Weak Dollar sends Oil Skyrocketing
In case nobody has been catching the recent surge in the cost of the Barrel of Oil:
"But they say the most important factor is the falling value of the dollar, which is encouraging traders, institutions and foreign countries to invest their cash in hard assets like oil and gold. Oil is priced in dollars on global markets, and a falling dollar almost always puts upward pressure on oil."
Hmmm... Cash for Clunkers, Mortgage Modifications, First Time Homebuyer Tax Credits, Federal Reserve buying Mortgage Backed Securities, Bailouts, free money for all, etc, etc, etc...
Where does the Money Come From?
Borrowed and / or Printed Money resulting in a weak dollar. Oil is traded in Dollars and since there are more dollars (less value) going around... be prepared for higher gas prices on the way.
Weak Dollar Equals Higher Gas Prices ...
It has nothing to do with supply and demand and "everything to do with the weakness of the dollar," AAA South spokesman Gregg Laskoski said.
Gas prices usually decline in the fourth quarter. After Oct. 1, refineries switch to a winter blend that requires fewer additives and is cheaper to produce. Those savings are usually passed on to motorists.
In fact, gas prices have risen in the fourth quarter only once in the past 30 years, Laskoski said.
Gas Prices Jump 18 Cents in Two Weeks...
Something to think about before supporting Subsidies funded with Borrowed/Printed Money without thinking of the consequences.
I think most Real Estate Agents can certainly remember the drag we saw last time we saw $4 a gallon gasoline. Cities such as Las Vegas that rely on tourism certainly don't need it... especially right now.
To every action there is always an equal and opposite reaction....
Paul Francis, CRS
Prudential Americana Group
Las Vegas Real Estate - Summerlin Homes
702.592.3058
Foreclosures Are Never Easy
I've had plenty of experience including personal experience of what happens when business slows, investments go sour, income declines and all of a sudden you need to re-structure your expenses. If you are like Millions of other Americans.. your mortgage may be worth far less then what the home is worth, your payments far more then renting and you may have no other expenses to cut to put your debt to income ratios at levels you can live with. Creating more debt is not the solution and only makes the problems worse. Unfortunately.. it's not as easy as just selling your home so you can get your life back on track to a more positive future.
You can either Walk Away and let the home go to foreclosure, try a loan modification or just do a short sale. If you can get a loan modification that truly puts you on a path to a better future, congratulations. If it is just putting the problem off to a later date.. it's your choice whether you want to make the sacrifice now in order to move on or put it off to a later date. A foreclosure is certainly going to delay the healing process... a short sale is going to make it shorter.
Learn about Las Vegas Short Sales
I have plenty of resources concerning the myths and misconceptions about doing a Las Vegas short sale at my Las Vegas Real Estate blog so you can become a more educated Las Vegas Real Estate seller. NOT ONLY do you need an experienced Las Vegas Short Sales Specialist but You Also Need a Las Vegas Real Estate Agent with the systems in place for ADVANCED marketing to get the highest offer possible which greatly improves your chances of getting a short sale approved in the first place. Remember... Lenders and their investors want the most money possible and if you use a Las Vegas short sale specialist with poor marketing systems in place... the chances are that you will get less money for your home.
Las Vegas Short Sale as an alternative to Foreclosure
A very smart alternative to a Foreclosure.
What is a short sale and some short sales numbers that I reported on from May of 2008.
Las Vegas Short Sale vs. a Las Vegas Foreclosure
Benefits to everybody for doing a short sale instead of just letting the home go to foreclosure.
Las Vegas Short Sale Buying Tips
Tips in buying Las Vegas short sales. Use an agent that understands them in the first place and your chances of getting the offer approved are GREATLY increased.
Why you need somebody with actual experience in Las Vegas Short Sales. The success numbers for the majority of Las Vegas Real Estate agents are very poor. We average over 75% for our Las Vegas Short Sales getting approved by the lender with our superior Las Vegas real estate marketing skills.
A not So Sad Las Vegas Foreclosure Story
Homeowners that have moved on in life. A new segment of stories where I have helped Las Vegas homeowners move on in life.
Myths about Las Vegas Short Sales
There are tons of myths about Las Vegas Short Sales all over the internet that are just not true. Use the contact information below for a personal consultation to see if a short sale is the right thing for you.
Getting a short sale approved by a lender is highly dependent on the sellers situation and you need a Short Sales Agent that can review your situation / finances to help determine if you will even qualify for a short sale to begin with.
Paul Francis, CRS
Las Vegas Short Sales
702.592.3058
Las Vegas Short Sales - Tales of Agony and Ecstasy
AGONY
I certainly love any and all offers on my properties for sale but the amount of offers incomplete and far below current market value with what is currently taking place in the Las Vegas real estate market is obviously an attempt of trying to get rich quick using agents trying to make the impossible happen. Maybe it will work with one in 30 tries... maybe.
