Available Homes for Sale, Real Estate Market Statistics and Service Providers in Las Vegas, Nevada: sellers market

Distressed Home Ownership?

Looking to purchase a home after a Foreclosure? Bankruptcy? Or Short Sale? Keep reading!

In April 2015, the National Association of Realtors "analyzed the nearly 9.3 million homeowners that underwent a foreclosure, received a deed-in-lieu of foreclosure, or short sold between 2006 and 2014 to estimate the amount of creditworthy borrowers expected to re-enter the housing market as a return buyer in upcoming years." The findings reveal nearly a million of these former owners have likely already purchased a home again, and an additional 1.5 million are likely to become eligible and purchase over the next five years, representing an additional source of buyer demand for the housing market." Source: NAR Study

Have you heard the latest term Boomerang Buyer and wonder what it means?

A Boomerang Buyer is considered a home buyer who has gone through a foreclosure (deeds-in-Lieu of Foreclosure) or short sale of their home during the recent housing market crash or has had a bankruptcy in the past few years and is now looking to purchase again. Many boomerang buyers have been repairing their credit and saving up down payments, so that the dream of home ownership can become a reality again.

Statistically Speaking

Although Vegas seemed to be one of the hardest hit foreclosure markets in the country, it is not one of the top 5 seeing a comeback from boomerang buyers. Back in July 2013, Realtor Magazine reported Boomerang Buyers are "expected to flood markets in some of the hardest hit areas for short sales and foreclosures in the coming years. For example, boomerang buyers are predicted to account for nearly one in every five home sales in the metro Phoenix area this year—double the projected U.S. rate." The article went on to report the top markets with the highest rates of boomerang buyers (according to research by John Burns Real Estate Consulting July 2013) The results came in as follows, and unfortunately newer percentage statistics were not available at the time of this report (September 2015).

4.10% Riverside-San Bernardino, California
3.70% Los Angeles, California
3.60% Phoenix, Arizona
2.50% Chicago, Illinois
2.40% Atlanta, Georgia
2.12% Las Vegas, Nevada
2.10% Washington, D.C.

April 2015 statistics show that there were 319,000 Total Foreclosed Sales, Deeds-in- Lieu of Foreclosure, and Short Sales in the state of Nevada during the years 2006 to 2014.50,000 Boomerang buyers purchased again in 2006-2014 in Nevada. And an additional 60,000 boomerang buyers are expected to purchase again in 2014-2023 in our state. Source NAR Study

http://availablehomesinlasvegas.blogspot.com/2015/09/purchase-after-foreclosure-bankruptcy.html

So I'm Called A Boomerang Buyer, Now What?

So how does one boomerang back into the market? It's a complicated answer depending on your situation, we can help you determine based on your unique situation and the below information may be helpful.

Purchase After Bankruptcy

After a bankruptcy buyers will have to wait typically 2 years before they can purchase again. However, some buyers can qualify to purchase in 1 year but could have to wait up to 4 years depending on the loan type and bankruptcy differing between chapter 7 and 13 discharges.

Purchase After Foreclosure

After a foreclosure (or Deeds-in-Lieu of Foreclosure) a home buyer may be able to purchase again as soon as 2 years from the completion date if under a VA Loan. The most common seasoning periods are 3 years for FHA or 7 years for Conventional Loans. Keep in mind it’s all dependent on the loan type and extenuating circumstances of the foreclosure.

Purchase After Short Sale

After a Short Sale there are no time restrictions for a buyer to wait on FHA and VA loan types if the mortgage was current at the time of short sale. If the mortgage was in default, the waiting period varies 2 years for VA and 3 years for FHA; while Conventional loan types are dependent on a seasoning period of 4 years.

What next?

Understanding how Foreclosure, Bankruptcy or a history of Short Sale can affect your purchase-ability is very confusing. Fortunately for you, you have Dave and The Radcliffe Group and his team of professionals that can help you understand your situation and options. Dave has over 25 years experience selling Las Vegas area real estate and has developed some of the best relationships with the most respected professionals in the business. Gina Baker (featured in the video above) is a great resource.

Email – Gina@alderus.net

Phone – 702-255-5783 ext. 106

Website – www.Ginabakerteam.net

Application - https://secure.web-loans.com/security-logon.aspx?timeout=1

Facebook - https://www.facebook.com/GinaBakerAlderusFunding

Give Dave a call and lets see how quickly you are able to get back into home ownership. After-all, its about making a comeback. Boomerang Buyers are Welcome Here!

