How long can I stay in my home?

May 2nd, 2012 by Harvey Blankfeld

I’m often asked this question when listing a client’s home as a short sale.  With all of the changes taking place in the short sale market, it’s difficult to have a set answer.  The answer these days is less time than it was even a a few months ago.

The bank that holds the mortgage wants the seller to stay in the home right up until close of escrow.  Once we list a home, we should be able to put it into escrow within a month or two.  Then the process of getting the short sale approved begins.  This can take around 3-4 months.  Once approved, close of escrow is usually within 45 days.  That means most short ssale seller’s can stay in their home for at least 4-5 months from the time they list their home here in Southern Nevada.  No two deals are alike and it could be as little as 2 months  or as much as 14 months.

If you are worried about where you will land once you sell your short sale here in Las Vegas, don’t worry too much.  There are plenty of landlords that are happy to lease homes to recent short sale sellers.

Las Vegas Real Estate Market Update April 2012

April 13th, 2012 by Harvey Blankfeld

Have you ever heard the saying “If you don’t like the weather, wait a minute.”

Well, that applies to our real estate market too. The most recent development surrounds our current inventory. As of this moment we have 5,474 single family homes available in our entire multiple list. We have 13,113 single family homes in escrow. We have closed 3,195 homes in the last 30 days.

That means we have about 45 days worth of inventory available. One of the basic premises of economics is that when an inventory of available product is low and the demand is high, prices go up. That’s not happening though. There are three reasons that pricing has not reacted to the inventory. First, the low inventory is partially a result of the lack of bank foreclosures over the last 5 months. The banks will eventually start bringing homes back to market. I do want to caution buyers however, there aren’t as many out there as you think. It’s likely that once the banks fire up their machines again the output will be the same or even less than it was last year. That’s because the banks are liking short sales. The second reason for prices not moving is the appraisals. You have heard me whine about this before, but it’s still happening. Appraisers just find it easy to bring homes in low and there is no way we can get them to allow prices to start moving in the right direction. The third reason, is that buyers are still cautious. There is a real sense that we may see another downturn in pricing as a result of either interest rates going up, or demand drying up.

All of these reasons have some validity. There will come a day, in the not too distant future when prices will start to rise. That’s when the buyers will all want to buy.  Some of the wealthiest people in our country made their money in Real Estate markets just like this!  Pay attention buyers.  You will be wondering in 5 years why you didn’t buy now.

Brown Blankfeld Group Rocks Prudential Americana General Sales Event

February 28th, 2012 by Sara Longhurst

 Today, the Brown Blankfeld Group was honored at the Prudential Americana Group, REALTORS® General Sales Event held at Aria in City Center for our outstanding accomplishments in 2011.

Check out the press release here by clicking here!

Shelley, Harvey and the entire team would like to express our heartfelt appreciation to all our clients and vendors who helped make 2011 such an outstanding year. We look forward to working with each and every one of you to make 2012 even better!

Will The New Legislation Put A Freeze on Foreclosures?

December 8th, 2011 by Harvey Blankfeld

We have all heard the doom and gloom being espoused about AB284.  The legislation in general terms increases the responsibilities of the foreclosing entities.  It asks them to provide a sworn affidavit and other elements with the intention of preventing incorrect and illegal foreclosures.  The banks pushed back hard against this bill, but to no avail.

They have since been resistant and perhaps even defiant in wanting to proceed with foreclosures.  That is the concern.  Will the banks allow these additional requirements to impede their ability to get homes to market?  While they may not be pleased with the process and it will cost them more time and money, I think they will get their procedures in order and eventually we will see the market stay on its course.

That means that while we are in the holiday season and approaching a new year, the number of foreclosures will remain low, but they will pick up in the first or second quarter of next year and the inventory will continue to remain at the levels we have seen in the last 30 months.

The impact on homeowners desiring desire to short sale their homes is still unclear, but the banks have all concluded that short sales are far more favorable than Foreclosure and this legislation will certainly not change that opinion.

What Should I Do With A Low Offer On My Short Sale Listing?

