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Archive for the ‘Nevada Real Estate’ Category

What to expect in 2020

J. Andrew English J. Andrew English
Tuesday, December 17th, 2019

For most of the states that we cover, 2019 posted strong #’s for sellers. Areas like Phoenix and Southern California continued to see appreciation and shorter days on market. Markets like Dallas cooled after record setting appreciation in 2017 and 2018 but still showed gains in 2019. What should sellers expect in 2020? Inventory #’s are still low in many markets. Las Vegas for example is dipping below 3 months of available inventory on the market at the present moment. This is a strong sign that Las Vegas will once again be a strong seller’s market in 2020. Phoenix should follow a similar path. Inventory #’s are still well below a balanced market in the Phx area. What about markets like Seattle and Boise? Seattle and Boise saw incredible appreciation in 2017 and 2018 but still posted moderate gains in 2019. There are no signs pointing towards a dramatic change from 2019 to 2020 in both of these markets.

Using Vegas as an example and using Data from the Greater Las Vegas Association of Realtors. Available inventory in Las Vegas stands right between 2.7 and 2.8 months. Compare this to this time last year of 3.4 months of available inventory. What is a healthy balance in Las Vegas? Typically about 6 months of inventory produces a stable market. What does that mean for sellers in Las Vegas? Most likely shortened days on market and continued appreciation at the start of 2020.

Las Vegas Sold Data from Congress Realty

J. Andrew English J. Andrew English
Thursday, September 13th, 2018

I have noted in previous articles that various MLS’s track sold data. I am a HUGE fan of this because it allows agents to provide factual data to the public regarding who sold what home. Gone are the days of agents being able to claim they are a “top agent” without actual proof. Years ago, full fee Realtors(R) would try and acquire listings by using fear tactics during a listing presentation with a seller. For example, they might say something like, “No agent will show listings from Company XYZ”… etc… With MLS’s closely tracking sold data in today’s market, homeowners can verify which agents are actually getting results.

Is it a perfect system? The one big flaw involves Real Estate Teams. A Real Estate team is a group of Realtors working under 1 team name or 1 team leader. This can skew the data when looking at agent productivity results. For example, let’s say the “John Smith Team” has 8 agents and all of the agents report listings they sell under the John Smith Team ID. This will cause the John Smith Team to display the work of 8 agents under 1 name. Thus, giving them an unfair advantage when comparing the sold data of 1 agent versus another.

So what is happening in Las Vegas and where does Congress Realty rank?

Quite frankly, the results are astounding. There are over 10,000 agents in Las Vegas and according the GLVAR, through Sept 12th, 2018, we rank #18 in total sold data for the year of 2018. Of the 17 agents in front of us, over HALF are teams and not individuals. In addition, a few others “ahead” of us are simply BANK REO vendors. If you just look at individual agents selling non foreclosure properties, we rank in the top 5 of Real Estate Agents in sold data in the Las Vegas and Henderson area. It’s a fact. The data published by the GLVAR documents this.

So what does the term “sold data” really mean?  Sold data means how many properties did you sell and what was the total dollar amount of the properties you sold.

If you are in Las Vegas and you’d like the list produced by the GLVAR, reach out to us and we can send you a PDF file of the top 100 agents in Las Vegas by sold data.

Needless to say, I am super excited about the results. I lived in the Las Vegas area for years and still spend a lot of time in the area. It’s one of my personal favorite locations.

We finish highly ranked in other markets as well. This includes in the top 100 in DFW. (where over 30,000 agents are present) We have finished #1 not only in Phoenix but also the entire state of Arizona.

How Buyers are Dealing with a Hot Market

J. Andrew English J. Andrew English
Tuesday, May 22nd, 2018

I’m going to write specifically about a trend I have seen in the Las Vegas market over the last 30-45 days, however, the same could be applied in other markets. I’ll start with a specific example from this past weekend. An agent submitted 3 offers to our firm on 3 different Las Vegas properties. All 3 offers had the same buyer name. Coincidence or was something fishy? To be fair, we have a lot of properties in the Las Vegas area listed under our firm, thus, having an agent submit more than 1 offer on our listings in 1 weekend isn’t all that noteworthy. However, 3 offers with the same buyer set off a red flag. So what was going on? Simple, the buyer had submitted many offers over the weekend. The buyer was waiting to see what got accepted and what was rejected. Based upon the offers that were accepted, the buyer was then going to choose to purchase the 1 home they wanted the most out of the accepted group. So how is this possible or even legal? The due diligence time period on the GLVAR gives the buyer typically 10 days to cancel the deal at no penalty. Thus, the buyer could cancel any accepted offer as long as they did so in accordance with the due diligence time period.

So now that we know the buyer isn’t violating any real law by doing so… how do I avoid this if I am a seller? There is not a perfect system to avoid this. However, there are clues to look for. The #1 clue is if the buyer made an offer site unseen. This means the buyer wrote an offer and they have never seen the property themselves. Secondly, many of these buyer’s either have 1031 exchanges or substantial down payments. (or both) The best course of action is that if you suspect the buyer has multiple offers out, just ask the the buyer’s agent. 99 times out of a 100, they will tell you.

So what is the real risk in this if you are a seller? The problem I see is that this particular type of buyer is always looking for the best deal available up until the last second. Thus, even if the escrow is opened, the buyer will keep their eyes peeled for other properties. If they find something else they like, they will look for a way out of your deal.

Hot markets are wonderful for a seller. Don’t get me wrong. However, use common sense and keep a lookout for a deal that seems too good to be true. IE.. a full price offer from a buyer who neither the buyer or his/her agent has ever seen the property.


