September 3rd, 2010 by Harvey Blankfeld
Inventory is increasing slightly. Prices remain stable. Short sales continue to dominate the market. We expect inventory to continue to grow as demand has decreased somewhat.
Tags: buyers, buying homes, downward market, inventory, las vegas, market, real estate, sellers, selling homes, short sales
Posted in Las Vegas Foreclosures, Las Vegas Home Sales, Las Vegas Short Sales | No Comments »
August 2nd, 2010 by Harvey Blankfeld
Inventory is slightly increasing. Activity is also slightly off since the tax credit incentive expired. Short Sales continue to dominate our market.
Tags: buyers, buying homes, downward market, inventory, las vegas, market, real estate, sellers, selling homes, short sales
Posted in Las Vegas Foreclosures, Las Vegas Home Sales, Las Vegas Short Sales | No Comments »
July 2nd, 2010 by Harvey Blankfeld
While pricing remains stable, inventories have grown since the removal of the federal tax credit. We are stil selling to those that were not eligible to those that were not eligible for the tax credit but the demand has decreased. Short sales are dominating our market. More buyers are willing to wait the extended periods it takes to close. Investors are still seeking great deals.
Tags: agents, banks, buyers, buying homes, las vegas, market, real estate, selling homes, short sales, trends
Posted in Las Vegas Home Sales | No Comments »
June 4th, 2010 by Harvey Blankfeld
While inventory remains tight and low, lenders and appraisers are keeping prices low as well. Activity is still strong. Inventory levels indicate a seller’s market but pricing continues to favor buyers.
Tags: buyers, buying homes, las vegas, lenders, market, real estate, sellers, selling homes, trends
Posted in Las Vegas Home Sales | No Comments »
April 8th, 2010 by Shelley Brown
The meaning of the word “contingent” with regard to a real estate sale has changed dramatically over the years. Originally, when I first started selling real estate the term “contingent” was used when the house was sold “contingent on the buyer selling his existing home”. These buyers could be “bumped” from the transaction by a buyer without a home to sell. There was usually a “first right of refusal” with a time period where the first buyer would either remove the contingency and make the earnest money non-refundable (only when they felt the sale of their existing home was a sure thing), or the transaction was canceled and the home was sold to the second buyer.
Next, the word “contingent” was used primarily because the sale was contingent upon the buyer completing something during their due diligence period such as an inspection or an appraisal. These buyers could not be bumped and a second buyer could write a back-up offer.
Now, the word “contingent” still applies to the case above but the primary use of the term is for a contingency on the part of the seller- short sale approval. Obviously, in this case, the second person interested in the property can do nothing about it unless the first buyer cancels because they have lost interest or don’t want to wait for the approval process.
Agents need to educate their buyers because the contingent properties still show as “available” in the MLS and on REALTOR.COM. This is very confusing to the general public. I recently had a buyer asked me “Why don’t you send me everything that meets my criteria. You are leaving out all the good properties!” After a detailed discussion, we discovered he was interested in “contingent properties” and thought he could step in front of those buyers because he has cash and no home to sell. This is not the case.
I could have lost a buyer because he thought I was only sending him certain properties and not the ones he liked the best. What “contingent” means in the current market needs to be one of the first discussions we have with our buyers. This is an important step in the education process and will alleviate headaches for all parties involved.
Tags: agents, buyers, buying homes, contingency, las vegas, market, real estate, short sales, trends
Posted in Las Vegas Home Sales | No Comments »
April 5th, 2010 by Shelley Brown
In real estate, we have come to rely on our computers and our cell phones to facilitate our business and respond quickly to our buyers and sellers. Sometimes, they let us down and we are lost!! Last week, an agent wanted to show one of my listings without a lockbox. It is in a highrise so we need gate clearance and access through the concierge to lead the agent to the right elevator. The agent called about 1 1/2 hours before she wanted in. My phone did NOT ring when she called. I got a voice mail message about 40 minutes after she called. I can’t tell you if it is my cell phone or my carrier. Once I got the message, I called the seller who said “sure”. I called the agent back and got her voice mail. I left a message that she could show the house at 1 PM, just like she requested.
At about 2 PM, I called again and she answered the phone. I asked her how the showing went and she said she did not show it and had dropped her clients off back at the hotel already. She said she never got my message. I assume she got it later- much, much later!!!!!
In the good old days, we made appointments the day before. We left messages at an office with a live receptionist who paged the message out. The person then called us back to confirm. Maybe it was easier then???????????????
I hope clients understand that sometimes we cannot respond as quickly as they would like. If we don’t call back, maybe we didn’t get the message. Let’s all try to call again and be forgiving when technology lets us down. By the way, my seller was very understanding. He raced around picking up his house and no one showed but it was ok….. he’s a nice guy!
