Now that AB300 had passed, will prices fall and will there be more inventory available.

Asked by Beijingielts, Phoenix, AZ Mon Jun 17, 2013

I visited Vegas in June of last year and made a cash offer on a house in summerlin, on Jack Rabblt Lane. The asking price was 150K and the house had major water damage to an entire wall. I offered the asking price, had proof of funds, but didn't get it. I'd still love to buy a house in Vegas for up to 200K cash. Will there be more inventory available soon and will prices fall, level off or continue to skyrocket.

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Robert Adams’ answer
Robert Adams, Agent, Henderson, NV
Mon Jun 17, 2013
Great question. Difficult to answer and here is why.

On one hand NOD's are on the rise (Las Vegas is currently second in the nation) and some say the REO/foreclosure supply to increase.

The last numbers I heard, there were around 80,000+ homeowners that are currently not paying their payments.

Also, some hedge funds/investors have started to pull away from the Las Vegas market as rising prices and decreasing rental rates are diminishing cash flow and CAP rates. This will decrease demand, however, there are a lot of people that are looking for primary residences that could not buy before due to the investor buzz so now will be a better time for those people.

Prices are still relatively low compared to the national average. So this and low rates, and low taxes will continue to attract buyers from elsewhere.

You also have to factor in that new homes sales are on the rise and builders are building again.

There is not only AB300 that needs to be considered but SB321 which is going to drag out the foreclosure process for lien holders some say.

There is also another new law that passed that will allow underwater home owners to short sale their homes back to themselves allowing them to remain in the home. An "arms-length" transaction disclosure will no longer be required. This will decrease the short sale inventory hitting the market.

These are just a few of the factors our local market is currently facing. So to answer your question, AB300 being amended will help inventory but due to several other factors it is hard to predict the market going out further than then next 6 months. I would expect prices to rise over the next 6 months. After 6 months it gets tricky as there are so many factors that will come into play. It will be interesting to see how it all plays out.

If you would like to discuss the market further please feel free to contact me directly anytime!



Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes
Robert Adams, Agent, Henderson, NV
Thu Jun 27, 2013
David Cooper,
I posted the Forbes article you are talking about on my blog yesterday. here is a direct link to the article you are talking about.

http://lvrealestatehelp.weebly.com/1/post/2013/06/americas-m…

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes
David Cooper, Agent, Los Angeles, CA
Wed Jun 26, 2013
Check out news blog: Forbes Mag: Las Vegas the #1 Most Under Valued Home Real Estate Market in US.
David Cooper Investing in Las Vegas since 1994. We can still find you a good deal. http:/http://www.lasvegaswinner.org 702.499.7037
0 votes
Jesse B. Luc…, Both Buyer And Seller, Las Vegas, NV
Wed Jun 26, 2013
I work as a investor, if your looking for a good deal and you have the funds to buy I can help you, let me know if you like to know more about what I can do for you. 702-551-3125 Jesse B. Lucero
0 votes
Robert Adams, Agent, Henderson, NV
Wed Jun 26, 2013
UPDATE:
If you have been watching available listing inventory it has already began to rise.
0 votes
lvhomeproper…, Agent, Las Vegas, NV
Mon Jun 17, 2013
We have so many buyers that have financing ready to go. I think that even if the banks give more properties, it will not be enough for lower prices. Why? So much pent up demand for homes it is difficult to get a non cash buyer a home. Those people will still pay these prices as long as interest rates remain somewhat flat. That I think is a bigger variable. Still, at $100, $150, $200 and $300, there is very little inventory.
If you have cash, keep going after properties. The only way to get an offer accepted is to put in an offer with proof of funds.

James Battaglia
Elite Realty
jamesbattaglia@yahoo.com
702-361-6994
Realtor, Property Manager
0 votes
David Cooper, Agent, Los Angeles, CA
Mon Jun 17, 2013
New $450 million dollar casino where Sahara Hotel stands. Big money still betting on Las Vegas. More construction means more employmnet means more housing demand. My nest guess, prices going up



David Cooper Investing in Las Vegas since 1994
http://www.lasvegaswinner.org
702.499.7037
0 votes
Suzie Marqua…, Agent, Las Vegas, NV
Mon Jun 17, 2013
There is a lot of speculation about what the new legislation will or won't do to help homeowners and further reduce inventory. We have about six weeks of inventory on the market in Las Vegas. The media has reported that their search for an answer on shadow inventory has taken them to Nevada Power who reports around 52,000 homes with no power. Why are these homes in limbo and not on the market is anyone's guess. Low supply and the high demand will drive prices up in my opinion. Interest rate may slow the demand somewhat. FHA changes may also take some buyers out of the market. I am always available to answer any questions you may have. It is possible to purchase a home if you have an experienced agent and tenacity!
Thank You
Suzie Marquardt
702-234-7653
Fahrnyteam@yahoo.com
http://www.LasAegasRealEstators.com
0 votes
Phil Scheinm…, Agent, Las Vegas, NV
Mon Jun 17, 2013
There is a possibility that we will see more inventory on the market but not necessarily from the passage of AB300.

As the median price rises and we see a higher price per sq ft, more traditional sales will come on the market. As the water level rises less people will find themselves underwater on their mortgage and will be able to list their homes.

I do not think you will see an avalanche of bank owned homes. If you are waiting for that you might as well be waiting for Godot. (Waiting for Godot is an absurdist play by Samuel Beckett, in which two characters, Vladimir and Estragon, wait endlessly and in vain for the arrival of someone ...)

If you really want to get a good deal - the last three deals I got in Summerlin were probably better than what you were bidding on. My last deal was a gated single story SFR detached at $91 a sq ft!
No big repairs needed.


Search http://www.Las-Vegas-Real-Estate-Home.com

Phil Scheinman, ABR, GRI, E-PRO, USC '92
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose Parkway Ste. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
E-mail: smokey25@cox.net
http://www.PhilScheinman.com
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