Market Stats-Las Vegas 1/28/13

Great Information this week in the stats!  I've pulled the normal numbers that we've all come to rely on AND, I attended an awesome meeting for FREE in Las Vegas at The Orleans with The Las Vegas Investment Club.  It's held monthly, look for invites on Facebook.  Steve Hawks heads up the group and WOW, always great information, leading edge stuff... you ALWAYS leave with something you can use right now to generate more business or get business done more efficiently!

There are currently 3,485 SFR homes on the market.  Of those there are 381 are bank owned homes, 621 are short sales and 2,483 are equity sales!

Last week 823 went into escrow!  100 were bank owned, 354 were short sales and 369 were equity sales!

We had 381 close escrow!  48 were bank owned homes, 127 were short sales and 206 were equity!

As of today, if not one more home came on the market, it would take just over 4 weeks to sell out our current resale inventory!  YEOWZERS!

Other tidbits you can use, compliments of the meeting I attended!

Did you know that right now a 1600 sqft new home is selling in Summerlin for $280,000!!  That's only about $40,000 less than the CRAZY market we had a few years back.

Did you know that in some places, because of inventory, home prices have gone up 20-40%

Did you know we are pretty close to revising the verbiage on AB284.  If it goes the way it may (what?), it will essentially return to the way it was.  If it does that in March, we could start to see an increase in inventory as soon as August.  Now, the banks aren't dumb... they wont flood the market and wipe out prices, they will release slowly.  Las Vegas Investment Club predicts we should (if AB284 gets modified) start to feel like it's business as usual by 2014.  Did I mention these guys have been calling it months and month in advance for about 2 years now?

Did you know that banks are figuring out ways to get around the National Mortgage Settlement Act?  That was the act that gave banks LOTS of money to ease the pain of negotiating short sales.  Banks and Services were held to certain time frames and guidelines per the act.  It made short sales easier for all of us-homeowners and agents.  What's happening now is there are new Servicers going into business and the banks are selling loans to them.  New Servicers ARE NOT held to the National Mortgage Settlement Act.  What does that mean for agents?  Well, remember before banks got decent at processing short sales...  call after call, fax after fax, email after email.  Total and complete lack of infrastructure?  Well, welcome that all back!  Without the funding deficiency waivers will be harder to get, deadlines??  WHAT deadlines?  What does this mean for your Sellers?  Getting the short sale on the market NOW and sold (especially if you're BofA) is imperative.  Sellers must sell BEFORE the bank sells their loan or they become LESS protected!

Did you know that agents who coach with Youngblood Coaching & Consulting make lots and lots of money, have more time for their personal life and end up building massively successful businesses?  OK, shameless plug!

Make it an awesome week everyone, you deserve it!