Las Vegas Real Estate Career

With a national average sales price of $368,019 in 2007, the Prudential Real Estate Network (PREA) continues its streak of having the highest national average sales price for residential property among major competitors. This price is based on an analysis of transaction sides and sales volume data of the largest independently-owned brokers in the U.S. as reported in the 2007 Real Trends 500.

Prudential Real Estate Affiliates (PREA), our franchise network with about 2,100 offices and 64,000 sales professionals, announced a distribution agreement to feed about 140,000 property listings to real estate sites Zillow.com and Propsmart.com.  Earlier this year Prudential announced an alliance with  Trulia.com and HGTV-powered FrontDoor.com.

Laurie Keenan, president of Prudential Real Estate stated: “The sites are easy to use, they offer great information and they save consumers time. Most important, the sites offer consumers a rich search experience and, now, our listings will be a part of that experience.”

Read the press release for additional information.

This editorial opinion by Cyril Moulle-Berteaux, “The Housing Crisis is Over” appeared in the Wall Street Journal on May 6, 2008 and has been getting a lot of attention in the blogosphere.

The author quotes historical real estate cycles and claims the national housing market is approaching the bottom now based on a variety of facts and economic trends:

• Home sales peaked in July 2005
• New Home sales are down 63% from peak levels
• Housing starts have fallen more than 50%
• Affordability - prices have declined while, generally, incomes have grown

Brett Arends asserts in his article “Is Housing Slump at a Bottom” that we may be at the bottom of the housing market because housing starts dropped below the One Million mark in March.  “Every time that has happened in the last 50 years, it proved to be the bottom of a recession.”

Indications in Las Vegas are that prices may continue to fall further, yet NOW is definitely a great time to buy - here’s why:

• Over 60% of sales are REO or Short Sales - there are tremendous bargains out there right now!
• From 4/1/08 to 4/30/08, Las Vegas had 1927 closed resale single family, condos & townhome: Download the Full Report for April 2008 REO stats
  • REO - 1224 (63.5%)
  • Short Sales - 144 (7.5%)
  • Traditional resales were 19% of the market for the month
• Total number of contracts written is increasing dramatically.  GLVAR statistics show that 770 listings went into Pending or Contingent status in a one week period between April 21-28.   Notice the dramatic trend upward on written contracts since January 2008: GLVAR Under Contract Graph
  
•  Banks are pricing their REO listings to sell - sometimes below the market  - thus generating activity and multiple offers.
• Motivated sellers are finally shifting their list prices into the “Showing Zone”.  For more on this trend, check out Forrest Barbee’s Las Vegas Real Estate Market 2008 post.
• Interest rates remain at historically low rates.  Even with the tightening of the mortgage market, there are a variety of loan programs to choose from.  FHA loans are now a realistic option in Las Vegas due to the new loan limit of $400,000.
• Market Condition Report for April 2008 from Equity Title:
  • The report indicates a shift and positive change in closing numbers which, if the pattern continues, will surpass 2007 numbers in about 60 days.
  • Percent Selling and Absorption Rate demonstrated substantial increases after a series of declines and pendings indicate that trend may continue.

The bottom line … the market continues to adjust and there are great opportunities in the market now… what are you doing to adjust and take advantage of this market?

The Prudential Real Estate Affiliates (PREA) held their annual sales convention in New Orleans, March 16-18, 2008.  At the end of 2007, PREA was made up of :

• 677 Franchises (Brokerages)
• 2100 Real Estate Offices
• 64,000 Sales Associates

Prudential Americana Group, REALTORS received the following honors:

• The company ranked 11th overall in the entire network
• Our Sahara Branch received the Pinnacle Award for 9th place in closed gross commission income.
• The Shapiro/Sher Group was honored as the number 1 TEAM in the country for the Prudential network.
• Joe Iuliucci of our Southwest Office ranked 10th in the country for total closed units.

The following list is a great review and reminder of the basic principles of the REALTOR Code of Ethics. 

To review or download the 2008 version of the Code of Ethics:

• NAR Code of Ethics 2008 (PDF)
• NAR Code of Ethics 2008 Online

1. Protect and promote your client’s interests, but be honest with all parties.
2. Avoid exaggeration, misrepresentation, and concealment of pertinent facts. Do not reveal facts that are confidential under the scope of your agency relationship.
3. Cooperate with other real estate professionals to advance your client’s best interests.
4. When buying or selling, make your position in the transaction or interest known.
5. Disclose present or contemplated interest in any property to all parties.
6. Avoid side deals without your client’s informed consent.
7. Accept compensation from only one party, except with full disclosure and informed consent.
8. Keep the funds of clients and customers in escrow.
9. Assure, whenever possible, that transactional details are in writing.
10. Provide equal service to all clients and customers.
11. Be knowledgeable and competent in the fields of practice in which you ordinarily engage. Obtain assistance or disclose lack of experience if necessary.
12. Present a true picture in your advertising and other public representations.
13. Do not engage in the unauthorized practice of law.
14. Be a willing participant in Code enforcement procedures.
15. Ensure that your comments about other real estate professionals are truthful, and not misleading.
16. Respect the agency relationships and other exclusive relationships recognized by law that other REALTORS have with their clients.
17. Arbitrate contractual and specific non-contractual disputes with other REALTORS and with your clients.

by Mark Stark, CEO Prudential Americana Group, REALTORS

“ It is time for a change, a change that will correct a business model that has hindered the growth, quality and culture of the real estate industry for years. There are three key components when driving a successful real estate business… cash flow, residual income and asset building. To truly reach the pinnacle of success, you must tap into all three areas. We are blazing a new trail for our company and ultimately our industry. Not until NOW has any model taken such aggressive steps in supporting the real estate sales executive. Welcome to the ground floor! ”

Listen or download this audio file from Mark.