Las Vegas Real Estate Blog by Dana Whittaker
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Success Comes From Within by Coach Dana Whittaker
GET IN THE GAME WITH COACH WHITTAKER
Success Comes From Within
As we close the door on the first quarter, we open a new door of endless opportunities: the second quarter of Spring 2009. The definition of productivity is, simply put, doing more in less time. Being productive comes from growing your own inner capacity to be more effective and efficient with your time, to be more energetic, and to navigate your way through and around obstacles. Productivity is a choice.
Growing your inner capacity to produce amazing results isn't always easy. Learning the skills and practicing them is the easy (and yes, sometimes mundane) part. Strengthening who you are at the core, to take action on a daily basis, can be difficult. Lots of us say we embrace change, however actually doing things and reacting to circumstances differently can be down right painful. So what is the secret? How can we facilitate real change from the inside out, to become more successful?
Let's think about a few things first. Do you truly know what your core values are? Have you written them down? Who are the top 5 people you admire most in the world? Living, dead, famous or related to you, it doesn't matter. Who are those 5 people? For each person you think of, write down five qualities about them that you respect and admire the most. I asked this question in my Group Session the other day and some of the names that came up were Oprah, Bill Gates, Warren Buffet, Billy Joel, Mother Teresa, The Dalai Lama and "my mom." Some of the qualities people admire most about people like this are Drive, Dedication, Focus, Selflessness, Peace, Intelligence, Innovation, Creativity and Responsibility.
The great news is that the qualities you admire most in others, you already possess yourself. I know this because you recognize them in other people. You wouldn't recognize those qualities if they weren't already within you.
Now that you recognize some of your core values, you can begin to draw strength from them. Set big goals. Set big goals that are specific and positive and write them down. I highly recommend setting goals physically, mentally, emotionally and spiritually. Write down in your calendar when you expect to achieve your goals. Work backward, or use a 4-1-1, to list the tasks that you must commit to in order to achieve the results you want. Ask yourself the tough question: What is the price I pay for not taking action toward my goals every single day? What is the reward if you do take action? Write everything down; your ideas, your fears, journal it all. You'll be amazed by what patterns show up and how the road will begin to narrow. Share your intentions with people that will support you and hold you accountable.
You have a choice to make every single day. Will you walk through some fear, process some feelings and do some things differently? If you really want to have success and live the life of your dreams-that you deserve, by the way-you will choose to be Productive.
Dana Whittaker has been licensed as a real estate agent in Las Vegas since 2000 and has been involved with coaching since 2001. She is a Certified Advanced Professional Coach at Keller Williams Las Vegas and is married with a two year old son. For more information visit www.DanaWhittaker.com
Dana's Coaching Blog: Erase and Replace
I coach each of the real estate agents in my Productivity Program on a case by case basis. There is never just one answer or rule for every single client and issue. As we get busier with clients and opening escrows our time management skills will really be put to the test.
It is not good business practice to give up on prospecting for a day and especially not for a week to take out a client, whether they are from out of town or not. Most of the agents in my program are setting more appointments and opening more escrows. Several of the agents in my program have more deals in escrow than they've ever had in their career. Most agents' natural tendencies are to say yes to every client and babysit each escrow when they begin to get busy. While it is important to do these things, prospecting must not ever be overlooked.
So, with a very full plate, what is the right answer? What do you do? For some of you, it means leaning on your personal real estate team for support if you have one. Can a member of your team ramp up their prospecting time and make some extra calls or sit an extra open house while you are out with clients? Can your administrative assistant ramp up their duties and make some extra follow up calls for you or even run some of your personal errands so you can get some prospecting in?
If you do not have your own team, how do you manage it all? Prospecting-making calls, sitting open houses, and knocking on doors; following up with leads, managing your database, touching everyone 33 times per year, dealing with referrals, meeting clients, showing property, writing offers, negotiating, opening escrow, going to inspections, dealing with appraisals, communicating with lenders and co-op agents, getting deals to close, not to mention training, meetings and classes. Oh yeah, and spend time with family and friends, eat healthy, exercise, get some sleep, work on a hobby, contribute to your community and clean the house. Whew!
So what gives? It is critical that we WRITE down what needs to happen: yearly, monthly, weekly and daily; on a regular basis. The agents in coaching are required to write down their plans, projects, goals and commitments at least weekly. WRITING down what you will do and what you want is a proven tool of success. Almost all of us are doing more with less right now. Writing your lists down, prioritizing and crossing off items will help you manage your TIME and your STRESS immensely. (Stress occurs when we know what the right thing to do is, and we do something else.) When you manage your time with fierce determination you become more dollar productive. Constantly ask yourself, "Am I doing $10/hr work right now or $100/hr work right now?" As independent contractors all we have is our time. Many agents I speak with want to hire an administrative assistant now because each deal involves more work, even though our price points don't justify the expense. I know lots of talented assistants desperate for work. Consider getting together with a few other agents you know and sharing the cost of an assistant, even just part time. Learn to live on less, prospect instead of market and enroll as much help and support as you can.
You will have to sacrifice some things right now to survive. Only you can make the decision of what you will to let go of. Re-margin your bottom lines, professionally and personally. Trim the fat, and then trim some more. Figure out how you can still do the things that matter to you in other creative ways.
Prospect as much as possible everyday. Prospecting is the #1 most dollar productive activity an agent does. If you do nothing else, do this. Don't forget that being "on purpose" with your SOI counts! And, if you erase, you must replace. This statement is meant to put us in acute awareness when we start being too flexible with our schedules. There are only so many hours per day that we can replace with. What are you committed to? There is a price to pay for everything. What is most important? What is most dollar productive? What will get you a step closer to living the life of your dreams and attaining your Vision today?
Get focused, get committed, write everything down and take action!
Commit to more Coaching and training than ever before too. I want to see you do more than just survive this market. It's possible!
Dana Whittaker
Certified Advanced Professional Coach
Certified Real Estate Negotiator
Broker/Salesperson
702.300.7653
www.DanaWhittaker.com
Beat the February Blues
Are you facing the "February Blues?" We made it through the holidays and now football season is over. The weather is still cold and Spring is a way off. Most of us have our Business Plans for the year and we're plugging away making calls, sitting open houses and doing the work. We're getting some results, just not as many or as quickly as we want. We're doing everything we can to hold deals together. Many of us are working at least six days per week. We may be feeling overwhelmed or frustrated.
I've seen this before: year after year. It's natural. It's part of the process. It's time to buckle down and get settled in to executing the Business Plans we faithfully created. Many of us are rainmakers. We like talking to people and negotiating. The follow up and the maintenance with its repetition and loose ends can feel mundane. Yet we know it must be done. If we truly want the results we plan to get, we must get through this time.
