/?p=5951#comment-5586 Based on independent data from DQnews.com which provides info to all news media. Vegas isnt up 52%.. put up by 2%, mostly seasonal buying like many other metros. As for Miami, new homes down as well.. resale up but again...seasonal. http://www.dqnews.com/Articles/2012/News/Las-Vegas/RRCLNV120525.aspx http://www.dqnews.com/Articles/2012/News/Miami/RRDAFL120607.aspx Based on independent data from DQnews.com which provides info to all news media. Vegas isnt up 52%.. put up by 2%, mostly seasonal buying like many other metros.
As for Miami, new homes down as well.. resale up but again…seasonal.

http://www.dqnews.com/Articles/2012/News/Las-Vegas/RRCLNV120525.aspx

http://www.dqnews.com/Articles/2012/News/Miami/RRDAFL120607.aspx

]]> By: Chris Kolmar http://www.movoto.com/blog/market-trends/everyone-wants-to-buy-your-house-and-its-worth-more-than-a-year-ago/#comment-5584 Chris Kolmar Wed, 20 Jun 2012 17:35:24 +0000 http://www.movoto.com/blog/?p=5951#comment-5584 Hey Liz, You can check out Jacksonville's stats here: http://www.movoto.com/statistics/fl/jacksonville.htm Inventory is way down, almost 30% Y-o-Y, but prices are still pretty flat. The joys of the current real estate market! Hey Liz,
You can check out Jacksonville’s stats here:
http://www.movoto.com/statistics/fl/jacksonville.htm
Inventory is way down, almost 30% Y-o-Y, but prices are still pretty flat.

The joys of the current real estate market!

]]> By: Liz Papenbrock http://www.movoto.com/blog/market-trends/everyone-wants-to-buy-your-house-and-its-worth-more-than-a-year-ago/#comment-5583 Liz Papenbrock Wed, 20 Jun 2012 17:19:54 +0000 http://www.movoto.com/blog/?p=5951#comment-5583 David, this is a great article. Where can I get these statistics for Jacksonville, Florida? Our inventory is WAY down, and I would think we were one of the 50 cities in the survey. Thanks. David, this is a great article. Where can I get these statistics for Jacksonville, Florida? Our inventory is WAY down, and I would think we were one of the 50 cities in the survey. Thanks.

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