November 21st, 2011 by Harvey Blankfeld

Short sales are unique in a lot of ways. One way they aren’t unique here in Las Vegas is that the bank holding the lien will want fair market value for the home. The lien holder will recognize that they need to offer some discount for the inconvenience, but that discount is usually in the form of buyer closing costs or a couple of percentage points off the fair market value.

When we receive a low offer on our listings, we will counter back to a price that we deem a good value to the buyer and reasonable to the lien holder.  We also counter out the costs that we know the lien holder will not allow and we counter with information to the buyer and buyer’s agent that enables us to know that the buyer fully understands the nature of short sales.  Sometimes the buyer decides to reject our counter.  That’s OK because it’s likely that buyer wasn’t going to be patient enough to endure the process.  We would rather leave the home on the market to attract another buyer that will endure and help us to close the escrow.  If the buyer agrees to our counter offer, then we know we have a quality buyer that will be there when we get an approval from the lien holder.

When I’m working with a buyer that chooses to make an offer on a short sale, I will pull the comparable sales to evaluate the fair market value just like the lien holder will do upon receiving the offer.  This gives my buyer the information well ahead of a counter we may get later in the process.  My buyer will be prepared for the idea that the lien holder will likely counter back at a number that is close to fair market value and my buyer is prepared to accept that counter and proceed.  If the lien holder doesn’t counter and accepts my buyer’s offer, even better!  My buyer gets the great deal!

What About This Market?

November 14th, 2011 by Harvey Blankfeld

I truly enjoy my work. I enjoy getting my sellers the highest possible check at close of escrow and I enjoy finding my buyers a great home and getting them a great deal. 

I also enjoy talking about my work. Whenever anyone finds out that I’m a Realtor, they invariably have questions for me.  They usually are curious about the real estate market in general and will ask “How’s the market?”  They might expect to hear how difficult it is or how bad it is, but what they hear back from me these days is how good it is.  When our home prices were rising 5% per month, we heard how bad the market was for buyers, not how good it was for sellers.  Now that are home prices are so low, we hear how bad it is for sellers but not how good it is for buyers.  The newspapers and other media vendors sell more with bad news than good news. 

I’m excited about the opportunities in our current market.  We are seeing out of state and out of country investors buying up homes here at an un-precedented rate.  The smart money is coming to town. 

You might comment that sounds great for buyers, but what about sellers.  I would suggest that any seller in this market should be buying as well.  If you need to sell your home and your thought is to wait, then consider the market.  If you wait till your home gets to a certain value, what do you think the home you are going to buy is going to do in that time?  It’s likely going to go up too. 

I had a client that is a grandmother and she wanted to move closer to her grandchildren so she could spend more time with them.  She then let me know that she needed to wait to get a certain number before she moved.   She waited for 6 months and then asked me about values.  I had to tell her that they actually were continuing to drop.  She knew that if she waited for the value of her home to get where she wanted, she might not ever get to live near her grandchildren.  She listed the home and we were able to sell it quickly, then she took her proceeds and bought a home near her grandchildren.  She let me know that the net effect to her bank account was $0.  She was able to get such a great deal on her purchase that she was actually saving money every month.  Money she could use to spoil her grandchildren.

Convergence

October 11th, 2011 by Christina Yeakel

As you may remember from previous Newsletters, I enjoy the outdoors and walk daily. I trek down the same trail each day never getting bored with the scenery and apparent safety of the route. The routine adds a sense of security and solitude, creating a mental atmosphere that is conducive to my wandering thoughts that seem more significant and worldly wise than they really are. Today I was gently shocked out of my trance-like walk. I arrived at an intersection at which I have not seen a vehicle in the past two years. Naturally I ventured to cross the street with little concern of my environment. Today from two different directions vehicles quickly and unexpectedly converged at this intersection, at the same moment. One driver was busy on a cell phone, two others clearly saw me attempting to cross the intersection and acknowledged the pedestrian right of way. The cell phone driver eventually saw me but had entered the intersection with the intent of not stopping. I immediately stepped clear of the larger mass bearing down on me and graciously allowed her to pass. I proceeded across the intersection without further conflict.

