ALL PROS, Larry Guntle

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Well I think it is about  time for another report.   The Mesquite real estate market remains strong.  We had 61 closings in the month of June, 2 per day.  However alot of that was driven by the tax credit that expired June 30.  There are rumors that the tax credit has been extended and that is not true.  The closing for properties in escrow by April 30 2010,  HAS been extended till Sept 30,2010, and still qualify for the tax credit.  Lenders were so overwhelmed with loans that they just could not get them all done, so the government extended the deadline only.  It still remains to be seen if they will issue another tax credit to help the market rebound further.  Our market generally slows down  some in the summer anyway due to the heat, and that is supported by only 20 properties going pending in the month of June.                         

I would like to talk a little bit on my opinion of whats coming with the baby boomers.  Some of this information is current stats and there is so much on this subject that I will have to include info in several blogs.  Unless you all let me know that you want more right away.  The baby boomer generation is defined as those who turned 50 in 1996, ( turning 64 this year )  and those who turn 50 this year in 2010.  That is approximately 72 million people, almost one out of every 3 americans.  As the baby boomer generation grows older, it is very interesting to consider how they are approaching the aging process.  Priorities change as we age and thus our thinking process.  Believe it or not   you even have to consider political views when studying this subject, as the people turning 50 this  year tend to be much more conservative than the boomers of 15 years ago.  

To move or not to move??  Statistics show that out of both groups of the “boomers” 50% plan to relocate to another state for retirement, AND 34% of the older boomers have actually done it.  When you consider there are 72 million, these numbers are staggering. Where do I go??  The most popular states to relocate are North and South Carolina, Florida, Tennessee, and ALL the states in the desert southwest.  One of the major changes noted in the survey was the shift in the family structure.  In 1996, 76% were married and 10% had never been married.  Now ( 2010 ) , only 59% are married and 16% have never married.  This alters the real estate needs dramatically.  Also the trend is that the ” boomers ” are running from cold weather and traffic congestion.  If you live in one of these areas, it is my opinion that in the next several years there will be many more sellers than there are buyers, which  will drive prices down. 

Now consider this.  Today’s baby boomers control 70% of the nations wealth.  Soooooooooooo, with that being said,  now we need to look at the upcoming generation.  Today’s 30 to 40 year olds have had to leverage themselves and put themselves in incredible debt just to keep up, and now that debt is catching up.  The families are getting smaller, and they are working for less money.  The upcoming generation is not going to have the ability to buy the multi room castles that the boomers built for their larger families, nor are they going to need them.  The boomers want to wait till the market comes back so they can sell their homes for more, which it their minds makes perfect sense, which in actuality is a terrible idea.  If you wait too long, you may find yourself moving thru the crowd of all the boomers that want to sell at the same time and there will be little opportunity.  Another thing to consider is:  During a down market, new home prices and incentives are as good as they ever get.  When the market starts to recover, new home prices go up much faster than resales, and new homes in retirement areas go up even faster.   Remember!!  The best time to buy a new home is in a down market.  The underlying message here is don’t wait, do it soon as you can.   I hope I haven’t blurred you minds here with this stuff.  It all makes perfect sense to me, but getting it across to someone else I am not always the best at.    We have a great retirement community here in Mesquite and I would love to show you our lifestyle if you can find the time………….More another time……………… Thanks………………. Larry

First off, I would like to thank all of you nice folks for the kind words.  I have received several nice comments on my blogs and wanted all of you to know I appreciate it all.   I am rather new to the website world and I have tried to respond repeatedly to some of you, only to receive the e-mails back undelivered.  Could I ask you to e-mail directly at larryguntle@yahoo.com  until I can get some more education from my website builder.   Hopefull that will work for now and I can get back to you and answer your questions.   As for things here in Mesquite, the market is still very active.  I expected things to slow down just a bit after the government tax credit expired on April 30, but they really havent.  I checked stats just this morning and home prices are just a bit higher now than they were in May of 09.  That is an indication that the bottom has come and gone, and the market is on a slow rebound.   Some of the new home builders here have had recent price increases, and it is refreshing to see new building starting up again.  There are some great values now as the new developements anxious to get some activity going are offering huge buyer incentives.  This morning there are 104 properties pending, and we had 59 closings in the month of April.  For a town of 20,000 people, those numbers indicate a very healthy little city.  Yes we are truly the undiscovered oasis in the desert.  As always, if I can be of any assistance to you please contact me by e-mail.  If you are comfortable sharing your phone number I will call you directly to see how I can help.  I am looking forward to meeting some of you someday so I can show you our beautiful little city and the awsome lifestyle we have to offer……………….. Thanks again………………… Larry

Our current realestate market here in Mesquite continues to remain very active.  The traffic has picked up dramatically this spring as the economy is giving signs of a slight turn around.  Our current pricing and interest rates, plus the fact that their seems to be light at the end of the tunnel now, is making people more comfortable getting their checkbooks out.  That along with the fact that money stashed in banks is generally earning less than one percent, makes realestate investing look very attractive.  If you consider that a $100.000. CD will yield $83.00 per month at 1%, and a smart realestate investment will yield $450.00 per month after expenses, with the same amount of money, alot of buyers are coming to the closing table and doing just that.  If something like this may interest you, just give me a call and we can go over some details.  Our MLS reports that there were 47 closings in March 2010, and 52 properties went pending.  As you can see that is 99 properties either sold or off the market in just one month.  A large number of those are beautiful homes that are not foreclosures or short sales, because our sellers have  to compete  with those prices in order to sell and move on with their plans. 

The enormous Desert Falls Sports complex seems to be alive and well, and in my opinion WILL happen.  In the coming months they will submit the Master Plan for the project and submit a development agreement to the City detailing the specific use of  the land.  These plans will meet the Citys expectations and conform to all building requirements, expectations, and easements.  The first dirt to move will be the construction of the fiber optic cables that are necessary for the video in high definition of every sporting event.  Phase 1 of construction will begin as soon as the fiber optic cable is completed.  Included in phase 1 will be 24 soccer fields, 20 softball fields, two stadiums and tennis courts.  Currently there is no specific time line for additional phases.  Hopefully by later this summer we will see dirt moving.  For more information about this  huge project go to www.desertfallssportsresort.com.  Put your thinking cap on and try to imagine the impact this will have on our realestate prices.  Also our casinos are hopping busy and abuzz with activity.  Mesquite definitely has been effected by the down turn in the economy, but not nearly as much  as some of the rest of the nation.  We are alive and well here and looking forward to your visit to verify that for yourself.

Once again, thanks for your time, and if you have any questions regarding your realestate needs or current market conditions, please feel free to call me.  Have a great 2010…………………..Larry

In my professional opionion, NOW, meaning in the next several months, is one of the very best times to purchase realestate than we have seen in years.  I think if you are waiting for the bottom you are going to miss out, because I do believe that is where we are.  As short sales and foreclosures have sold and closed, they have dramatically lowered property values, since they are now the comparables that appraisers are using as most recent. Remember !!  Not all good buys are foreclosures and not all foreclosures are good buys.  Our current market is heavily weighted in favor of the buyer and there are some incredible values on the market right now.

With the current interest rates holding in the low 5% range, and the government tax credits if you qualify that are now being offered, our realestate market is actually quite active.  I believe we had 44 closings in January and that is actually quite good for this small town.  If you happen to be in the market for a second home, weekend get away, or investment property we currently have some incredible values in condos.  I am talking a 1000 Sq ft, 2 bed, 2 bath, upscale, ground level condo for around 80 thousand.  Those are selling fast however so of this appeals to you please call me for more information.  I am looking forward to hearing from you.