Kristine Dugan, ABR, BS, CRS, SFR
Your Resource for All Things Real Estate
Direct Phone: 702-332-7781 :: Email: info@HomeSearchVegasValley.com
January 2012 Vegas Valley Market Update
Posted on January 21, 2012
Summary of Homes Sold in December 2011
Total Homes Sold in December: 4,170
Fast Facts The Vegas Valley Real Estate Market was record breaking in 2011! Sales activity was the highest it has ever been in our local market with 48,616 properties sold. Below is a summary chart of the sales activity we have seen over the past couple of years. 
Average and Median home sale prices have decreased over the past year. About 45% of all homes sold last year were under $100,000 which continues to pull the average and median sales price down. Below is a visual of the average and median purchase price over the last couple of years. 
For 2012 predictions of the National Real Estate Market, click here to read my most recent blog post.
Inventory Watch 
The Vegas Valley Inventory continues to decrease. This is actually the least amount of homes for sale since May of 2010. I am guessing that within the next couple of months, more homes will be put on the market. While this inventory supply is low, the demand of homes has increased which makes more competition among home buyers for the current homes available.
Current Inventory Available: 11,111 Properties
The Vegas Valley Inventory continues to decrease. This is actually the least amount of homes for sale since May of 2010. I am guessing that within the next couple of months, more homes will be put on the market. While this inventory supply is low, the demand of homes has increased which makes more competition among home buyers for the current homes available. Months of Inventory for ALL properties in Las Vegas is down to 2.9 Months - For Non-Short Sale properties, the Months of Inventory is 2.1 Months.
Post a Comment : Author: Kristine Dugan, ABR, CRS, SFR
2012 Home Sales Looking Good According to NAR
Posted on January 21, 2012
NAR (National Association of Realtors) released its latest pending home sales index figure last week and for the second month in a row the index is up. But more than that, the index has broken 100. This is significant because the only time since the housing boom collapsed that the index has broken 100 is when the home owner tax credit was in effect. The fact that the index has returned to that level a year since the credit has been in effect means the housing market is strengthening completely on its own, without any stimulus.
Lawrence Yun, NAR chief economist, is upbeat about 2012 because in a number of areas indicators are pointing upward. Not only are home sales up but housing starts are up and home prices are stabilizing in many markets and heading up in some. In areas where they're still down, the declines aren't that great. More fundamentally, broader U.S. economic signs are looking positive, including the all-important jobs picture. About 100,000 job are being created a month, and that could rise to 150,000 - still not a quick enough pace to get us back to where we were before the downturn but the headwinds are in the right direction.
Post a Comment : Author: Kristine Dugan, ABR, CRS, SFR
Tips for a Smooth Loan Approval
Posted on January 21, 2012
Here is a summary and video from my good friend and business partner Michael Rodriguez, CMPS explaining some good tips to have a smooth loan approval. This is helpful to watch if this is your 1st home that you are buying or if this is the 10th home you are buying. The loan industry has totally changed in the last couple of years and this video will help you avoid some of the headaches that go along with getting a bank to approve you for a loan. From time to time we have situations where people have to deal with unnecessary steps to get a loan approved. This video will help you avoid some of the additional questions and paperwork that can pop up from a seemingly harmless situation. For a complete list of items to avoid click here
Post a Comment : Author: Kristine Dugan, ABR, CRS, SFR
Five Ways to Prepare to Buy a Home
Posted on January 21, 2012
I found this blog and thought it gave some great tips on some awesome habits to create when preparing to buy your first home. Did you resolve that 2012 is the year you own your own home?
Making this type of purchase requires a lot of planning. Realtor® Robin Jones of Norfolk, NE gives some first steps on getting ready to be a homeowner: Today we're starting with what you'll need to do one year out to start getting ready. No surprises…it's all about credit.