Mindset is one of the key fundamentals that must be mastered to be a huge success. Having the fierce determination necessary to practice our skills daily, make follow up calls and ask for more business is mandatory. It comes down to purpose and living in vision. Most of us have a Vision Statement or a Big Why. When was the last time we read it or revised it? When seasonality has us down, we must re-commit.
To get myself re-committed, I will often pick up one of the first business books I ever read, and whole-heartedly recommend: The Greatest Salesman in the World, by Og Mandino. In the story, the "salesman" faces failure, heartbreak, and despair in his business and he becomes successful anyway. He is forceful in his self-talk. He is tough with himself, telling himself he can do it. (This is different than being tough on yourself and buying in to negative self-talk.) Through many lessons the salesman develops the mindset of a lion, of a winner.
The following is a brief summary of the lessons, from the book The Greatest Salesman in the World that we can apply to our real estate practice right now:
•1. Today I begin a new life. I shed my old skin with bruises of failure and wounds of mediocrity. I will form good habits and become their slaves.
•2. I will greet this day with love in my heart.
•3. I will persist until I succeed. I will persist until I succeed. I will persist until I succeed. I am not a sheep waiting to be prodded by my shepherd. I am a lion and I refuse to talk, to walk, to sleep with the sheep. I will hear not those who weep and complain. The slaughterhouse of failure is not my destiny. I will persist. I will win.
•4. I am nature's greatest miracle. And nature knows not defeat. Eventually, she emerges victorious and so will I, and with each victory the next struggle becomes less difficult.
•5. I will live this day as if it is my last.
•6. Today I will be master of my emotions. Weak is he who permits his thoughts to control his actions; strong is he who forces his actions to control his thoughts.
•7. I will laugh at the world. These words...will carry me through every adversity and maintain my life in balance...This too shall pass. I will be happy. I will be successful.
•8. Today I will multiply my value a hundredfold.I will do the work that a failure will not do.
•9. I will act now. I will act now. I will act now.
•10. Only for guidance will I pray...and my prayer will always be answered.
Get re-committed. Get re-focused. Why are you here? What is your goal?
Now get out there and practice and take action! You can do it! You're Great!
I'd love to hear from you and help you get clear on your Big Why and give you some feedback on your current plan. There is no obligation.
Dana Whittaker
Certified Advanced Professional Coach
Certified Real Estate Negotiator
Broker/Salesperson
702.300.7653
Coach@DanaWhittaker.com
KELLER WILLIAMS REALTY LAS VEGAS Paints the Town RED
Multiple Bank-Owned OPEN Houses this Saturday--Get the MAP
KELLER WILLIAMS REALTY LAS VEGAS Paints the Town RED
| Host: | KWLV |
| Type: | Party - House Party |
| Network: | Las Vegas, NV |
| Date: | Saturday, January 24, 2009 |
| Time: | 11:00am - 4:00pm |
| Location: | Las Vegas and Henderson, NV |
Description
SATURDAY, 1/24/09: MULTIPLE Bank-Owned OPEN HOUSES
Open from 11am to 4pm, just look for the Keller Williams Las Vegas RED balloons!
2118 Feather Bush-1066 Otto Ridge Court-5005 Wild Thyme Ave-3832 Pastel Ridge-5865 Obannon Dr-504 Soso-8067 Dark Hollow Pl-6666 Little Owl Place-1621 Shadow Mountain Pl-4459 Wendy Ln-2085 Casa Ladera St-4872 Nara Vista Way #103-8301 Alder Meadows Ave-3226 Birdwatcher Ave, North Las Vegas-9049 Blue Raven Ave-10263 Cantiamo Ct-10469 Concetta Ave-12048 Contorno Vista Ct-4112 Garden Genoa Ave, North Las Vegas-11256 Gibbs Hill Ave-9014 Greek Palace Ave-122 Harbor Coast St-333 Hopedale Ave, North Las Vegas-6484 E Karlsen Ct-10058 Keifer Valley St-532 Landra Ln-2366 Malaga Peak St-8018 Mesquite Ranch St-6047 Mild Wind St-5574 Olympic Spirit Ln-333 Plum Horse Ave, North Las Vegas-3839 Pumpkin Creek St-8768 Redtail Ct-7658 Rising Port Ave-3336 Sonterra Cir-5463 Tender Tulip Ave-5209 Villa Dante Ave-9677 Vista Crest Ave-7609 Zermatt Ave-2837 Holmes-1842 Renada Circle-3728 Blue Dawn Drive-2102 Rustler Ridge-538 Feliz Contado-1519 Pen Hollow-205 Vallejo-4419 Crimson Tide-4917 El Campo Grande
http://maps.google.com/maps?f=d&source=embed&saddr=1066+Otto+Ridge+Court,+Henderson,+89052&daddr=2118+Feather+Bush,+las+vegas,+nv+to:5865+Obannon+Dr,+Las+Vegas+89146+to:8067+Dark+Hollow+Pl,+Las+Vegas,+Nevada+89117+to:504+Soso+las+vegas,+nv+to:1621+Shadow+Mtn,++las+vegas,+nv+to:5005+Wild+Thyme+Ave,+Las+Vegas,+NV+89131+to:6666+Little+Owl+Place+las+vegas,+nv+to:3832+Pastel+Ridge+las+vegas,+nv+to:4459+Wendy+las+vegas,+nv+to:2085+Casa+Ladera+St+las+vegas,+nv&hl=en&geocode=&mra=ls&sll=36.138545,-115.166915&sspn=0.497961,0.878906&ie=UTF8&ll=36.138545,-115.166915&spn=0.388169,0.583649&z=10
Ask For It
GET IN THE GAME WITH COACH WHITTAKER
Ask for it!
2008 turned out to be quite a year.
In the Coaching Program we closed $3,193,090 in sales volume in December. Since October, the Agents in my program have closed $5,099,990 in sales volume. Don't tell those agents committed to taking their business to the next level that the market is too soft or that things slowed down because of the Holidays. They just won't hear it.
How are the agents that are thriving in this market doing it? They are asking for the business. It's that simple. We don't survive unless we close deals and we don't close deals unless we first get appointments. Go back and re-read Chapter 5 in Shift, by Gary Keller, Dave Jenks and Jay Papasan. A Lead is NOT a Lead until you have an appointment set. Converting contacts into appointments is the most dollar productive thing you will do in your business. In this market, you must convert quickly-within 24 to 48 hours-or your potential client will get away. Mega KW agent, Brad Corn, says you should then lose sleep at night, because you are feeding those people to the sharks if you let them go to another agent.
