Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here. This has softened rental prices slightly as many investors are buying all cash in the market currently and then renting. More homes available for rent (higher supply) and less renters (lower demand.)
Units Leased:
Average Monthly Rental Rates:
Median Monthly Rental Rates:
Las Vegas Area remains a Landlord's Market at 2.6 months of inventory in the Rental Sector for the Las Vegas Valley.
How to check to see if the home you are renting is in default
If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0
The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for October 2009 is a seller's market @ 2.1 months of inventory (dropfrom last month, seeing some micros inch up with inventory!) Some micro-markets (ie,Foreclosures Bank Owned, REO) are extreme seller's markets where there is no mercy to the buyers, multiple offers are the norm!
We are FINALLY seeing an increase with inventory and a decrease with escrows (we should have seen that late spring/early summer!) Good news for buyers? Still remains to be seen. We need to get over 10000 active units on the market before it can be stabilized from a seller's market
Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)
Short Sales:
REO (Foreclosures, Bank Owned:)
The above breakdown shows how very few short sales are being closed and how little inventory is in the REO market currently.
In One Month: Listings are UP +22 units, pendings are DOWN -425 units, closings are UP +160 units. Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times. Pending inventories usually level late spring ~ FIRST TIME BUYERS WANT THEIR TAX CREDITS (must be in contract by Nov 1 and close by Dec 1) and INVESTORS ARE SEEING OPPORTUNITY!
DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!
The Most Current REO (Foreclosure) Report
Age Restricted (55+) Communities are scattered throughout the valley. Many offer a variety community amenities for Seniors who enjoy active lifestyles.
Sun City Anthem is located in the Anthem Area of Henderson, NV (zip 89052 and 90-44). There are 7312 Homes in Sun City Anthem ranging from 1080-4567 Square Feet. Community Amenities Include: Community Golf, Gym, Pool, Spa, Tennis, Clubhouse and Recroom
Sun City Anthem Market Report:
Since Last Month's Report: Listings UP +11, Escrows DOWN -6, Solds UP +6. Sun City Anthem is currently enjoying a seller's market.
Renee Burrows carries the SRES (Senior Real Estate Specialist) Designation and has Probate and Estate experience. If you need a referral to a Probate or Estate lawyer, please contact me!
Seniors Real Estate Specialists® are REALTORS® qualified to address the needs of home buyers and sellers age 50+. The SRES® Council awards the SRES® Designation to those members who have successfully completed its education program.
By earning the SRES® designation, your REALTOR® has demonstrated necessary knowledge and expertise to counsel clients age 50-plus through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home. Your REALTOR® has received special training, gets regular updates, and is prepared to offer the options and information needed in making life changing decisions.
Las Vegas Area November 15, 2009 Active Listings by Type
October 2009 Sales by Type:
This is just a guide for consumers to see what types of properties are closing vs what is listed. Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market.
Click here to see last month's Listing and Sales Type Report
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Renee has over 20 years of negotiating, sales and marketing experience to bring to your Las Vegas or Henderson NV Real Estate transaction. Full time w/ REO, Short Sale, Probate & Estate experience!
Renee has been a resident in Las Vegas, Nevada since 1997. She moved to the Southwest (Rhodes Ranch area) of the Las Vegas Valley in 2002. She has watched the area grow from desert to a thriving community.
Renee has over 20 years of customer service & sales experience so you can feel confident that she will handle each transaction with care and attention to detail!
Even if you are not thinking about buying or selling in the immediate future we provide a free, no obligation blog which contains useful information about: Las Vegas, NV Resale Statistics, Residential Building Permits, Economic Conditions and other news pertinent to our constantly changing real estate market! The information is designed so *you*, the consumer, can gauge when it is the right time to make your move!
We offer two ways to search available homes. One is our site provided from Greater Las Vegas Association of Realtors. It requires no registration and it is a little bit limited on search capabilities but it does now allow you to search for sold properties all the way down to the subdivision! New listings are not automatically sent to your email. Another is through Home Buyer's Scouting Report. HBSR does require registration (we won't bother you other than a weekly email with market conditions) and it allows you to search via maps and allows you to see addresses, directions, maps, neighboring schools. It also allows you to change your seach and be in control of your own home search! New listings are sent to your email as soon as they hit the market!
Renee is a full-time real estate professional with residental experience in, but not limited to: New Construction, Estate/Probate, Resort/Second Properties, Investors, Short Sale, REO & First Time Buyers.
All the Best,
Renee Burrows carries the SRES (Senior Real Estate Specialist) Designation and has Probate and Estate real estate experience. If you need a referral to a Probate or Estate lawyer, please contact me!
Seniors Real Estate Specialists® are REALTORS® qualified to address the needs of home buyers and sellers age 50+. The SRES® Council awards the SRES® Designation to those members who have successfully completed its education program.
By earning the SRES® designation, your REALTOR® has demonstrated necessary knowledge and expertise to counsel clients age 50-plus through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home. Your REALTOR® has received special training, gets regular updates, and is prepared to offer the options and information needed in making life changing decisions.
Renee offers free, no obligation, up to date resale market reports for the Sun Cities (age qualified communities) on her website.
Renee Burrows carries the SRS - Seller Representative Specialist Designation. The SRS designation is the premiere seller agency designation, conferred by the SRS Council, recognizing real estate professionals who have completed special education in seller representation.
Renee has employed many "out of the box" marketing techniques and stayed ahead of the crowd with changes in regards to internet marketing. Renee encourages her sellers to google her name vs the competition prior to listing their home. With over 80% of the buyers beginning their search on the internet, there is no such thing as too much internet exposure. After all, when listing your property, it is Renee's goal to net you the highest amount of money possible on your home sale.
At Home With Diversity® is an educational experience designed to present a picture of the changing face of the real estate industry. Renee holds this certification. She has learned how real estate professionals can increase their sensitivity and adaptability to future market trends. Additionally, she thrives as an effective service provider and community leader.
Renee remembers driving past the Rhodes Ranch area in the late 90's as it was being developed and wondered "who would
want to live out there?" Well back in 2000, only 913 people resided in zip code 89148. In 2006, the population in 89148 expanded to a whopping 36,536 residents! Obviously someone wanted to move out there and that includes Renee's family!
Renee prides herself for taking the time and visiting each model home while the developments were being built in the following developments: Vistana, the Falls, Canyon Trails, Sierra Madre, Durango Springs, Independence, Huntington, Esplanade & Rhodes Ranch.
The Rhodes Ranch/ Southwest Las Vegas, NV area has so much to offer, with so much still being developed:
Clark County Schools: One of the largest school districts in the country and constantly feeling the growing pains of a county that grows by 5-7,000 new residents each month!
Clark County, Nevada Website: Many people do not understand that Las Vegas, NV is only a small city within the valley of homes that they see from the airplane. Much of Clark County within the valley is unincorporated. Henderson & North Las Vegas are cities located within our valley.
Las Vegas Municipal Police Department provides an online service called "crimeview community" ~ it is a great resource to check crime stats prior to picking out the new community you want to live in!
The Valley experiences many growing pains and one of them is traffic. The 215 "Bruce Woodbury" Beltway is being built as a ring around the valley to help alleviate traffic.
Plagiarism Reminder: All of my blog posts are original. Do not copy without written permission from Renee Burrows.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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