September Market Conditions

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.

August Market Conditions

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.

Short Sale Alphabet Soup

July 23rd, 2010 by Harvey Blankfeld

As a Realtor that takes pride in personal development, I find it important to continually get educated.  I have recently taken a number of very comprehensive courses related to Short Sales and I find my head spinning with all of the various acronyms and other abbreviations.

Consumers are hearing about HAMP, HAFA, FNMA(fannie mae), FDMC(freddie mac), REO, Prom Note, etc.  As Realtors we are given designations for taking these classes.  I am now a CSP, CSAA and PSC.  Now I take pride in the fact that I have taken the additional course work to garner these designations, but I don’t believe any agent that works in our business and takes pride in their work worries about a designation.  I wish to add that each class added to my knowledge and each class will help me and my clients as we continue to work through this economic mess.

One of the most important things I learned was that I have to continue to monitor the changes that are coming our way in the area of Short Sales.  We have seen short sales handled in so many different ways the last several years and the process is ever evolving.  I don’t believe we will ever find any specific method that can be used universally and that is a challenge.  But, that is truly the challenge with any Real Estate deal.  No two are alike.  

We face many challenges as Realtors, but none greater than our current market.  Values have dropped so much that Short Sales will be a major part of Real Estate for the next decade.  I will continue to add to my personal alphabet soup as long as it continues to allow me to serve my clients better.

July Market Conditions

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.

June Market Conditions

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.

A Contingent Sale

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.

Professionalism in Short Sales

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.

Open Letter to Buyers In Las Vegas!!!

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 

  1. Believe that there are multiple offers!
  2. Believe that you are not the only buyer paying cash.  Over 50% of the sales are cash.
  3. Make an offer TODAY if you like the house.  It will not be there tomorrow.
  4. Real estate agents only get paid if the deal closes.  They want to give you good advice to make something happen for you.
  5. 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!

Another Client Testimonial

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

A Client’s Testimonial

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