Ask the connection questions found in Shift:
1. Who are they?
2. What do they want or need to do?
3. Where do they want or need to do it?
4. Why do they want or need to do it?
5. When do they want or need to do it?
6. How do they plan to do it?
Lay the foundation by investigating. This is our job. We are not in this business to give out free information. This is not about manipulating people. Keep asking questions. "Really, why's that?" Mega KW agent, Nikki Ubaldini, says after everything her clients tell her. Then ask to get together. Not everyone will want to meet you, but you won't know if you don't ask. It is our job to instigate the next natural step, getting face to face, without being attached to the answer.
Flip to page 100 of Shift and practice the 10 Classic Closes. Figure out which one works for you and then use it. "Sounds like we need to get together; would Friday or Saturday work better for you?" Remember to always come from contribution. Our clients need our help, whether they are buying or selling.
What will you do in 2009? What is your number? How many appointments do you need to set each week to get there? Are you following your business plan?
Although there is training in my job, I'm a coach first, not a trainer. Most of you know what you are supposed to be doing. The challenge is in keeping our commitments to ourselves and staying motivated. Coaching has been proven to work. Even a mediocre coach will help you get at least 2-4 more deals each year. Contact me about a customizing a program to make your business plan a reality. YES WE CAN!
Dana Whittaker
Productivity Coach
Certified Real Estate Negotiator
Broker/Salesperson
Keller Williams Realty Las Vegas
702.300.7653
Coach@DanaWhittaker.com
How to Be a Huge Success in 2009!
I have been to some wonderful training sessions with some of the best speakers, leaders, and business owners in the country this year. Based on that information, here is my TOP 10 for becoming a HUGE Success in 2009.
1. Have a HUGE and AUDACIOUS Goal for the Year.
2. WRITE it down! Harvard studies prove this helps you attain your goals.
3. Know WHY you want to be successful. Have passion, be totally committed to it. Live with a Mission and a Vision. Be on Purpose.
4. WRITE it down. Write down your Mission and Vision statements and HANG them up where you will be reminded of them regularly.
5. CREATE a detailed business plan of everything YOU MUST and WILL DO to achieve your goals and be in alignment with your Vision and Mission. And, WRITE it down! Don't put it in a drawer, carry it with you all the time.
6. TIME BLOCK your Perfect Week. WRITE down when you'll Lead Generate everyday, when you'll Practice-Practice-Practice your Scripts, and when you'll take appointments. BOOK your play time and days off Now.
7. STICK TO YOUR SCHEDULE and DON'T CHEAT. You do DESERVE your Goals, you are WORTHY of Success. GET EXCITED AND SHOW UP READY TO PLAY!!
8. DO whatever it takes to maintain a HIGH level of ENERGY! Exercise, eat right and get some sleep.
9. TELL yourself you are a HUGE Success, Worthy of the BEST life has to offer--even if you don't believe it at first--EVERYDAY! There is Plenty of Business out there. YOU are doing what it takes to get in front of it.
10. HIRE a coach that will hold you ACCOUNTABLE to everything that you say you want. Human beings will usually do more for someone else than they will for themselves. Having an Accountability Buddy is nice, however, you WILL hold yourself to a higher standard when you have personally made a substantial Investment in your future.
Make it a great year. What can I do to support you?
Coach Dana Whittaker
For Business, for Life.
www.DanaWhittaker.com
702.300.7653
The Mastery and Mindset of a Navy SEAL Will Benefit Your Real Estate Practice
"Mindset" is the very first chapter in Shift, the latest "unfair advantage" given to us by Gary Keller, for very good reason. Without the proper mindset we are doomed to a life of complacency, mediocrity and ordinariness. I find myself gravitating toward having the mentality of a Warrior lately. Is it the "war zone" of a market we're practicing in? The tough economy we are navigating through? I'm certain it is. So what do we do? What would a Warrior do?
A Warrior would accept and embrace the war zone and get to work completing their mission. I think that the military metaphors are highly appropriate for the fight many of us real estate agents are facing right now. The Samurai lived by a code, Bushido, of frugality, loyalty, mastery and honor. Our modern day warriors, the Navy SEALS, also live by a code. Things like Mastery and Honor carry significant meaning to them, and I think adopting these philosophies could benefit agents wanting to take their business to the next level as quickly as possible.
In my last Group Coaching Session, two former Navy SEALS came to tell us some of their secrets: how they made it through training and how they completed their missions. Their techniques are relevant to our real estate practice because they are the fundamentals to building a successful business.
I was surprised to hear that there was no training on mindset or how to actually focus your mind in SEAL team training. You either have it or you don't, or you develop it very quickly. The strategies they use, what the SEALs say are the two most important aspects of succeeding are Mindset and Mastery. If you have those, you can get through anything.
Mindset is having a positive mental attitude. Your Why has to be more important than your excuses. When the s--- is hitting the fan, you have to know that quitting is not an option. What I learned from the SEALs is that how long the job takes is irrelevant. You do whatever it takes to get the job done. Show up as a team player and be committed to excellence, no matter what.
Mastery is having a standard operating procedure for everything and knowing it inside and out. The SEALs don't focus on the outcome, as conditions are constantly changing, they focus on doing all the aspects of their job or mission perfectly. Mastering their skills in this way reduces their risk of failure and of casualties. They log a multitude of hours practicing each discipline.
The SEALs also revere their Teams. There is no room for ego on a team. In real estate, being a team player is caring about everyone else's performance in the office because it reflects on you. Our office is farther ahead than most because we utilize a very successful mentoring program. Our culture is exceptional in the way we care for each other.
Where a lot of real estate agents drop the ball is in Mastering their craft. Script practice isn't time blocked into our day. Script practice has to be a top priority, along with three hours every day of lead generation. Do you know the right questions to ask? Do you know what to say? People are out there making deals. The question is, will they use you, or someone else that has mastered their scripts?
We will make it through this market. We have to be tough from the inside out. Make sure your team knows what you need. Ask your team what they need. Time block your week and don't cheat. Honor your commitments. The SEALs say, "The only easy day was yesterday!" and they get totally excited to go out and conquer. Embrace what is going on around you and make the choice to take advantage of all the opportunities out there. How can I support you?
Dana Whittaker, Productivity Coach
702.300.7653
You Might Be an Idiot
I attended the Shift Tour at the Four Seasons in Las Vegas, Nevada last night, promoting Gary Keller's latest book on surviving this market.
Mr. Keller shoots right from the hip and drives home the message to Get Real and Get Right right away. He didn't pull any punches when he said, if Lead Generating and Lead Converting aren't your top priorities when you are time-blocking your calendar each day, you're an idiot. Not doing these things is a dumb idea.
