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.
Tags: AB284, banks, buyers, buying homes, downward market, economy, foreclosure, las vegas, lenders, market, mortgage, opinions, real estate, sellers, selling homes, short sales, trends
Posted in Las Vegas Foreclosures | No Comments »
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.
Tags: beliefs, economy, las vegas, market, opinions, Personal Development, real estate, selling homes, trends
Posted in Las Vegas Home Sales, Personal Development | No Comments »
July 15th, 2011 by Christina Yeakel
Here I go again, expecting those around me to live up to my standards. I just don’t understand why my friends and family so often let me down by not acting the way I want them to. What a disappointment! Why are they not more like me! Think like me!
Of course I am being a “little” over dramatic. But the truth of the matter is, we all from time to time are disappointed in those closest to us. Sometimes we are surprised by their reaction, or what we may consider as an over reaction, to our “choice” words of encouragement or misguided suggestions. It is these times that task our abilities of patience and finesse, particularly when we know that all misunderstandings could have been prevented if we had not projected our point of view on the situation and others.
In business, misguided points of view or expectations are what is responsible for more business failures than anything else. False projections on the worth of a business; sales projections that were never achievable; contractual promises that were unrealistic are examples of expectations gone awry. Many times the foundation of these failures rests in a concept of our own worth and achievement, or the ungrounded potential of the business’s ability to excel in other than a perfect market condition.
Let me bring this a little closer to what I experience in the real estate market. I find more often than not that buyer and seller’s expectations are what cause the inability to bring a sale transaction to a satisfactory completion. Sometimes our expectation of the worth of a property may far exceed the reality of the comparable sales. Sellers sometimes feel that all potential buyers should be as credit worthy as they are; after all they acquired the property when values were elevated and dutifully made their mortgage payments on a debt that now exceeds the worth of the property. Buyers believe that no matter what the listing price, it far exceeds the value of the property, and their expectations of depreciating home values are corroborated daily by the media.
Expectations are what keep me in business. A buyer or seller will have his or her own perception, wrong or otherwise, of how their sale or buy transaction will be consummated. The Realtor lives in a world of melding the expectations of both parties and bringing them to a level where both can be comfortable in the outcome. It is a challenge! I love my business!
Tags: balance, beliefs, buyers, dreams, las vegas, market, Personal Development, real estate, sellers, trends
Posted in Las Vegas Home Sales, Personal Development | No Comments »
May 10th, 2011 by Christina Yeakel
More than ever in my life I have been challenged to remain well grounded. This is not intended to be a confession but a declaration of fact about the world that surrounds me. So many of my friends and business acquaintances have expressed that the challenges of family, work and finances are overwhelming. From a macro standpoint, the challenges of our Country and World, which are propelled into our view daily, seem unsolvable to the ordinary citizen that struggles with their own compelling issues. Here in Las Vegas, the housing market, for the last four years has been, almost singularly, the reason for the escalation of our stress levels. Short sales, foreclosures, bank owned properties, property abandonment, are terms that have reached a level of familiarity and represent the dramatic changes in the market conditions and the built-in stresses for the buyer, seller and service providers.
I promise to keep this newsletter helpful and upbeat. I have come to the conclusion long ago that I have no control over what is beyond my abilities to change. Simple approaches provide best solutions. This was reinforced recently from a well-trusted client that had gone through many family difficulties and had experienced severe financial set backs at the same time. They came through not unscathed, but emerged with their family and finances intact. They also gained constructive life lessons that were an example for others to emulate. As I said, the process was simple: they learned to refocus and trust. They chose to seek what was positive and good in their lives and not dwell on negative and unmanageable events. Similar to the old adage of dwelling on the one half glass filled. It is a process they approached with sincerity and resolve. They achieved it only by introducing the most important factor. Trust in a higher power that will provide inspiration; trust in themselves and their ability to overcome adversity; and, trust in their family and friends who surround them with their love and support… More meaningful life experiences that need to be told.
Tags: balance, beliefs, economy, foreclosure, las vegas, market, opinions, Personal Development, real estate, short sales, trends
Posted in Personal Development | No Comments »
April 13th, 2011 by Christina Yeakel
April is a month of change for many reasons. Most obvious is the annual weather adjustment from the bitterness of the cold and absence of color to the gentle nighttime temperatures, which bring the overnight explosion of the flowering fruit trees. For those of us that are homeowners, it is now that we prepare our checklists for those minor repairs that have been put on hold during the winter months. For most individuals and families, April brings the hope that their year long tax planning will generate a surprise refund which may have been impulsively earmarked for a vacation, credit card payment, or for some, the down payment for a home purchase.
Traditionally, April starts the season of preparation for the school aged families and retirees contemplating a household move to our City. It is now serious time for those who have been vacillating between their desires to achieve home ownership and the financial capacities to match those wishes. For existing homeowners, April marks the perfect time to “spruce-up” your property with a little yard cleanup, paint or even a landscaping makeover. This truly is the time to maximize the exposure of your property. I have many simple, low cost ideas of how to add value to your property, or if you are ready, to prepare it for sale.
