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Buy and sell with Mary Preheim!

By Mary Preheim | Agent in Las Vegas, NV
  • May 2013 Real Estate numbers

    Posted Under: Market Conditions in Las Vegas, Home Selling in Las Vegas, Property Q&A in Las Vegas  |  July 3, 2013 8:35 AM  |  453 views  |  2 comments


    What’s do numbers in Real Estate really mean?

    May 2013

    Looking to buy a new home or sell your existing one? Click here to find out your home value today!

    $170,000 According to GLVAR.com, the median price of an existing single-family home sold in Southern Nevada. That is up 1.8% from April 2013, when the median price was at $167,000. Southern Nevada has seen a 32.8% increase in home prices from May 2012 when the median price was $128,000. This is the highest in the nation with Sacramento landing second with a 26.1% price increase over the same time frame.

    $315,000 Median home prices in June 2006.

    $89,000 Median price of Las Vegas condominiums and townhouses sold in May 2013. This represents a 4.7% increase from April and a 43.5% increase from May 2012.

    9.5% Nevada’s Unemployment rate. This is the lowest it has been since May 2008. The jobless rate in Las Vegas fell to 9.3% in the month of May 2013.

    31.8% Existing local home sales that were short sales. This figure is slightly down from 32.5% from April 2013.

    10.3% Bank-owned properties which were for sale, up from 10.0 percent of all April sales.

    57.9% Traditional home sales, up from 57.5% in April 2013.

    13,814 Total number of properties listed for sale on GLVAR’s Multiple Listing Service. That figure is down 0.5% from the total of 13,881 for sale in April 2013.

    3,386 Total number of condos and townhomes listed for sale on the GLVAR MLS in May 2013. This was down 2.8% from the 3,485 homes listed in April 2013 and down 9.2% from May 2012.

    Click here to see my current inventory of homes for sale!

    What these figures mean is that there are a lot of buyers out there and the inventory is just not there. More and more people are looking to buy but there are not enough houses on the market for them all. With the inventory down, houses are selling rather quickly and houses are going into multiple offers literally within the first few days. If you are looking to buy, you need to act fast and come in prepared. If you’re looking to sell, you can cash in on rising prices today!

     

  • Las Vegas on top of nation for Undervalued homes!

    Posted Under: Market Conditions in Las Vegas, Home Buying in Las Vegas, Property Q&A in Las Vegas  |  June 7, 2013 10:28 AM  |  239 views  |  No comments

    How much is your home worth? Apparently, a lot more than it was last year! According to the Greater Las Vegas Association of Realtors, the price of a single family home in early April was $167,000, up 30.6% compared with April 2012. According to Trulia.com, local home prices are 24 percent below what’s justified by market fundamentals such as income-to-price and income-to-rent ratios. They also said that there are market hints at room for more price gains and fewer homeowners who will be underwater in the upcoming years.

    The Las Vegas housing market over corrected because of a sudden spike in prices in 2005 and 2006, it encourage overbuilding. When the prices fell and the demand lessened, the city have a lot of empty houses that it was trying to unload. Jed Kolko, Trulia.com Chief Economist, said “Big swings in the stock market can often correct quickly, but in housing, when you have too many units on the market, people don’t instantly move from other cities to fill up empty houses. It takes much longer to correct. People don’t day trade houses.” Local houses in Las Vegas, still sell for well below construction costs and prices are affordable relative to local household incomes. The city’s jobless rate is 9.8 percent, while the national average is 7.6 percent. This obviously hurts the overall buying power and keeps a cap on the housing prices.

    Should the jobs grow and the economy strengthen, the housing market will grow. As prices increase, fewer people will remain underwater on their mortgages. They will be able to sell their house and in return, increase the supply of homes for sale on the market. Even as prices rise, 25-30 percent of home owners will still owe more than their home is worth, because so many people purchased back in 2006 when the market was at its peak.

    John Kolko summed up the housing market best when he said “There’s always a longer-term risk that we will see another bubble. People tend to be overoptimistic about prices, especially in markets with a history of boom and bust. And Las Vegas is the best example of boom and bust, not only over the past decade, but before that. People tend to remember booms more than the bust, and they tend to expect prices to go up.”

    With new federal regulations, mortgagees won’t be so easy to get again. Banks for being discouraged from writing the easy loans of the bubble. Hopefully the market continues to go up and the home values in Las Vegas get better. After all, it can’t get much worse before it it gets better, can it?

  • Top 10 Commercial Real Estate Brokerages in Las Vegas

    Posted Under: Market Conditions in Las Vegas, Home Selling in Las Vegas, Property Q&A in Las Vegas  |  June 7, 2013 10:22 AM  |  223 views  |  No comments

    Las Vegas Top Ten: Commercial Real Estate Brokerages

    RANK

    COMPANY

    YEAR EST.

