Please note that this is is only for Single Family homes in Las Vegas and technically for May data but we are reporting it in June. Currently there are 3893 available homes and 2226 homes have closed in the last 30 days. The absorption rate is roughly 1.75 months so this is how ling is is taking to sell your home. The average sales price is $562,000 while the median sales price is Continue Reading
Las Vegas Home Appraisals
Monthly Market Update for January 2023 with Harvey Blankfeld
We are giving out this update in January, 2023, but this is the market update for Las Vegas Real Estate for December 2022. Average days on market is at about 40 days and Harvey and John compare stats from this time last year in 2021. SUBSCRIBE to our channel to stay current on our local Las Vegas market. Did you know what we do charts on the radio? ;) Continue Reading
Wait…I have equity in my home?
A few weeks ago, our in house lender and I were chatting about the market and he asked me, "Do you have 20% equity in your house"? "If you do, you might be able to do a refinance and move your loan to conventional". It never crossed my mind that we might have equity in our home until he said that. I asked Harvey to run the comps for me and when he did, the numbers showed that we just might! We Continue Reading
Appraisals are coming in again!
APPRAISALS ARE COMING IN AGAIN You may remember my rant some time a go about appraisals hindering the ability of regular home owners to purchase a home. Well, don't let it be said that I don't give credit where credit is due. We are seeing appraisers do their job properly and allowing values to increase so regular home buyers can buy again. There is still the odd exception, but generally we are Continue Reading
Make your home for sale available to everyone
MAKE YOUR HOME FOR SALE AVAILABLE TO EVERYONE As a busy agent here in Las Vegas, I have seen a disturbing trend. Homes are being sold before they get to MLS and often by a buyer being represented by the listing agent. I have represented both parties in a transaction before and I will again in the future, but I will only do it with full disclosure to all parties and only when it's mutually Continue Reading
Are appraisers helping investors?
ARE APPRAISERS HELPING INVESTORS? I know that I tend to beat up appraisers so let me preface this post by saying that I know some very fine and professional appraisers that don't deserve my comments. That being said, I need to relay a story that happens all too often. An FHA buyer submitted and had accepted an offer on a beautiful one story home in Summerlin. His offer was equal to the last Continue Reading
Las Vegas Real Estate Market Update April 2012
LAS VEGAS REAL ESTATE MARKET UPDATE APRIL 2012 Have you ever heard the saying "If you don't like the weather, wait a minute." Well, that applies to our real estate market too. The most recent development surrounds our current inventory. As of this moment we have 5,474 single family homes available in our entire multiple list. We have 13,113 single family homes in escrow. We have closed 3,195 Continue Reading
February Market Conditions
FEBRUARY MARKET CONDITIONS Available inventory remains stable in the market. Prices remain stable for listings under $200,000. Listings above that are still experiencing some small drops. Short sales dominate our market but traditional sellers are making up a bigger portion of our current inventory than we've seen in recent years. We've seen some small improvement in appraisals where the Continue Reading
Short Sale Appraisals
SHORT SALE APPRAISALS We are seeing a recurring issue in trying to close deals when there is a third party approval required (Short Sale). The lender (servicer, investor, MI company, etc) is countering the offer with an inflated value on the property. When we challenge the counter by pointing out that the comparable properties don't support their inflated counter offer the lender invariably Continue Reading
Where Appraisals Stand in Our Downward Market At the Moment
Where Appraisals Stand in Our Downward Market At the Moment I really have a genuine empathy for appraisers. We know that there job is difficult and tedious. I also know that they are currently faced with great challenges. The currently downward market presents a challenge that seems to be insurmountable. When given the task of appraising a home that is currently occupied and in good or great Continue Reading
