Yonas Woldu Greater Las Vegas Real Estate

There is some controversy and speculation among real estate experts in our local Las Vegas market, where it is clear there are many more foreclosed homes that will eventually enter the market. All you have to do is drive around town, and you'll see the dotting of empty homes with dead lawns, but no for sale signs. Some say that banks are choosing to release only a small amount of the existing REO homes to artificially sustain housing prices, and others argue that lenders simply don't have the staff to handle the sheer volume of foreclosures. Whatever the reason, the slow trickle of homes being added to the marketplace is good news for Las Vegas, and we'll take it.

Near the end of one of the worst years in housing on record, any good news is welcome. Housing prices have fallen more than 50% since the 2006 peak, but they've stabilized over the past 5 months as we have awaited the wave of foreclosure inventory that never happened. Analysts say that as long as the current number of homes on the market remains close to the present level, we're seeing enough demand to keep prices stable for the near future. Year-to-date figures of existing home sales show a 47% increase from this time last year.

In October, banks took back 2,301 homes, which is almost 2% less than in September and 6% less than the same month a year ago. In turn, they sold off 2,260, which is whittling away at the total REO inventory that is sitting on the market (currently at 12,624). While some estimates say that there are anywhere between 20,000 and 75,000 homes that are expected to come through the foreclosure pipeline, they have yet to show up with the intensity that we anticipated. And, for now, that is a good thing.

These are interesting times in the Las Vegas valley! If you're ready to jump on some of the great deals on REO properties, Give me, 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

If you are among the many who think that new home construction is dead in the valley, and builders have all left town, you might be surprised by the truth. As we're beginning to emerge from the economic downturn in the Las Vegas housing market which has been riddled with foreclosures and dropping house values, a new era seems to be dawning on the local new home construction front.

For the past two or three years, investors were the ones primarily purchasing lots here in Las Vegas. Right now, homebuilders are once again looking to buy up land that is ready for construction, and they're doing so at a pace that most are unaware of. Currently, land is changing hands in Las Vegas faster than at any time in the past three years, and lot prices are beginning to go up slightly. The national builders are back on the hunt, and they're even bidding for choice lots - sometimes paying much more than the asking price.

What is largely fueling this surge in land deals is the awareness that as the market recovers, the demand for new construction will rise and it will be more profitable for the builders than it has been in recent months. In addition, there are a limited number of finished lots (ready for construction), which cost the builder less than raw land. Once these lots run out, which some estimate might happen by the end of next year, acquiring land for new construction will become much more expensive. Right now, almost no one is producing finished lots.

So far this year, new home sales have been up 22 percent, and this adds to builders' confidence. Some of the major builders that have jumped back into the Vegas valley market are KB Home, Richmond American, Ryland Group Inc., Meritage Homes Corp., and Harmony.

These are both challenging and exciting times in the local real estate market! With the first tiem home buyr's criedt now expanded to include sertain repeat buyers, Are you interested in getting back in the game? Give me, 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

In today's real estate market, with around 2 million foreclosures expected in 2009, it is not uncommon to see a foreclosure tour bus loaded up with prospective homebuyers who are all hoping to find the best deal on a bank owned home in the Las Vegas Valley. If you are interested in purchasing a foreclosure, here are a few things to keep in mind to make the best of your foreclosure tour.

• Sign up for tours run by buyers' agents, who approach the properties with the buyer's needs in mind, not the sellers'. Be sure to find an agent who is professional, knowledgeable, and honest about the homes you'll be viewing. Most of the homes you'll see are distressed properties, and you'll need an agent who is willing to talk with you about all the repairs the home will need and how much that will allow you to knock off the asking price.
• Choose a free tour that is easy to sign up for, and tours in the right area of town (if you're interested in buying in Henderson, be sure the tour shows homes in that area; otherwise it will be a waste of your time). Also, avoid tours that require a lengthy interview or application asking for your financial information, or those that don't provide drinks or snacks - you'll be on the bus for several hours.
• Don't consider purchasing any of the homes you see on the tour. You'll only be seeing a small sampling of the available homes in any given area, and in a wide price range. Use the homes you see as a guide, choosing only one or two in your price range to give you an idea of what's out there. Your agent can then show you several other properties like those you are interested in to decide which is best for you.
• Be prepared for the terrible shape many of the homes you'll see are in and consider repairs part of the deal, not a liability. Needed repairs enhances your bargaining power, and you need to be equipped to use it. Also, don't be discouraged by high asking prices. If your agent is good, he or she will tell you if the listing is overvalued, and by how much. Tap the expertise of your fellow bus riders - many of them are likely to be investors looking for a rental property. Feel free to ask their opinions and gain from the knowledge they've already acquired.
• Tap the expertise of your fellow bus riders - many of them are likely to be investors looking for a rental property. Feel free to ask their opinions and gain from the knowledge they've already acquired.Don't feel obligated to use the lender on the bus, but do ask any questions you have about the mortgage process. You'll still want to shop around to get the best rate possible.

