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Investors have been taking advantage of lower home prices over the last few years by snapping up foreclosed properties at big discounts and turning them into rentals. Private-equity firms and other investors have raised an estimated $6 billion to $8 billion in purchasing single-family rentals, The Wall Street Journal reports. That could equate to about 40,000 to 80,000 properties, according to some estimates.
via Investors Clear Backlogs, Snap Up Single-Family Rentals.
A common question about short sales
“I just completed one short sale at Bank of America where the seller was current on his mortgage and never missed a payment. Then, I had another one at Bank of America, and they said that they could not process the short sale because the seller was current on his mortgage. Why is that?”
I get questions similar to this one several times a week. On the surface, it does not make sense. Why would one short sale go smoothly, and the next one at the same institution be such a pain the keister?
Believe it or not, the answer is fairly simple. It’s often not the servicer (where the mortgage is paid) that makes the decisions, but the investor instead.
via Short sales: understanding what goes on behind the scenes.
Home prices continue to move upward in Las Vegas as the supply of homes available for sale remains constrained, SalesTraq analyst Brian Gordon said Wednesday.Current conditions are more reflective of the boom years, as opposed to the hardest-hit market in the country, he said.The new-home market recorded 602 closings in August, up nearly 60 percent from the same month a year ago. For the past 12 months, new-home sales are up 15 percent at 4,488, SalesTraq reported.The new-home median price also has edged up in recent months, climbing to $204,737 in August, a 3.5 percent increase from a year ago.
via Fewer homes means prices up – Business – ReviewJournal.com.
After years of dead open houses, price reduction after price reduction and failed attempts to sell homes, many real estate markets are picking up. This could be welcome news to someone who has been forced to have kids share a bedroom, suffer through a long commute or any number of reasons why folks would want to sell their home. Even though sales activity is up, sellers still must be ready to do what it takes to get their home sold. It’s still not the good old days. Buyers continue to be cautious and don’t want to make a bad decision. It’s more important than ever to do what it takes to work with potential buyers and prepare as best you can to get your home sold.
Here are five mistakes that serious sellers must avoid when going on the market today.
Las Vegas real estate investor Michael Shustek plans to bet big — $550 million — that he can profit off some of the hardest-hit markets in the country.
Through his new investment fund, MVP REIT, Shustek wants to raise up to $550 million from investors to buy commercial mortgage loans and commercial properties in Nevada, Arizona and inland California. He launched the fund in April and received clearance this week from the U.S. Securities and Exchange Commission to start selling shares.
With 30-year mortgage rates hitting new lows and recent borrowers’ payment performance the best by far in decades, you’d think that banks and other lenders might be loosening up on their hyper-strict underwriting standards.But new national data from inside the industry suggest this is not happening. In fact, in some key areas, standards appear to be tightening even further, and the time needed to close a loan is getting longer.
via Mortgage lenders set higher standards for the average borrower – The Washington Post.
McCarran International Airport passenger counts inched upward in August, reversing a two-month trend of slight declines.Airport officials said today that 3.64 million passengers passed through McCarran’s gates, a 0.3 percent increase over August 2011. June and July counts were down by fractions of percentages as well.A 9.1 percent increase in the growth of international traffic and flat numbers in domestic passengers offset a 10.5 percent decline in helicopter and scenic tour fliers for the month.
via Passenger traffic up at Las Vegas airport for August – VEGAS INC.
Canadians, Chinese, and Mexicans are flocking to U.S. real estate in droves. They’re looking for bargains on vacation homes.
Foreign purchases of homes in the U.S. have surged 24 percent since 2011, according to the National Association of REALTORS®.
“Foreigners purchase for a variety of reasons: trophy homes, desire to put money in the U.S. for safety, desire to have a place to visit for vacation, desire for a rental unit,” Jed Smith, an NAR economist, told NBC News. “These factors … tend to dampen the effects of changes in total overall cost.”
via Canadians, Chinese Target U.S. Real Estate | Realtor Magazine.
Real Estate Leverage & Appreciation Explained
New investors may be asking the question, “What do you mean by leverage?” Simply put, leverage is a term used in real estate (or any type of investing) to describe the effect of borrowing money to purchase an asset (i.e. property). It’s the idea that you can buy a $100,000 property by investing only $20,000 of your own money. You are essentially “leveraging” somebody else’s (i.e. the bank’s) capital to buy the property.
via The Power of Appreciation and Leverage: Boost Your Real Estate Returns.
Mira Villa Las Vegas Condos For Sale | MyLvCondos.com
Just fifteen minutes from renowned Las Vegas Boulevard, Mira Villa’s coveted Summerlin location offers residents golf-front condominium living, with sweeping views of the Red Rock Mountains, and Las Vegas Strip. Here, resort-style living also comes with privileged access to world-class TPC Golf Course and the JW Marriott Resort & Spa.
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