The good news is that it appears Short Sales are FINALLY being addressed in one of the many homeowner programs which is FANTASTIC news to help avoid foreclosures in the first place.
Maybe some other short sales agents in real estate markets seeing the light at the end of the tunnel can share their same experiences that I share about the Short Sales Secrets in Las Vegas so I know I'm not the only one experiencing the number of people late to the party.
Let's face it... the current wave of buyers trying the way below market value tactics waited to hear about somebody else doing it first and then decided to jump in.
Will Las Vegas Home Values drop another 30% in value from today? From the areas I focus on, I don't think so.
Ecstasy
Several months ago when the market was far slower, we put in an offer and took a shot on a Las Vegas short sale listed below market value. Not only was the property listed below market value, we went even lower with our offering price. I was just recently notified by the listing agent of that property that it was approved. It took quite some time but it's a great deal.... especially with the way things have heated up for Las Vegas Real Estate.
There is NO WAY it would probably work today in our current Las Vegas real estate market conditions since things are a little nuts to say the least. (Make sure you read my Las Vegas Short Sale Report to get a full understanding of what I'm mentioning.)
A couple of other Las Vegas short listing I took were also recently approved as it appears Banks are now willing to help keep Las Vegas homes from going to foreclosure which will CERTAINLY be good news for everybody.
It's always been my opinion that addressing short sales and helping speed up the process can only help real estate values in distressed markets and my BIGGEST suggestion is for real estate agents to at least learn the basics of short sales.
My advice to buyers looking to purchase a short sale is to use agents that understand the process to GREATLY IMPROVE your chances of getting a Great Las Vegas Home that on average is in better shape then a Las Vegas Bank Owned Home.
HAPPY Short Selling and Buying towards a TRUE RECOVERY...
Paul Francis, CRS
Las Vegas Real Estate
702.592.3058
So.. I write up a pretty long and thoughtful blog post on Active Rain about current Las Vegas Real Estate market conditions...
Something happens while I go and look for some pictures to add to the post... my browser that has the AR post shuts down and now that post is Completely GONE!
Over an hour of work gone!!!! My Las Vegas Real Estate Wordpress blog automatically saves the post as a draft even if your computer crashes or you throw it across the room, out the window, run over it with a car, etc...
SO FRUSTRATING!!!
So... Here is a summary with some links that were part of the article...
Please help me write the rest of the blog post in the comments because I don't have the energy to re-write it all....
I'll take the best comments and insert them into this post with a link to your profile or website with your creative thoughts for helping out.
The number of Las Vegas foreclosures available for sale on the Las Vegas MLS has dropped dramatically from my last Las Vegas Foreclosure activity post and continues the decline for the second month in a row since I started tracking Las Vegas Foreclosures. Currently at 4,724.
Las Vegas Homes Currently in Contract - Huge buying Activity currently taking place.
Las Vegas Number 1 in Foreclosures - Foreclosure moratoriums delay foreclosure activity and creates a tsunami heading this way.. so be careful.
The decline of foreclosures and the increased buying activity could be a sign of the end of the free-fall in Las Vegas Home Values but due to the Help for Homeowners Program... market trackers looking at the big picture need to be very careful before making any predictions since the real estate market was tampered with.
Major cash is coming in and we were just outbidded on a Luxury Las Vegas Home by $100,000 over market value in my opinion.
C'est la vie because I did some research for my client and found out about a couple of future Bank Owned homes coming soon in the same neighborhood and in better locations within the community. I've already sent communication to the banks directly and my client has agreed to pay my commission so he can get the best deal possible. Sorry... tired of playing games with Kool-Aid drinkers who don't have a clue about the foreclosure moratoriums and want to bid up the prices like there are no other bank owned homes in Las Vegas on the way...
Perhaps the AR Gods can retrieve my post from some archives somewhere in the system and I can add some pictures to the post and finish it up..
Until then... just trying to make lemonade out of Lemons with the help of some creative AR members. ;)
Thanks!
(I'd add some pictures but then I might have to create a summary of this summary of my original blog post.)
It's been quite some time but it has happened... the inventory for Las Vegas Bank Owned Homes available for sale on the Las Vegas MLS has actually significantly declined.
Since May of 2007 I've been randomly checking the Las Vegas MLS for areas 101 through 606 and reporting the number of Las Vegas foreclosures available for sale and listing the numbers on my Las Vegas Foreclosure page.
From January 20th to March 1st, the number of Las Vegas Foreclosures available for sale on the Las Vegas MLS decreased from 7,750 to 6,765. Quite a reduction of Bank owned homes available for sale. Keep in mind I do not spend a lot of time tracking down the total numbers and there really is nothing scientific about this. Just something I do to supply some information as the real estate correction takes it's course.
It is quite interesting to watch the number of foreclosures from May of 2007 and the price declines for Las Vegas home values and to see the correlation that took place.
HOWEVER - Keep in mind what may be taking place that I reported on my Las Vegas Real Estate News blog concerning Las Vegas Foreclosures numbers followed by a post concerning what the Las Vegas Review Journal reported about Las Vegas Foreclosures.
