Incline Village Now Blog

Market Update
Positive statistics for one week or even a month do not necessarily mean we are out of the woods; nevertheless, it is encouraging to see sales picking up.
We have noticed this has been true for our business as well. Excellent financing and lower prices are two of the main driving forces behind the improvement in market conditions.

Please read this article on the Market Outlook. Then, if you feel so inclined, contact us so we can help you find an outstanding property at a great price.

Have a wonderful week.

Market Update
Incline Village Homes for Sale  - please call or e-mail for latest update
“With the markets down, the economy in the tank, and layoffs being announced daily across the country, I’ll admit that it can be hard to remain cheerful and optimistic,” writes Suzanna de Baca in her article, Accepting Change in Negative Economic Times.
She continues to state that, “If your business, industry, or net worth is taking a beating, it can be easy to fall headlong into negative thinking. If you are experiencing tough times with finances, have watched your hard-earned savings decline, or are worried about your company or your job, you may be feeling defensive, angry, overwhelmed or depressed.”

She suggests that this economic decline is so challenging because change is scary for most of us; however, if we embrace change & recognize hidden opportunities, such unwanted and scary change might turn out to be the best thing that ever happened to us.

Like Suzanna de Baca, we believe that change presents new opportunities.

Have a wonderful week.

Market Update
After slowing to a near standstill while the financial markets were in turmoil, real estate sales in Incline Village have started to pick up again within the last few weeks.
We feel that this is due partially towards a rebound in the stock market, the relaxation and stabilization of the credit markets, and a further drop in real estate prices in Incline Village.

We are not alone to share in this optimism. Polls show optimism about housing recovery.

Have a wonderful week.

MARKET UPDATE…

Temperatures are dropping across many parts of the Country  and there were even some snowflakes in the Chicago area. Although those affected might not be that happy about the change in weather, it is music to our ears, because we know that means tourists will soon be flocking to our snowy mountains.
The $64,000 question is whether or not they will be buying real estate. No one can say for certain, but we believe there is a good chance that they will. Other areas of the country that have seen big price declines are finding bargain hunters reducing the glut of inventory.

With the financial markets in turmoil, real estate sales in Incline Village declined precipitously over the last 30 days. Sellers are getting anxious and dropping prices. We are also seeing more and more short sales that are eventually leading to increased foreclosures. If you are a value investor with the patience to stay in the market for the long run, we feel it is a good time for selective purchases.

Have a wonderful week.

MARKET UPDATE…

When we look back on last week’s Newsletter wherein we mentioned that the only constant was change, we had no idea to what extent we would be riding a roller coaster.
Truly, last week was a time that tested the nerves of even the most conservative investors. A full fledged meltdown of the financial system was narrowly averted by some extraordinary and unprecedented action taken by the U.S. Treasury.

All we can do now is hope that the massive $700 Billion Federal bailout plan works to restore confidence in the markets. Warren Buffett invested $5 billion into Goldman Sachs because he feels this plan will restore confidence and will work.

Have a wonderful week.

Market Update
No one knows for certain what the future will hold; however, here are a few statements that we feel are either true or will come to pass.
1. Change and volatility are the name of the game.

2. There is consolidation going on in the financial industry and the players who survive will be stronger and have less competition.

3. Incline Village will remain one of the top  destinations in the world. Incline, in particular, will rank at or near the top of Nevada locations.

4. When the dust settles, a lot of money will have been made by those who astutely took advantage of some of the incredible opportunities available today.

Below, you will find some new listings and price reductions on properties that we felt were worthy of calling to your attention. The ones that have an asterisk in front of their description will need lender approval as these are Short Sales. For a more complete list, either e-mail us with your criteria or do your own search on our website.

Have a wonderful week.

MARKET UPDATE…

The big news this week was the announcement that the Feds are taking over Fannie Mae and Freddie Mac. The markets reacted quickly and decisively to the news yesterday with rates dropping by 1/2%. For those buyers who were looking for a good reason to get off the fence and buy now, this could be it.
Below are a few articles related to the takeover that are worth reading.

