Our Master Mind meeting this morning was a presentation by a representative from Stovall and Associates, a full service law firm. If you need their information, see Janet for flyers.

Market Report for January 2015:

Resale- 1,747- 80.6%

Short Sales- 216- 10%

REO- 204- 9.8%

Cash Purchases- 761

CONV- 757

FHA- 414

VA- 172

Benefits of a VA loan:

  1. No down payment
  2. No mortgage insurance
  3. U.S Government guarantee
  4. Ability to shop and compare
  5. No pre-payments penalty
  6. Loan options
  7. Easy to qualify
  8. Lower closing costs
  9. Funding fee flexibility
  10. Assumable financing

Need to contact your SOI? Interest rates are near an all time low. 35% of 1,000 homewoners surveyed did not know what kind of loan they had or the interest rate. Give them a call and tell them that now if a great time to refinance or maybe buy a new home.

Today’s Interest Rates:

CONV- 3.625%

FHA- 3.25%

VA- 3.25%

Notes from Lawrence Yun’s, Chief Economist of NAR at the Rocky Mountain Regional Conference:

  • Population growth in the West is above average
  • Nevada is consistently getting new residents due to low taxes and the business environment
  • US economic growth in GOP is underperforming long term averages by $4,760 per person
  • America, for now has become a renter nation. Renter population has increased by 9 million while homeowners are down by 1 millions households
  • Homeowners have an average wealth of $195,000
  • Renters have an average wealth of $5,500
  • Nationwide builders are struggling due to a labor shortage, construction costs and a credit crunch among small builders looking for local lending
  • There are 37 million new Americans ready to “pop out” into the market
  • Right now in Nevada, the market is even, but there is a looming inventory shortage due to several years of little new construction
  • Currently tight loan underwriting an qualifying standards should begin to transition to normal in 2015
  • With the increase in demand, price increases are nearly guaranteed with the inventory shortage

A new report from Realty Trac says the Las Vegas Valley will lead the nation from 2015 through 2022 for its share of boomerang buyers. Realty Trac says Southern Nevada will be home to 220,650 potential buyers in the next seven years.

Notes from your Lobbying team at the Legislature:

  • Lobbying team will be working on closing the loophole in the eminent domain law
  • Helping find a solution to the super priority lien of HOA’s
  • Reviewing proposals of a margins tax, sales tax on services, gross receipt tax, business license fee
  • Carefully vetting proposed changes to the Real Estate Division budget. Anticipating a proposal to make the Division self-funding which is likely to increase your real estate licensing fee

For a complete list of the bills our Lobbying Team is monitoring, go to NVAR.org, the 2015 Legislative Session page which is under the REALTOR Political Center tab. Or, attend the Political Affairs Committee meeting this Thursday 8:30am.

DATE CHANGE: Our Office Social has been moved from Thursday to THIS Fridayt at 4:30pm, hosted by Driggs Title. Come socialize and network. If you want to paint a wine glass for Valentine’s, you must RSVP with Ashley (ashley@signaturenv.com.)

IMPORTANT! IMPORTANT! If you are scheduled for your lockbox exchange February 11th or 12th at The Temple, you will be rescheduled for the week of February 23rd. Unfortunately a vehicle housing SentriLock equipment for the exchange at the Temple was stolen. There has been no breach of membership information. If you are scheduled for those 2 days, you will be rescheduled. GLVAR is working closely with SentriLock to best manage this unforeseen disruption.

Signature is having a FREE CE CLASS on Tuesday, February 24thfrom 1:00pm-4:00pm. The class by Neil Schwartz is Agency. Seating is limited, first come, firsts serve so you need to RSVP with Ashley.

LUNCH AND LEARN on February 19th at 11:30am on Down Payment Assistance Programs hosted by Jim Losell. RSVP to Ashley.

REMINDER: Our Master Mind meeting next Tuesday, February 17th will be at the First American Title conference room at 7251 W. Lake Mead #100. This meeting will be on changes to the closing procedures as dictated by the CFPB. This meeting is for all Signature agents- Summerlin, Sun City, Providence and Henderson. This meeting is at 10:00am to better accommodate the Henderson agents. Please make your best effort to be there!

UPCOMING EVENTS:

Wednesday February 11th 10:00am- MLS Committee Open Forum at GLVAR

Thursday February 12th 8:30am- Political Affairs at GLVAR

Friday February 13th 8:00am- Broker’s Breakfast at GLVAR

Monday February 16th- President’s Day (OFFICE IS OPEN)

Friday February 13th 4:30pm- OFFICE SOCIAL- All are invited to come network. We will also be painting wine glasses for Valentine’s, if you want to participate please RSVP to Ashley (ashley@signaturenv.com)

Tuesday February 17th 10:00am- Agents Training on the Integrated Mortgage Disclosures Rule at First American Title (7251 W. Lake Mead. Suite. 100, Las Vegas NV 89128) SAVE THE DATE!!

Wednesday February 18th 9:30am- Basic RPA class

Thursday February 19th 11:30am- Lunch and Learn (RSVP to Ashley- ashley@signaturenv.com)

 

GREEN VALLEY UPCOMING EVENTS:

 Wednesday February 11th 12:00pm- Lunch and Learn- Keeping in Touch tools for your SOI. Lunch provided by Chicago Title.

Wednesday February 11th 10:00am- MLS Committee Open Forum at GLVAR

Thursday February 12th 8:30am- Political Affairs at GLVAR

Friday February 13th 4:30pm- OFFICE SOCIAL (Summerlin) - All are invited to come network. We will also be painting wine glasses for Valentine’s, if you want to participate please RSVP to Ashley (ashley@signaturenv.com)

Monday February 16th- President’s Day (OFFICE IS OPEN)

February 17th 10:00am- Agents Training on the Integrated Mortgage Disclosures Rule at First American Title (7251 W. Lake Mead. Suite. 100, Las Vegas NV 89128) SAVE THE DATE!!

February 18th 1:00pm- CE Class FHA vs CONV vs VA