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December 16, 2017

A Thank You to our Las Vegas Home Buyers

House warming gift for our Las Vegas home Buyer

My wife, Jackie and myself would like to thank two very special people who just purchased a beautiful golf course community home in Silverstone Ranch in northwest Las Vegas, NV. Our clients now have a wonderful 1 story house overlooking the golf course that also has fabulous mountain views. The particular property they purchased was a bank owned home that has 2,400 sq.ft., 4 bedrooms, and 3 baths. The foreclosure is just a few years old and our clients will make a few minor changes in the choice of flooring and paint to personalize their new home to their liking. The entire buying process went very smoothly from finding the right property, negotiating the offer with the bank, and closing the escrow.

They say that timing is everything and our clients were able to realize a very good value on their property especially when compared to what this home was selling for at the peak of the Las Vegas real estate market. It is fair to say that home prices in the area of this purchase are down 50-60% since 2007.

Our clients, who are from out of town were referred to us by a friend. During the home buying process we communicated by phone and email. The entire process was made very easy because our clients were able to search the Las Vegas MLS listings from our blog site to find homes for sale. By using our MLS search features on our site one is able to search all the listings in the MLS, see pictures of the properties, and read the descriptions of the homes. All it takes is just a click of the mouse!

Thinking of buying Vegas real estate? Consider us as your Las Vegas real estate agents when searching for Vegas homes. We will find Las Vegas houses for your particular needs and communicate with you every step of the way.

Jackie and I have been helping buyers and sellers of Las Vegas residential real estate since 1995. We look forward to helping with your real estate needs.

For experienced Las Vegas Realtors contact:
Bob and Jackie Simmons
Realty One Group

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FTD.com

Las Vegas Homes Real Estate Market Report for April, 2011

Las Vegas Homes Report, 2011

View the entire Las Vegas Market Condition Report for April, 2011.

The Las Vegas real estate report for single family homes indicates that median closing prices for home sales fell $900 in March. The current median sale price for a Vegas home is $127,000. March saw 3,189 homes close escrow. Bank owned homes led the way with 1,507 homes sold, short sales had 739 sales, and standard homes had a total of 889 sales. At this time 54% of the properties are closing escrow.

The Vegas housing market report reveals that March 2011 has a greater demand than at the same time in 2010 with 79 more properties that have sold and closed escrow. There is also a notable difference in the median sales price as well. At this time last year the median close price was $137,000 whereas today the closing price is $127,000. The difference in home sales prices is a significant $10,000.

The Vegas real estate report indicates that March 2011 demand is slightly greater than March 2010 demand (+79 SFR units). Observe also the trend in median close price (‐$1,514 or 1.05% ) per month. Market bottom in terms of price continues to be undefined. Overall, prices can be expected to continue to slide. Note from the Historical table the percentage of the market taken by REO (foreclosures) is on the increase, while Short sales and Standard sales have weakened. This will most certainly lead to a weaker future price schedule. The market, in general, has tightened (Absorption Rate declined) while activity has picked up (increased Market Speed). Escrow inventory is on the increase (+425) over the same time last month. 2011 is stacking up as a mirror of 2010 Las Vegas real housing market in terms of demand, however, a weaker price schedule will persist.

REO: (bank foreclosures)
88% of the bank owned properties are closing escrow at a median sales price of $114,000. There are 2,050 foreclosure listings on the market currently while 1,443 foreclosed homes closed escrow in March. The inventory of foreclosure homes is stable, however prices are weak and appear to be growing weaker. REO demand is about 8% than at this time last year.

Short sales:
32% of the short sales in escrow are closing. (This is an amazing figure and opposite of the banked owned properties.) There are 6,421 short sale properties on the market and the median closing price is $133,000. The short sale supply is down marginally while demand is picking up. A buyer who is purchasing a short sale must be extremely patient as only 32% of these properties are closing escrow at this time.

Standard sale:
53% of the standard sales are closing escrow. There are 3,640 standard sale homes on the market and the median sales price is $151,000. Supply is holding in the current range while demand is on the rise. These home prices are weak and expected to decline. Standard closings (on average) will take between 24% and 30% of the market and will not likely move out of this range in the near term. More supply can be expected. This will have a damping effect on the price schedule. Look for this market to be relatively unchanging in the near term.

For experienced Las Vegas Realtors contact:
Bob and Jackie Simmons
Realty One Group

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metrofax.com

March 2011…Market Condition Report

Las Vegas single family homes report March 2011

View the entire…March 2011 Las Vegas Market Condition Report:

The Las Vegas real estate report for single family homes indicates that median closing prices for home sales jumped $1,900 in February. The current median sale price for a Vegas home is $127,900. February saw 2,425 homes close escrow. Bank owned homes led the way with 1,199 homes sold, short sales had 634 sales, and standard homes had a total of 592 sales. At this time 52% of the properties are closing esrow.

The Vegas housing market in February 2011 has a greater demand than at the same time in 2010 with 78 more properties that have sold and closed escrow. There is also a notable difference in the median sales price as well. At this time last year the median close price was $135,888 whereas today the closing price is $127,900. The difference in home prices is a significant $7,988.

The Vegas real estate news indicates that the market bottom in terms of price is undefined. Prices are dropping, however at a more constant pace than previously reported. The price declines will continue because of sellers lowering their asking prices and also because of less accepted offers going into escrow. Supply is said to be stable now and demand remains little changed. The report goes on to predict that there will be more short sales entering the housing market.

REO: (bank foreclosures)
82% of the bank owned properties are closing escrow at a median sales price of $115,000. There are 2,229 foreclosure listings on the market currently while 1,302 foreclosed homes closed escrow in February. The inventory of foreclosure homes is stable, however prices are weak and appear to be growing weaker.

Short sales:
28% of the short sales in escrow are closing. (This is an amazing figure and opposite of the banked owned properties.) There are 6,430 short sale properties on the market and the median closing price is $134,000. The short sale supply has stabilized. This market segment requires much patience due to the high supply and also because only 28% of these properties are actually closing escrow.

Standard sale:
44% of the standard sales are closing escrow. There are 3,739 standard sale homes on the market and the median sales price is $151,000. Supply and demand of standard sales is unchanged from the previous month. Prices are weak and expected to decline. It is anticipated that with the arrival of spring there will be an increase of these standard sale homes for sale.

For experienced Las Vegas Realtors contact:
Bob and Jackie Simmons
Realty One Group


metrofax.com