Helene Moore, Real Estate Pro in Henderson, NV

Hi Francis can you shed some light on the current houseing market and where you think we may be headed .

Asked by Helene Moore, Henderson, NV Mon Oct 20, 2008

In terms of a realestate agents views on market conditions across the country. Im a Realtor in Las Vegas Nevada and the market has picked up some. What im seeing is investors picking up properties they have moved money out of stocks and are puting money into our market and paying cash. Any comments or thoughts you could share would be appreciated.
Helene M Moore

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On my blog I recently dicussed the data that has come in from DQNews http://(www.dqnews.com) that reports a considerable up tick in southland homes sales as of September of this year.

According to the article, "Southern California sales shot up by an unprecedented 65% last month from the
dismal record lows of a year ago." It also references that REO or Bank Owned properties for sales make
up approximately half of the 20,497 new and resale and condos that have sold since September of 2007.

At our brokerage, we are definitely seeing the rewards of this trends and we mirror the reported So Cal
stats with a considerable portion of our pending and closed sales coming from Bank Owned homes.
Moreover, the trending is really helping our agents have meaningful conversations with current sellers
about pricing strategies that can either help them enter the market with gusto or stay on the sidelines until
the market rebounds.
Web Reference: http://www.hugotorres.com
1 vote Thank Flag Link Mon Oct 20, 2008
Helen, You and I are experiencing much the same phenomenon. I am in Phoenix, AZ (Scottsdale) and we are still seeing property values decline. Vegas and Phoenix were hardest hit because we rode such a bubble upward. Now, property values in Scottsdale are holding pretty well for 700k and up, but there are very few sales. The majority of sales valley wide are 125-200k. You should start targeting that market and learn to write FHA contracts. The FHA loan will save us just as it did in the late 80's early 90's. Also, Wrap financing you should get comfortable with as well. Good Luck to you!

Stew
1 vote Thank Flag Link Mon Oct 20, 2008
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