Monday, March 28, 2011

What Happens in Vegas Stays in Vegas

No immediate plans to visit the City of Lights anytime soon, but recently I've been thinking about it. Minnesota weather has been strange - stranger than usual in my mind. Everybody had been getting used to a string of 50+ degree days and nearly all the snow was washed away by these temperatures and some rain.  Then, waking at 3AM to thunder, sheets of rain pounding on the roof and a sky filled with lightening that it might have been noon, I rushed to unplug the laptop - just in case.  A mere 3 hours later, I started the latte' machine looking out the window at a couple of inches of new snow. 

Yea, Vegas sounds good!

Lake LasVegas

But this is supposed to be a story about real estate.  And if you see Las Vegas and Real Estate in the same sentence, well it's usually a pretty depressing article.  In "Lost Wages", Nevada people have not only suffered lost wages (and the jobs along with it), but according to MarketWatch, Las Vegas had the highest rate of foreclosure notices in the country last year - and in 2009 as well. There is also no telling how many homeowners are underwater - a term used to describe what happens when mortgages exceed the value of the property.

Today I read an article in the Las Vegas Review Journal pointing out that low appraisals are now causing serious problems even when willing buyers and sellers come to an agreement.  There just seems to be no end to the troubles facing Sin City

RealtyTrac is one of the most informative websites if you seek national statistics.  Although Nevada  leads the nation with 1 foreclosure in 119 housing units, they are not the leading state in total foreclosures.  Check your own state on the interactive US Map located at RealtyTrac

Are you considering purchasing a foreclosure?  Are you needing to sell a property that will require "bank-approval" (Short sale)? Foreclosure and short sale properties present unique challenges.  These situations demand that you work with a well-trained real estate professional who is familiar with the pit-falls and negotiating strategies necessary to complete the transaction successfully. 

Contact Responsible Referrals.  We'll find one of these situation-specific real estate agents for you.  It will cost nothing and half of the fee we receive will be used in the support of homeless kids with the next Non-profit donation election!  You can even vote!

Call us today!

NEXT POST:  Statistics:  Just for a second, I promise

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