Although it may be tough to hear and difficult to swallow, he's right. He's been in the real estate business since 1979 and he's seen many markets cycle up and down. The current real estate market is a cycle. The scary thing about a cycle is that we know it's coming, we just don't know when. So what's the solution? HINT: read the book, then call me.
The problem with most of us agents is that we do what we want most of the time. If we only do what we want, we'll rarely get what we really want. Mr. Keller did grant us the disclaimer that he wasn't really talking to us like this, he was talking to himself, and we just happened to be listening.
First things, first: Lead Generate every day. It is the name of the game and it has to be done. I recommend 15 hours per week to get serious results. Remember, that includes a bit of prep in the beginning and follow up time on the back end. The best lead generating is what ever is going to get you face to face with someone, or at least voice to voice. Mr. Keller reminded us that lead generating isn't hard, it's just not that fun. And, the better we get, the more fun it will become as we get the results we want.
Second: Work on your skills. Practice your scripts. We pay a lot of money to go see actors say their scripts in movies and never think it's weird. It's not weird, practice until you own the language. We have to be strong and educate the public better than the media.
Third: Have a really great reason (Vision Statement) to be doing what you're doing. What you are passionate about will pull you out of the tough times, and you're talent will keep you moving forward.
Time block your calendar and don't make exceptions. Don't book other appointments during lead time and don't answer other calls, send emails or texts. Finishing just one "quick" email could throw you off for the whole day.
The goal is to set at least one bonafide real estate appointment each day you work. That's what I challenge my agents to do. And it's what I do to keep building my program. Get out there! Have fun! You're clients are lucky to have you!
Dana Whittaker, Productivity Coach
For Business, for Life.
Coach@DanaWhittaker.com
Danger and Opportunity
Whew, what a crazy week it's been in the markets!
Everybody ok? I just wanted to reach out with an article from Inman that's actually somewhat positive, or at least slightly motivating.
Here's the Link: http://www.inman.com/opinion/guest-perspective/2008/10/2/opportunity-street-still-knocking
Some of us get really bogged down when the news is nasty. We get lost in the messages we are bombarded with on TV and radio. Getting caught up in it is the last thing we need to do. It's ok to be informed, and, do your best not to let it get you down. If you look at all the headlines, they read, "Recession,", "Depression," "Market Collapse," and of course, "Crisis."
My husband told me that John F. Kennedy used to talk about the word "Crisis" back in the '60's. When written in Chinese, the word "Crisis" is composed of two characters. One represents danger and the other represents opportunity.
Where is there opportunity in your business? Who can you reach out to right now? Don't wait, ask for business or a lead. Make things happen, shake some hands, pass out cards, do whatever it takes to get the momentum going again. Don't let CNBC determine your fate. Now more than ever is the time to GO FOR WHAT YOU WANT!
Congratulations for making it this far in the Real Estate business. If you're still here and playing to win I think you of you as a warrior, a Navy SEAL, or an Olympic Athlete.
Need some help or support? Do you want more, better, or different results than you have right now?
I'd love to talk to you,
Dana Whittaker, Business Coach
Coach@DanaWhittaker.com
80:20 Rule Strikes Again!
The Pareto Principle, also known as the 80-20 rule, states that for many events, 80% of the effects come from 20% of the causes.
As real estate professionals we hear this rule and how it applies in business in many different ways all the time: 80% of our business comes from 20% of our activities. 80% of the real estate transactions being done in any given community come from 20% of the agents doing business. 80% of the world's wealth is held by 20% of the population.
Having just completed my first triathlon, The Las Vegas Triathlon held September 28, 2008 at Lake Mead in Nevada, the 80:20 Rule showed itself to me again that I felt also applied to my real estate practice. Finishing the Triathlon was 80% mental, 20% physical. I trained for about 5 hours per week for about 3 months.
What I noticed during the race was that I actually had a huge smile on my face, even though physically it was grueling. I noticed the affirmations in my head coming to me as I was cycling over the hills, "You can do it! You're a winner! You're a great athlete! You're going to finish in great time!" And, although I didn't win, I did finish in 2hrs: 7minutes: 6 seconds. Am I the least bit dissapointed? Not at all!
I don't have an athletic background. Deciding to voluntarliy run this race was way out of the box for me. What I know for sure is that my results would have been very different had I not been practicing saying positve affirmations to myself for the last several years.
Staying in an optimistic mind-set does not come naturally to me. My written affirmations are posted to the back of my medicine cabinet where I look at and read them when I brush my teeth each day. I say, "I'm a successful professional. I'm a great Mom. I'm a motivating leader. I am a wealthy, deserving woman. I am living my dream life every day!"
I coach agents to write and say their personal affirmations each morning for 3 minutes to get focused and motivated to start their day. We need all the positivity we can get in this market.
It's 80% mental and 20% physical. You know enough. Pick up the phone or knock on the door. What would your business look like if you trained like an athlete and you lead generated for 1-2 hours each day?
It's a great time to jump in to this market! You're great!
Good Things to Know About the REO or Bank Sale Closing Process
Good things to know about the
REO-Bank Sale Closing Process:
•1. The Seller- In an REO transaction the Seller is an out of state bank. The bank contracts a 3rd party asset management company which represents them in the transaction and approves the final escrow closing. All correspondence is done by email, below are a few items performed by Escrow to help you understand the closing process.
•2. Title Commitment (prelim) - There may be unforeseen vesting and/or lien issues on the title report that will require Escrow and/or Bank Seller to correct before closing.
•3. HOA Demands (payoffs)- Processing time to obtain HOA/Lien demands is between 5-10 days from the date ordered from the HOA management company. (There may be a possible 5-10 additional processing days to obtain lien demand if lien is not of record.)
•4. Loan Docs - Once loan docs are received, Escrow can set an appointment for the buyer the following day.
•5. Home Warranty - If Seller is paying for the buyer's HW, the demand is required before Seller will approve the HUD.
•6. HUD-1 Approval - After the buyer signs the loan documents, the REO Seller and their 3rd party Asset Company may require 24 to 72 hours to approve the HUD after ALL demands received.
•7. FUNDING - Escrow will coordinate with buyer's lender on the Bank's HUD approval before funding can occur. (Changes to the Seller's side of the HUD require additional Seller approval.)
* As in any transaction, the more communication you have with your professional Real Estate Team during the REO closing process the better the transaction will be for all parties.
This Information was given to me by my title rep from First American Title Insurance Company yesterday. If you would like any more information about buying REO (Real Estate Owned or Bank Owned) properties in Las Vegas or Henderson, NV, give my team a call.
