Las Vegas real estate news 2016

 

The Las Vegas housing market is one of the most interesting to watch. It was one of the worst affected by the housing market crash in 2008 and many have gotten lucky from purchasing after the crash and others have lost thousands and thousands of dollars from their Las Vegas real estate investments. The Las Vegas housing market has definitely been one of the most dramatic the last 10 years and many other cities throughout the United States stay tuned to the ups and downs. Throughout the last year the market has stabilized in Las Vegas and the surrounding areas. 

September 2017 Las Vegas Housing Market Update

The Las Vegas housing market is still moving very fast as inventory stays extremely low. Many averaged price homes that are listed for sale in Las Vegas find that they receive multiple offers within the first few days of the home being listed. Many of Nevada Desert Realty’s home listing clients have received above asking price for their homes. As the competition is driving prices up, many homeowners are realizing that the equity in their home has greatly increased.Las Vegas housing market update 2692 Prairie Dunes Dr Las Vegas NV 89142

Sold Las Vegas Real Estate Listings

In the month of September, the Las Vegas housing market saw 3,492 completed real estate transactions for single family homes, condos, and townhomes. This number is down over 450 Las Vegas real estate transactions from August, but this is not uncommon. It is very usual for the Las Vegas real estate market to slow down after the school year starts in August as many households that include children try to move before their children start school. While it is not unusual for a real estate agent to advise you to wait till the spring and summer months to sell your home if you can, many agents are continuing to see such a high demand for housing that they are still able to get homes listed and sold very quickly. This is uncommon for this time of the year when the market is suppose to be slowing down.

Of the sold transactions in September, almost 95% of the Las Vegas properties sold were traditional real estate transactions. A traditional real estate transaction is between a buyer and a seller, usually both sides are represented by a Las Vegas real estate agent. This is the kind of real estate transaction most people think of when buying or selling their home, but there are also short sales and foreclosures. Short sale and foreclosures involve the banks or lender that holds the mortgage on the home. Of the sold Las Vegas homes in September 2017, under 3% of them were short sales. A short sale involves a homeowner and a lender working together to get a home sold that is currently worth less than what is owned on the mortgage. The percentage of short sales in the market can indicate how well the housing market is doing. If there are a very small percentage of short sales – like under 3% – the housing market is most likely healthy as homeowners are able to sell their homes and pay off their mortgage in the process. A small percentage of short sales also indicates that many homeowners have equity in their home, which usually leads to market stability. There was also a low number of foreclosures in the month of September, just over 2% of the transactions were foreclosures or Real Estate Owned transactions. Both the short sale percentage and the foreclosure percentage went down from the month of August to the month of September.

Types of Financing used in September

Las Vegas housing market 2572 Diplomacy Pointe Ct Henderson NV 89052 Henderson home for sale in Green Valley Ranch Nevada Desert RealtyOf the 3,492 real estate transactions in Las Vegas, 900 were cash purchases. Oftentimes cash purchases indicate the number of investors involved in the market at a given time. Cash purchases can also indicate a family moving from one home to another, using the profit from the sale of their past home to pay for their new home. Home sellers often prefer cash offers as escrow can close twice as fast with a cash purchase and sellers don’t have to risk whether or not their buyer can obtain financing during escrow.

There were 1,622 Las Vegas home sales that were financed with a conventional loan in the month of September. Conventional financing is often the most popular means of financing in the Las Vegas real estate market. Conventional loans usually require a higher down payment than an FHA loan, but if sellers use a conventional loan, they can avoid or remove the Private Mortgage Insurance once they have 20% equity in the home. There are often higher standards when applying for a conventional loan than an FHA loan. Though a conventional offer can be less competitive than a cash offer, sellers do like to accept conventional offers as usually they indicate the buyer is responsible with their money as they’ve had to save a higher down payment amount. Conventional buyers can also often qualify for an FHA loan if they are facing difficulties qualifying for a conventional loan during escrow.

There were 636 FHA financed Las Vegas real estate transactions in September and 299 VA financed transactions. FHA loans can often involve more complications as it is a government backed loan. VA loans require no down payment and only veterans or their spouses can qualify for these loans. As the requirements for these loans cut out a large portion of the population, it is not unusual for this to be the type of financing that is used the least.las vegas housing market Nevada Desert Realty Las Vegas real estate market

New Las Vegas Real Estate Listings

There were 4,941 single family homes listed in Las Vegas in the month of September. There were also 133 new short sale listings and 48 new foreclosures single family homes listed in September 2017. The percentage of the single family residence listed for sale in Las Vegas that sold in the month of September is over 57%. As over half of the inventory is selling every month, it may be a while before Las Vegas sees an increase in inventory. The average days on market is 22, which indicates that homes are going into escrow within days or even hours of being listed. During the month of September there was a 1.8 month supply of single family homes for sale. The median list price was $252,340 and the median sold price was $247,621 for single family homes in Las Vegas.

