Tip:
Highlight text to annotate it
X
>>DALE: Good afternoon. Today's topic of discussion is going to be the investor November 2013
market update for the real estate market here in Las Vegas.
I'm Dale Snyder with The Snyder Group, team driven real estate at Keller Williams Realty.
[Music]
Alright, so as we come to the Holiday Season there's going to be some shifting and changing
so I wanted to start with that topic. So let's start by looking at this, this sheet here.
This is the distressed property info.
So you'll see here that there's a large spike in the Notice of Defaults in September, October,
as well. Notice of Defaults are on the rise. And what that means is that there's going
to be some opportunity for investors. If you look below that, the Notice of Trustee sale,
look how many of these properties are going back to the bank.
So that means there's going to be more bank-owned or REO properties coming into the future.
Alright, so, you know, most importantly there's a moratorium on foreclosures during the holiday
season. So the bulk of these are going to be coming online or becoming available to
you as the investor in the spring.
So, you know, there is a window of opportunity yet. So as many of you know, there's been
legislation changes that really slowed down the foreclosure process in Nevada. Making
us pretty much like our own little country within the United States. The bulk of the
countries are already burned through most of this distressed inventory whereas Nevada's
lagging about a year behind.
Prices have come up drastically but that doesn't mean there's still not a lot of opportunity
for you. You know, we're about 20% under the Case Shiller value on where prices should
be in the Las Vegas market. So, still a lot of opportunity.
So let me move to a quick pulse on to what we have for current inventory levels. And
before I get into that I want to let you know, at the end of this video, in the description
there's going to be a link for you to view the top buys in the investor price range for
the Green Valley area, the Southwest, the Summerlin area, the Northwest, and the Aliante
area.
So you make sure you click on those links and view those properties. If you have any
questions to reach out to us. We'd love to answer any of those questions.
So what I've got for data is just the Summerlin, Lakes, Peccole Ranch areas, is what I pulled.
So there are currently, in the $175,000 price range and under, 25 homes on the market, single-family,
105 are in contract, and 82 have sold in the last 90 days, which is an average of about
27 per month.
So if you look at that average, that's a one month supply of inventory. And any of you
that really know the market, I guess any selling, any product, it's always the supply and demand,
right? So when we have a super low supply and the demand is up, I mean obviously, prices
are going to go up as well.
So there are some opportunities, but out of these 105 in contract the ones that were the
deals probably had 20 cash offers on them within the day they hit the market. So of
the 25 that are currently available maybe 1 or 2 of them are true valuable deals and
they already have multiple offers, probably in negotiations at this moment.
So this is the common theme around the valley, about one month's supply by the way. So you
got to be on it and ready to move on these properties.
So what we have for you, our valued clients, is we have built a custom site where we have
a feed straight from the MLS where you can search for these properties. So if you go
to Dalesnyder.net/propertysearch and just simply sign in, obviously I'll get an email
notification that you're signing in so you might get a call from me or one of my team
members. But use that as your free resource to keep a pulse on things.
Because if you've been using Zillow, Trulia, Realtor.com some of these other sites to show
all these homes that are in contract, as I've just explained, 105 are in contract. Only
25 are available. So when you use our sight, you're going to have access to only the ones
that are on the market.
So then, you can simply shoot me an email straight through that site if you have interest
in anyone of them or want more info. So use it as a free resource. It's very cool, you
know, we're very excited to share it with you.
So in summary, there's still some opportunity, the window's narrowing. As you savvy investors
know, there's always a window of opportunity no matter what's going on in the market. But
as far as distressed, that window is definitely narrowing.
So if you like the video make sure to "Like" it, "Share" it, comment if there's something
more you'd like to hear about that I didn't touch on. This is Dale Snyder with The Snyder
Group team driven real estate at Keller Williams Realty here in Las Vegas Nevada.
Have an awesome day.