Exciting News on Sold Data – Congress Realty

J. Andrew English J. Andrew English
Friday, January 12th, 2018

The final 2017 #’s are in from the Greater Las Vegas Association of Realtors. We are proud to announce that Congress Realty has finished in the top 25 of all Agents in Las Vegas for # of listings sold as a listing agent. What does this mean exactly? It means that out of over 10,000 Las Vegas Agents who listed properties in 2017, We finished near the very top when it  comes to sold production.

It’s important to consider the following:

These #’s include all Las Vegas Agents… including all Full Service Realtors.

These #’s are not based upon what was listed for sale. They are based upon what was listed for sale that actually SOLD!

No other discount real estate company finished in the top 100. When we say we sell more Real Estate than almost all other discount competitors… the #’s back it up.

Needless to say, we are super excited to place near the VERY top in another market we service.


Congress Realty Listings on Television

J. Andrew English J. Andrew English
Thursday, September 19th, 2013

Realtor.com has acquired their own channel through Cox Communications and will be featuring various properties over the course of the upcoming weeks. Congress Realty properties have been selected to appear and will appear on channel 2616.

How can I get my property on the Realtor.com TV channel? Realtor.com does select various properties on their own and features these properties at no cost. Realtor.com has just selected two of our Vegas listings to appear and they will run through Sept 22nd on the Realtor.com channel at no cost to these homeowners.

If I am not selected by Realtor.com, can I still get my property on the Realtor.com channel? Yes, you can. We are working with Realtor.com to determine exactly what the cost will be, however, they are going to sell this feature to individual listings. The ads will run for one month on the Realtor.com channel.


Update in Las Vegas

J. Andrew English J. Andrew English
Wednesday, December 8th, 2010

This trend has been developing for a few weeks now, thus, I wanted to break down the #’s in Las Vegas as they have been reported for today.

As of early afternoon, the Las Vegas MLS is reporting the following:

34 new listings
29 contingent listings
20 pending listings

What this actually means:
Of the 29 properties marked contingent today, approximately 25 were either short sales or pre REO properties. As a result, we can reasonably assume all 29 will not close escrow. Typically about 35%-50% of short sales and pre REO’s actually close escrow once they go under contract. On the flip side, of the 20 pending properties, it is likely that 70%-80# of these properties will close escrow. Properties marked pending are typically resales and do not include short sales or other distressed related sales.

Why this is positive:
Anytime pending and contingent properties out number new active properties on the market, that is a positive trend for sellers. The end results needs to be closed sales. The ultimate goal is for closed sales each day to exceed the number of new active properties listed that  same day. Las Vegas certainly hasn’t reached that point… but they are beginning to trend in the right direction.

Las Vegas Monorail Company considering filing for Chapter 11

J. Andrew English J. Andrew English
Friday, December 18th, 2009

The goal of filing for chapter 11 bankruptcy is ultimately an attempt to restructure debt. In the end, this will allow the Las Vegas monorail system to expand to the airport and other resort properties.

Why do they need to re-structure? Simple, the company hasn’t earned enough money to pay off the $650 million in construction and start up cost.

Initially, it was estimated that 20 million passengers a year would fork over $2.50 to utilize the monorail.  Instead, the 20 million estimate turned out to be grossly inflated, resulting in revenue not reaching targets.

3 options are now available: Negotiate a new agreement w/out filing for Chapter 11, negotiate a new agreement that does inluding filing for chapter 11,  or finally… just file for chapter 11 w/out a new agreement in place.

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.

Nevada Good Funds Law Effective October 1, 2009

J. Andrew English J. Andrew English
Thursday, September 24th, 2009

Effective October 1, 2009, the State of Nevada has enacted a “Good Funds” law. The law states that for escrow to close the buyer’s closing funds must clear the bank. The buyer brings in a cashier’s check for down payment and closing costs. The check must be deposited with the title/escrow company’s bank prior to record/close. If this cashier’s check is drawn from a local bank, this clearance can take up to two business days and therefore could delay closing and recording. If the buyer brings in an out-of-state cashier’s check, the title/escrow company could have to wait up to 10 business days to verify the check has cleared.

Source:  Equity Title of Nevada

Las Vegas Listing information

J. Andrew English J. Andrew English
Friday, March 20th, 2009

The Las Vegas multiple listing service is operated by the GLVAR. The Las Vegas MLS does a very good job of policing statuses within their system. What this means is the MLS ensures that properties that have sold are marked sold in a timely manner, properties that show active in the MLS must really be active, etc.. (for example, a pending property can not show active) What this does is help agents and sellers price their property with the most possible accurate data. (and saves agents time by not showing properties that are not available)

The Vegas MLS is one of the few MLS’s left that still allow for gate codes and mechanical lockbox codes to be placed within the system. Sellers in gated communities and with mechanical boxes should strongly consider taking advantage of this. This allows an agent to go right to the property and not have to make an appt to acquire the gate code, etc.. anytime a seller can eliminate potential barriers to a showing, that’s a good thing. The Vegas MLS also has very clear showing instructions that sellers should utilize to their advantage.

Vegas Showing Codes and Definitions:

KeyAny – On E box and vacant
KeyCall – On E box or M box – call before showing to confirm
ApptOwn – No box – must call owner to make appt
ApptTen- No box – must call tenant to make appt

By utilizing all of the various nuances of the Vegas MLS, sellers can actually increase the #of showings on their homes.