Mary Kennedy, Las Vegas RE/MAX Realtor

Ones of the benefits for home buyers when there are a lot of foreclosures on the market is that there is a lot of pricing pressure put on well taken care of homes for sale that are not in foreclosure. An example of what I'm talking about is listed below with a virtual tour for you click on and view.

I listed this property just a few days ago and I'm having an open house tomorrow (Saturday June 7, 2008) from 11:00 AM to 3:00 PM. For those of you that live in the Las Vegas Valley that want to see it, click here-à Directions to 2153 Quartz Cliff Street, Unit 105, Las Vegas, NV. 89135 . The directions start at South Hualapai Way and West Sahara. For those of you that are not in town and would like more information, please call me at anytime.

 The property is a 3 Bedroom 3 Full Bathroom Condominium. It's 7 years old and unbelievably clean. It would make a great starter home or rental property for the right buyer. There will be updated and added pictures to the virtual tour next week because my client is packing things up.

In my latest research, there are 2 comparable properties in the same development that are priced $10,000.00 higher. The owner wants to sell and move up so all we need is a motivated buyer.

Left Click Here--à Virtual Tour of 2153 Quartz Cliff Street, Unit 105, Las Vegas, NV. 89135

As always, if I can help you with any Las Vegas Valley Real Estate Buying and/or Selling decisions, please feel free to call on me at anytime.

Mary Kennedy

Read and Leave Feedback at http://activerain.com/blogs/maryk

702-324-5390 or Toll Free: 877-300-5390

http://www.MaryKennedyLasVegas.com/

© KennedyAdvertising.com 888-725-4487

It was quite and April and May for Las Vegas Valley Real Estate. So far June doesn’t seem to be slowing down. It’s a GREAT market for buyers! Homes currently in escrow that are scheduled to close have doubled over the past 2 months. That’s the good news! The not so good news is that all the homes on the market from foreclosures are keeping prices down. So if you’re a seller that’s not in a hurry, WAIT!

Now, a thought or several about the buying process for a foreclosure. I have shown well over 100 foreclosures and put buyer offers in on 10. The homes are not stripped and are in decent shape. We have been lucky and have closed on 5 of them.

The banks or mortgage companies generally have a Real Estate Management company working on these properties. The list price for the property is what they want for the property plus 3% more to cover the closing costs. That’s it! It’s a waste of time to write the offer below the list price. They price the property low to attract multiple offers and they get them. I’m working on one now that currently has 19 offers on it.

You are not able to find out if there are multiple offers on a property until we put your offer in. Once we submit your offer, a letter will come from the management company telling us that that there are multiple offers on the property. A multiple offer form is enclosed to fill out asking for the best price we are willing to pay. Once we determine that price, we send the form in and wait for a letter of acceptance or rejection.

All of the properties are sold on an as is basis. If your offer is accepted, I tell my buyers to buy a home inspection ($300-$400) and get done right away to make sure that there’s not a major issue with the home that could not be seen with the naked eye. Examples of a major issue may be mold, faulty air conditioners or furnaces. If you find major issues, you have two choices.

• <!--[if !supportLists]--><!--[endif]-->Buy the house and make the repairs at your cost or

• <!--[if !supportLists]-->2. <!--[endif]-->Back out of the purchase within 10 days due diligence or sometimes less.

Now, please don’t think that I’m trying to scare you away from foreclosures. There are some great buys out there and there will continue to be probably through 2009. The process for buying a foreclosure is just a little different. Plus, I have a 500 batting average and every one I sell is a new learning experience. I will keep you posted!

I also have a couple of great articles to send along to you.

Here is an article about Summerlin that a recently appeared in the New York Times. When national media say nice things about your backyard, it’s time to sit up and take note.

Click here for the full story--à Leaving Las Vegas for the Suburbs

Here is another syndicated article that was lifted from the New York Times and appeared in the Las Vegas Review Journal last this past Saturday. The article outlines “Why It Could Be a Good Time to Buy” depending on your situation. There is a little “Paralysis of Analysis” in the article, but its one good way of getting to an answer.

Click here for the full story by David Leonhardt - As Home Prices Drop Low Enough, a Committed Renter Decides to Buy

As always, if I can help you with any Las Vegas Valley Real Estate Buying and/or Selling decisions, please feel free to call on me at anytime. Have a GREAT June!

Mary Kennedy

Read and Leave Feedback at http://activerain.com/blogs/maryk

702-324-5390 or Toll Free: 877-300-5390

http://www.MaryKennedyLasVegas.com/

© KennedyAdvertising.com 888-725-4487

I have inserted a link below to take you for the full read on the website.

You can read the article at---> At Last, Positive Signs in Las Vegas Housing By Hubble Smith

So now it's dawned on me! My blog and e-newsletters are at least 3 to 4 weeks ahead of the media accounts. The reason? I live and work on the front lines of the Las Vegas market everyday. Based on my experience, I and some other Realtors on my team have learned to anticipate and understand what the daily trends mean in the longer term. We talk about it day in and day out. If you go and READ MY BLOG, you will see that most of what I have been writing about is actually happening in some form 4 to 6 weeks later.

I also receive regular Google Updates on Las Vegas Real Estate and up until yesterday all there was to read was about the gloom and doom of the Real Estate market here in Las Vegas. Most of what was written was by experts that don't even live or work here.