Dana Whittaker, 702.300.7653
Broker/Salesperson
Realtor
Important Information Regarding REO Closings in Las Vegas, NV and Henderson, NV
IMPORTANT INFORMATION REGARDING REO CLOSINGS IN LAS VEGAS, NV
My title representative, Valerie Grijalva, from First American Title Insurance Company, gave us this information at our real estate sales meeting yesterday in Las Vegas regarding Real Estate Owned (REO) properties. I'm sure that if First American is experiencing this issue, the other companies are too. As an agent, I recommend using this knowledge to prepare your buyer clients and to help control their expectations. This information is very relevant and helpful for what is going on in our industry right now:
We are experiencing increasing delays in obtaining HOA lien demands from almost all the trustee companies servicing liens for the homeowner associations here in Las Vegas. The average waiting time to obtain an HOA demand from the date of the original faxed and/or emailed request is 10 to 20 days.
This can cause delays to closing and may negatively impact the buyer in the transaction. Some buyers have lost their loan lock and have had to pay an extension fee or at least lost their interest rate all together and had to lock in at a higher rate.
The sellers on Bank Owned files are often unable to close/record and "hold funds" in escrow for the delinquent HOA. It is extremely difficult to estimate an appropriate hold amount due to the extra fees that are added in these payoffs such as interest, late fees, attorney fees, etc.
First American is taking proactive steps to avoid closing delays. Feel free to ask your escrow officer about the status of HOA lien demands, prior to scheduling closings.
Las Vegas Market Condition Commentary
Can you believe February is over already?
Things have really been moving along this month in Las Vegas and Henderson for Real Estate. We're noticing the inventory that's been overwhelming for over a year is finally starting to diminish. In fact just in the past week there were 1% fewer homes on the market than usual. This is primarily due to the bank owned properties coming onto the market at really low prices and quickly responding to offers so they go under contract much faster than in the past few months. Even though there will be a steady stream of new foreclosures coming on the market all this year, the pace of sales is definitely picking up. In fact, my prediction for us returning to a "normal" market is July 9, 2008. What I mean by normal market is approximately 18,000 listings. The general rule of thumb for normal real estate activity is one percent of the city's population. That puts us around 18,000-19,000 homes on the market. The only difference between us and some markets like Houston, TX is that we have a larger than average number of speculators and vacant properties, so 18,000 might need to be more like 14,000 (because there are about 4,000 vacant homes on the market).
Things are getting better in Las Vegas, Nevada and in Henderson. We're still not out of the woods by any means, but most of the homes I'm writing offers on have 3-5 offers on them. The price of a single family home in Summerlin with 1700 sq.ft is now under $275,000. Can you believe that? We're seeing prices coming down to what they were in mid-2003. Remember, Las Vegas is a city unlike any other (except maybe Dubai). We have lots of job creation, major construction spending, no state income tax, and a climate that attracts lots of retirees. This won't change and will continue attracting people like it always has. If you have any questions about this market or real estate in general that's what I'm here for. If you're in a tough place financially and want to bounce some ideas off of me, feel free.
Tough markets create stressful situations at home and at work. We can get through this together.
Dana and Chris Whittaker
(702)285-1363
How to Get Your Sellers to Price Their Homes Properly In Today's Market
How to Get Your Sellers to Price Their Homes Properly In Today's Market - A Free Class in Las Vegas, NV - Even if You're with Another Broker
*February 29th, 9:45-Noon. Scroll down for location.
O'KeefeCasto Residential Brokerage is committed to helping agents, no matter what company they're at, to increase their competencies and results. Click below to see a sample of our unique training program, led by Rich Casto - a nationally acclaimed trainer, coach, and contributing author to one of Donald Trump's recent books on Real Estate. Click below on "Watch Preview."
 | Managing a Down Market: Gain the skills and knowledge to stay ahead of the sellers curve in a down market. Become a skilled practitioner that can outmaneuver the competition. Protect your client's equity with coaching and critical information. |
As some of you already know, we invite real estate agents from all companies to learn new skills on how to get better results for their clients. No catch, no obligations...just great advice, tools and techniques, especially for those agents who may be struggling during these tough times.
Please RSVP as soon as possible. Seating is limited to the first 30 guests per session.
Date:
February 29, 10am to Noon
Time: Check in at 9:45 am - 12:00 pm
Cost: FREE! (and there's nothing to buy and no recruiting)
Place: First American Title
7201 W. Lake Mead Blvd., #200
(A.G. Edwards Building)
Las Vegas, NV 89128
RSVP with Dana Whittaker at : (702) 804-7703 or Email to DWhittaker@OkeefeCasto.com
or Billy O'Keefe at: (702)804-7704 or Email to BOkeefe@OkeefeCasto.com
Testimonials
"Casto is a master salesperson. I loved his presence and his thinking."
-Nathan D. Olivas, Lafayette, CA
"Finally, someone who tells the truth. Rich cuts through the fluff and tricks to get real results."
-Ernie Fowlke, Unison Realty, St. George, UT
Sincerely,
O'KeefeCasto Residential Brokerage
Is Vegas Finding Its Bottom?
Last week, I heard one of my top agents call to tell his well-qualified, first time home buyer that another offer was accepted on the home he wanted. This is the second time he's had to make that call. They are looking for a newer 3 bedroom home with a 2 car garage in Summerlin. They had offered more money than the asking price.
I am hearing of this happening more and more. Many homes in Las Vegas that sellers could no longer make full payments on, or that couldn't be sold in a Short Sale, have been foreclosed on and are now being sold as REO homes, or Real Estate Owned-owned by a bank. The banks are very smart. In some cases they are pricing homes well below market value to generate a lot of interest. It's getting to be like a feeding frenzy in some areas of the valley like Summerlin, Green Valley, and Southern Highlands. Yesterday, an agent called me to ask what to do if the property her clients wanted to write an offer on was priced incorrectly on the Multiple Listing Service. Should she write the offer, or call the agent to verify the price? I told her to check the tax records, and sure enough, the home was owned by a bank. I told her to expect to see 20 other buyers looking at the same house when she took her clients there, on its second day on the market. The banks are doing what savvy agents recommend to their sellers: price the property well below market value to create an auction style environment. A seller could generate a ton of interest and is more likely to get potential buyers into a bidding war and drive the price up. I am hearing over and over that the homes my agents are writing offers on are up against at least 7 other offers. This tells me that in some cases, the banks are helping us to find the bottom of market value in some neighborhoods.
I don't think that this is over, however. We still have many mortgages adjusting on the horizon and sellers not generating the income they thought they would at this time to cover their new payment amounts. Many people in our community are being forced into foreclosure and bankruptcy. It's a double edged sword: bad for those that bought between 2004 and 2006, and good for the current investors and buyers with strong FICO scores and some money to put down. Buyers right now are getting rock-bottom pricing and great rates-which will not last forever.
