Incline Village real estate blog, Lake Tahoe real estate blog.

Blog

Displaying blog entries 1-10 of 19

Americans in Poll See Housing Market Boosting Economic Growth

by Lakeshore Realty


Americans, by a margin of more than 3 to 1, expect the housing market to improve over the next 12 months, part of a broader brightening in their outlook for the economy, according to a Bloomberg National Poll.

Fifty percent of poll respondents say the market will continue to get better in 2013 compared with only 16 percent who say they expect it to decline. An additional 31 percent say the market will stay about the same.

"Prices are very steadily, slowly, starting to creep back up," says Eric Matheny, 31, an attorney from Fort Lauderdale, Florida, who purchased a new home five months ago. "The housing market is a major part of the economy, so it says something about the strength of the economy."

The S&P/Case-Shiller 20-city index rose 5.5 percent in the 12 months to November, the biggest year-over-year gain since August 2006. In January, homebuilders began work on 613,000 single-family homes, the most since July 2008, the U.S. Commerce Department said yesterday.

As the housing market, the epicenter of the 2008 financial crisis, continues healing, Americans say they expect its improvement to spread through the economy, according to the poll of 1,003 adults conducted Feb. 15-18.

By a margin of 43 percent to 26 percent, respondents say prospects for job growth will rise over the next 12 months, with 30 percent seeing little change; 37 percent anticipate a stronger economy compared with 25 percent who disagree and 37 percent who say it will be about the same.

Read the full article

Source: Bloomberg News

Real Trends Housing Market Report – February 2013

by Lakeshore Realty

Real Trends released their February 2013 Real Estate Housing Market Report, in which they report there was continued good news for the housing market in January, with sales figures up a national average of 12.1 percent compared to a year ago.

Source: REAL Trends Inc.

 

Existing-home sales edged up in January, while a seller's market is developing and home prices continue to rise steadily above year-ago levels, according to the National Association of Realtors®. Sales rose in every region but the West, which is the region most constrained by limited inventory.
 
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.4 percent to a seasonally adjusted annual rate of 4.92 million in January from a downwardly revised 4.90 million in December, and are 9.1 percent above the 4.51 million-unit pace in January 2012.

Lawrence Yun, NAR chief economist, said tight inventory is a major factor in the market. "Buyer traffic is continuing to pick up, while seller traffic is holding steady," he said. "In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We've transitioned into a seller's market in much of the country."

Read the full article

Source: National Association of REALTORS®

Nevada looks attractive to Californians facing tax hikes

by Lakeshore Realty

Californians are coming! Californians are coming!

It's not like they haven't rushed from high-taxed California to low-taxed Nevada before. They have. And in droves.

But Election Day in California resulted in actions that will likely cause a fresh rush of Californians coming here to escape new higher taxes there.

Proposition 30 in California passed by 54 percent to 46 percent. It does two things to raise money for education. It raises the state sales tax by a quarter-cent for four years. It also creates a four-tier system, increasing income tax rates for those earning more than $250,000 a year by 3 percent for seven years.

The highest rate is for those making more than $1 million, who will see their income tax rate rise to 13.3 percent. Combine that with federal income taxes, and it's a reason to flee.

On top of those increases, the California Legislature now has a two-thirds majority of Democrats, enough to pass other tax increases as well.

The Wall Street Journal bemoaned this in a Nov. 9 editorial: "The silver lining is that Americans will be able to see the modern liberal-union state in all its raw ambition. The Sacramento political class thinks it can tax and regulate the private economy endlessly without consequence."

However, the Journal holds out hope that "at least Californians can still escape to Nevada or Idaho."

Actually, retired Nevada archivist Guy Rocha, a liberal to his toes, predicted the same thing. He expects wealthy Californians will decide to relocate to Nevada, presuming they can sell their California homes.

Maybe that's a positive for Nevada.

Rocha heard that a real estate agent in Nevada's ritzy Incline Village was flooded with calls the day after the election, asking about the housing market there, and the availability.

Gov. Brian Sandoval now has another weapon in his arsenal to lure Californians to the Silver State, since the new Nevada Legislature is controlled by Democrats, but not by a two-thirds majority. That means legislative Democrats won't be able to shove a tax plan through knowing they could override any veto by Sandoval.

Remodeling's 'Value' on the Upswing

by Lakeshore Realty

Now that the housing market is back, home improvements are, too. And they’re paying off better than in years past.

2013 is shaping up pretty sweetly for home owners.