Tags: agents, buyers, las vegas, real estate, sellers, selling homes
Posted in Las Vegas Home Sales | 1 Comment »
March 25th, 2010 by Shelley Brown
Years ago, when the world was in balance and real estate agents were in step with each other, an offer was written for a client and then presented to the seller. The offer was either accepted, rejected, or countered in a timely manner. Everyone knew what was going on and the clients viewed the agents as professional, responsive, and knowledgeable.
Now that banks control a large portion of our market, the agents have educated the buyers to know that it may be weeks for a reply or you may never hear at all! (The listing status may just be changed to “no longer available” in the computer). Why are we dealing with short sales in the same manner which is disrespectful to other agents and their clients?????
In a short sale, the seller of the property (NOT the bank with the mortgage!) signs the offer. Have we not prepared our sellers to be available to accept an offer?? The seller should be encouraged to sign an offer with a buyer that has these important qualifications:
1. Time to wait for the short sale to be approved.
2. Education that some of the costs they ask for may be turned down by the bank approving the short sale.
3. An “at list” offer- not a crazy bidding war offer. The bank with the short sale may ask for more so the buyer’s agent needs to prepare the buyers that they may have to increase their offer.
4. A professional agent that addresses the above items in the letter accompanying the offer.
5. An investor’s offer may not be the best offer because generally, they are making more than one offer.
6. Finally, EARNEST money with the offer and a willingness to place it in escrow!
Let’s answer (in a timely manner), the buyers that are willing to give us an offer that comes closest to meeting the criteria above! Let’s see some professionalism in real estate in cases where we have some control.
Tags: agents, banks, buyers, buying homes, downward market, las vegas, market, mortgage, negotiate, real estate, sellers, selling homes, short sales, trends
Posted in Las Vegas Short Sales | No Comments »
March 24th, 2010 by Shelley Brown
Hear ye, hear ye!! For all those buyers looking for property in this crazy market, believe the cold, hard facts!!!
FACTS
- Believe that there are multiple offers!
- Believe that you are not the only buyer paying cash. Over 50% of the sales are cash.
- Make an offer TODAY if you like the house. It will not be there tomorrow.
- Real estate agents only get paid if the deal closes. They want to give you good advice to make something happen for you.
- We care about selling you the right house at the right price. We want future business from you!!!
Only the buyers that hustle get a property in today’s Las Vegas real estate market. Don’t be left out in the cold!
Tags: buyers, buying homes, las vegas, market, real estate, trends
Posted in Las Vegas Home Sales, Uncategorized | No Comments »
February 17th, 2010 by Harvey Blankfeld
It is so rewarding when we receive letters from our past and current clients chronicling their experiences with our team. It is the reason we do what we do and we wanted to share the letter we most recently received.
Please click the following link : Client Testimonial
Tags: agents, buyers, buying homes, las vegas, market, real estate, realtors, sellers, selling homes
Posted in Las Vegas Home Sales | No Comments »
February 11th, 2010 by Harvey Blankfeld
February 3, 2010
Harvey Blankfeld
Brown, Blankfeld & Associates
7475 W. Sahara Ave., #100
Las Vegas, NV, 89117
Harvey, Christina & Administrative Staff:
I wanted to write this letter now that I have had some time to reflect on the sale of our property on Pine Leaf. I don’t think I had told you at the beginning of our effort to sell our home, that I believed that I did not need a Realtor to help me find a buyer and successfully negotiate a sale of the property. How wrong I was. I entered the listing with reluctance, not on your abilities, but with my over confidence in my own ability to sell a property that I thought would sell itself. I was like so many sellers that wanted to avoid what I thought was an unwanted cost.
I knew it was a difficult time to sell a home with so many bank owned properties on the market. Your presentation convinced me that without the professional support of a trained and experience Realtor, that my chances in selling this property would be slim. Your detailed market analysis and step approach is what really convinced me that I had to have a professional team if I wanted to be successful. The first mistake I would have made would have been in establishing a realistic selling price. The second would have been the lack of exposure of the property to the market. I believed that its location and great curb appeal would be sufficient to find a ready and qualified buyer and I did not need the expansive exposure of the MLS and individual marketing that you provided.
It was your sensitivity and market awareness that allowed the selling price to be set at a level that brought multiple offers within a very short period of time.
The real strength of your team approach was in the process of the sale once we had received the several offers. There were so many pitfalls during this period that I know I would not have been able to complete the sale on my own. Your experience in overcoming objections on both sides of the transaction made the cost of the sale worth every penny. There was a period that I thought the sale would never be closed; your persuasive and positive approach with working with the buyer’s agent made the sale a reality. Key to the entire transaction was the communication that flowed on a daily basis. I never wondered how the process was proceeding; I received timely updates and suggestions that made the decisions easy and effective. The little extras that you and your staff performed were the “icing on the cake”.
Thank you for a job well done. I would not hesitate to recommend you and your Team to any potential buyer or seller.
Richard Yeakel
Tags: agents, buyers, buying homes, ethics, las vegas, market, real estate, realtors, sellers, selling homes
Posted in Las Vegas Home Sales | No Comments »
