Las Vegas has been named one of five “mega-politan” areas. These places are considered newly recognized super regions that combine two or more metropolitan areas into a single economic, social, and urban system.

Many experts predict that Las Vegas will continue to grow but will have to come up with solutions for water resources, education and infrastructure.  Las Vegas is already experiencing a construction boom on the Las Vegas Strip.  There are numerous projects under construction but none come close to the massive project on the south end of the Las Vegas Strip called City Center.  Project City Center is a project that consists of condos, hotels, casinos and retail district sitting within a 76 acre area.  You can easily say that Project City Center is a city within a city!

Even though home prices are still dropping in the Las Vegas Valley, you can rest assured that home prices will begin to stabilize very soon.  The reason I say that is because many foreclosures that are placed on the market for sale are receiving multiple offers.  When homes receive multiple offers, it usually means the property is priced below market value.  You can see why Las Vegas real estate is a great investment!

Las Vegas is poised for a strong come back in the years to come!  If you are looking to buy your first home or an investment property, you can’t go wrong with choosing a home in Las Vegas!

We have been seeing a trend of foreign nationals investing in the Las Vegas Real Estate Market.  With the dollar at an all time low, foreclosures at an all time highand Las Vegas Real Estate prices at levels we haven’t seen since 2003-2004, foreign nationals are finding great investment opportunities in Las Vegas.  The majority of the foreign nationals that we have been working with of late are from Canada.

I was speaking with a Canadian client the other day and it appears that there is alot of media coverage in Canada about the which real estate markets are ripe for investing in the United States and Las Vegas is at the top of the list.

According to Dan Green with “The Mortgage Report,”

Foreign national mortgages are still available in the United States

Downpayment requirements are low — 10 or 20 percent, depending

Interest rates are reasonable and are not “monthly adjusting”

There’s no forbidden property types — condo, condotels, and multi-units are all okay

Even though Dan Green has stated that there are some programs that require as little as 10% down, I haven’t seen or heard of these programs.  The best I have found for any of my clients was 25% down.  But with lender guidelines changing almost daily, I would recommend that you speak with a local Las Vegas Loan Officer like Mark Madsen.

If you are thinking of investing in Las Vegas Real Estate, take advantage of the home prices while you can as we all know, home prices will eventually rise!  You can begin your search for homes for sale in Las Vegas by clicking on the link below:

Las Vegas Homes for Sale

Las Vegas Home prices have dropped throughout 2008 and the trend could continue through the fall and winter.  As more and more foreclosures hit the market, banks will continue to offer these homes at prices below market value in an effort to get them off of their books.  So with that in mind, you have to determine if it’s the right time for you to sell your Las Vegas Home.

If you determine the time is right to sell because of divorce, loss of job, job relocation or any other reason, it’s important to understand the Las Vegas Real Estate Market.  Unless you purchased your home before 2003 or put a substantial amount down, it’s unlikely your home has any equity and is most likely worth less than you owe.  This means, you have two options:

1. You can pay the difference that you owe at close of escrow
2. You can attempt to sell your home as a short sale

You have the option of selling your home and paying the difference at close of escrow but that amount could be substantial!  Not only do you have to factor in the difference between the offer amount and what you owe but also have to include real estate commissions, closing costs and taxes.

Selling your home as a short sale is not guaranteed!  A short sale is when your lender agrees to accept an offer for the purchase of your home at a price less than what is currently owed.  A short sale usually requires some type of hardship like divorce, loss of job or job transfer.  A short sale package has to be completed and submitted to your lender for approval and this can take anywhere from 3 weeks to 16 weeks!  Having an experienced Las Vegas Real Estate Agent that specializes in Las Vegas Short Sales is a must if you decide to sell your home as a short sale.

If you can afford to hold off on selling your Las Vegas Home in this market, I highly recommend it!  The Las Vegas Rental Market is doing very well and you have a greater chance of renting your home than selling.  Having an experienced Las Vegas Property Management firm representing you is important.  With so many homeowners losing their home to foreclosure, they are being forced into the rental market.  Completing a credit check is very important to determine the potential credit risk of your tenants.