First, there were the home owner-centric tax benefits (energy tax credits, PMI deduction, mortgage debt forgiveness) that Congress and the President extended through 2013; and now, we’re seeing that our home improvement dollars are working harder.

After several bruising years, spending on remodeling projects is up and so too is your return on your remodeling dollars. The national average percentage recoup on all 35 projects in Remodeling Magazine’s 2013 Cost vs Value Report rose since last year.

What a different story from 2012, when the ROI dropped in all but three categories.

The annual report is based on a survey that asks REALTORS® around the country to estimate what specific projects, from adding an attic bedroom to installing new windows, would recoup in their market at resale under current conditions.

Of course, what you recoup depends on the specifics of your project, your market, and when you sell. But the report offers a great bird’s-eye view of project costs and returns.

So which projects offer the best value for the money?

Exterior projects like siding, window, and garage door replacements took seven of the top 10 spots in this year’s list.

Makes sense since REALTORS® always say curb appeal is half the battle when you’re trying to sell.

Indoors, the top-10 projects include a minor kitchen remodel (involving cabinet refacing and new countertops and appliances), which recouped 75.4% nationally.

Kitchen redo aside, replacement projects, such as installing an entry door or new siding, tend to have a higher cost-to-value ratio than remodeling projects. But now that housing has turned a corner, home owners are stepping up their remodeling plans.

 Harvard’s Joint Center for Housing Studies saw 9% growth in remodeling in 2012 and predicts that trend will continue as more and more distressed properties are bought and rehabbed.

The housing group says interest in energy efficiency updates will keep on trucking, too. It’s the one area where spending on remodeling projects rose during the recession.

 

Source: Houselogic.com

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

 

 

 

After studying the foreclosure issue for nearly four years, the Nevada Association of REALTORS® (NVAR) released its latest “Face of Foreclosure” report, offering recommendations for state lawmakers and discounting fears about a so-called “shadow inventory” of foreclosed homes.

NVAR President Patty Kelley said the issue has changed substantially since NVAR started researching its first “Face of Foreclosure” report in 2009.

NVAR has begun briefing Nevada lawmakers about the report and recommendations. They include amending language in a widely publicized state law passed in 2011 called AB284 to remove barriers that may be discouraging banks from foreclosing when such action is truly warranted. AB284, a law sought by Nevada Attorney General Catherine Cortez Masto primarily to curb “robo-signing” of foreclosure documents and similar abuses, has been blamed by critics for stalling or preventing foreclosures and reducing the number of homes available for sale.

“We’re suggesting some changes to AB284, but our report concludes that this law’s effect on our housing supply and overall housing market has been overstated by many of its critics,” Kelley said.

Another key recommendation from NVAR’s “Face of Foreclosure” report calls on lawmakers to clarify and limit the role of attorneys who have become increasingly involved in the real estate business, often encouraging homeowners to “walk away” from their mortgage, file bankruptcy and take other more drastic actions.

“In most cases, we think local homeowners are better served to work with their lenders, free counseling services and REALTORS® to seek a short sale,” Kelley added.

The 2012 edition of NVAR’s “Face of Foreclosure” report utilized public polling and other research, painting a picture of frustrated but oddly optimistic Nevadans who believe government generally failed to address the foreclosure crisis. They were divided over whether homeowners should “strategically default” on their mortgages. Forty-five percent of all Nevadans surveyed last year said “there is nothing wrong” with strategic default, or “walking away” from their mortgage, while an equal number disagreed, saying homeowners have a legal and ethical obligation to pay their mortgage if they can.

Since 2009, NVAR’s “Face of Foreclosure” reports urged lawmakers, lenders and others to work together to streamline and facilitate short sales, which are seen as a more beneficial alternative to foreclosure and occur when a lender agrees to sell a property for less than what the borrower owes on the mortgage.

Since then, Kelley said progress has been made and foreclosure rates have been falling. She cited recent statistics from the Greater Las Vegas Association of REALTORS® showing that short sales accounted for a record 45.8 percent of all existing local home sales in December. Foreclosures, which made up more than half of all sales a few years ago, accounted for only 9.5 percent of all Southern Nevada sales in December 2012.

In NVAR’s 2012 survey, Nevadans expressed a dim view of government programs designed to help homeowners. Only 9 percent of those experiencing foreclosure and 10 percent of all Nevadans surveyed last summer said foreclosure prevention programs have helped. Still, 55 percent of all Nevadans believed government has a role in addressing the problem.

Kelley said REALTORS® and researchers who worked on the project “are now getting the sense that most Nevadans are ready to turn the page and move past this foreclosure issue as best we can. They see home prices rising and foreclosure rates falling.”