    TOTAL VOLUME

    COMMERCIAL AGENTS

    1

    Colliers International

    1993

    $783,600,000.00

    58

    2

    CBRE

    1981

    $568,851,811.00

    24

    3

    Cushman & Wakefield/Commerce

    2001

    $365,902,038.00

    29

    4

    Newmark Grubb Knight Frank

    2000

    $161,435,276.00

    23

    5

    NAI Suter Companies

    1989

    $141,000,000.00

    5

    6

    Gatski Commercial Real Estate Services

    1993

    $91,359,581.00

    7

    7

    Voit Real Estate Services

    2002

    $71,500,000.00

    6

    8

    The Equity Group

    1980

    $66,100,000.00

    10

    9

    Virtus Commercial

    2008

    $65,141,300.00

    5

    10

    New Market Advisors

    1997

    $60,816,146.00

    10


    Ranked by total 2012 Sales Volume



  • Flipping a house in Las Vegas

    Posted Under: Home Buying in Las Vegas, Home Selling in Las Vegas, Property Q&A in Las Vegas  |  June 5, 2013 11:46 AM  |  324 views  |  No comments

     

    Flipping houses in Las Vegas isn’t what is used to be, but it is still a lucrative business. According from a report from RealtyTrac, the Las Vegas Valley is the second-best city in the country to “flip “ a home, second only to Orlando, FL. Flipping a home consist of a buyer buying a home and then quickly selling it for a profit. According to RealtyTrac, a research firm based in Irvine, CA, “flipping” a home is defined a buying a home and then selling it up to six months later.

     

    There were 4,341 “flips” of single-family homes in the Las Vegas valley last year, which is a 21% decrease from 2011. The average purchase price of these “flipped” homes was $133,198 and the average sale price on them was $203,943. That is a 53% gross profit or $70,746 per flip. Only Orlando, FL ranks higher with a 63% flip rate.

  • Questions for a Las Vegas Real Estate agent

    Posted Under: General Area in Las Vegas, Home Buying in Las Vegas, Property Q&A in Las Vegas  |  June 5, 2013 11:33 AM  |  315 views  |  No comments

    22 Questions To Ask A Las Vegas Real Estate Agent

     

    It’s likely that you don’t interview people very often, unless you are in a position at work to do so. And yet, in order to find a Realtor who is right for you, you may need to interview several agents. The quality of your home selling experience is dependent upon your skill at selecting the person best qualified to sell your house.  

    While experience is no guarantee of skill, real estate is mostly learned on the job. Just because you go into a school, receive your real estate license, it is the skills learned out in the field that make you a good, great or the best real estate agent in the business.

    What’s really interesting is that in the real estate business, someone with many successful closings usually costs the same as someone who is brand new and just received their license. Those that have the actual experience in the field and the drive and want to sell your house is what makes them stand out. It could be the difference between getting you a higher price at the negotiating table, selling your home quicker and just eliminating the hassles all together.  

    The state of Nevada is populated with Realtors who are totally wrong for you. A person who sells an occasional home because they need pocket change, or someone who believes that they can balance two careers and sell homes on the side or perhaps it’s just a friend who really needs your business to get by this month, probably isn’t going to be the person you want to do business with. When starting the process of selling your home, you must ask yourself certain questions to best help you with your decision. Below are 22 questions that you can ask a Realtor before signing on for them to represent you and your home buying process.

    1.        How long have you been selling real estate?
    2.        What is the percent of sellers compared to buyers that you work with?
    3.        Can we cancel our listing if we are unsatisfied?
    4.        Do you have a licensed personal assistant?
    5.        How will you market my property?
    6.        Do you market with direct mailings on my property?
    7.        What systems do you have in place that will keep you in constant contact with me during the listing     and the transaction process?
    8.        What ways can I get in contact with you?
    9.        May I see and read all of the paperwork you are going to ask me to sign?
    10.     What designations do you hold?
    11.     Why should I list with you rather than someone else?
    12.     What kind of experience do you bring to the table? What negotiation tactics are you comfortable     using?
    13.     How many homes do you sell a year?
    14.     Will you personally be there when contracts are presented and will you handle all the     negotiations?
    15.     Do you have a website?
    16.     How many open houses will you have for my home?
    17.     Do you have an assistant to make sure no details are overlooked throughout this process?
    18.     What part of your business is from referrals/past clients?
    19.     Will you represent me exclusively or will you represent both the buyer and seller throughout the     process?
    20.     How many days does it typically take you to sell a home on average?
    21.     Can you recommend service providers for me when it comes to obtaining a mortgage, home     repairs and any other things I may need during the process?
    22.     Do you suggest I hire an attorney through this process?