Tags: buyers, buying homes, economy, las vegas, market, Personal Development, real estate, sellers, selling homes, spring, trends
Posted in Las Vegas Home Sales | No Comments »
March 10th, 2011 by Christina Yeakel
It was only 16 years ago that I relocated to the Las Vegas area. I feel like a native resident that has experienced a lifetime of changes to their once quaint town. The fluctuations in the real estate market have gone full circle. In 1995 we saw nominal appreciation with reasonable value to entice the newcomer. Just a few years forward in time the frenzy had started with values soaring to unsustainable highs, auction sales and the introduction of a new buyer to this community, the speculative investor. Today, the interesting fact that supports my premise is that we are now at median home pricing below the 1995 values, with still depreciating values in some areas. Where have the opportunists gone? Most of them have left the area through property abandonment, foreclosure or bankruptcy proceedings. Unfortunately many well-intentioned buyers have been left holding the proverbial real estate bag with little recourse, but they are attempting to hold onto the dream that once was to provide both a lifetime shelter and a lucrative retirement investment.
The real estate picture to some is bleak; to others it once again presents opportunity. Investment perspective, insensitivity to risk aversion, and timing influence our real estate decisions today more than ever. No one can afford to make an ill-conceived financial move of this magnitude. The ability to recover from poor decisions may take a lifetime, or for some will never be achieved. Now more than ever, the perspectives of those who have experienced the ups and downs of this outrageous market are invaluable.
When I began writing this article my intent was not to commercialize the services of the Realtor. However, I have seen over the years that people who have been successful in business and investments surround themselves with those that they trust and have the expertise to provide constructive, objective and knowledgeable advice. It is no different if your intentions are to sell, buy, or even rent property in today’s market. Take advantage of the know-how that is available to you, even if you believe that an individual situation is beyond the abilities of the real estate professional. Keep in mind that they also surround themselves with the best available experts that support the industry and are available to facilitate and most importantly “make clear” your decision path.
Tags: agents, beliefs, buyers, buying homes, downward market, economy, foreclosure, las vegas, market, opinions, real estate, realtors, sellers, selling homes, trends
Posted in Las Vegas Foreclosures, Las Vegas Home Sales | No Comments »
February 16th, 2011 by Harvey Blankfeld
Available inventory remains stable. Prices remain stable for listings under $200,000. Listings above that are still experiencing some small drops. Short sales dominate our market but traditional sellers are making up a bigger portion of our current inventory than we’ve seen in recent years. We’ve seen some small improvement in appraisals where the appraisers seem to be giving value to the condition of the property.
Tags: banks, buying homes, home appraisals, inventory, las vegas, market, negotiate, real estate, sellers, selling homes, short sales, trends
Posted in Las Vegas Home Appraisals, Las Vegas Home Sales, Las Vegas Short Sales | No Comments »
October 15th, 2010 by Harvey Blankfeld
We are seeing a recurring issue in trying to close deals when there is a third party approval required (Short Sale). The lender (servicer, investor, MI company, etc) is countering the offer with an inflated value on the property. When we challenge the counter by pointing out that the comparable properties don’t support their inflated counter offer the lender invariably replies that the value was based on their appraisal. I find that reply to be somewhat insulting, but I can’t challenge it. I also believe that more times than not it’s actually not an appraisal but a BPO (Broker’s Price Opinion). That means the bank asked another Real Estate agent about the value and paid a minimal amount to get it. Then again, the bank might just be pulling a number out of thin air and claiming it’s an appraisal as we would never actually see the appraisal.
The way we have succesfully moved forward under these circumstances is to encourage the buyer to accept the counter and invest in an appraisal from their own lender. We sometimes extend the buyers additional diligence so they don’t have to spend money on an inspection if they don’t go forward on the deal. What this does is gives us an actual appraised value on the home and the lender that has to approve the short sale is faced with the reality of that appraisal. The short sale lender has reduced to the appraised value each time we have done this and the buyer has been able to close the deal at a true value.
There is some risk on behalf of the buyer, because if the appraisal comes in at the inflated number, then the buyer has to choose whether to move forward or not. I would point out that if an appraiser brought in the value, it is most likely accurate as most appraisers these days find it very easy to bring values in low.
Just another twist in our ever evolving real estate market!
Tags: banks, buyers, home appraisals, las vegas, lenders, negotiate, real estate, short sales, trends
Posted in Las Vegas Home Appraisals, Las Vegas Short Sales | No Comments »
October 11th, 2010 by Harvey Blankfeld
Subject:Las Vegas Realtor
Dear Willa –
I saw your message in today’s ePro email regarding a buyer for Las Vegas. I referred one of my buyers to Harvey Blankfeld, CRS, ABR. He’s with Prudential Americana and his team is the Brown Blankfeld Group. His phone number is 702-203-1165. His email is Harvey@BrownBlankfeld.com. My client loved Harvey and is very happy with the purchase she made in Las Vegas. I think you would be very comfortable that your client is in good hands with Harvey.
You’re welcome to call me if you have any questions at 310-791-3620. If I don’t pick up, please leave a message as I will be paged and will respond as quickly as I can.
Cordially,
Karen Williams
Prudential California Realty
Los Angeles
Tags: agents, buyers, buying homes, downward market, las vegas, market, real estate, realtors, referral, sellers, selling homes, trends
Posted in Las Vegas Home Sales | No Comments »