1. Review your credit report. You can get free copies of your report from Equifax, Experian and TransUnion at AnnualCreditReport.com. It's important to get all three because some may show different things than others. Look carefully for errors. It's up to you to make sure they're removed. They affect your interest rate and your ability to get a home loan.
2. Check your credit score. Your credit score affects the rates and terms of your loan. Most mortgage lenders use FICO credit scores. Get yours at My FICO. Improve your credit score by paying all bills on time and paying down credit cards and revolving debt. Don't open or close any new accounts once you decide to buy a home.
3. Reduce debt. Get rid high balance credit cards, store charge cards, payday loans. Not only will these make it harder for you to get a home loan, they should also be a wake up call to get your spending under control.
4. Save! Change your spending habits. Cut out luxuries you don't need. Even a change jar can add up to hundreds of dollars in no time.
5. Switch to automatic bill pay on all your bills that offer that option. Late payments drastically drop your credit score so take advantage of automatic bill pay wherever you can.
Click here to read more blog posts by Robin Jones.
Post a Comment : Author: Kristine Dugan, ABR, CRS, SFR
Kristine Dugan earned “Top 5" Agent Award
Posted on January 18, 2012
At the end of last month I was included in the "Top 5" Award at my company, SMG Realty which has about 60 working real estate agents. This award is only given out to the Top 5 Highest Producing Real Estate Agents for the year. When I was provided the award, I was also provided a summary of all the homes I have sold. As I reviewed the list of properties, each address triggered the names and faces of those clients I have been able to help along with the faces of all the clients that introduced me to the people I helped in 2011. While other agents may boast in the glory of this award, I would rather like to humbly thank all of my clients for their support and help because without them, I would have not been able to help as many people in 2011 and receive SMG Realty's "Top 5" Award. So thank you for making 2011 my best year yet!!!
Other Top 5 Award winners were Pam Colgan, Marc Magliarditi, Stacey Jackson, Patty Morgan and Roosevelt Mompremier.
Post a Comment : Author: Kristine Dugan, ABR, CRS, SFR
Government Refinance Program HARP Changes to Help More Homeowners
Posted on November 24, 2011
Home Affordable Refinance Program (or HARP) was a complete disaster when it was first proposed a couple of years ago. Maybe that's a little too harsh - what I really mean is that the program was designed with a great intention, to help homeowners in need that want to continue living in their home but can't afford to at their current interest rate (mainly due to adjustable rate mortgages or the high interest rates that their loan was originally structured at); however the program wasn't realistic when the government made the guidelines for qualification. HARP was originally designed to help homeowners that owed between 80% and 105% of the value of their home. Soon the government realized that these ratios weren't very helpful since most homeowners were upside down on their homes. The program was soon modified to help homeowners that owed up to 125% of the value of their home. Yeah, the program was moving in the right direction but still wasn't helping many homeowners (especially in Las Vegas, Nevada where 85% of the Homeowners have owe double on their house than what it is worth).
The program has now been modified to help many more homeowners. Some of the new guidelines include:
- If you have a Fannie Mae or Freddie Mac loan, you will soon be able to refinance no matter how much you are upside down
- You will not be able to refinance through HARP if you have already used the program (which most haven't)
- You must be current on your mortgage for the past 12 months
I think these new guidelines are awesome! This should help many more homeowners and I would encourage anyone that falls within the guidelines to apply. To give you a little insight of how this could help you, if you got a mortgage for $300,000 at an 8% interest rate and were able to qualify for this program and refinance at 5%, that would save you $570 a month not to mention $207,000 over the lifetime of the loan! If you are interested in HARP, click here to review additional program guidelines.
To find out if Fannie Mae owns your loan, click here. To find out if Freddie Mac owns your loan, click here. If you have additional questions on HARP or other options regarding your home, feel free to contact me directly at 702-332-7781.
Post a Comment : Author: Kristine Dugan, ABR, CRS, SFR
More Blog Entries
Return to Website Home
Contributors
Recent Comments
Most Viewed Entries
Search
Subscribe to this Blog