Thinking About Selling? Demand for Homes is High!

What does this mean for homeowners looking to sell their Las Vegas, Summerlin, or Centennial Hills homes? It means there are additional buyers who want to purchase your home. With less than 3 months of inventory and only 6-7 weeks in some areas of town, demand for homes is high. When demand is high, houses sell quickly and for top dollar. With interest rates at historically low rates, it makes affordability easier for home buyers. If you are considering selling your Las Vegas area home, give us a call, we would be happy to help you create a marketing plan to yield you the highest return possible and get you into a new home, benefiting from the low rates yourself.

About Dave and The Radcliffe Group

Out of more than 10,000 real estate agents in the greater Las Vegas and Clark County area, Dave Radcliffe ranks among the Top 1% of Realtors as number 101 during the second quarter of 2015. Dave Radcliffe ranked number 1 in 2014 as the top producing individual out of 172 Realtor-Agents in his office. Dave has a team of top producing agents and ranks consistently as one of the top real estate teams at Keller Williams Realty Southwest Las Vegas because he is all about customer service and utilizing the best resources in the real estate business. The Radcliffe Group is your Las Vegas, Summerlin, Centennial Hills, and North Las Vegas real estate connection.

As a retired police officer, Dave is passionate about giving back to the service community and dedicates much of his time giving and supporting the Las Vegas Metro Police Department, Firefighters and Military at Nellis Air Force Base. Military, Fire and Law enforcement never pay a full commission when they work with the Radcliffe Group. The Radcliffe Group can assist you in your Las Vegas PCS or relocation, New Home Construction purchase, Condo and Luxury Home purchase. Specializing in helping Las Vegas and North Las Vegas homeowners sell their home for the highest market value, Dave and his team will help you yield your highest profit. Call 702-379-3401 when it is time to sell your Las Vegas, Summerlin, Centennial Hills or North Las Vegas Home.

Check out and subscribe to our YouTube Channel and follow our Las Vegas Real Estate Blog at: www.DaveRadcliffeVegas.com

Written by Nickel Lowman

For Dave Radcliffe, The Radcliffe Group

Keller Williams Realty Southwest

702-379-3401

www.DaveRadcliffeVegas.com

The Market

It’s a brisk real estate market in Las Vegas- this means it’s a great time to sell your home! There are 9,216 available Homes for sale in the greater Las Vegas Area; 6,634 are under contract as a contingent and pending status. Of the 6,634 homes are under contract, 2,209 are contingent and pending short sales, which means over 66% or 4,425 are not short sales, and that shows equity sales are up. Because so many homes are under contract, and there are few on the market, these numbers show us an effective 10 week inventory. Anything less than a 6 month inventory of homes, is clearly a favorable seller’s market. A 10 week inventory means that if no additional homes went on the market, we would be sold out completely in 10 weeks. A balanced market would be 6+/- months of inventory. A buyer’s market is when there is more than 6 months of inventory. There were 3,370 sold properties in the Greater Las Vegas area just last month.

Financing

We are seeing fewer and fewer cash sales, indicating investors are a smaller portion of the market right now, with only 837 cash sales last month. Conventional sales make up the greatest part of our home sales in Las Vegas with 1,221 Conventional loan types, followed by 942 FHA Loans, and 309 VA Loan types. This means it’s much easier for first time home buyers to enter the market because there are fewer competing bids in the lower spectrum markets.

Interest Rates & Affordability

It’s hard to say exactly what is going to happen with the Federal Reserve raising interest rates, it is likely there will be some type of interest rate adjustments in the near future. When rates are low, affordability increases and your opportunity to get into a property with lower payments or qualify for a higher priced home of your dreams is greater.

Under Construction

The New Home Construction market is doing very well, with lots of new developments popping up around town. There is standing inventory available, which means quick closings are possible, and a lot of “builder close out inventory” being offered at discount prices with many incentives in neighborhoods where the available lots have all been sold.

Master Planned Communities

One of the newest Master Plan Communities in the area is Skye Canyon. Pulte Home and Woodside Homes just celebrated their grand opening event earlier this month, and that community has great plans with some awesome features and area parks in Skye Canyon area; all planned for future development near the 95 and Horse Road.

We love Downtown Summerlin, and there is a lot happening there, with Pancho’s restaurant coming soon, and new stores and other restaurants opening underway. Public School 702 is a new hot spot, with a great patio and upbeat atmosphere.