Contact Nevada Desert Realty at 702-509-1446 to get a current real estate market update and talk with a professional who can explain exactly what this means to you in your specific situation. We love to answer your Las Vegas real estate questions!

August 2017 Real Estate News

August is usually the best if not one of the best months of the year for real estate closings. As many residents wish to move during the summer months offers made in late June and July often close in August. There are other exciting things going on in the Las Vegas real estate market, such as new lower loan limits for FHA Loans finally coming into effect. As stated previously, summer is one of the hottest months for the real estate market in Las Vegas. Below are some pieces of Las Vegas real estate news for August 2017 and Las Vegas real estate market numbers.

Las Vegas real estate market numbers – beginning of August

The Las Vegas housing market is still experiencing low volumes – both for homes for sale and available rentals. Both home and rental prices have been on rise for many months, but summer months often see a faster rise in Las Vegas housing prices. The total number of Las Vegas single family homes for sale is just over 5,500. July saw 3,141 homes sold – this is up more than 10% from July last year. July and August often see the highest number of sold homes, but this still leaves Las Vegas with less than 2 month inventory of homes which is low for any real estate market. The beginning of this month also saw 4,910 pending single family homes. The median list price is just under $350,000 and the average list price is over $550,000 which is fantastic news for Las Vegas homeowners as it is just another proof that Las Vegas home prices are rising. The median sold price is currently $260,000, this is just $1,000 or $2,000 over the United States median home price. The average sold price for Las Vegas real estate listings is just over $300,000.

Las Vegas condo sales

Condo inventory is even lower than Las Vegas single family homes inventory. With approximately 725 active condo and townhouse listings, last month saw over 650 sold Las Vegas condos and townhouses. This means there is only 1 month worth of Las Vegas condo inventory. There are currently over 950 condos in escrow. The median list price for these townhouses and condos is $157,500 and the average list price for Las Vegas townhouses and condos is over $190,000. The median sold price for Las Vegas condos and townhomes is $138,000 and the average sold price is almost $160,000. Las Vegas condos and townhomes are in high demand as many real estate investors like to purchase condos and townhomes because they are usually cheaper than a single family home. It is also usually in a lower rent bracket which is in higher demand and easier to obtain a tenant.

Las Vegas Luxury real estate sales

For Las Vegas luxury real estate listings (Homes in Las Vegas over $1 million), there are 500 available listings for sale. There are over 60 luxury homes in Las Vegas that are pending sale, and over 260 Las Vegas luxury homes that have been sold in 2017. The median list price for Las Vegas luxury homes is $17,500,000 Las Vegas real estate news las vegas real estate market las vegas real estate update nevada desert realtyand the average is over $2.6 million. The median sold price is $1.3 million and the average Las Vegas luxury home sale is $1.7 million. There are 13 months worth of inventory for Las Vegas luxury houses as luxury homes sell much slower than homes priced closer to the average home price.

The difference between the list price and sold price

As you’ve probably have seen, there is a decent difference between active Las Vegas real estate listing prices and sold prices. The average amount of discrepancy between the list price and the sold price is over $30,000 for homes over $250,000. This is largely due to the fact that many homeowners feel like since the market in Las Vegas is hot and prices have risen dramatically over the last few years, they can price their home well above market value. This can be detrimental, especially for homes priced over $500,000 as the amount of buyers decrease and prices increase. Overpricing can waste a lot of time for home sellers and money if they are paying more than 1 mortgage as they wait for their first home to sell. Over pricing may also lead to canceled escrows as buyers using financing will not be able to afford the home if the lender’s appraisal comes back low. Many home buyers who see a home that has been on the market for over a month may question what is wrong with the home if it is not selling with the market as hot as it is and stay away.

More lenient loan limits for FHA Loans

Fannie Mae has lowered FHA loan requirements at the end of July, coming into effect for all August 2017 FHA loan applicants. This will allow more people to qualify for an FHA mortgage. An FHA loan is already the easiest financing option out of the 5 most popular ways of financing a home purchase in Henderson. An FHA loan will allow you to get into a home for as low as 3.5% of purchase price for the down payment. The update for FHA loan requirements is that Fannie Mae is increasing the DTI (debt to income ratio) from 45% to 50% by the end of July.

2017 Las Vegas real estate sales

The housing market in 2017 so far has had a higher sales volume since before 2013, and is set to close out the best in at least 5 years in the Las Vegas real estate market. Even with the incredibly low inventory and higher sale prices, July alone saw more than 10% of an increase in closed real estate listings than the previous year.

