Nevada

North Las Vegas Homes For Sale: Listings by Price Range

Here's a summary of the single-family homes for sale in North Las Vegas. Short sales are responsible for 55.0% of the inventory, while bank owned properties (REOs) equal 17.2%.

To find out more about buying or selling real estate in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.)

East Las Vegas Homes For Sale: Listings by Price Range

Here's a breakdown of the single-family homes for sale in east Las Vegas. Short sales comprise 53.8% of the market, while bank owned properties (REOs) represent 21.7%.

To find out more about buying or selling real estate in east Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 201-204.)

Central Las Vegas Homes for Sale: Listings by Price Range

Here's a quick snapshot of the single-family homes for sale in central Las Vegas. Short sales make up 47.1% of the market, while bank owned properties (REOs) account for 19.9%.

To find out more about buying or selling real estate in central Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 301-303.)

The real estate market in Las Vegas is gearing up for some additional inventory. Bank of America recently announced that it expects to release about 6,000 foreclosed properties into the Nevada housing market in 2010, averaging around 500 a month.

This is part of the so-called "phantom inventory" of foreclosed homes being held by banks that we all know are out there, but have not yet hit the market. They are being added in as the banks work out loan modifications and negotiate short sales, two of the most desirable alternatives to foreclosure.

Because the banks were working to meet the requirements of the Making Home Affordable mortgage plan program and state legislation requiring mediation, the system became "clogged" by a voluntary moratorium on foreclosures. Some homes are also being held back from closing escrow because of Bank of America's fiduciary relationship with investors.

There is a phenomenon happening right now that is leaving some with concerns of a "double-dip recession," although data shows an economic recovery. The problem is that people are getting frustrated in their efforts to buy a home because cash buyers are underbidding those with loans, who are often offering full price. Sellers (often banks with foreclosed properties) are not willing to risk losing a sure deal if a buyer with financing doesn't come through. But, when sellers are willing to take the highest and best offer, people will bid too high and the home ends up returning to the market.

Right now, Bank of America is getting 40,000 new offers a month on short sales, or homes for sale at a price that is less than the mortgage balance. This is a complicated process because the bank doesn't have the title to the home in a short sale. On average, it is taking between four and six months to complete short sales, but they are anticipating decreasing that to 90 days this year.

With a low inventory in the market right now, adding these foreclosed properties will hopefully make buying a home a bit easier for those in the market. Are you thinking of buying a home in Las Vegas or Henderson? If so, give Yonas Woldu a call. I'm your real estate expert in the Las Vegas Valley! Also visit my Vegas Real Property website and the new AskYonas website.

Are you new to the area? You may want to join the Newcomers Club in Reno. They will be holding a "get-to-know-you" meeting at 9:30am on Tuesday, February 9, 2010 at the Best Western Airport Plaza (1981 Terminal Way, Reno). Everyone is welcome to join and it is absolutely free. The Newcomers Club isn't just for those people who are new to the Reno-Sparks area. If you have retired or have had a life-altering event happen recently, this non-profit organization may be just what you need to connect with others in the Reno community.

The Newcomers Club of Reno-Sparks offers over 70 activity groups to choose from to help familiarize yourself with the Reno-Sparks area as well as its people. Just a few of their groups include:

1. Photography
2. Knitting & Crocheting
3. Book Club
4. Conversational Spanish
5. TGIF
6. Men's Breakfast Club
7. Movie Discussion Group
8. Bunco
9. Bridge
10. Men's Poker Night
11. Women's Poker
12. Bowling
13. Hiking
14. Men's and Women's Golf
15. Cross Country Skiing
16. Travel
17. Tours

There are so many different groups to join. No matter where your interests lie, you will find a group in Reno to suit you. For more info or to RSVP, please call 775-881-2040 or visit the Newcomers Club of Reno-Sparks' website. Enjoy a welcome to our fair city by joining the Newcomers Club in Reno.

Charlene Hamilton, your Reno relocation specialist