Unfortunately... Nobody really knows how much of an effect the Government tampering of the free market has with the foreclosure moratoriums that in effect. Personally, I can't stand games that manipulate numbers and interfere with all of the natural forces that are in place for a normal real estate market. But... we've been living with it for over 6 years so what's a couple more... as long as we understand what's taking place?
BUT Thinking About what I saw this Past Week
This past week I probably showed about 20+ Las Vegas homes for sale to clients and was remarking how some of them I remember as being the same price back in 2001 and 2002... or even cheaper then when they were built brand new during this same time frame.
While we still have plenty of Las Vegas Foreclosures for Sale.. I have noticed quite a decrease in Quality Las Vegas bank owned homes under the $250,000 price range with the fantastic deals in the lower $400,000 range... including some that used to sell around the $900,000 range during the peak. (Keep in mind that we were in Southern Highlands and scouring Summerlin real estate.)
While we Can Track Las Vegas Real Estate Numbers...
Unless a Las Vegas Real Estate agent was actively licensed before all of the sub prime nonsense.. It's probably pretty hard to comprehend that Las Vegas real estate prices could come down so much. I figure it will be within a week or so that the Las Vegas Review Journal will report the decrease of foreclosures available for sale... and about another week after that of e-mails circulating all around with the "Good News" to send your clients...
Just be warned that the numbers could be down because of the foreclosure moratoriums in place...
Paul Francis, CRS
Las Vegas Real Estate
702.592.3058
UPDATED 3/13/2009
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Certified Residential Specialist (CRS) specializing in the Las Vegas Master planned communities of Green Valley Ranch, Summerlin, Spanish Trail, Red Rock Country Club and Lake Las Vegas since 2001.
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With years of experience helping Las Vegas real estate buyers purchase extraordinary real estate, I know you want to view all of the properties that meet your criteria and providing the above services helps insure that you have the most extensive and comprehensive Las Vegas, Green Valley and Summerlin real estate search available.
Of course, I've lived in Las Vegas since 1992 and have helped numerous buyers find exactly what they are looking for. Over the years, I've seen thousands of Las Vegas homes and condos so chances are with a quick phone call to me at 702.592.3058 I'm going to know exactly where to look for Your Las Vegas real estate needs!
I love finding the great deals below Current Market Values and helping well informed clients buy smart to begin with!
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The current Las Vegas real estate market can certainly be confusing for the real estate seller that is poorly informed. You need to move and you need comprehensive tools that help insure that your Las Vegas real estate is marketed -- not just listed for current market conditions.
With years of experience in marketing (including experience as The Director of Sales for a New Home Developer), I know what it takes to get your Las Vegas home exposed to the most potential buyers available. With a database of over 4,000 potential buyers to immediately market your home to, your Las Vegas home will get more exposure to potential buyers within the first week then some Las Vegas homes get exposed to in six months!
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Being backed by a highly professional company and a highly respected franchise known Nationally and around the world certainly has huge advantages in exposure. Our Multiple websites that can easily be found exposes your home to a worldwide audience which is so important for a city with such a high number of potential buyers looking to invest or to relocate to Las Vegas.
Call me directly at 702.592.3058 for more information on our Las Vegas real estate marketing that will move you!
I first moved to Las Vegas in 1992 on a transfer program from the University of Georgia to UNLV and immediately saw the opportunities available for somebody willing to work hard in a young and vibrant city in it's growing stages.
I've had the wonderful opportunity to personally witness the city of Las Vegas transform as not only a great place to visit, but also a great place to live.
Since first getting involved in the Las Vegas real estate scene, I've had the opportunity to participate in The beginning of new and wonderful master planned communities such as Desert Shores, Summerlin Real Estate, Green Valley Ranch, Southern Highlands, Mountains Edge, Lake Las Vegas, Rhodes Ranch --- and many others that have created wonderful new communities within the Entertainment Capital of the World for it's residents.
(Yes, there is life outside of the Las Vegas strip.)
I've been a Las Vegas Real Estate agent for over seven years and in that time have represented several happy clients for their purchase all over the Las Vegas Valley. Experience includes representing Las Vegas real estate investors, foreclosures and Luxury Las Vegas real estate in the master planned communities of Las Vegas and Henderson including the communities of Seven Hills, Southern Highlands, Mountains Edge, Rhodes Ranch, Summerlin Real Estate and Spanish Trail Real Estate.
I've earned the designation of a Certified Residential Specialist (CRS) which less then 5% of all real estate agents can say they have accomplished. The CRS designation requires an extensive amount of actual experience and real estate education that I've taken the time to learn to better serve my clients.
In today's Las Vegas real estate market, you need experience AND education so you don't make the mistakes so common in real estate.
Whether you are buying or selling Las Vegas or Henderson NV Real Estate, Call me today at 702.592.3058 for Experienced real estate advice and let's get started!
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