New Home Builders in Las Vegas

Home builders are trying to jump at the opportunity for a low volume and high demand market. In the last several months, the Howard Hughes Corporation has sold over 50 acres of land in the Summerlin area. In June alone there were over 1,000 new home permits requested. One of these projects is set to be a Summerlin 55+ neighborhood. New home sales up by 20%-25% from the first half of 2016’s total compared to the first half of 2017’s total new home sales in Las Vegas. Another interesting piece of Las Vegas real estate news is that Inspirada, Summerlin, and Cadence – 3 communities in the Las Vegas Valley, ranked in the top 25 communities in the nation for their new home sales volume for 2017. Two of these communities, Cadence and Inspirada, are located in Henderson.

Top 3 cities for speed of rising values

Third to Seattle and Dallas, Las Vegas saw the some of the fastest growing home prices in the United States. This is incredible news as Las Vegas was also one of the top cities to be affected by the housing collapse and Las Vegas real estate news las vegas real estate market las vegas real estate update nevada desert realtyhad one of the highest foreclosure rates in the nation. To only a few years later have one of the fastest climb in home values, even after surpassing the median home value of the United States, is certainly an amazing feat. Las Vegas is known for it’s roller coaster real estate market, and residents are enjoying the increase in home values. Many experts are predicting that Las Vegas gain more and more stability as many companies are moving to the valley and the city is less and less dependant on their hospitality and entertainment industries (though they are still essential to the market and the top earners).

Las Vegas Real Estate News for July 2017

Great Las Vegas real estate news in July 2017! The summer is the busiest time in Las Vegas real estate. It is Las Vegas real estate news Nevada Desert Realty las vegas mlsduring the summer months that the City of Las Vegas sees the highest sales volumes and often the highest sale prices as demand is up. While most homes are flying off the market as soon as they are listed on the Las Vegas MLS, the volume of homes for sale in Las Vegas is continuing to stay low. This is helping to raise prices even more and many homeowners are enjoying the continual rise in Las Vegas home values. Many Las Vegas REALTORS® and Las Vegas real estate experts are extremely optimistic about the Las Vegas real estate market. Reports predicting a continuation of rising prices through next year have been given by numerous experts – even more than in 2016 and 2015. Below are a few other pieces of Las Vegas real estate news for July 2017.

Lowest interest rates in 2017

One of the most exciting July Las Vegas real estate news is the low-interest rates. The end of June and beginning of July saw the lowest interest rates so for 2017. Bottoming out at 3.88% for a 30 year fixed rate mortgage. This is up by .4% from last summer, but 3.88% was the lowest interest rate seen this year for a 30 year fixed rate mortgage. For those looking for a 15 year fixed rate mortgage, the average interest rate for July was 3.17%. This percentage is also higher than it was last summer. As it is unsure when interest rates will rise again, many experts urge home buyers to purchase their Las Vegas home soon to take advantage of a lower interest rate. What many home buyers overlook when they choose when to purchase a home is that a low interest rate allows them to get into a larger/more expensive home. A Las Vegas homebuyer who is interested in buying a $275,000 home (Approximately the Las Vegas real estate listing average price) pays just over $1300 per month with a 4% interest rate. Another homebuyer buying the same priced home pays over $2,400 with a 10% interest rate. This means that many people who can afford a $275,000 home now that mortgage interest rates absolutely cannot afford the same house if interest rates are high. If you are interested in purchasing a Las Vegas home in the near future, listen to the experts and purchase now as the interest rates are low.

 

HOA Foreclosures not doing Las Vegas home values any favors

Las Vegas real estate news Las Vegas mls Nevada Desert realtyAnother piece of information for Las Vegas real estate news is the statement made by Nevada Association of REALTORS® on how HOA foreclosures are reducing Nevada home values by over a billion dollars. The ruling by the Nevada Supreme Court gave HOA’s the power to foreclose on houses in their community that were behind on their HOA payments. In some cases it gives HOA’s first claim to the proceeds of the Las Vegas foreclosure sale, meaning they get paid before the lender does. In many of these HOA foreclosure sales, banks received no payment at all and the new homeowner are in no way responsible for paying anything to the previous lenders. The reason why this affects the average home value in Nevada is because these HOAs are often selling the foreclosed homes at auctions for a fraction of what the home is worth, as long as it’s enough to cover the late HOA payments. Nevada Association of REALTORS® released a survey that over 75% of residents do not approve of HOA’s power to foreclose on homes.