Like Yah! WHAT DO THEY KNOW!

If you talk to the experts in Residential & Commercial Real Estate, that have LIVED & WORKED here for years, you will find that the Las Vegas Valley is usually the last in and the first out of these economic corrections that effect the whole country.

Finally, I want to THANK YOU for reading my e-mails about the Real Estate market here in Las Vegas. I know that I really get to the point from time to time, but that is what I think you want from me. I hope that you find them to be informative and valuable.

You're on my mailing list because, at some point you or someone you know is going to want to buy or sell a house. If you're looking to buy and have been waiting until we hit bottom, we are in that vortex of time right now and it's time for home buyers to get pretty serious about what they want to do because the prices are really down right now. If you are looking to sell, wait for the pre-existing home inventory to start moving downward and call your Realtor or CALL ME if you don't have a Realtor. I would be HAPPY TO HELP in and way that I can.

I know that I harp on this a little, but if you would go to my blog, read from the bottom up and click on some of the resources links that I inserted, you will find that the information is well organized and left there to educate you about this GREAT market. At the bottom of each posting is a feedback link. Please leave feedback if you can. It helps me organize thoughts and some of the information that you value for future newsletters and postings. Have a GREAT Weekend!

Best Regards,

Mary Kennedy

Read and Leave Feedback at http://activerain.com/blogs/maryk

702-324-5390 or Toll Free: 877-300-5390

http://www.MaryKennedyLasVegas.com

© KennedyAdvertising.com 888-725-4487

Dear Reader,

I was in a training session last week and was handed a copy of an article in the February 25th Issue of Time Magazine by Peter Lynch.

I have inserted a link below to take you for the full read on the website.

You can read the article at---> http://www.time.com/time/magazine/article/0,9171,1713483,00.html

A lot of readers must have taken it to heart, because it's getting busy out here. Mostly baby boomer's with the ability to pay cash or they do not have to worry about selling their first home.

To take a quote from the writer that will hopefully entice you to open and read this article:

"When prices are falling, few people have the discipline to buy stocks, a house, gold, art or any other asset. But those who pull the trigger excel in the long run."

I'm feeling pretty gratified and a little vindicated about where we are right now in this buyers market. If you take a look at my previous blog postings at http://activerain.com/maryk, you will read that my message has been pretty consistent.

Please take a moment to read the full article and if I can help in any way, let me know.

Best Regards,

Mary Kennedy

RE/MAX Central

702-324-5390 or Toll Free: 877-300-5390

http://www.MaryKennedyLasVegas.com

Dear Reader,

On January 15, 2008, I sent an e-mail and the Subject Line was

"I can feel the Real Estate Market Start to Turn in Las Vegas"

I received a lot of feedback on that e-mail. The most I have ever received! Mostly from readers with an opposing point of view accusing me of being way too optimistic and that there will be no way out of this mess for at least 2 more years. One person even suggested that I find another career. That was a little drastic, but I'm a big girl and I can take it. Plus, I enjoy the debate and I learn from each person that sends feedback. So keep the feedback coming!

Since that e-mail, I'm even more optimistic. Here are my talking points:

1. December 2007, January and February of 2008 were my busiest since the last half of 2004.

2. My sales have been to couples that are 50 plus. Retiring Baby Boomers a couple of younger couples coming here for New JOBS.

3. It's my opinion that Las Vegas is coming off the bottom of the market and I'm pointing you to 3 links below that reinforce my thoughts as we "Get off the Bottom" in Las Vegas.

LAS VEGAS REAL ESTATE: Single-family home sales inch up

SLUMP? NOT HERE! Local Economic Index Hits Record

NEVADA ECONOMY: Indicator of jobless decreases

My husband, John Kennedy, attended a breakfast yesterday put on by "In Business Las Vegas" The speaking panel was made up of 3 Real Estate Developers that are working on the Commercial/Residential Projects downtown.

All 3 representatives on the panel confirmed that the Mortgage Crisis has turned many potential home buyers that would have qualified for at the sub-prime level 6 months ago, into good renters for the foreseeable future. If you combine that fact, with another that new home builders are now selling down their inventory, rental property demand is on the rise.

So for people who own a Las Vegas residential property that

1. Is empty and has been on the market for awhile or

2. You are not having a lot of showings or

3. You're getting low ball offers, consider this!

Add a For Lease to the For Sale listing and the yard sign. If you end up leasing the property for a year, take it off the market. Today, 5 to 6000 people are moving here per month. Yesterday's panel predicted that as the jobs open up downtown next year, the number of people moving to Las Vegas could go as high as 10,000 per month starting in 2009. New home inventories will still be down because building permits tend to lag behind and when they do come back, it will be at a slower pace. That will create a better environment for pre-existing homes sales in the Las Vegas Valley.

As I said earlier, I always appreciate your feedback. So click on REPLY and let me know what you think. I'm also going to post this message on my blog at http://activerain.com/blogs/maryk where you are welcome to leave your feedback as well and many more people will see it.

As always, if I can help you in anyway and you are not currently working with a Realtor, feel free to give me a call at anytime.

Best Regards,

Mary Kennedy
RE/MAX Central
Direct: 702-324-5390
Direct Toll Free: 877-300-5390

Web: http://www.marykennedylasvegas.com/