The Good News and The Bad News on Las Vegas Home Sales

Posted by Robin Camacho | Uncategorized | Thursday 29 September 2011 6:35 PM

The good news is that we’re selling lots of homes. The bad news is that we’re selling lots of homes. While 2011 will likely be one of our best sales years on record, the rush to buy Las Vegas homes at these prices is creating multiple offer situations. The resulting competition usually spells higher prices for the buyer who’s offer is eventually selected.

Jackie and Kaden just had their offer rejected at $14,000 above list price. It was a good, clean offer. And one of 14 offers presented.

Some homebuyers feel that the banks are staging “bidding wars.” It can feel like this, but it’s simply not true. If you had a home to sell and 14 buyers wanted it, would you write 14 individual counter offers and negotiate with 14 parties? Or would you take the approach the banks take, and ask for everyone’s “highest and best” offer, then choose? In a bidding war, the price keeps increasing. In a “highest-and-best” situation, each party has one opportunity to present their best offer. That’s it. There will be no counter offers flying back and forth. The bank will pick the offer that meets its objectives.

Of course, Jackie and Kaden knew this going in. I educate my clients so there are no surprises. They had a chance to offer more. I had advised an offer of $110,000, which was closer to market value. But they offered what they were comfortable with, and didn’t get their hopes up. We’ll find another home.

Allen is in a similar situation. He has already offered $1500 over list price, and we just received a request for his “highest-and-best” offer. In this case, his offer is right at market value. I will recommend that he raise his offer no more than $1500.

There are many homes on the market, but there are buyers lining up to buy nice REOs in good condition. Don’t be surprised if you find that another buyer shares your same good taste. There is also a great deal of competition amongst buyers looking for investment homes that will provide cash flow. If you are looking at a home priced under $120,000, it’s likely that you will face competition if the home is in good condition. It’s almost certain you will if the home is 1-story or has a swimming pool.

If sales slow down later in the year, this should be the best time to buy – you might have your pick of homes at that time. But if sales continue to be this brisk, expect competition.

Welcome to the Neighborhood!

Posted by Robin Camacho | Uncategorized | Friday 16 September 2011 5:54 PM

Readers who have loyally followed my blog on LasVegasAdvisor.com or our Top 10 website know my style. I tell stories about my clients, and I hope that readers will learn more about the Las Vegas real estate market through the experiences of other buyers and sellers. I may include a little glimpse into who I am, but I focus on the stories that matter – the homebuyer or seller, the pain of losing your family home, the joy of buying a new home, the most recent real estate scams to beware of.

Throughout the past few years, I’ve had the good fortune to meet some of my readers from across the country – they call me when they are considering a real estate move, or when it’s snowing where they live. I’ve made some lasting friendships, and I’m happy to say I’ve introduced some of my buyers who are new in town to my clients who already live here. So those buyers and sellers that I’ve met face-to-face know who I am.

Today I thought I’d give you a little glimpse into Neighborhood Realty.

My agents and I are located in the southwest area of Las Vegas, just south of the 215. While we call the southwest home, we continue to serve the entire valley as we’ve done since the inception of our Top 10 values. We’ll be rolling out our updated website soon, and I’ve been holding off on promoting my brokerage until this is ready. But today I thought it might be fun to give loyal readers and those who use Top 10 for a resource a quick glimpse of who I am, and early snapshots of my brokerage.

I have been a top-producing agent in the Las Vegas area for some time, always “hanging my license” with other brokers. Some readers remember me from my days with American Realty, Realty One Group, or most recently Sellstate NRES. I moved to Sellstate after meeting with owner Mike Krein, an REO broker and visionary who’s years of experience in selling bank-owned homes provided even better knowledge and resources for my clients. But growth is my mantra, and it was time to make my client-centric philosophies and my market knowledge the center of a new brokerage – my brokerage. This allows me maximum freedom to serve my clients in a fast-moving market.

Many of my readers have met Phyllis, our Transaction Coordinator, or Ron, our VP of Research & Marketing. I’m thrilled that both are still with me. Jordan Camacho, my son/agent, made the transition as well. I then brought on experienced agents from other brokerages, and you will meet some of these over time. To be a Neighborhood advisor, an agent must have experience, enthusiasm, and most of all be responsive to every person who calls us for help.