 

Las Vegas home values rise quickly

For a long time Las Vegas median home prices were significantly cheaper than other major cities across the US. Las Vegas also had one of the highest foreclosure rate. Within the last couple years Las Vegas’s average home prices reached and surpassed the United States average home price. Over the last year, Las VegasLas Vegas real estate news nevada desert realty las vegas mls house values increased at a quicker rate than the rest of the United States. This is great news for the Las Vegas real estate market and many homeowners, even those who purchased recently, are seeing their home equity rise. Many Las Vegas residents are seeing this pattern and purchasing a home now in hopes to gain equity quickly after purchasing. Residents who are moving out of state are also seeing a fantastic return on investment as they sell their Las Vegas house.

Contact Nevada Desert Realty at 702-509-1446 to get a current Las Vegas real estate market update or to get the latest Las Vegas real estate news.

How does this information about the Las Vegas housing market apply to you?

If you are buying a home in Las Vegas. Realize that you will have a lot of competition and will have to be patient when making your offers. Remember the home isn’t yours until escrow closes and you get the keys. If you are a home seller, you may have the upper hand on your buyers depending on what your home has to las vegas real estate market las vegas real estate news las vegas housing market henderson 89002offer and it’s price range. With the speed at which the Las Vegas real estate market is moving, it is essential to have a good real estate agent on your side. Someone who has experience in the local real estate market will help you determine if you’re paying too much for a home, asking too much for your home, and help you make quick, educated decisions in your real estate transactions.

Las Vegas Real Estate News | June Las Vegas Housing Market Update

It’s an exciting time in the Las Vegas housing market! Las Vegas home values are continuing to rise, builders are beginning new housing projects, and homes listed on the Las Vegas real estate market are selling fast. In Las Vegas we have about 2 months worth of housing inventory. Healthy real estate markets often have 5-6 months worth of inventory. This housing shortage is driving prices up. Many of those who felt like the housing market in Las Vegas would never recover are seeing the Las Vegas housing market shift from a buyer/investor dominated market to a seller’s market. Though it is not a fully fledged seller’s market yet, sellers are gaining more and more power, especially as the number of homes for sale in Las Vegas is staying low. Below are a few key things that are happening in the Las Vegas housing market for the month of June.

 

More and more buyersLas Vegas real estate news Las Vegas housing market update nevada desert realty henderson 89002

An exciting piece of Las Vegas real estate news is that Fannie Mae will be lowering FHA loan requirements. This will allow more people to qualify for an FHA mortgage. An FHA loan is already the easiest financing option out of the 5 most popular ways of financing a home purchase in Las Vegas. The update for FHA loan requirements is that Fannie Mae is increasing the Debt-To-Income from 45% to 50% by the end of July.

This is a nationwide change, however since Las Vegas already has low inventory, this change may make inventory even lower. This is also one of the busiest times of the year as far as buying and selling homes go. Many people list their home for sale on the Las Vegas real estate market after school is out so that their children don’t have an interrupted school year. Many people also purchase homes during the summer as they will have their kids to help pack and move and don’t have to worry about missing school or homework assignments.

Rising home prices

We’ve already discussed that the Las Vegas housing market has a low inventory of homes. With the addition of many buyers wanting homes, the prices are driven up because of the supply/demand of homes. This is great if you are ready to move or if you’ve been underwater on your mortgage. Many homeowners who purchased right before the recession are finally “seeing the light at the end of the tunnel.” The average single family home price in Las Vegas is currently floating around $250,000. This is fantastic because it has risen tens of thousands worth in a short amount of time. Sales numbers continue to rise as homeowners are getting more than they thought possible for their home.

 

Las Vegas Housing Shortage

The president of the Greater Las Vegas Association of REALTORS® stated that Las Vegas is experiencing a housing shortage early last month. The cause is the number of buyers in the market, the result is the rising home prices that Las Vegas is experiencing. This has many builders creating new neighborhoods as fast as they can, many buyers are lowering their standards for their home purchase or being forced to act fast when buying a home in Las Vegas. Already experts are seeing that 2017 is going to outsell 2016’s almost 42,000 Las Vegas residential real estate sales. Even with the shortage, the Las Vegas real estate market is on fire and will outpace the last few years in sales volume.

Is another Las Vegas housing bubble coming?

las vegas real estate market las vegas real estate news las vegas housing market henderson 89002Many things about the Las Vegas real estate market are starting to resemble the pre-recession market. Housing prices are quickly increasing, construction projects are increasing, loan standards are also being instated by big housing market players like Fannie Mae. Though you should always be on the lookout for market trends or upcoming events, many experts are not worried about another recession. Las Vegas, according to many experts in this local market, has learned its lesson from the recession. The demand for jobs is increasing with the demand for housing, and the unemployment rate is lower than it’s been in a long time.

