Las Vegas Market Stats!

Today there are 3,997 SFR homes available in the Las Vegsa/Henderson areas.  Of those, 8% are Bank Owned, 23% are Short Sales and 69% are Equity/Private Sales.

1,012 went into escrow last week!  15% are Bank Owned, 51% are Short Sales, 34% are Equity/Private Sales.

Last week 545 homes closed escrow!  15% were Bank Owned, 41% were Short Sales and 44% were Equity/Private.

There were 49 homes that failed to sell and went into Expired status in the MLS!

Las Vegas Market Stats-What Does it ALL Mean?

It's time for another weekly dose of your Las Vegas Market Stats!

As of today there are;

6,092 SFR/Condos Available

35% are Short Sales

16% are Bank Owned (REO's)

49% are Equity WWWOOOOOWWWWWWZZZZZERS!!!

Last Week 1,469 went into escrow (accepted an offer)

46% were Short Sales

27% were Bank Owned (REO's)

27% were Equity

Last week 564 Closed Escrow!

25% were Short Sales

37% were Bank Owned (REO's)

38% were Equity

Though REO's have dominated the Las Vegas market the last couple of years, with the implementation of AB284, we've obviously seen that take a HUGE hit.  REO's are still moving, rapidly! 

If you've got Buyers looking at REO's (if you're selling homes then you probably do!) know this:  There are only 971 REO's available today.  Last week 404 went into escrow.  That means we currently have just over a 2 week supply of REO's.  Buyers need to MOVE if they want these homes.  We are back to multiple offers over list price!  Agents, if your Buyers are upset with the market, take responsibility.  It's up to us as the professional guiding them through the process to educate them on the market which means as agents we MUST actually track and understand the market and the trends!  Knowing the market is just as much part of your job as knowing how to use the MLS or fill in a contract... and truthfully, knowing the market will make you waaaaaaaay more money! 

Go get 'em!

A Word from MY Coach

I have a coach, a personal trainer who posts a blog weekly.  It's become a ritual of mine to see what he's going to put up.  He's got a direct approach that really causes you to think, to evaluate honestly and then move into action.  I just want to share some of his blog that really hit home for me.  Even as a Coach, I still need to be called out, pushed, encouraged. 

Commitment

"It's very seldom that you find people that commit themselves full time to enhancing their personal level of fitness.  Even as trainers it's all to often you see that people tend to take the casual approach:  workout hard once or twice a week, maybe even get real dedicated for a month and then your workouts fizzle out into a secondary category of importance.  This half hearted method may be enough to maintain a decent physique and maybe even keep your weight on a slow and gradual decline.  But if you want to be at the zenith of fitness nothing less than a full time uninterrupted commitment will do.  I discovered this in attempting the open portion of the crossfit games.  I was strong enough to be in the top ten percent in the world; but the difference between the top ten percent and the top half percent that make it to the final round of the games is the difference between that full time commitment and the casual approach."

You see, though Trevor is talking about exercise and your commitment to fitness, it all applies to your business as well.  Are you taking the casual approach?  Did you bust it hard for a month and then let it sort of fizzle out?  Remember this; HOW YOU DO ANYTHING IS HOW YOU DO EVERYTHING.

Are you willing to re-commit to your business?  To the little things that make up the BIG things?

You only have to decide ONCE.  Your character and integrity will help you stick to your decision.

So, what’s yours?

I encourage all of you to check out his weekly blogs at:

www.sincitybootcamp.blogspot.com

You can also get a FREE 3 Week Trial membership by "LIKE"ing the Facebook page: 

www.facebook.com/?ref=tn_tnmn#!/sincitybc

or, visit the website:  www.sincitybootcamp.com

Las Vegas Market Stats-How to Use Them to Sell Another House!

So, here we are again.  It's Monday which means Market Stats for the Las Vegas area.

These numbers are all SFR an condos in Las Vegas, Henderson, N. Las Vegas and Boulder City.

As of today there are ONLY 6,833 homes available.  We haven't seen inventory this low in YEARS.  As a matter of fact, the last time it was this low we had a super frenzy... you remember it as 2003-2006.

Of those 6,833 available homes 39% are Short Sales.  I realize that as rel estate professionals we all know what a short sale is.  I have, however, found that there are Clients reading these market stats and so to be sure everyone is clear a Short Sale is when the Seller is asking the bank to take less money than is owed.  For example:  The Seller owes $250,000.  The home is in escrow for $125,000.  The Seller would then ask the bank to take a shortage of $125,000.  Make sense?  It's a bank controlled sale, just like REO's.

Only 15% are REO's, or banked owned homes.  This is pretty low for us right now.  Though we've heard that some of the banks are finding ways to get through the recent AB284 which virtually halted all foreclosures, it will be a slow process getting the REO market back up and running. 

46% are Others, or Equity Sellers.  REGULAR people, well normally.  In todays market an equity deal is more than likely an investor who bought it at the auction and has repaired it to sell for more and make a profit.  46% is HUGE for this number. 

Last week we had 1,672 go into escrow.  47% were Short Sales, 29% were REO and 24% were Other.

And finally, 789 closed escrow!  28% were Short Sales, 41% were REO and 31% were Other.

Let's just look at the REO numbers so we can better explain to our Buyers how if/when they fall in love with that REO home, how they need to act to make sure they get it!

REO's are only 15% of what is available.  They are 29% of what went into escrow and 41% of what CLOSED.  What does that tell us?  (I just used a script on you, the same one you should use on your Buyers!)

The bottom line is that REO's are priced WELL.  That's why they move, quickley.  That's why there are multiple offers, almost instantly.  That's why most sell for MORE THAN list price.  These numbers tell us that if a Buyer wants to move on an REO, they need to do it NOW and put their BEST FOOT forward-in other words, don't try to low-ball this deal. 

As agents, we should ALWAYS pull comparables so that a Buyer can make an educated offer based on the recent market.  Just this past week I was assisting an agent who was working with some Buyers to write an offer on an REO.  This list price was $214,000.  The same model across the street with 1 less garage had just closed 2 months earlier for $240,000.  Based on what we know about REO's, what should the Buyers decide to do?

See, here's the good news; because you're reading this and now have this information, you'll be able to assist your Buyers in making a solid offer based on the facts-rather than the "let's see what happens" approach.

Clients appreciate an agent who knows the market-IT'S OUR JOB!

Take this ammunition and go get 'em!

Be Your Own Client

Here's a little challenge for everyone out there looking to improve themselves!

It's a something that I've asked all my coaching clients to do this week.

I want you to pretend that you are your client or customer.  You are dealing with YOU. 

Now, in your dealings with YOU what are 3 things that you need to improve on?

I'll give you some examples, these are some of the things my clients came up with;

• Know my presentation better so I can answer questions more effectively.
• Have a quicker response time to phone calls.
• Dig deeper into my clients "WHY" so I can truly guide them through the process.
• Help my clients feel more comfortable, not be so "black and white" about everything.

These are just a few.  This exercise is designed to keep you on your toes and more importantly, seeing your business from a different perspective. 

Once you've come up with three items to improve, create a system to implement the changes you want to see.  It can be as easy as adding a daily task to your calendar to call in your scripts. 

This is a healthy exercise.  I encourage you to do it after every transaction.  After every appointment.  After every phone call.  EVEN if you got the result you wanted from the appointment, phone call, etc.

Simply ask yourself:

"What did I do really well?"          

"What am I going to do differently next time?"

It's self accountability.  It's being aware that even at our best, there's always something we can improve on.  There's always room to grow!