Las Vegas, Henderson and North Las Vegas Real Estate: October 2009

The View from 500,000 ... Broadening My Horizons

Today I passed the 500,000 point milestone on ActiveRain. It's been a journey of a little over three years, nearly 900 posts, 8500 comments, hundreds of photos and neighborhoods added to Localism, and 44 members invited to the Rain.

Want to know a secret? It's not about the points, it's about the process.

The business rewards are many -- listings sold, buyer transactions closed, a better understanding of my market and community, a network that spans the U.S. and Canada.

The personal rewards are far more valuable. I've learned about search engine optimization (SEO), online marketing, how to write better content and take better photos. There is the unconditional sharing of tips and ideas, the celebration of victories and the support in down times. I have met hundreds of amazing and inspiring colleagues.

 

STEPPING OUTSIDE THE RAIN

The online skills learned in the Rain are portable. Writing good content for search engines is the same no matter what the topic. Connecting with others through social media is the same whether it's about real estate, pop culture or pets. Tools like RSS, syndication sites and mobile technology let us easily leverage our online presence, no matter what the message is.

There's no question that ActiveRain is the leading site for real estate networking and information. I value each and every contact made in the Rain, as well as the Facebook friends, Flickr contacts, LinkedIn connections and Twitter followers. This group holds a tremendous amount of real estate knowledge, but an even greater amount of untapped potential. Sometimes we're so focused on hyperlocal content or the deal that's right in front of us that we fail to see the larger issues.

                             

 

WHAT'S YOUR BIG WHY?

Ask someone what they do and they're likely to respond with their occupation -  'I'm a real estate agent ... web developer ... marketing manager ... stay-at-home Mom ...'  What if we responded like this? 'I coach my child's soccer team ... promote green living ... volunteer at my church ... rescue Shetland Sheepdogs ... mentor at-risk youth.'

In The Millionaire Real Estate Agent, the first strategy that Gary Keller mentions is "Think Powered by a Big Why. The Big Why is about having a purpose, a mission, a need, that in turn gives you focus."

What cause or issue are you passionate about? It may be preventing breast cancer, finding a cure for Alzheimer's, stopping domestic violence, rejuvenating a run-down neighborhood, promoting arts in our schools , or being a voice for abused and abandoned pets.  It may reach next door to help a neighbor in need, or halfway around the world.

www.MothersFightingForOthers.orgRocky Turner, a southern California mom (and wife of Jeff Turner), uses blogging and social media to bring attention to an all girls orphanage in Kenya.  Her organization, Mothers Fighting For Others, asks us to "imagine what an army of inspired mothers could do to change the world."

Among those on the board of MFFO are real estate agents Lola Audu and Diane Aurit. Speaking of their supporters, Rocky says "I am amazed how big the world is. And because of sites like TwitterCafeMom, Youtube and Facebook, I found and befriended people outside of my circle and the world became that much smaller."

 

BROADENING HORIZONS

The platform and community that we have on ActiveRain provides a solid foundation, a comfortable home base. But I keep thinking 'there must be something more.'  What if we took just 10% of the time and energy we focused on the Rain and instead looked outward?

Make a difference with blogging and social media.Blogging and social media are the means. The end is not lead generation, buyers closed or listings sold; that's only the beginning.  What if we leveraged our networks and social capital to bring more light to issues like domestic violence or at-risk youth? What if we showed local animal shelters how to use the web to promote animal adoption? What if we used tools like YouTube and Skype to connect artists and musicians with children around the world?

Winston Churchill said "We make a living by what we get, but we make a life by what we give." The online skills learned in the Rain are portable. There are thousands of needs and opportunities just waiting for someone like us. Make that connection, and make a difference.

East Las Vegas Real Estate Market Breakdown

In a recent post we looked at sales price, volume, and financing trends in the east Las Vegas real estate market. Today we'll focus in on the parts of that market -- REOs (bank owned homes), short sales, and regular sales.

At first glance, it seems like we have just 1.8 months of east Las Vegas real estate inventory. Looking at each type of listing, three distinct markets emerge. Here are the current figures for east Las Vegas REOs, east Las Vegas short sales, and 'regular' east Las Vegas home sales.

East Las Vegas real estate sales


Absorption is the number of months it would take to sell the available inventory at current sales rates.
(Available Inventory/August Sales = Absorption Rate). There are only 2-3 weeks of REO inventory, but over nine months of short sales.

Distressed properties (REOs and short sales) account for 73% of the available inventory ...

East Las Vegas homes for sale


... and make up 89% of our current escrows.

East Las Vegas homes in escrow

To find out more about buying or selling real estate in east Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 201-204.)

Central Las Vegas Real Estate Market Breakdown

Last week we examined some general trends in the Central Las Vegas real estate market. Today we'll focus in on the components of that market -- REOs (bank owned homes), short sales, and regular sales.

On the surface, it looks like we have about 2.5 months of inventory for central Las Vegas. But when we look at the details, three distinct markets emerge. Here are the current figures for central Las Vegas REOs, short sales, and 'regular' home sales.

Central Las Vegas real estate sales


Absorption is the number of months it would take to sell the available inventory at current sales rates.
(Available Inventory/August Sales = Absorption Rate). We have about three weeks of REO inventory, and over seven months of short sales.

Distressed properties (REOs and short sales) account for 58% of our available inventory ...

Central Las Vegas homes for sale


... but make up 89% of the current escrows

Central Las Vegas homes in escrow


To find out more about buying or selling real estate in central Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 301-303.)

Northwest Las Vegas Real Estate Market Breakdown

In my previous post about the northwest Las Vegas real estate market, I showed sales price, volume, and financing trends. Today I'll look closer at the different types of listings in that market -- REOs (bank owned homes), short sales, and regular sales.

Generally, there are about 2.6 months of northwest Las Vegas real estate inventory. Further examination will show that there are three distinct markets. Here are the current figures for northwest Las Vegas REOs, northwest Las Vegas short sales, and 'regular' northwest Las Vegas home sales.

Northwest Las Vegas real estate sales

 

Absorption is the number of months it would take to sell the available inventory at current sales rates. (Available Inventory/August Sales = Absorption Rate). There are about three weeks of REO inventory, and over 8 1/2 months of short sales.

Distressed properties (REOs and short sales) represent 62% of the available inventory ...

Northwest Las Vegas homes for sale

 

... and make up 88% of the homes in escrow.

Northwest Las Vegas homes in escrow

 

To find out more about buying or selling real estate in northwest Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 401-405.)

Southwest Las Vegas Real Estate Market Breakdown

In a recent post we examined sales price, volume, and financing trends in the southwest Las Vegas real estate market. Today we'll focus on the parts of that market -- REOs (bank owned homes), short sales, and regular sales.

At first glance, it seems like we have just under three months of southwest Las Vegas real estate inventory. Looking closer, we see that each type of listing has a distinct market. Here are the current figures for southwest Las Vegas REOs, southwest Las Vegas short sales, and 'regular' southwest Las Vegas home sales.

Southwest Las Vegas real estate sales

 

Absorption is the number of months it would take to sell the available inventory at current sales rates. (Available Inventory/August Sales = Absorption Rate). There are only 2-3 weeks of REO inventory, but over eight months of short sales.

Distressed properties (REOs and short sales) represent 61% of the available inventory ...

Southwest Las Vegas homes for sale

 

... and make up an amazing 91% of our current escrows.

Southwest Las Vegas homes in escrow

 

To find out more about buying or selling real estate in southwest Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 501-505.)