There are many exciting things happening in the medical field in Las Vegas such as the world’s first health village in Henderson, and UNLV’s medical school beginning this Summer. There are also several tech companies coming to the Las Vegas Valley and many suspects that Las Vegas could be the new Silicon Valley. Many of companies are moving to Las Vegas from California to avoid California’s extensive regulations and to take advantage of Nevada’s no state income tax.

 

How does this information about the Las Vegas housing market apply to you?

If you are buying a home in Las Vegas. Realize that you will have a lot of competition and will have to be patient when making your offers. Remember the home isn’t yours until escrow closes and you get the keys. If you are a home seller, you may have the upper hand on your buyers depending on what your home has to las vegas real estate market las vegas real estate news las vegas housing market henderson 89002offer and it’s price range. With the speed at which the Las Vegas real estate market is moving, it is essential to have a good real estate agent on your side. Someone who has experience in the local real estate market will help you determine if you’re paying too much for a home, asking too much for your home, and help you make quick, educated decisions in your real estate transactions.

May 2017 Las Vegas Real Estate Market Update | Las Vegas Real Estate News

So far 2017 has been an exciting year in the Las Vegas real estate market! Home prices are continuing to rise at a fantastic rate and interest rates have risen slightly but are still considerably low. The average amount of time that Las Vegas homes are actively for sale has also dropped as demand is rising. This helps home sellers get out of their home fast and not be stuck with two mortgage payments if they do have to move out of state within a small amount of time.

Las Vegas housing market update

Currently, the inventory of Henderson and Las Vegas real estate listings is low. This has helped many of Nevada Desert Realty’s clients sell their home for above list price quickly. As Las Vegas and Henderson’s real estate market is becoming a seller’s market, our sellers have also been receiving multiple offers and have even had several bidding wars within the last month or two. This is fantastic news for Las Vegas and Henderson homeowners as seller’s markets have a tendency to drive home values up as the supply can’t match the demand. This high demand is expected to last through August 2017, as the real estate market often calms down after the school year starts.

The median home price for homes for sale in Las Vegas is $255,000 and the median sold price is $249,000. The median list price is $135 per square foot. Las Vegas saw a significant rise in prices throughout 2016, surprising most that they continued to rise into the last quarter of the year, which tends to slow down for the Las Vegas real estate market. This year homes are expected to continue to rise in value in Las Vegas though not as much of an increase as last year. Nevada Desert Realty has many homeowners contacting them as they are no longer under water with their home mortgage and are ready to sell their home. People who have purchased their homes in Las Vegas within the last few years – after the housing market crash – have seen a dramatic increase in equity. Many Las Vegas residents are seeing that their home is gaining equity so quickly that it’s like they have an additional income earner for their household’s net worth.

Over 2,800 Las Vegas real estate listings were purchased in April 2017, which is almost a 2% increase from April 2016. Las Vegas REALTORS® are seeing that many of the homes they are listing are being purchased within a week or two, yet when they take buyers out to purchase homes, these buyers have very little options. The amount of homes that were listed in April 2017 was 30% less than the amount of homes that were listed in April 2016. Again, this lack of homes on the Las Vegas real estate market are driving prices up and allowing the Las Vegas housing market to evolve into a seller’s market.

Interested in purchasing a home in Las Vegas?

If you are thinking about buying a home in Las Vegas, you may have read the above paragraphs and feel a little discouraged. Many may be fearful of buying a home in a seller’s market, but that shouldn’t necessarily be the case. This just means that buyers have to be patient when trying to purchase a home and will have to be smart and have experienced real estate agents. It is great for buyers in the current Las Vegas real estate market to be able to get a loan with a lot interest rate, this will allow you to afford more in a home and will save you money in the long run. Many real estate professionals also project that the market will continue to rise, so if you purchase now you could find that you have equity in your home within several short months. Oftentimes homeowners don’t see equity for a year or two, so this can be a great time to purchase a home!

Interested in selling your Las Vegas home?

If you are interested in selling your Las Vegas home, what does it mean for you that the real estate market in Las Vegas is shifting towards a seller’s market? This means that buyers are asking for less and less from sellers in real estate transactions to make their offer more competitive against others you may receive. For example, a year or two ago it was not usual for sellers to pay buyer’s closing costs, usually totaling over several thousand dollars. Buyers were also not afraid to ask for repairs to be made to the home before the close of escrow and for home warranties paid for by the seller. At the moment it is very hard to find a seller who is willing to pay for a home warranty as they know that they can easily find another buyer who will not ask for added expenses. So now is a great time to sell a home, especially if you are looking to move to another home that you’re purchasing as you can take advantage of low-interest rate loans.

