The inventory is very low. The most recent statistics from the Greater Las Vegas Association of Realtors, put the inventory of single family homes at 3,800 for June 1st, 2012. This is 66.3% lower from the previous year and 8.7% lower from the previous month! The reason for the change is Assembly Bill 284. AB284 was passed October 1st, 2011 and has severely limited the ability of the bank to foreclose. The lack of inventory has created multiple offer situations and appraisal problems again in certain segments of the market.
New taxes are headed your way beginning 2013 if there is not an expected extension of what has been known as the Bush tax cuts. In addition, even without the recent U.S. Supreme Court decision for Obamacare the new health care plan tax provisions were ready to be instituted starting in 2013 and now is the time to talk to your CPA to determine how these changes will affect you. Some of the key changes are long term capital gains going from 15% to 20% (as part of possible increase, if the Bush tax cuts are not extended in 2012), a new 3.8% Medicare Tax (as part of Obamacare) on “net investment income” (which includes taxable real estate sales) for taxpayers as adjusted gross income exceeds $200,000 depending upon filing status (married/head of household or single).
Homeowners considering a short sale should know the following. The attorneys are jumping right into the game charging hefty fees upfront and then making clients use “their” agent. I recommend you interview & select your Attorney & Realtor, separately. Secondly, the non-recognition/exemption of Form 1099 debt discharge for primary residence real property is still set to expire this year without year end 2012 adjustments to law provisions. This means that for individuals that receive a Form 1099 in 2013 for the short sale or foreclosure of their home could be liable for ordinary income recognition and corresponding tax on their realized transaction, including debt discharge in excess of fair market value. It is possible this debt discharge/exemption provision could be extended for 2013 and close attention should be provided by individuals and professionals as to current status . So if you are on the fence about a short sale, I would recommend you get it done this year with close attention to expected bank delays for approval that consistently apply.
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Rob Jenson interviews Clay Lilley from ehometours.com about the major benefits of High Definition Video Home tours and the future of video in real estate marketing. This interview was done with my own camera while Clay was in town from California to shoot 7 tours for me. They are available to watch on my website www.thejensongroup.com or go to the itunes store and find my podcast to download the tours to your iphone, ipod touch, etc.
Here is my #1 piece of real estate advice to help you make your Las Vegas home shopping easy.
Communicate with your agent as to when you will be looking at homes and how urgent it is that you buy.
I felt the need to post this, mostly out of recent frustration. I’ve found that trying to fit in all of my clients that want to look at homes 5 minutes after they called me, was ultimately under serving the client. I understand there are moments of availability in everyone’s schedule that might serve as the perfect opportunity to get out and see some homes, which I can appreciate. The reality is, 1-2 days notice to show homes is really a big help to everyone. It gives the home owners sufficient time to prepare the home for the showing. The agent now has enough time to research the properties to see if they are a short sale, REO, etc. and pull comps, MLS history and any additional helpful information. It is common that homes have alarms set or may be only shown on an appointment basis. Your Realtor should be flexible and willing to work with your schedule, just be sure to communicate the plan. Good Luck & Happy House Hunting!
The internet has made home shopping easier than ever, so why do you need a buyer’s agent or any agent for that matter. The clip from below in from the classic movie “Jerry Maguire.” In the movie, Jerry (Tom Cruise) acts on behalf of his client to ultimately get his client more money.
So what does this have to do with you and your home search? A real estate agent costs you no money upfront, just like Jerry, and is usually paid by the seller’s listing agent. A Realtor will tell you the truth, what you may want to hear and not want to hear. Ultimately, a Realtor acts in your best interest to help you find the best home at the best price, or sell your home for the best price, putting more money in your pocket.
The agent you choose is very important. I would recommend interviewing Realtors before you happen to just stumble across one. Please share your thoughts, experiences, and ideas for finding and interviewing real estate agents.