Despite expressing frustration with the duration and reaction to the problem, NVAR’s 2012 survey showed Nevadans remained relatively optimistic about home ownership. In fact, 26 percent of those who’ve faced foreclosure said they are at least “somewhat likely” to buy another home within two years. NVAR’s research showed that 79 percent of those who faced foreclosure still believe owning a home is “part of the American dream.”

Kelley said NVAR hopes its “Face of Foreclosure” reports help government and industry leaders understand and find solutions to issues facing thousands of homeowners in Nevada, which has had one of the nation’s highest foreclosure rates in recent years.

The award-winning series of reports was commissioned by NVAR, utilizing information from Silver State Analytics and research conducted by national research firm SGS. SGS compiled data from leading sources, held focus groups and polled thousands of Nevadans, including those who had either experienced or narrowly avoided foreclosure.

Click here to download the printable recommendations

Visit the “Face of Foreclosure” website

View interactive map of Foreclosure Rates Statewide

Girls on the Run Volunteer Information Session

by Lakeshore Realty

Learn how you can inspire girls to be joyful, healthy and confident. Join Girls on the Run for their next volunteer information session in Incline Village.

Girls on the Run Volunteer Information Session in Incline Village
Wednesday, February 27th 5:30 pm
Donald W. Reynolds Community Non-Profit Center
948 Incline Way, Incline Village, NV
 

For more information:
www.girlsontherunsierras.org
Office: (530) 567-2144
info@girlsontherunsierras.org

 

Lakeshore Realty is a proud supporter of Girls on the Run - Sierras.

 

  • Sold Properties by Lakeshore Realty Agents and Sold Lakeshore Realty Listings

Below we have a list of properties that were sold by Lakeshore Realty Real Estate Agents and properties that were listed by Lakeshore Realty agents and were sold on the Incline Village and Crystal Bay real estate market.

435 Fairview Blvd.

Bed: 5
Bath: 4
Year Built: 1975
Sq. Ft.: 3773

Days on Market: 184
Sold Date: 01/24/2013
Sold Price: $1,300,000

Selling Agent:
Tyler O'Neal

 

410 Mountain Lake Ct.

Bed: 3
Bath: 3
Year Built: 1990
Sq. Ft.: 3460

Days on Market: 113
Sold Date: 01/14/2013
Sold Price: $925,000

Selling Agent:
Carole Madrid 

 

157 Tramway Rd.

Bed: 3
Bath: 2
Year Built: 1981
Sq. Ft.: 2100

Days on Market: 82
Sold Date: 01/30/2013
Sold Price: $875,000

Selling Agent:
P.J. Focht   

 

873 Rosewood Cir.

Bed: 4
Bath: 3.5
Year Built: 2006
Sq. Ft.: 2893

Days on Market: 266
Sold Date: 01/31/2013
Sold Price: $770,000

Selling Agent:
Lana Nelson 

 

144 Village Blvd #45

Bed: 3
Bath: 3
Year Built: 1982
Sq. Ft.: 1789

Days on Market:
Sold Date: 02/01/2013
Sold Price: $530,000

Selling Agent:
Carole Madrid

 

144 Village Blvd #48

Bed: 2
Bath: 2
Year Built: 1982
Sq. Ft.: 1328

Days on Market: 226
Sold Date: 01/31/2013
Sold Price: $460,000

Selling Agent:
Pam Fernandez

 

931 Incline Way

Bed: 3
Bath: 2.5
Year Built: 1989
Sq. Ft.: 1720

Days on Market: 284
Sold Date: 01/28/2013
Sold Price: $529,000

Listing Agent:
Lana Nelson  

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

Why banks prefer their own loan mods

by Lakeshore Realty

When the government created the Home Affordable Modification Program, millions of struggling homeowners were given hope that they would be able to modify their mortgages and keep their homes. HAMP would help 4 million borrowers, they were told.

Four years and millions of foreclosures later, HAMP has only helped about 1.1 million borrowers. With less than 10 months before the program is set to expire, many of these homeowners have given up on waiting for the help they were once promised.

That's not to say loan modifications are not being done. Mortgage servicers completed a total of 850,000 loan modifications in 2012, according to a report released this week by Hope Now, an alliance of mortgage servicers and other players in the mortgage industry.

However, only 22 percent of those loan modifications were done through HAMP.

The government offers servicers generous financial incentives when they modify loans through HAMP, especially when the loan balances are reduced. So why aren't servicers doing more HAMP modifications? It depends on whom you ask.