2017 Las Vegas Real Estate Market Update | Las Vegas Real Estate News

2017 is predicted to be a great year in Las Vegas real estate. Already the National Association of REALTORS® released information that 80% of the major real estate markets in the United States are displaying decent increases in home values. Many major cities, including Las Vegas and Henderson, are seeing an increase in mortgage limits, allowing buyers to borrow more money for purchasing Las Vegas real estate. It has also been announced that the Department of Housing and Urban Development will be decreasing the Mortgage Insurance Rates by .25% by the end of January that will help homeowners with FHA Loans to keep a little more money in their pocket every year.

Nevada Housing Market

Of the 80% of real estate markets in the United States experiencing growth in values, Nevada is one of the states experiencing the most growth in real estate values. The Multi-Indicator Market Index, or MiMi, in Nevada has seen more than a 12% increase over 2016 and is expected to continue at a similar rate over 2017. The national MiMi saw just over 5% increase over 2016.

Nevada also did not see the usual decline of housing prices in the 4th quarter of 2016. Because the Nevada housing market did not see this decline, 2017 prices are starting out strong and higher than last year’s prices. This was great news for home sellers as often times if a home is not sold by November, the sellers will reduce the listing price to try and get the home sold. Since home prices continued to rise through December, many are still having buyers’ interest in their homes despite the fact that the house has been listed for several months. The main reason why the Nevada housing market did not see a decline in prices 2017 Las Vegas Real Estate Market Updatein late 2016 is that the supply is dropping in many of the populated areas such as Henderson and Las Vegas. This decrease in supply helps keep the listing prices high and sellers in control.

Las Vegas Real Estate Market Inventory

Throughout 2016 there was a slight decline of housing supply which has carried into 2017. Optimum real estate market inventory will be about 6 months supply, anything less can help prices increase which is what the Las Vegas real estate market is experiencing now as well as an increase in demand for housing. Not only are prices increasing in Las Vegas, but the population as well. As job growth continues in Las Vegas, many are moving for work opportunities as well as the low cost of living that the Las Vegas Valley offers. As supply is not currently reaching the demands of home buyers and those moving to Las Vegas, prices and the stability of the Las Vegas real estate market are increasing and are projected to do so throughout 2017.

Las Vegas Real Estate News

New Loan Limits for Las Vegas

As we enter 2017, all signs point to an exciting year in real estate. One of the more exciting Las Vegas real estate news is that there will be new loan limits for 2017 conventional loans. Increasing loan limits point to an increase in real estate values in a given area and expectations that these values will continue to 2017 Las Vegas Real Estate Market Updateincrease. This increase in conventional loan limits raised the total possible mortgage amounts from $417,000 to $424,100 – over $7,000 which could make a difference to many home buyers in Las Vegas.

Reduced Mortgage Insurance

It was also just announced that the Department of Housing and Urban Development will be decreasing the Mortgage Insurance rate for FHA buyers moving forward. This change will be made by the end of January and may take several months for the decision to reach home buyers, but it will eventually make buying a home using an FHA loan more affordable. Buying a Las Vegas or Henderson home with an FHA loan will be more affordable as monthly payments will be a little less, which will allow a home buyer to qualify for a little higher of a home price. Even if a homebuyer is not comfortable increasing his or her price range, they will be paying slightly less of a monthly payment than someone else who purchased a home at the same price and at the same interest rate but before the Mortgage Insurance was decreased.

 

Mortgage Rats in Las Vegas

Mortgage rates are currently a much-discussed topic, and many are trying to predict what will happen to mortgage rates in the upcoming year. At the end of 2016, mortgage rates raised to 2-year highs, starting right after the election and rising into December. The rise was .75% and many are saying that this higher rate will not hold throughout 2017 and that early 2017 will have the highest mortgage rates in 2017. This expected drop in the second and third quarter of 2017 is not certain and depends on many different factors. If mortgage rates in Las Vegas and Henderson do continue to rise, it will be hard for many home buyers to purchase a home as prices and mortgage rates are reaching higher than they have in the past several years.

Summary

2017 Las Vegas Real Estate Market UpdateMany looking to purchase a home in 2017 will have to pay close attention to the rising prices and rates. Though mortgages are making some improvements with increasing limits and decreasing Mortgage Insurance, home buyers may be in a tough spot in 2017 as signs point to this year being a seller’s market. This is great news if you are a homeowner who is interested in selling your Las Vegas home in 2017 as the demand is high and prices are continuing to rise. Whether you are looking to purchase or sell a home in Las Vegas in 2017, be sure to contact a local real estate expert such as Anna and Michael Klinger at 702-509-1446 to discuss when the best time to buy or sell is for you.

