Real Estate Market Moving at a Desert Tortoise Pace

As all Las Vegans have learned, “What goes up must come down!” This has been a brutal reality here in the Las Vegas housing market. Values from a few years ago have plummeted to less than 50¢ on the dollar. Some neighborhoods are experiencing reduced values of ten years ago while others in disrepair have declined to values comparable to the 1970s.

Yes, this is frustrating and depressing, yet there is some good news out there. More and more homeowners are taking responsibility and talking with their lenders. Owners are strongly requesting a refinance or loan modification. With a reduced interest rate or forbearance on a portion of the principal balance, the homeowner will move responsibly forward through this recession and be part of the solution.

The inflated values, my friends, will not be back any time soon. This is just my professional opinion. I do not have a crystal ball. Moderate steady growth will be the course here in the Vegas Valley for the next three to five years.

The upside is that residents in Las Vegas are beginning to look at ways to CREATE value, rather than consume. With good reason small grassroots organizations, such as HomeFreeNevada.org, are partnering with EnergyStar, NV Energy, the Springs Preserve, and Southwest Gas to educate homeowners on how they can cost-effectively retrofit their homes to become more energy efficient. By leading the way with cost-effective home improvements, we are investing wisely in the homes and keeping energy dollars in our pocketbooks.

Retooling the market is a homeowner-by-homeowner process. Whether a longtime resident or a recent purchaser of a bank-owned property, each homeowner can elect to have a HERS (home energy rating system) test performed. Using a thermal imaging camera, the technician can advise the homeowner where energy gaps exist. Effective January 11, 2011, this will become mandatory for purchase of a home.

Improved insulation, caulking, and upgraded windows are all part of the solution. On the sliding scale of your budget, you can improve the energy efficiency of your house and seal the envelope of your home. Saving energy is what it is all about.

It’s a desert out there. The desert tortoise has an indestructible shell for protection from the environment.

Isn’t it time we did the same?

Comments

10 responses on “Real Estate Market Moving at a Desert Tortoise Pace

  1. Ellen, What’s the cost of having a HERS test done? And are you recommending any contractors for this work?

    Mark

  2. Mark,

    I strong recommend Les Lazareck at Home Energy Connection for an energy inspection. He can be reached at 702-451-8630. The cost is approx $400 . This is well worth the effort. You can then make improvements with dollar sense and energy efficiency.

    Ellen

  3. I agree it may very well be 2-3 years in the harder hit areas like Vegas and coastal regions. I do see a mild shift toward light at the end of the tunnel in the San Diego Real Estate Business however their are several other areas that are a far cry from that especially with the unemployment rate where it is today!

  4. Creating value is a great mindset for moving forward in this real estate market. There’s nothing wrong with putting sweat equity into a property. For too long people were buying and flipping without doing improvements. The neighborhoods benefit when everyone does their share.

  5. With all the foreclosures and the ups and downs of all the figures in the housing market, we are just hopeful for a much better state. Still, we are uncertain when the market would be able to achieve self – recovery. Consumers confidence had been down and been trying to keep on a tight budget. With the federal tax about to end and an extension had been hoped for by analyst, we’ll just have to see what comes next most especially holiday season is fast approaching.

  6. This is far better than anything else as people try to make something valuable with the present trend of the economy. Uncertain about when this recession will end, people are at least learning how to make a plan and with HERS, it’s just economical and beneficial.

  7. That’s correct. Making use of ways to save energy means being able to save money. This is one way in the budgeting plan. Giving such consideration that the housing market is not in a good condition, it is better to do something now for the days ahead.

  8. In this economic status we are in, it is a smart idea to have a budget plan that would definitely work. In spite of the crisis we are currently facing, good to have applied energy saving ways. It really is a difficult time, but one good thing about it; people are learning, though the hard way.

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