There are many lessons that can be drawn from this near calamitous experience. What I find fascinating is that singularly each occurrence: a pedestrian crossing a street, vehicles entering this particular seldom used intersection, would be routine and uneventful. However when each happening occupies the same space and time the outcome is dramatically altered.

The real estate market in Las Vegas is an example of a convergence of seemingly ordinary and innocuous events in a business environment that was deemed for years to be safe and bullet proof. The outcome created has been near fatal to our financial security. A slow down in construction, a rising unemployment, a diminished tourist trade, non diversification of the local economy, singularly these economic conditions could have been dealt with, but collectively created a Titanic event.  We have experienced all the conditions that feed upon themselves and aggravate the spiraling conditions. Local, state and federal governments have yet to address the causative factors but work on peripherals that prolong the conditions and expend diminished monetary resources unwisely. Our time will soon expire to effectively create change. We must seek out and support leadership that has the interest of populace, demonstrate sound economic beliefs, and are not motivated for personal and political gain.

Brown Blankfeld Named to Wall Street Journal’s “The Thousand”

September 21st, 2011 by Sara Longhurst

Dear Brown Blankfeld Group,

On behalf of Prudential Real Estate and Relocation Services, I want to
congratulate you on being named to “The Thousand,” the Wall Street
Journal/REAL Trends report of America’s top real estate agents and teams.

Reaching this exclusive list is an incredible honor and reflects your
passion, skill, discipline and creativity. As impressive, you are
recognized for achievements made during some of the more challenging times
our industry has faced. You are a shining example for our entire Prudential
Real Estate Network.

Again, congratulations on your achievement. I wish you continued success
far into the future.

Sincerely,

Earl Lee
President
Prudential Real Estate and Relocation Services

Brown Blankfeld Group ranks 3rd in Nevada in Prudential Network for 2nd Quarter 2011

August 22nd, 2011 by Sara Longhurst

Today we received an email from our corporate office letting us know that the Brown Blankfeld Group ranked #3 in the entire state of Nevada for GCI. We couldn’t do it without the hard work and dedication of all the partners and staff and the referrals we receive from our clients. THANKS SO MUCH FOR ALL YOUR SUPPORT!

Additionally, our branch office was ranked #2 in Residential Units in the Western U.S. We are so excited to be a part of such a great organization and look forward to productive and successful finish to the year!

Single Step

August 10th, 2011 by Christina Yeakel

What an effort it was today to complete my four-mile walk. I don’t just walk, but I keep the pace that would excite a drill sergeant in boot camp. However, what made today different was that I started on my excursion later in the day, the heat was already climbing, and I had not been feeling too well for the past two days. Not a good combination to successfully achieve your exercise goal; in some parlays, a goal that was designed not to be achieved. You are probably wondering what importance or interest does my exercise routine have for you, in itself not much. However the process you may find worthy of note.

I am one of those exercise buffs that enjoys the whole process. I always don my headsets and stream a well-designed arrangement of music that complements the sometimes-monotonous pace of an extended walk. The setting has to be right. Today was no different; I created the best environment possible under the circumstances, to achieve my goal….. However it wasn’t working well today. Each step was arduous, I was loosing focus with the same stomach issues that have been persistent recently and the temperature was starting to get my attention. When I looked up in the direction of the end of the walk a swell of anxiety hit me, that maybe I had made a mistake today in setting out, and that possibly I may have to get some help to get home. 

Years ago I learned a technique in athletic training that I have applied in my business and personal life on numerous occasions. I call it the One Step First Approach. Today I had to remind myself that this was just the day to implement this method. It is simple, when a task is difficult, like my walk today; I began to focus on each step that I was taking and not on the end of the walk. I would not look up and tried to meld the music with the step. It worked again; I was home in record time and the feeling of sickness and tiredness dissipated with each step.

Would you believe that I have applied this method to my real estate business? The frustration of completing transactions in today’s distressed market would be overwhelming if you did not focus on efficiently completing each step at a time, supporting a successful transaction and a providing a satisfied client.