‘Frannie’ Bailout Makes Money Cheaper, Not Easier

Of particular note in this article, is the author’s belief that Fannie and Freddie will no longer guaranty Alt-A loans after the beginning of the year. This means that Stated Income loans will be much harder to find.

So, on the one hand, money becomes cheaper but it will also be much harder to get. For self-employed people who do everything possible to pay as little income taxes as possible, this is not going to be welcome news should it come to pass.

Fed Move on Fannie, Freddie is ‘Good News’

We couldn’t agree more with this article. Although it may be another taxpayer bailout, it was necessary to insure the stability of the real estate industry. As the article suggests, the government and thus taxpayers may actually make money by going down this road.

We certainly hope so, but we are not holding our breath on that score. In any event, it is great news for the real estate market, and should give a much needed shot in the arm to our market.

If you would like to get pre-approved for a loan, please let us know and we will put you in touch with one of the top lenders in Incline Village.

Have a wonderful week.

MARKET UPDATE…

Lately, we are seeing more and more short sales in our real estate market here in Incline Village. What constitutes a short sale, and what are the pros and cons of purchasing one?
The first condition of a short sale is when the net amount from the sale of a property is not enough to cover all of the underlying liens (recorded mortgages, judgments, etc.) and other closing costs (commissions, escrow, title insurance, conveyance tax, etc.), and where the owner does not have sufficient assets to cover that deficiency. In order to sell the property, the owner must convey clear title, and this can only be done when all of those liens and closing costs have been covered.

If the owner is unable to make up the difference and can prove a hardship, the Creditors may step in to help by either forgiving some of the debt, or taking back a note for the difference not secured by the property which can be paid back after closing. The Creditors which are normally banks holding mortgages against the property may decline to accept the short sale because they feel the price is too far below market, or the Sellers have other assets they can go after or their income is sufficient to continue making payments.

The purchase of a property under these circumstances is almost always quite challenging. The sellers have already lost all of their equity in the property, so often they will accept an offer below market value to get the property sold quickly and avoid a foreclosure; however, on the other end, the bank is trying to protect its equity and will in all likelihood reject any offers that are substantially below market value based on an appraisal they will order.

Unless the bank is willing to approve the offer, the sale cannot be consummated. This approval process often takes 4 weeks or more during which time the bank may entertain competing offers.

We certainly do not want to discourage anyone from making offers on short sale properties; however, we want to be sure you understand the complexity and challenges involved in such purchases.

We have successfully closed short sales  and we expect to be doing quite a few more. If you have the patience and fortitude to purchase a short sale, the rewards may be great.

Please let us know and we would be happy to send you a list of all of the currently listed short sale properties. We can also provide you with a list of bank owned properties, i.e. ones that have already gone through the foreclosure process.

Have a wonderful week.

MARKET UPDATE…

In regards to the market, conditions are still quite unfavorable for most Sellers as Inventories continue rising and sales are quite slow. Tourism numbers are way down, and the crunch is being felt quite severely throughout the industry with numerous layoffs being reported. Despite this fact, there are always going to be very motivated Sellers whose prices have been discounted to levels that make them very attractive bargains.

In this Newsletter, we have selected a few of the best buys we found this week. If you are ready to buy now, but can’t seem to find what you are looking for, please allow us to help you. Sometimes we know of properties that are not yet listed that might be a perfect match for you. If there is nothing that seems to fit at this time, we can set you up with Auto-Notification to be alerted whenever a property matches your criteria.

Have a wonderful week.

MARKET UPDATE…

About a year or so ago, the National Association of Realtors® developed a new index for forecasting market trends. It is called the Pending Home Sales Index. Since it measures the number of homes that are going in to Escrow, it is a leading indicator.
The good news is that the Pending Homes Sales Indicator rose 5.3% in June to 89.0. This is still below the level of a year ago, but it is higher than May, so at least we are moving in the right direction. Lawrence Yun, Chief Economist for NAR, writes “Pending Home Sales Rise, Wider Gains Anticipated”.

There are so many great deals right now; however, we would like to call your attention to one in particular that is listed below under our Hot Buys. The owners of 448 2ND tEE just reduced their asking price to $849K. This is an absolutely screaming deal for a  home  right in the heart of  the Eastern Slope.   Have a great week.