October Las Vegas Real Estate News – Las Vegas Housing Market

Many real estate experts are thrilled to see that autumn has not brought a fall in demand for housing. This is perhaps the most exciting piece of Las Vegas real estate news for October. As demand is staying high into the second month of autumn, many are projecting that this season will be the best fall in the last 10 years. Realtor.com’s projections indicated that October will finish as another strong month and the high demand could last till mid November. This steady demand that has not significantly decreased by any means from the Summer has come as a surprise to most agents who usually expect a slow 4th quarter in the Las Vegas housing market. This high demand not only is getting homes sold almost immediately, but is also helping the real estate listing prices to continue to slowly increase.

As we saw in September, Las Vegas has still seen about a 2% increase in Las Vegas housing values compared to the United States’ average. This is great news considering that Las Vegas was one of the top cities influenced by the real estate market crash. Since the crash the Las Vegas housing market has average values significantly under that of the national average. The National Association of Realtors has predicted even higher increases in the national housing market in 2017. Many Las Vegas residents are hoping that this will help the remaining underwater houses in Las Vegas gain enough value to be worth what the owner still owes on the property. Las Vegas is slowly having less and less underwater homes, which indicates a stronger economy.

Though overall the Las Vegas real estate economy is looking up, there are still many homes that are in pre-foreclosure or they have foreclosed and the bank has not listed for sale. The pre-foreclosure period is the stage of repossession where the bank or lender notifies the owner/resident that they are foreclosing on the home. Oftentimes these notices come with a foreclosure date. Lenders who have repossessed homes have to be careful, as dumping all these homes on the Las Vegas real estate market could start another decline as it will significantly decrease home values since the supply would be more than the current demand. This is a current downside to the state of the Las Vegas housing market which could end the happy predictions of prices continue to rise in Las Vegas. Many are hoping that the lenders take care in their methods for foreclosure as to not disrupt the current real estate market.

The median sold price for single family homes in Las Vegas is $230,000. The median active Las Vegas real estate listing price is $302,900 for single family homes. The homes are on the market for a median of 54 days. There are 1902 single family homes which were recently sold. There are a total of 5,181 active single family homes for sale on the Las Vegas market that are non-distressed listings.

If you want a current update on the Las Vegas real estate market and how that relates to your real estate goals, contact Nevada Desert Realty’s Las Vegas real estate market experts at 702-509-1446. They can give you a quick update on current events in the Las Vegas real estate news and help you determine your best plan of action!

September 2016 Henderson, Boulder City, and Las Vegas Real Estate News

September was an exciting month for the Las Vegas real estate market. In recent Las Vegas real estate news, Las Vegas real estate prices are rising faster than the national average. Las Vegas home prices have risen 2% higher than the national average in the last year, helping Las Vegas catch up to the rest of the United States’ home values. Las Vegas real estate rises in value will LAS VEGAS REAL ESTATE Newssignificantly help locals and investors who still owe more on their home than their home is worth. Many of these homes which were underwater are finally at a break even point or even seeing equity. As most predict the home values in Las Vegas to continue to rise, investors and homebuyers are trying to purchase now so they will quickly see equity in their purchased homes.

Another exciting aspect of the Las Vegas real estate news for September 2016 is that homes sales has not slowed yet from the busy summer months. At this point most real estate agents are closing escrow with the clients they helped find a home or list a home during the summer. However many licensed real estate agents in Las Vegas are not seeing the Las Vegas real estate market slow down yet. This could be because mortgage rates are still low, though they are slowly rising. It could also be because they would like to purchase a home by the end of the year or because they’re afraid they’ll miss out on the lower cost of housing which may increase significantly by the time the holidays are over. Whatever the cause may be, it’s great news that the Las Vegas real estate market is seeing high numbers later into the year.

If you are interested in investing in Las Vegas real estate, now may be your best chance before home prices and interest rates increase. To schedule a free consultation contact Nevada Desert Realty at 702-509-1446!

August 2016 Las Vegas Real Estate News

August was another great month for the Las Vegas real estate market and August 2016 Las Vegas real estate news is good news! As the busy months in real estate tend to be during summer break, August had the the top number of closings in 2016. The total number of closings in August 2016 was 3,722 single family homes, townhouses and condos. The number of August closings surpasses July’s closings by 322 closed transactions. This is continuing the real estate market trend of each month in 2016 having at least 100 closings more than the month before. It is expected that the number of just sold homes to begin to decrease in September and October as many Las Vegas real estate newshouseholds try to be settled for the school year and the upcoming holidays.

Of the 3722 just sold homes, condos and townhouses 3,642 were traditional resale homes. In a traditional resale transaction, a homeowner decides to sell their home and with the money he or she can pay off the mortgage on the home and keep what money is left over. The fact that the number of Las Vegas real estate listings is 97.9% is a huge piece of Las Vegas real estate news as a high number of traditional listings indicates that the market is steady. This percentage is up from July’s 88.3% of just sold Las Vegas real estate being traditional sales. This percentage has been rising slowly throughout 2016, but this is the largest increase this year and this percentage has not been this high in the Las Vegas real estate market in a very long time. There were only 41 just sold Las Vegas short sales in August making up only 1.1% of closed transactions in August. There were 39 Las Vegas foreclosures sold in August which only makes up 1% of the closed transactions of August 2016.

