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Heidi Winston, RE/MAX Lifetime Achievement Recipient

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Lowest Prices Gone

by Heidi Winston

 As recently as last spring, well over 70% of the homes sold in Las Vegas were under $150,000. Today, less than 60% are under that mark and this trend shows no sign of easing.

 

 

The Big Question Facing Buyers and Sellers

by Heidi Winston

 A new year. The big question facing buyers and sellers is whether our real estate market will stabilize or continue to be over-heated. Let's review the last two years and look ahead to 2013.
The biggest real estate news was the dwindling inventory. This shortage resulted in bidding wars and buyers paying well over the appraised price.

 These shortages will continue, despite that old, worn rumor of banks dumping huge numbers of foreclosures on the market, but that is nothing more than an urban myth. It'll never happen.
As we wound our way through 2012, the number of home sales fell. This was not from a lack of demand, which remained very high, but rather from a lack of homes to buy. We can expect more of the same in 2013, pushing prices up further.

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Homes Listed that Actually Sell is Up Dramatically

by Heidi Winston

The number of homes selling each month is down slightly from a year ago. However, the percentage of homes listed that actually sell is up dramatically. In addition to that, there is a much larger number of new homes being sold in southern Nevada.
As we discussed last month, another positive sign that the real estate market has turned is the precipitous decline in the number of foreclosures over the last year. The rumors that banks are "sitting on all the foreclosures" is vastly exaggerated. While mortgage holders have reduced their reliance on foreclosure in favor of short sales, they do not own a significant number of homes. As soon as they do foreclose, they list those homes in the Las Vegas MLS. If you know anyone looking to buy a foreclosure, call me at 702-277-6599. I can help navigate the peculiarities of foreclosure sales.

As We Approach the Close of 2012...

by Heidi Winston

   As we approach the close of 2012, the Las Vegas real estate market remains quite robust. We have averaged more than 3,500 sales a month. In 2011, we averaged just over 3,800 sales a month but we had more than twice as many homes offered for sale. 
   Because of this high level of demand and anemic supply, prices are moving up. We are seeing this very clearly in new homes where price increases of 15% to 20% during 2012 are not uncommon. The prices of resale homes are being pushed up by the shortages and dragged up by increasing new home prices. While the resale price increases have been somewhat modest to date, we fully expect this upward trend to continue.

Shortage of Homes for Sale

by Heidi Winston

  Many areas of the United States are facing a shortage of homes for sale. This is driving up home prices and Las Vegas is no exception to this pressure. While the Case-Shiller index has shown Las Vegas prices edging upwards, Home Builder's Research has shown a 17.6% annual increase. This is much more in line with what we are seeing in the real world of day-to-day real estate sales. As the number of homes for sale continues at record low levels, and demand remains fairly constant, prices must go up.

Fewer ForeClosures and the Reason Why

by Heidi Winston

 In early 2009, over eighty percent of the homes for sale were foreclosures. Today that percentage has plummeted to under twelve percent.
The big banks would prefer to do fewer foreclosures. They are encouraging delinquent home owners to short sell. That's because it costs a lender from five percent to ten percent more to foreclose.  As recently as one year ago, we saw foreclosures accounting for almost half of the sales in the Las Vegas valley. That is now down to just a little over ten percent.

Happy Client with Heidi's Short Sale Expertise

by Heidi Winston

Wednesday, October 10, 2012 6:14 PM
To: Heidi Winston
Subject: Re: Short sale info

Hi! Heidi

Just wanted to let you know that I really appreciate  all your support and help today!
I was very thankful that I have you as realtor...LaughingI owe you a lot!
Please keep in touch!
Hope it goes well!
Best Regards,
Jin :)
Laughing

The Shops at Summerlin

by Heidi Winston

The Howard Hughes Corporation Announces Macy's signs on as FIRST Anchor Tenant at THE SHOPS AT SUMMERLIN.

The agreement confirms the restart of the highly-anticipated development in the heart of the acclaimed Summerlin master planned community.  (The locals have seen part of the building structures for sometime located right next to Red Rock Casino).

The Shops at Summerlin, one of the premier regional mixed-used development sites in the U.S., will be part of a planned urban center which will serve the entire Las Vegas Valley.  When complete, it will include retail, entertainment, office hotel and multi-family residential, designed to create a vibrant, walkable urban core in the heart of the affluent 22,500-acre master planned community.

 

18th Annual Summerlin Art Festival

by Heidi Winston

Save the date for the 18th Annual Summerlin Art Festival. Enjoy an outdoor festival of art, music, food and entertainment. Free and open to the public. October 13th & October 14th, Saturday & Sunday, 9 a.m. To 5 p.m. Summerlin Centre Community Park, 1800 S. Town Center Drive between W. Charleston Blvd. and W. Sahara Ave. Visit SummerlinArtFestival.com for more information.

Economic Update

by Heidi Winston

 

 

 

 

Nationally, the number of resale homes selling has increased for each of the last five months. This is yet another strong sign that America is slowly emerging from the economic shadows of the last few years. The annual rate, based on July, was more than 10% higher than a year ago. The two biggest factors holding down home sales volume are the tight standards for mortgage lending and a national shortage of homes for sale.

 

Median prices have been increasing in most parts of the country and the Case-Schiller Home Price Index indicates that the prices of individual homes have been increasing in many parts of the nation.
Here in southern Nevada, prices are on a definite upswing. Sales volume, however, is actually down a little. This is almost entirely due to the extreme shortage of homes for sale. When a nice home is listed for anything close to a reasonable price, the seller's agent is flooded with multiple offers.
The one remaining area of concern is employment. The jobless rate in the Las Vegas area remains well above the national average. Nationally there are far too many people unemployed or underemployed. Until we can put Las Vegas and America back to work, the economic recovery will continue to sputter forward.
Across the United States, foreclosures still accounted for 12% of all sales. Foreclosures were 18% of all sales in the Las Vegas area. Short sales were even higher but that is actually good news. We are quickly "burning off" the distressed properties so the market can return to normal. Lately, we have seen the first serious sign of "normal" as the percentage of equity sales keeps increasing.

Displaying blog entries 121-130 of 139

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Contact Information

Photo of RE/MAX Excellence Realty Real Estate
RE/MAX Excellence Realty
Heidi and Michael Winston
4435 South Buffalo
Las Vegas NV 89147
Heidi: 702-277-6599
Michael: 702-219-8692
Fax: 702-974-2288