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Archive for November, 2009

Astounding Statistic from Las Vegas

J. Andrew English J. Andrew English
Wednesday, November 18th, 2009

There are currently over 11,000 contingent properties in the Las Vegas MLS at this very moment. That is absolutely incredible when you take into consideration that this time last year, that # was closer to 3,000.  Why is the # so high? Simple, the majority of these contingent sales are all short sales waiting on bank approval.

Let’s put this # into context:

  • Active properties in Las Vegas/Henderson Right this moment – Just over 11k
  • Contingent properties in Las Vegas/Henderson Right this moment- About 11k
  • Pending properties in Las Vegas/Henderson Right this moment – About 3500

14,500/25500 is your ratio = about 57%

This # at its lowest about 15 months ago was 8%

That’s one heck of an increase in a short amount of time.

Let’s not kid ourselves. Many of these contingent short sales will never close and end up going to back to the bank and becoming REO’s. However, in order for the market to progress, short sales and REO’s have got to start moving. This movement is what starts the push towards stability. Today’s #’s are extremely encouraging.

NTREIS increasing their photo limit in TX

J. Andrew English J. Andrew English
Thursday, November 12th, 2009

NTREIS MLS has announced they will now accept up to 25 photos for each listing. This is up from the previous #of 10. NTREIS is one of the larger MLS’s in the United States, covering a large portion of North Texas, including the DFW area.

Idaho down payment assistance available until Jan. 1, 2010

Donald L. Plunkett, Jr. Donald L. Plunkett, Jr.
Monday, November 9th, 2009

If your home might appeal to a lower income buyer, you need to research the non-profit IdaMortgage program and mention it to buyers.  The program can grant buyers up to $20,000 towards a down payment, meaning more people will be able to afford your home.  The maximum income for a 4 person family is $50,000 per year.  The website says it is for “first time homebuyer with exceptions. Exceptions displaced homemakers or single parents with custody of children.”

With the historical metric of people being able to afford a house equal to no more than 3 times annual income, sellers with houses worth $150,000 and below are most likely to benefit from the boost in buyers.

More details are available at the Idaho Housing and Finance Association website.

North Carolina is becoming Real Estate Consumer Friendly

J. Andrew English J. Andrew English
Tuesday, November 3rd, 2009

6 MLS’s in North Carolina have joined forces to help share property information to more agents and consumers. Members of any of the 6 participating MLS’s will be able to display data from all 6 MLS’s on their broker or agent web site. This will garner more exposure for properties within these 6 MLS territories. This may also stir up even more competition amongst agents in these 6 markets. Certainly a “win win” situation for Carolina Sellers. The participating markets are:

Brunswick County Association of Realtors, Carolina Multiple Listing Services Inc., North Carolina Mountains MLS, Triad MLS Inc., Triangle MLS Inc., and Wilmington Association of Realtors.