Many experts are predicting another housing boom in Las Vegas in late 2009 to 2010. I keep seeing article after article that Las Vegas is the place to buy right now, due to major Strip projects opening in the next few years creating many employment opportunities. We still have a wonderful tax shelter; pay no state tax, and we have a mild climate that residents love, with every kind of entertainment one could imagine.
A lot of our friends thought we were crazy to do what we're doing, but it is exactly because of what is going on that I co-founded a new residential Real Estate brokerage with owners Billy O'Keefe and Rich Casto last year. Rich, a national Real Estate trainer, predicted this market three years ago and leveraged his knowledge in opening a company here in Las Vegas. With so many other Real Estate companies down-sizing or declaring bankruptcy, agents are flocking to us, a leadership team with a solid business model that truly puts our clients--buyers and sellers--first. We are the only company in town to offer a money back guarantee. There are many reasons that real estate agents are one of the least respected professions and we are committed to changing that. We are coaching and training many local real estate agents, for free, no matter who they work for. We are working to create a win-win for agents and their customers.
If you are a seller or buyer with questions, or an agent looking for something different, contact Dana Whittaker, Manager, at O'KeefeCasto Residential Brokerage, at (702)804-7703.
Real Estate Is Still a Wise Choice Part 2
Here are some Rules of Thumb for Investing in Real Estate, even in Las Vegas, Nevada:
Buy Low (like right now), Sell High. That means hang onto your property until the market bounces back, and it will bounce back. I'm reading anywhere from 18 months to 3 years in the Las Vegas market. We wouldn't have projects in the works in the billions all over town if Las Vegas, Henderson, or Clark County were a bad market. I believe that developers do their homework when they decide to spend billions of dollars.
Great investors do the OPPOSITE of everyone else. If everyone is panic selling, start BUYING. The market may continue to fall for another year or two, but if you can stick it out for around 5 years, you will most likely see very positive growth. Markets are cyclical. The number of people moving into Las Vegas has not gone down. This is a Buy and Hold strategy. It's usually less risky than Flipping.
Buy on the RUMOR, Sell when it's NEWS. The tragedy of our market here in Las Vegas, Nevada is that too many inexperienced investors bought at the height of the market when they heard from the media that Las Vegas was the hot place to buy. Many investors bought with Adjustable Rate Mortgages that were to adjust in less than 5 years. That's extremely risky if you don't know what rates will be doing. Unfortunately for many new investors the market turned, rates are adjusting up and they can no longer afford their mortgage. By the height of the market in 2004, when the media began reporting our appreciation results, the true investors were selling their properties and taking their money to other parts of the country.
Don't be a Pig! Pigs get slaughtered. If you try to squeeze every nickel out of a deal, you'll lose out. You'll constantly be chasing the very top of markets and the very lows of markets and never pull the trigger and never make a profit.
Don't Lie About Your Income. I've heard of card dealers here in town owning multiple properties worth millions. I wonder, how did they ever qualify for all those loans? Most likely, the banks didn't know about the other properties because all the loans were obtained separately to close on the same day so that they couldn't find out about each other. There can be a bit of a delay on your credit reports. This is loan fraud.
Get Good Advice. Trust your gut instinct. Does who you're getting advice from have experience and references? Are they recommending paying your mortgage payment with a Home Equity Line of Credit? That's horrible advice! Make sure your agent and lender also own properties and practice what they preach. Ask them specifically about their experiences. Most will be happy to share their successes and lessons with you.
Come from Abundance. There is always plenty to go around for everyone. And be patient.
Loan Applications Are Down but Real Estate is still a Wise Choice Part 1
Just heard on the news this morning that loan applications are down for the second straight week in a row nationally. This is the lowest it's been in four months, while interest rates seem to be on the rise.
Times are tough out there, but I think it's important to remember that real estate is still a very wise investment. Throughout history, it's the most reliable. In my market, the Las Vegas, Nevada area, including Henderson and the rest of Clark County, we are taking a beating in the media.
Let's re-cap for the past Las Vegas market: 2004 = record breaking appreciation, up 40% in some areas. 2005 = still a bit of appreciation. 2006 = leveling off. 2007 to date = market corrections, 3% depreciation in some areas.
This is not a good time to sell. I hear consumers constantly commenting on what a horrible deal they're in because they can't sell the home they purchased in the last 2 years or less. Let's be frank, that's called Flipping. When you own a property for less than two years you will have to pay capital gains (check with your CPA), not to mention all your other closing costs including transfer taxes, title and escrow fees, re-conveyance, and possibly a commission to an agent. That's asking for a lot of appreciation in any market to be able to sell in such a short amount of time, about 7.5 to 8.5% on average, just to close.
All the experts I've heard , like Suze Orman, recommend holding onto a property for at least 5 years. My clients that bought homes in Las Vegas or Henderson even in early '03 have plenty of equity to be able to sell today. Plus, they'll get a great deal on the buying side now. The problem we're seeing also is the homeowners that re-financed to take all their equity to make other purchases, or worse pay another mortgage, and didn't invest the money wisely. Homeowners are using their home as a bank account. That is not a good idea. Now I've got sellers that got bad advice from someone else about buying their current properties that are upside down, meaning they owe more than what they can sell the home for, also known as a Short Sale (must have bank approval). That equity could have been their retirement money. Now they are having to start over. They may not be able to get a tenant to cover their entire mortgage if it's not their primary residence.
Earlier I said that Real Estate is still a wise investment choice--even in Las Vegas. In Part 2, I will discuss some rules of thumb to remember when investing in Real Estate. Stay tuned.
TREO vs BlackBerry Cell Phone
I hate to admit it, as I was a die-hard Treo user for the last couple of years, but I just converted to the new BlackBerry Pearl cell phone. Is it ever cool with the little scrolling, back-lit pearl!
The BlackBerry Pearl applications are very useful and easy to figure out. The email platform is fast, clear, and simple to set up. As a Las Vegas Real Estate agent that handles a lot of Internet leads, utilizing email on my phone insures that we don't lose a client to someone else. We can respond to questions and comments about the Las Vegas real estate market immediately.
The coolest feature is the voice dial that is programmed to read your address book entries. It will pull up anything out of the phone book. You just press a button and say a name. No programming it at all. It's amazing. It can be a GPS (for a monthly fee) too!! I've tested the driving directions on the mapping application for some newer streets, and it worked!
I stayed with the Treo for so long because of the camera and the date-book feature. The Blackberry Pearl has a camera and the date-book is similar to what I was used to on the Treo. I bought a memory card that holds a Gig that's as big as my pinky nail! That's like 250 songs, a movie and a lot of photos! The graphics on the BlackBerry are vivid and it loads very quickly. Technology is so cool.