Obviously your situation will play a key decision on whether you can afford to rent your Las Vegas Home instead of selling it in this real estate market.  Feel free to contact us at 702.376.0088 to discuss your situation or visit us on our website at www.SenaSellsVegas.com.

Home sales in Las Vegas increased for the seventh straight month to 2,592 in July, the most since September 2005, and inventory remained stable at 23,423 units, the Greater Las Vegas Association of Realtors reported Thursday.  This is great news for the Las Vegas Real Estate Market.  With all the negative publicity Las Vegas has been receiving over the last few weeks with the temporary shut down of Echelon, Project City Center financing issues and layoffs at Trump, it was much needed good news.

With President Bush passing the Federal Housing Bill, the Las Vegas Real Estate Market should continue  to do well and inventory should gradually decline.

Will the new federal housing bill help the Las Vegas Real Estate Market?  Without a doubt!  The federal housing bill should stop future foreclosures, stabilize home prices, encourage a wave of more home buyers and reduce the housing inventory.

The federal housing bill will allow distressed homeowners who might be facing an eminent foreclosure to refinance out of their existing mortgage and into more attractive terms.  According to the bill, financially distressed homeowners have the opportunity to reduce their mortgages to 90 percent of their home’s current appraised value. The newly created mortgage will be a 30-year fixed FHA loan at the prevailing interest rate.  In exchange for refinancing, the homeowner agrees to share a substantial portion of any future appreciation with the original lender and the FHA.

So this gives a homeowner two choices.  They could either go through with foreclosure and destroy their credit or refinance their home at 90% of the appraised value and share any future appreciation with the original lender and the FHA.  I think this is an easy choice, don’t you?

The Federal Housing Bill will reduce the amount of future foreclosures on the market, which is significant.  This means the current housing inventory will decrease at a quicker rate and home prices should stabilize because of the decline in inventory.  We have had 6 straight months of increased home sales and it has been making a small dent in the standing inventory because of the increase in foreclosures.  So with foreclosures decreasing because of the new bill, we should see a decrease in the inventory over the next 8 to 10 months.  With the decrease in inventory comes with the stabilization of home prices.  Home prices should start to level out over the same period.

I think this bill was exactly what we needed to help the Las Vegas Real Estate Market which will ultimately have a positive effect on the Las Vegas Economy.

Home prices in Las Vegas dropped 29.5 perecent in May compared to a year ago.  This decline can be attributed to the abundant amount of foreclosures that are flooding the Las Vegas Real Estate Market.  Banks and Lenders are lowering prices to move these homes which is affecting home values all across the Las Vegas Valley.

First time home buyers, investors and those looking to buy 2nd homes are finding incredible opportunities.   A friend of mine is looking to rent a home and they forwarded me a property that was for rent and asked me to find out when it was purchased.  After doing a little research, this 3000 square foot house sold in December 2006 for $610K and just recently sold in May 2008 for $300K.  Talk about a great deal!  This one story, 3 car garage, 3000 square foot house sold for almost 50 percent less in less than 2 years. 

What this means for buyers:

1. Excellent opportunity to find an affordable home.
2. More home for their money.
3. Banks/Lenders are paying your closing costs.
4. Interest Rates are still at all time lows.

Sellers are not in a very good situation right now and should avoid selling if they can and attempt to wait until home prices in the Las Vegas Valley begin to rise.  The rental market is doing very well right now and sellers should look at renting their home as a viable option before selling.  If you cannot wait and have some type of hardship, (divorce, loss of job, pay cut, etc…) you could always look into selling your Las Vegas home as a short sale.

What this means for sellers:

1. Banks/Lenders are driving down the values in neighborhoods.
2. Probably will owe more than the home is worth.
3. Hold off on selling if you can afford to wait for home prices to rebound.

If you are looking to buy or sell in Las Vegas, don’t hesitate to contact Sena & Associates for all your Las Vegas Real Estate needs at 702.376.0088 or visit us on our website at www.SenaSellsVegas.com!