Diane Thompson, an attorney for the National Consumer Law Center, says non-HAMP loans generally are more profitable and easier for servicers to do than HAMP.

"The servicers get paid an incentive to do HAMP, but if it's a non-HAMP loan, they can choose not to waive fees; they can structure it to make it more favorable to them; they can do temporary modification; they can keep the loan with an adjustable-rate feature," she says.

With HAMP, servicers have to follow strict guidelines and they have to adapt their systems and train their staff to follow those guidelines. By offering their own version of loan modifications, the servicers and investors can set the rules themselves, Thompson says.

"That way they don't have to be accountable to somebody else," she says.

Servicers have more flexibility when they use their own loan modification programs, says Loren Morris, senior vice president for Retreat Capital Management, a company that offers management and consulting services to the mortgage industry. He disagrees with the notion that lenders prefer non-HAMP modifications because they are more profitable.

"Historically, under HAMP, fewer borrowers requiring assistance were eligible for assistance under the program due to the program's guidelines," he says. One obstacle homeowners found up until the first half of 2012, he says, was that the program used to be available only to homeowners occupying the home. The guidelines were changed in June, allowing investor borrowers to qualify for HAMP.

Before the changes, HAMP also did not allow borrowers with debt exceeding 31 percent of their pretax income to obtain loan modifications.

"The prescriptive nature of HAMP, and setting the target debt-to-income rate to 31 percent, reduced the eligibility of some homeowners," says Stuart Quinn, data metrics manager for HOPE NOW.

Did HAMP fail?

Depending on how you look at it, HAMP was not a complete failure. Homeowners, who are able to snag a HAMP loan mod, generally reduce their payments significantly and for the most part, keep up with their payments. That’s partially because the program reduces a borrower's monthly payment by a median of $545, according a U.S. Treasury report released this month.

Generally, HAMP modification result in more affordable mortgages than the servicer's private modification programs, say Thompson, co-author of a HAMP study published by the National Consumer Law Center last month.

But for borrowers who are not given the opportunity to modify their mortgages under HAMP, yes, HAMP is a failure, Thompson says. And if you are looking for the main reason for its failure, Thompson says, the answer is simple: "Because of massive servicer noncompliance."

Source: Bankrate.com

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

 

 

 

Impressive Sales Increase in Incline Village and Crystal Bay in 2012

by Lakeshore Realty

This year showed positive signs of recovery in the Incline Village and Crystal Bay real estate market, and Lakeshore Realty's performance continues to be impressive.

Lakeshore Realty - Properties Sold in 2012

Click for larger image

Increase in Sales

In 2012 there was a 43.5% increase in sales overall in the Incline Village and Crystal Bay real estate market. Broken down by property type, sales this year increased:

Incline Village/Crystal Bay 2012 Sales Report

Click for larger image

Median Sold Price

Since 2010 there has been a 23% decrease in the median sold price for all residential properties in the Incline Village and Crystal Bay real estate market. Here is a quick sketch of the lowering median sold price from 2010-2012, broken into property types:

Incline Village/Crystal Bay 2012 Sales Report

Click for larger image

Days on Market

As you can see from the chart below, the days on market continue to fall as conditions improve.

Incline Village/Crystal Bay Days on Market for 2010-2012

Click for larger image

In addition, the luxury market in Incline Village and Crystal Bay has had a significant uptick. This year there were 73 properties sold for more than $1 million, compared to 48 sold in 2011, for an impressive 52% increase in sales.

These local indicators are in line with the improving national real estate market. According to National Association of Realtors® chief economist Lawrence Yun, home sales are on a sustained uptrend. "Even with market frictions related to the mortgage process, home contract activity continues to improve. Home sales are recovering now based solely on fundamental demand and favorable affordability conditions."

 

For more information please see our
North Lake Tahoe Real Estate 2012 Reports
or contact us at:

Lakeshore Realty
954 Lakeshore Blvd.
Incline Village, NV 89451
775-831-7000
Email Us

Displaying blog entries 1-10 of 19

Syndication

Categories

Archives

Share This Page

Contact Information

LakeshoreRealty.com
Lakeshore Realty
954 Lakeshore Blvd.
Incline Village NV 89451
775-831-7000
800-954-9554
Fax: 775-831-6777

LAKESHORE REALTY

Lake Tahoe's Incline Village Real Estate Market Experts & Home Sales Professionals

Real Estate Digital Marketing & SEO Web Content by EMEREALD | Digital Real Estate