The Greater Las Vegas Association of Realtors has free wireless access to our Multiple Listing Service and I can do searches and even see photos of listings right on my phone. That's extremely convenient. I hardly need my laptop anymore, except to work on my website and blog. : )
The Pearl, which is the smaller of the new BlackBerries, has a smaller keyboard than I was used to for texting with more than one letter per button. It literally took me 20 minutes to get used to it. I'm definitely texting as fast as I ever was, plus now I can email instantly. Some of the guys I know got the bigger BlackBerry, I think the 8800 is the new one, that has the bigger keyboard to accomodate for their larger hands.
Lastly, I got tired of the touch screen on the Treo. As a woman living in a desert, my phone would get just too hot and I felt like I was always wiping make-up off it if someone else wanted to it. Embarrassing! I know it was meant to be used with a wireless earpiece, but I was never satisfied with any I found. I think BlackBerry will beat out the iPhones because of the issues with the touch-screen.
The BlackBerry Pearl is AWESOME. I highly recommend it as a must-have tool for real estate agents that are serious about their career.
New Mom Trying to Lose the Last of the Baby Weight...Help! by Dana Whittaker
My first baby, Carter, is now 6 months old. Motherhood is more amazing than I could have imagined! Thanks to having a wonderful career like real estate in Las Vegas, I was able to take several months off to take care of my baby boy and begin to figure out how to be a mom. My husband is my business partner so that really helped. I could support him from home if he needed anything out in the field. I've joined the working mom club and am finding a balance between work, family, exercise and anything else I can cram in.
So here's my dilema: the first half of the baby weight seemed to melt right off. I hear nursing is great for that and I think it was. Now, 6 months later I feel like I'm having to beat the rest of the weight off with a stick!
My hubby gave me a great workout DVD he bought a couple years ago called Power 90. The instructor swears that in 90 days I'll be ready for the beach. I told my husband that if I'm not bathing suit ready in 90 days this instructor is going to get a nasty letter from me! I'm just kidding. I've just never worked out so hard in my life.
I began reading Body For Life For Women and the doctor that wrote it talks about working out 5-6 days per week. I thought 5 days a week was plenty, but I just read on the back of the DVD that I'm supposed to be doing a full work out 6 days/week! What ever happened to 3 x's/week for 20 minutes??
I've stepped up my workouts and I'm in my 3rd week. It's brutal, however I'm feeling great. I wish the scale was moving faster though!
Any feedback? Tips? Experiences?
Thanks!
Dana Anderson Whittaker
www.BuyLasVegasOnline.com
Saved! Buyer almost Walked Away from the Closing Table -by Chris Whittaker
Yesterday I was 2 days from the closing date on one of our listings in Summerlin in the Las Vegas area of Nevada. The escrow was a 60 day close (which frazzles my nerves to begin with, but we had a non-refundable earnest deposit) and we had taken care of everything the buyer requested. I was at the property waiting for the carpet cleaners--we did go above and beyond on this one, an immaculate corporate home to begin with--and as the carpet cleaner was pulling up I got the call we all dread as real estate agents. "Hey Chris, we've got a 911 emergency. I'm at the title company ready to sign documents with the buyer and he wants to walk," said the buyer's agent. I was not prepared for that kind of call. I calmly asked a lot of questions, mainly what's causing the cold feet of the buyer? The buyer's agent said the buyer had seen a house on the internet in the same neighborhood with more upgrades for $10K less. I immediately called my wife to search the neighborhood on the computer for that home and drove by it. It was a similar lot but closer to the freeway and not as neutral as ours as far as the paint went (plus ours has an extra bathroom). I maintained my calm demeanor with the other agent when I called him back, just explaining the consequences of his buyer potentially losing his earnest money deposit and reminding him of the positives of our property. The buyer's earnest money deposit was about 1% of our sales price and I just couldn't see a person walking away from a few thousand dollars to save a few thousand more. Without losing my cool, I put it to the buyer's agent like this: his buyer was talking about potentially saving literally a couple of dollars per day in a payment and risking the home he originally fell in love with, the loss of thousands of dollars, not to mention the cost of the appraisal, and time spent to redraw the doc's and qualify for the new loan. That was the rub. The buyer didn't realize that he couldn't just roll his loan approval to the new house he found. He didn't realize that he'd basically have to start the whole qualifying process all over. It's our job to educate our clients and to be rational in this scary, emotional process for them. We don't know what they don't know until we start asking lots of questions.
The buyer was under the impression that buying a home was like getting a car loan from the credit union. With a car loan you get approved for the loan amount and go find the car. Not so in the home loan industry. According to the buyer's agent, the lender ran the numbers for the other home at the lower price, but because of the changes in the lending industry and loans for 100% financing, his interest rate would have jumped from 8% to 9.25%! The buyer's monthly payment would have been higher for the home that was actually listed for less! (And, I still maintain that waiting for the bottom price isn't the smartest buyer strategy. Rates can and do go up. In ten years, you'll be amazed at the price you paid for your home compared to current prices.)
Thank goodness I didn't postulate with the buyer's agent and actually got him working for us to try and save this deal. The buyer's agent called me to let me know that we still had a deal and they were signing today. I was relieved at this point, then he sprung another one on me. The lender said the appraisal went to review and came in for $7000 less than our accepted price. I was at my wits end but had no energy left to get angry, and it's not his fault anyway. I just called the lender and listened to the multitude of reasons why underwriting had a problem with the value and the original appraisal. I just wanted to make sure they counted all our upgrades and the additional bathroom.
My day ended with a delightful conversation with the seller telling him about the appraiser's value and how he has to give up another $7,000 or else we don't have a deal. The buyer doesn't have any money to be able to come up to our price. The downside is if our seller doesn't take it, we risk the house selling for less later on. I feel like coming down to the appraised value is the only thing to do. I didn't yet tell him that we almost lost the deal anyway because of the other home in his neighborhood that just came on the market.
What I have learned over the years, in selling Las Vegas Real Estate and in negotiating with other agents is to not let the ego get involved. Figure out the way to come to a WIN-WIN. Talk everything out. It's not always easy. The first thing we do on our team when we get an offer on a property is write a letter to the buyer's agent letting his clients know how lucky they are to have such wonderful representation, we know the agent will show this letter to his clients. We do everything we can to get the other agent on our side so that we have a positive transaction and can negotiate a stronger deal on behalf of our clients. This negotiating tool has worked for us tremendously. Afterall, it is our job to put our clients' needs above all else...within the means of the law of course.
Free Training for Las Vegas Real Estate Agents Hosted by Donald Trump Contributer
Understand the Las Vegas and Henderson real estate business better and create a TRUTHFUL value proposition for your clients. Quit selling and start serving. Skillful, serving, truthful agents don't prospect. They attract their clients. These agents never have to worry about making enough money...it shows up. They don't have to manipulate for referral business. They are the experts of the industry. Their competency creates their income.