      The sale of your home could well be the most important financial transaction of your life. The person you select can make it a satisfying and profitable experience, or an absolute disaster. It’s your home, and your money and simply, the choice of what Realtor you chose is completely up to you. Make the selection wisely and make sure you answer the above questions carefully, with as much thought as possible and choose wisely.

      Now ask yourself, why would I want Mary Preheim Group to be my realtor? Why do they deserve my business and not the other company? 

    1. Decisions, decisions, decisions!

      Posted Under: Market Conditions in Las Vegas, Home Selling in Las Vegas, Property Q&A in Las Vegas  |  May 2, 2013 2:46 PM  |  146 views  |  No comments
      Did you ever think you would have to move? Did you ever think that you would be forced to make a decision on whether to leave, or be forced out? According to Greater Las Vegas Association of Realtors, GLVAR, in March of 2013, 33.3 percent of homes sold in Southern Nevada were sold as a Short Sale. Don't think you're alone if you can't afford your payments any longer. You have options.

      It really is not your fault that the Southern Nevada market is the way it is! You didn’t control the lending. You didn’t control the economy and what happened. You do, however, control what happens from this point forward. You really are NOT alone! When the market “crashed”, Nevada was really hit the hardest. People paid $300,000 for a home that today, has a market worth of $150,000.  It makes all the sense in the world to cut your losses, short sell your home, walk away and get a fresh start in a few years. 

      Too many people don’t want to stand up, face the fact that they made a mistake, an unforeseeable mistake at that. However, why don’t you be part of the ones who look at themselves and say “You know, you’re right? I made a mistake and I want to fix it. I want to short sell my home and start over fresh. I want to make a difference and control where my life is going.”

      You are better off selling your home through a short sale and buying a new home down the road, then you are to continue to pay on your home and not be able to afford it OR worse yet, stop paying on it and foreclose and be forced out. Ask yourself this question and you will find the answer to if a Short Sale is right for you. Would you rather spend your entire worth savings, 401k and everything you have worked hard for your entire life OR would you rather sell your home, start over fresh and be able to spend the things you have saved for? That’s the question you must answer yourself!

    2. Short Sale Timeline

      Posted Under: Home Selling in Las Vegas, Foreclosure in Las Vegas, Property Q&A in Las Vegas  |  May 1, 2013 3:36 PM  |  253 views  |  No comments

      Short Sale Timeline 

      The short sale process is complicated and must be done right! If it is not done right, the result will NOT work out in your best interest as the homeowner. For this reason, many banks require that the homeowner be represented by a licensed real estate agent. The majority of the tasks performed throughout the short sale process will be completed by the listing agent.

      The Short Sale Timeline is a general illustration of the stages involved in completing a short sale and the number of days each stage usually takes. Short sale timelines differ between banks and do not always follow the process illustrated on the diagram.  While few banks will ever process short sales in the same amount of time, most banks will still adhere to the same stages illustrated in the diagram with very few exceptions or revisions.
       

      Short Sales: Step-by-Step

      The following will highlight what happens at each stage of the Short Sale process and what might be expected of the homeowner:

      1. The listing agent sends the lender a 3rd Party Authorization Form. The form authorizes the agent to receive information on the mortgage account on the homeowner’s behalf.

      2. The homeowner will prepare a list of documents for their agent to submit to the bank in order for the short sale to be reviewed. This may include income tax returns, bank statements, paycheck stubs, a hardship letter, and other financial disclosures.

      3. Once an offer is received from a pre-qualified buyer, the offer is sent to the lender by the listing agent along with the homeowner’s financial and other documents. This is called a “short sale package” and is referred to at the bank as a “file”.

      4. The file is assigned to a bank negotiator.

      5. The bank sends an independent licensed real estate broker to the homeowner’s property to perform a valuation called a Broker’s Price Opinion (BPO). This is not typically a full appraisal, but it is performed to give the bank a general snapshot of the property value and overall condition.

      6. The BPO agent sends the valuation to the lender.

      7. The short sale package and BPO are reviewed by the bank and the investor who actually owns the mortgage.

      8. The bank decides to either approve or reject the homeowner’s request for a short sale.

      9. In the case of an approval, a written acceptance is sent to the homeowner for review and the buyer initiates their mortgage-loan approval process.

      10. The buyer performs their inspections and they close on the property.

      No two short sales are the same as the short sale process varies from situation to situation. Some move rather quickly, while some take some time to complete. It is my goal to do everything in my power to make sure your short sale doesn’t last more than 120 days. Thinking about a short sale in Las Vegas? I will be happy to answer any questions you have or meet with you for a no pressure, no obligation consultation in the privacy of your home.  

      Contact me at www.marypreheimgroup.com, (702) 900-6279 or  MaryPreheim@RealtyExecutives.com

     
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