Realtors….you are going to LOVE THIS……spring is almost here and I have some Fantastic news for you…

In some markets, home sales are actually increasing!

In Las Vegas home sale prices are down 28%, bit home sales are up 15%!

And, the houses that are selling……the Foreclosures and the Shortsales!

The reason? Motivated sellers–those in distress or foreclosure–or
banks with too many homes on the books are slashing asking prices in
order to unload their properties. Motivated sellers in Las Vegas
accounted for 64% of sales in October…

Did you catch that…in Vegas 64% of ALL sales in October were foreclosures and short sales!

That means buyers are getting deals and hastening Las Vegas’ recovery.
In fact, buyers are eating up inventory fast enough that the discounts
offered by motivated sellers are tightening as supply contracts. The
difference between what motivated sellers have to offer and what
non-motivated sellers can command has held steady for three months at
a 17% discount, versus the 33% national average. So while it’s still a
buyers’ market, prices have dropped to a level that’s stimulated
demand.

Get this….the foreclosures in Vegas are now having so many offers that they are having bidding wars!

“There’s a pretty active housing market, it’s simply at a lower-priced
inventory,” says Michael Feder, chief executive of Radar Logic. “And
there are now bidding wars taking place over homes in foreclosure.”

Other cities are experiencing the same. In markets flush with
motivated sellers, such as Phoenix and San Diego, transactions are up
10% and 90% respectively, as buyers are starting to compete for
available deals.

Lets be clear..we are no where close to being out of this mess….

Foreclosures continue to rise, and Credit Suisse estimates 8.1 million
more of them through 2012, financially solvent buyers are finding good
deals at price points and mortgages they can afford.

Realtors, Read this next part…and understand this…some of the greatest opportunities in real estate are working with Short Sale listings…and being a REO Listing Agent. There is going to be an enormous surge of sellers needing the listing skills of agents who know how to close Shortsales starting over the next few months. Learn now how to easily list and sell shortsales. Watch this free video now about how to get started in short sales….then, grab the Free Agent Short Sale Secrets guide book. Go here now to watch the video and grab your Agent Short Sale Secrets guide book.

It’s easy to understand an uptick in motivated sales. Banks that have
repossessed homes in foreclosure and homeowners with soon-to-reset
loans are ever more eager to get out of the market. Especially with
rising unemployment, now at 7.2% up from 4.9% from a year ago, banks’
balance sheets and individuals’ cash flows are threatened.

Wow…talk about being in the right place and the right time. Realtors, learn how to list bank owned homes…REOs now. Watch this Free Agent Short Sale Secrets How-To video…then, instantly download your free Agent REO Secrets book. Go here now to watch the video and download your Free REO Book.

One good thing about the hurried sell-off is that in some cities, like
Los Angeles, the difference between what motivated sellers have to
accept and what non-motivated sellers are taking has narrowed. A
falling discount doesn’t mean a price recovery is around the corner,
but it does suggest a stabilizing market. In March of 2008, L.A.-area
motivated sales prices were 25% below non-motivated prices. Now,
that’s dropped to a 22% discount. However, even if prices flatten and
hit the proverbial bottom, don’t expect a sharp, fast v-shaped
recovery.

How long are we going to be in this kind of market….where REO and Short Sale agents are the top agents…..years…and years.

“By the end of 2010, that’s where we’re calling the bottom in the
forward market. You’re going to get a small price appreciation in
2011,” says Patten. “It’s not like the turn is 10% per year, it’ll be
something like 3% or 4%.”

Others aren’t quite as optimistic.

Realtors, if you plan on being in real estate….you really must have REO listings. The Agents who are becoming the Top Producers are the agents who have lead the heard and become Agent Short Sale listing experts…and REO Listing Agents.

“There’s a lot of talk that the recession could last into 2010, and
all through that period you’re going to have job loss and layoffs,”
says Jonathan Miller, president of Miller Samuel, a Manhattan
residential appraisal firm. “You’re going to see inventory build up,
and it’ll still take another year or two to work off the inventory.
This is a four-year scenario.”

In markets like Atlanta, or Sacramento, Calif., however, where prices
are an affordable $151,300 and $212,000, respectively, it’s difficult
to forecast a further rapid descent in prices. At that low of a price
point for Atlanta, and with current 5.17% interest rates on 30-year
fixed rate mortgages, it’s $828 a month to buy. That’s incentive
enough to buy property. Median renters’ costs there, according to the
Census Bureau American Community Survey, are $821 a month. Though the
survey tracks data from 2005 through 2007, rents are likely similar
today.

America’s Best Cities for Home Sales

1. Las Vegas, Nev.
Median home price: $211,600
Motivated sales as percent of total sales: 64%
One year ago: 28%
Motivated prices, relative to others: 17%
One year ago: 18% less

2. Sacramento, Calif.
Median home price: $212,000
Motivated sales as percent of total sales: 54%
One year ago: 41%
Motivated prices, relative to others: 24%
One year ago: 24% less

3. San Diego, Calif.
Median home price: $377,300
Motivated sales as percent of total sales: 47%
One year ago: 30%
Motivated prices, relative to others: 23%
One year ago: 22% less

4. Los Angeles, Calif.
Median home price: $391,400
Motivated sales as percent of total sales: 41%
One year ago: 28%
Motivated prices, relative to others: 22% less
One year ago: 18% less

5. Detroit, Mich. (Tie)
Median home price: N/A
Motivated sales as percent of total sales: 40%
One year ago: 24%
Motivated prices, relative to others: 30% less
One year ago: 20% less

5. Phoenix, Ariz. (Tie)
Median home price: $185,100
Motivated sales as percent of total sales: 40%
One year ago: 12%
Motivated prices, relative to others: 30% less
One year ago: 31% less

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