As for me: I am a really lousy scuba diver who prefers a mojito on the beach

to donning a heavy air tank. (Jordan tells me no one wants to see my toes, and I can’t share my “Corona Moment”. But this is my favorite self-portrait, and part of my Chaise Lounge series inspired by a flash of brilliance in Punta Cana in December. If you’ve ever enjoyed sand, sun and rum at the same time, you know this series just got progressively worse as the day wore on.) I have been selling real estate in Las Vegas for nearly 12 years. I’m a former lobbyist and communications director for the American Heart Association in Nevada, and am proud of the role I played in getting tobacco off of our campuses and public buildings, and automatic external defibrillators in.

Now I’m a Broker/Owner, a Realtor, a Certified Distressed Property Expert, an Accredited Buyers Representative, a Resort and Second Home Property Specialist, and a friend and advisor to lots of new and old friends. I have the best job in the world.

I’m the mother to 3 great kids. Taryn is pursuing her MBA in Washington; Riana is a local attorney who’s face I see on Reza Atari billboards every day; and Jordan is Neighborhood Realty’s VP and director of sales and business development. I have one granddaughter, Aerrow, who is brilliant, beautiful and hysterical.

Enough about me. Let’s talk about you.

Welcome to the Neighborhood!

Neighborhood Realty  

The Other Side of a Short Sale

Posted by Robin Camacho | Uncategorized | Tuesday 6 September 2011 6:00 PM

I feel good today. I just solved a problem for a family who was upside down on their mortgage and facing foreclosure. Helping a client sleep better at night always gives me a warm fuzzy feeling.

When Robert called me recently to ask for help, he had a hard time talking about his family’s situation without choking up. Even though I hear the same story on a daily basis, Robert has only one story – his. It’s always hard to hear the pain in a homeowner’s voice, no matter how many times I hear a nearly identical story.

Most people who are in trouble on their mortgage still think they are the only one in trouble. “How could this happen to me?” they wonder. “I’m honest, I work hard, and I did everything right.” Eventually I help them see that many people are in the same boat, and most didn’t do anything wrong. Most of the buyers who got us into this situation already lost their house, which probably wasn’t even their “home,” but rather an amateur stab at investing. People who hung on to their “house” because it was their family’s home are finding themselves unable to save their underwater home, and that’s just tragic.

A homeowner who is upside down and having trouble making his or her mortgage payments fears the unknown, worries about the kids, and feels embarrassed. Robert lost his job, and has been unable to find another. He hung on for as long as he could, making a payment every other month, and then every third month. But when his wife Florita lost her job as well, they were finally unable to make any payments at all.

Robert eventually found another job, but the lender had already denied his loan modification. I listed the home as a short sale and found a buyer quickly. I was then able to keep Robert and Florita in their home for nearly 5 more months, with the bank’s blessing, while we found a buyer for their home and waited for the short sale approval.

I’d like to say I saved their home, but I’m a Realtor, not a miracle worker. I was able to get HAFA approval for their short sale, and they were able to exit with dignity. They didn’t have to fear the dreaded foreclosure notice on the front door. With the $3000 that the lender gave them at closing, Robert and his family had the money to move into a rental home for now. With no foreclosure on his record, he should be able to become a homeowner again before his children enter high school.

Robert is happy again, and that makes me happy. He no longer loses sleep over a payment that was twice what his neighbors next door were paying. He found a comparable home to rent, in the same neighborhood, for less than half of his previous mortgage. And perhaps most importantly, Robert knows this wasn’t the last house he’ll own. We’ve already set him up on a credit monitoring program with my preferred lender, and he’s preparing to buy his next home as soon as he can qualify. It may be a year, two years, or even longer – but Robert and Florita want their own home, and they are getting ready for it.

Every successful short sale ends with a happy seller. It makes up for the initial, painful conversation when I see the smiles at close of escrow. And that’s why I still say I have the best job in the world.

Contact Me
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Robin Camacho
Call: (702) 291-8766