Want to become competent? Want to be an expert in Residential Real Estate? Isn't it time that your community looked to you for their real estate advice?
Join us in Las Vegas at Canyon Gate Country Club for a Personal Growth Workshop hosted by Donald Trump contributing author, Rich Casto. Mr. Casto is a personal friend and consultant of our real estate team of agents. He has been kind enough to offer our community a free "Personal Development" workshop. We had over 125 people attend his last training and the response was phenomenal. If you're an agent and you think you need a boost, please RSVP and come to the event.
WHEN: MONDAY, MAY 21ST
TIME: REGISTRATION AT 8:30am, WORKSHOP FROM 9am TO NOON
WHERE: CANYON GATE COUNTRY CLUB ON SAHARA. The guard can direct you to the clubhouse.
RSVP: BillyO@TheRealEstateCoaches.com. Space is limited.
NEED MORE INFORMATION ABOUT MR. CASTO? GO TO http://www.therealestatecoaches.com/
This workshop, for Las Vegas area real estate agents including Henderson and North Las Vegas, will help you to answer the question of WHY it's important for you to get successful in your real estate career, not the HOW. What is "success" defined as to you? What do you really want out of life? We will take a look at your unconscious behaviors and increase self awareness. Learn to walk the walk, not just talk the talk. Build a true FOUNDATION to be a great real estate agent.
This is not a recruiting presentation, nor will we try to sell you anything. If you are interested in having an analysis of your current real estate business done, contact us at Manager@OKeefeWhittakerGroup.com. Your analysis will be confidential, and complimentary with no obligations.
Las Vegas Market Update by Dana Whittaker
I caught the 2007 Las Vegas Perspective on the news this morning in Las Vegas, on KVBC channel 3. Because of our strong internet presence for real estate in Las Vegas, on www.DanaAnderson.com, we have many clients from out of state asking for this kind of information because many people are still considering making the move to our wonderful area. 8000 people per month in fact, are moving to Las Vegas and Henderson in the Clark County area of Nevada, according to the report.
The Las Vegas population is up 5.3% from last year to a whopping 1.9 million people. Can we be considered a large city yet? I think we have to hit 2 million residents for that consideration. Median household income rose 12% to $53,100. This tells me that job growth is still strong in Las Vegas. That's great for our economy. It is job growth, not interest rates, that is the best barometer of a city's economy. It is hard data like this that makes me a confident Realtor and firm believer in our market, not the media hype or scare tactics of bubbles bursting. Las Vegas and Henderson aren't going anywhere. We are strong cities with tons of potential. I trust that the developers that continue to spend billions of dollars building up the Las Vegas valley did their homework.
That being said, local home sales did slow by 27% since 2006, yet new home prices were up 10% to $334,000. Also, up .5% were existing home prices to $287,000. If you were to purchase a property today, in 5 to 10 years you'll think you got it for cheap. Buy and hold. If you bought a property in 2004 or 2005 and you're freaking out about your value, hang tight. I've heard Suze Orman say more than once that one must expect to hang on to a property for at least 5 years. My advice is to make it work where you are. Consider updating your kitchen or upgrading the flooring. Stick with neutral colors and natural materials. That way, when the Las Vegas and Henderson markets do bounce back, and they will bounce back--my prediction is 2010--your property is in premium condition for hungry buyers. If you must move, due to a job transfer or family emergency for example, and you purchased in '04 or later, you'll probably take a hit on the sale, however you'll probably make it back up when you purchase.
One thing to keep in mind: smart investors do the opposite of what everyone else is doing. Remember Economics 101, Buy Low-Sell High. Many homes are on the market now, there are some great deals to be had. How will you be positioned when the upswing comes back around?
Las Vegas Real Estate Prediction by Chris Whittaker
I have two topics that I wanted to include in this blog. The first is a long overdue appreciation map of the Las Vegas and Henderson Real Estate areas in Nevada. This map compares appreciation rates from 2005 to 2006. There are some flat areas, a couple up markets and many slightly negative parts of town. The majority of the up markets are markets that were late to get the rush of investor money back in 2005 and 2004. These are the east side (where you could still find a moderate sized home in the low $200,000's) and the center of town where there were some forgotten neighborhoods, or areas that were rehabbed. So now we're all caught up. All areas of town have gone up and now some have already come down a little.
So do you want to know what I think is next?? Well, we've been doing this "real estate thing" for seven years now and when we started in this business we worked in a market much like the one we have today. I remember having a heck of a time trying to sell a nice 1500 sq.ft. single story 3 bedroom home for the low $130,000's. There were so many other resales, and Southern Highlands was just coming on the market and the builders were offering crazy incentives (just like today). So the builders stopped pulling permits, slowed the building, and look what happened, BOOM, we didn't have enough homes to go around. Our demand was so strong, rates were unbelievable, buyers and investors couldn't get enough and couldn't be fast enough either. Well guess what's happening as we speak (April 2007)? Rates are still reasonable (although the lenders are scared to death right now**whole other story**), people are still moving to Las Vegas, jobs are still being created, and builders have stopped with new permits. Go figure. What's next? You guessed it, new homes get bought up, buyers who don't have new homes to pick from move into the resale market and our inventory starts to go. Lower inventory with the same number of buyers creates demand, which allows prices to rise. It's called a cycle. It's history. It's happened in the past and it'll happen again real soon. My prediction is 2010 will be better than 2004. I can just see it. How is your position? I promise that any property you think is expensive now will seem cheap 10 years from now.
Anyway, the other topic is the latest Trustee Sale List. These are properties that are in foreclosure and are being auctioned on the courthouse steps on Main St. 36 pages of properties (this month only). There's a lot of hurting sellers out there. Lots of people got in way over their head and now they're done. I hope you all are doing well and preparing for a wonderful future but also enjoying each day right now. If you'd like either of those files, email me at info@300sold.com and I'll send them.
Buying in Las Vegas by Chris Whittaker
Just wrote an offer for a buyer looking to purchase in Northwest Las Vegas. Man, there are some fantastic deals out there. We found a beautiful one story 4 bedroom new home with granite counters and a beautiful backyard. It had 1850 sq.ft. and a 2 car garage. The seller paid $350,000 in 2005. It's on the market for $289,000. Obviously it's a short sale and the seller just wants to unload it. My clients went with a traditional 1 story with 3 bedrooms in a nice masterplanned community. We offered $272,000 with the seller to contribute 3% towards the buyers closing costs. We should find out today if we got the offer. Now is definitely the time to buy Real Estate in Las Vegas, Nevada.
