When determining the market direction many real estate brokers and agents turn to the Multiple Listing Service (MLS). Referencing the stats compiled monthly by the local MLS and by using median sales prices compared to 6 months prior, we can get an idea of of the direction.
In February 2009 the average sales price for a single family home was $213,900. In August 2009 the median was $195,000. looking at the rate of change we see that there is still a decline of 8.8%. [(213,900-195,000)/213,900] = 8.8%
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Now some may argue that February is a better time to sell in Mesquite than August… to which I would agree with. Mesquite is typically more active in the fall, winter and spring months. The snowbirds, or retirees that no longer enjoy shoveling snow, usually begin the journey south in October or November and then return home in April for tax time.
Another reason property values are falling is due to the Mesquite Nevada Foreclosures. Mesquite REO properties in your neighborhood can greatly impact your homes value. A recent report from CNN calculated that for every REO property in a neighborhood, home values are reduced by one percent. If your neighborhood has six Bank Owned or REO properties then your homes value is worth six percent less! While this calculation is generalized, you can see that it is important to know if there are any REO’s in your local neighborhood.
To find REO’s you can find them in recent real estate publications, newspapers, and consult the MLS with the help of a real estate agent. You can also find them on free public websites like Realtytrac.com or Yahoo Real Estate. These sites have extensive foreclosure listings and data. These sites are updated often with new information, however, they are not often updated on what has sold or is no longer available.
A recent search of Realtytrac.com shows 829 properties match my search of Mesquite NV and 402 bank owned homes in Mesquite. This number is not all foreclosed homes in Mesquite NV at bargain basement prices… Many of these are homes that are behind on payments and have had a notice of default (NOD) placed on them by their lender. These may one day be a foreclosure but they would need to go through the foreclosure process first. Some of these homes may have a lender that will lower payments for a time, while others may make the back payments and no longer be in notice of default. Others still may have sold months ago and not been updated.
I do think that the information from these websites to be useful at times, however I have also spend hours and days verifing information that was incorrect. Many phone calls have been made and visits to the property are needed to see if people are still live there and will need to be evicted etc. One thing is garunteed, you never know what you are getting!
Another issue is when you want to make an offer and we can not find a person or email contact to present the offer to. When we call the bank they send us in circles and to different recordings. It is much faster and reliable if the bank has assigned a Realtor to help them sell the home. Then we have a point of contact that has access to the decision makers of the bank and we can get some answers.
This was written by the Mesquite Group of Bowler Realty. Find homes for sale in the Mesquite NV area.
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