Las Vegas home sales continue to climb

Despite today’s challenging economy, Las Vegas home sales continue to climb. In March alone, Las Vegas saw its highest number of home closings in 17 months, at 5,114. This number rose 7.6 percent from the same time last year. The first quarter of 2011 showed a final number of 12,515 closings on existing homes with March’s numbers just shy of beating out the last high of 5,160 from October 2009.

The median price of homes continues to fall and is now at a staggering $108,000, the lowest it has ever been for Las Vegas since 1991. Bank owned homes continue to hit the market ultimately keeping home values lower than ever with fewer homes seeing appreciation in value. Equity title reports that in the month of March alone there were 3,686 notices of default filed, 4,647 notice of trustee sales and 2,119 foreclosures.

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Custom Home in Prestigous Rancho Nevada Estates!

This new listing is a beautiful custom home located in the heart of Historic Las Vegas! This single story home sits in a great cul-de-sac lot on a quiet tree lined street and features an open floor plan with formal living room and raised formal dining room accented by hard wood floors. This custom also features gas fireplaces a big kitchen and custom cabinets. The guest house features a separate kitchen wood burning fireplace and independent A/C unit combined with an outdoor oasis with pool and spa make this a must see. Property also includes an observation deck which overlooks the property and the Springs Preserve Park and Trails.

FUN FACT: Former home of the famed Jackson Family!

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Preparing your home

Getting your home ready for sale can be a crucial element in what makes or possibly even breaks a successful property listing. A house that "sparkles" on the surface will most definitely sell faster than its shabby neighbor, even though both are structurally well-maintained. From experience, The Tom Love Group knows that a well-polished home appeals to more buyers and will sell faster and for a higher price.

In today's challenging market, every little bit helps and a well-kept property will not only appeal to more buyers, but make your listing more marketable, in essence, allowing us to showcase your home. Buyers ultimately feel more comfortable in making purchasing decisions as seeing something well kept on the outside, usually means that what is not visible to the naked eye has been maintained as well.

A few things to consider in readying your house for sale:

• The amount of money you should spend
• Exterior and curb appeal
• Interior preparations

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Featured Property

2540 Red Arrow Drive

Almost 11,000 square feet of luxurious living on a double golf course lot in Red Rock Country Club! Features 6 bedrooms, 8 baths and an 8 car climate controlled garage, large enough for a 45 foot RV, boat or motorcycles. No detail overlooked in this fabulous home with extensive use of beautiful granite and marble throughout. Dramatic entry leads to gorgeous formal dining and spacious family rooms. Gourmet kitchen with custom cabinets, granite counters, Wolf & Sub Zero appliances, warming drawer, two refrigerated drawers, large island and walk-in pantry. Gorgeous master suite with sitting room, 2-way fireplace, cover lighting and fabulous views of the golf course, Strip and mountains. Master bath adorned with crystal chandelier, Jacuzzi, steam shower his/her vanities, separate make-up vanity, separate water closets and his/her walk-in closets with custom built-ins. Additional features include wine cellar, elevator, game room with fireplace, wet bar, surround sound system, custom built-ins and French doors leading out to pool. Backyard oasis with enormous covered patio, sparkling 6-1/2 foot deep pool complete with waterfall, slide, swim-up barm rock formations and spa, surround sound system and separate covered built-in BBQ with seating area.

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Las Vegas home values plummeting

Lourdes Jatico



In a recent article published by the Las Vegas review Journal's Hubble Smith, Las Vegas in addition to several other metropolitan cities in the United States continue to see its home values prices plummet. According to Standard & Poor's/Case-Shiller 20-city index, the housing index fell for the sixth straight month and levels are currently below January 2000.

Oddly enough, the only housing market in which prices raised was Washington, D.C., where home prices gained 0.1 percent in value monthly. Since the subprime mortgage crisis in 2006 and 2007, Las Vegas has led the nation in widespread foreclosure. Currently, home prices are down 60 percent from their peak with no end in the near forecast.

According to Smith, the median price of a new-home is currently $188,900, falling 9.2 percent from a year ago, its lowest since 2002.

With no relief in sight and home values continually plummeting, Las Vegas is seeing a multitude of reaction in the market. Homes are becoming harder to sell; however despite the challenging market, homes are continuing to sell. Las Vegas has been privy to cash buying investors seeking the best deal possible. Many seem to feel that the key to selling a property is in finding the ideal realtor. One who can be honest with the homeowner and understands the local market and what is going on in the surrounding area.

Smith also reports that the Government's role in the housing crisis in under heavy scrutiny. Smith goes on to say that as long as the government continues to handle the foreclosure crisis in the manner it has, the demand won't meet what is required in order to stop prices from plummeting. Several economists have voiced their concerns that the best way to recoup from the current condition is to reform to old housing mortgage standards where homeowners were forced to put cash down payments of 20%. With Freddie Mac and Fannie Mae in federal conservatorship, mortgage servicers are out of options when it comes to offering struggling homeowners, said Leonard Tekaat, a retired analyst.

"Prices will continue to move downward probably for the rest of the year," said David Semmans, a U.S. economist at Standard Chartered Bank in New York. "The won't turn around until you have consumers feel that housing is genuinely cheap and until they feel a lot more secure in their labor-market position."

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