Whether you're an investor or looking to get a great deal on a home you'll live in, I am here to help. With a background in finance and lots of experience selling bank-owned homes, I am prepared to give you the help you need in finding a foreclosed property that would be a good match for you.

Have foreclosure questions? Give me, 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

These days the banks have tightened their lending practices for home mortgages. If you don't have enough cash for a 20% down payment on your las Vegas home, finding a mortgage for the home you want to buy here in southern Nevada can be a challenge. Even if you are able to find a lender willing to give you a mortgage with less money down, don't make the mistake of thinking all of your work is behind you. Now, you'll need to get private mortgage insurance (PMI), which protects lenders by paying off your loan if you default - and that might be harder than you think.

Back when lenders were more reckless with their practices, it was common for mortgage insurers to accept any borrower the banks were willing to finance. Today, a record number of those low down payment loans are now in default and insurers are losing billions of dollars. This has caused them to enact tighter standards than most banks, and has resulted in them insuring fewer loans. It is not unheard of now for borrowers to be approved for a mortgage, but rejected for PMI because of a low credit score or high debt-to-income ratios. Other restrictions related to the property and the loan type apply, as well.

If you are looking for a home and will require PMI, you might be disqualified if you have:

• a low credit score - insurers are typically requiring a score over 720

• a down payment less than 10% of the loan amount for a single family home/15% for a condo

• a debt-to-income ratio above 45%

If you are unable to qualify for PMI because you don't have 20% to put down on a home, you might still be able to qualify for a mortgage through the federal government. FHA loans are offered to borrowers with a higher debt-to-income ratio and credit scores as low as 580, and VA loans are available to veterans.

Are you ready to buy a home in Henderson or Las Vegas and already have a mortgage pre-approved? Give me, 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.

With foreclosure rates increasing across the nation and here in the Las Vegas valley, more and more homeowners are receiving notices for the sheriff's sale. The conventional advice from legal experts has been to immediately pack up and move, but that is changing. Recently, we've been seeing a new phenomenon coined "bank walkaways," when the bank begins the foreclosure process, then walks away with no word or explanation, leaving the homeowners wondering what happens next. And legal experts aren't sure, either.

Today, if a homeowner leaves after getting a foreclosure notice and the bank fails to finish the foreclosure, the homeowner opens themselves up to being sued by the city for failing to maintain the abandoned property. After all, the home is still in their name. In some cases, water pipes have burst in abandoned homes, creating a flooded basement, water damage, and potential toxic exposure to mold both inside the home and within the neighborhood. If the homeowner had stayed, damage could have been avoided to the property, and the neighbors would be spared from their property values deteriorating further.

In addition, leaving before the bank really owns the home can open the homeowner up to several other problems. These can include:

• a restarted foreclosure process months or years later (after it was assumed things were settled)

• a sold mortgage and a new, more agressive debt collection service coming after the homeowner

• possible legal issues related to taxes, fines, upkeep, code violations, repairs or even demolition costs.

What should a homeowner do if they're facing foreclosure? More experts are advising that they stay in the home, even if they aren't paying their mortgage. While it is still unclear what legal tangles bank walkaways will create, the additional problems homeowners might face if they abandon the property could make the nightmare even worse. In the short term, people will be living in their home without having to pay - in some cases, homeowners will go for a year or more with no one asking for money. If possible, homeowners should be putting away what would have been their monthly mortgage payment in a bank account each month and leaving it there. It could be used in future loan modification negotiations with the mortgage company if it reappears, or as a security deposit on a rental, if people have to move quickly.

Have foreclosure questions? Give me, 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. For more information on Nevada foreclosure laws, you can also read this online article, and visit RealtyTrac.com to find out what to expect if you're facing foreclosure on your home.