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Real Estate Investors: This is how you compete with a Hedge Fund:First: Appreciate their strengths but don’t fear them.Hedge funds have a lot of capital and if they can show a model that produces a decent return of ONLY 7-9% they will get more capital to continue their acquisition spree.  In addition, hedge funds can leverage technology to the hilt, so they will have more applications and databases than you can shake a stick at, but remember bad data fast is still bad data.Another reality of their size is their need to buy lots of property quickly.  When they move in for the kill they will buy large pools of properties in short periods.  However, as a small investor, I can focus on a single purchase to add to my portfolio instead of having to find 10, 20 or 50 properties to buy. I have no idea how these buyers can stay up to date with 50 escrows, repairs, and rentals, at one time.  In the end – appreciate their need and ability for frequent acquisition.

via How to Beat Hedge Funds Buying Properties in Your Real Estate Market.

New home sales and permits soared last month in Las Vegas while closing prices slipped.The Las Vegas Valley had 591 new home sales in September, according to a report this week from Home Builders Research. That’s up 46 percent from 405 sales in September 2011.

via Las Vegas new housing boom – VEGAS INC.

Builder confidence inched slightly higher in October, bringing it to its strongest level since June of 2006, according to the National Association of Home Builders/Wells Fargo Housing Market Index. The October gain also marks the sixth consecutive month for increases in the index, which measures builder confidence about the direction of the new-home market.

via Homebuilders Grow More Confident About Recovery | Realtor Magazine.

Las Vegas’ housing supply shrunk rapidly this past year as cash investors bought homes in bulk so they could rent them out.Homes listed for sale in the valley fell by 35 percent during the year ending Sept. 30, according to a report today from Seattle-based Zillow. In the “bottom tier” of pricing, where first-time buyers typically try to find a house, inventory shrunk by nearly 38 percent.The “middle tier” inventory shrunk by 39 percent, while the “upper tier” decreased by 30 percent. Zillow did not provide price ranges for the tiers.Housing inventory fell nationally by 19 percent, including 15 percent in the bottom tier and 22 percent in the upper tier.Cash investors, often from Southern California or Phoenix, have been buying large numbers of cheap homes in the Las Vegas area — usually ones that plunged in value in recent years — and renting them out.

via Investors take big bite out of Las Vegas housing supply – VEGAS INC.

Allure Las Vegas Condo Third Quarter Market Report for 2012

Allure Las Vegas sold 13 residences in the 3^rd quarter of 2012 with an average sale price of $211,269 and days on market of 60, and there are currently 28 condos on the market with $139,900 being the lowest priced condo currently available.

Allure condo rentals averaged $1439 per month with an average of 53 days to find a tenant.

For Las Vegas Condo Investment data, please visit: http://www.mylvcondosales.com/investments/

 

Anthony Phillips

http://www.mylvcondosales.com

http://www.facebook.com/LasVegasCondos

 

Many home owners think their home is worth a lot more than it really is, according to HomeGain’s third quarter 2012 National Home Values Survey Results of 300 real estate agents.

Seventy-seven percent of sellers say their home is worth more than their real estate agents’ recommended selling price.

Some home owners are overestimating the value of their home by up to 20 percent. Nearly 40 percent of real estate agents surveyed say that home owners believe their home is 10 to 20 percent higher than it really is, with another 40 percent reporting overestimates of 1 to 9 percent. Only about six percent of home owners underestimate the value of their home, believing it to be worth less.

via Most Sellers Estimate Home Value Well Above Recommended Listing Price | Realtor Magazine.

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.

via 5 Mistakes Homesellers Should Avoid | AOL Real Estate.