The Las Vegas real estate market also saw a slight increase in cash buyers, and the total number of cash buyers in August 2016 is 954. Many times a high number of cash buyers indicates that there are many investors purchasing in the area, but this category is continuing to be surpassed by conventionally financed purchases and FHA financed purchases. There were 1378 of these conventionally financed purchases which is up by over 130 from July and 984 FHA financed transactions which is also up by over 40. There were 352 Las Vegas real estate transactions that were financed through a VA Loan.

There were 7,583 just listed Las Vegas houses in August 2016. The average listing price per square foot of these homes is $130 and the median listing price is $234,329 of the homes that were listed during the month of August. The median close price of Las Vegas real estate listings in the month of August was $230,296.

Another aspect of Las Vegas real estate news that residents and those looking to purchase in Las Vegas should be aware of is that almost 20% of Las Vegas homeowners are still “underwater”. While this number has significantly decreased Las Vegas real estate newsover the last few years, it is still important to keep in mind that another wave of foreclosures could hit the Las Vegas real estate market. This increase in foreclosures can significantly reduce home values for Las Vegas residents. While experts are still predicting a slow increase in home values and stability in the Las Vegas real estate market, this 20% of homes being underwater should be in the back of all our minds. As we keep this in mind, if home prices continue to rise the number of homeowners owing more on their mortgage than their home is worth will continue to decrease.

If you want a current update on the Las Vegas real estate market and how that relates to your real estate goals, contact Nevada Desert Realty’s Las Vegas real estate market experts at 702-509-1446. They can give you a quick update on current events in the Las Vegas real estate news and help you determine your best plan of action!

July Recap – Las Vegas Real Estate NewsLas Vegas real estate news

July is probably the most exciting month in real estate. It is when most people are either moving or quickly finding their next home before school starts. Those who need to move before the school year should research top licensed real estate agents that are local to the area they are moving to. Doing research before purchasing a home will help a homebuyer find a home for the right price and help them understand which area they should be in.

Researching the current state of the market is the first thing a home buyer should do before purchasing a home. There are a few things a home buyer should pay attention to in the Las Vegas real estate news as it may be vital to when they should buy their next home. Sellers also should do research before listing a home to see if they should list immediately or wait for a better time in the real estate market. Below is some current real estate news that will help home buyers and home sellers determine when they should buy or sell a home.

The amount of homes listed on the market continues to increase from the beginning of this year. With the increasing amount of listings, there has also been a climb in the median home price, and prices are up almost 7% from last summer. What this means is that demand is increasing. This is great for both home buyers and home sellers. It is a great time for home buyers as home values are predicted to continue to climb. This means that if the average home price trend continues, someone who buys a home now for $200,000 will have over $13,000 in equity if they keep their home for 1 year. Trends and predictions are not alwaHappy Sellers of 800 Ninth Street in Boulder City Nevada, SOLD by Nevada Desert Realty Klinger Real Estate Groupys a guarantee, but it is still an exciting time in the Las Vegas real estate market for buyers.

Sellers also benefit from the current state of the Las Vegas real estate market as they have most likely gotten equity in their home over the last year or even two. Demand is high and they can ask for top dollar for their home. Homes are also selling faster, and over 70% of homes sell within 60 days of being listed on the Las Vegas housing market.

One piece of Las Vegas real estate news that buyers should be aware of is that interest rates saw a very slight increase within the last month. Interest rates are still at a historic low, but this could be the start of interest rates returning to a higher percentage. For homeowners who were hoping to take advantage of the low interest rates and refinance, now may be your last chance.

Another thing to note in July’s recap of Las Vegas real estate news is that new home sales are up as a whole in the United States. This is great news as it will enable home builders to hire more workers if the trend continues. This also indicates that buyers have a little more financial power than they have in the last few years and are able to purchase a new home and have it built to their exact tastes.

Las Vegas Real Estate News: June Update

June and July might be the busiest months in real estate as many households with children included try to move while school is out for the summer. There are no “big holidays” like in November and December that make home buyers procrastinate buying a home till after the holidays are over. Many people use their tax refund as a part of their down payment and after they get their refund from the IRS and then have to pick a lender to get prequalified. By this time it’s June and time to go shopping for a home!

Las Vegas real estate newsLas Vegas real estate news

What’s new in the Las Vegas real estate news? In June, there was an increase of 244 homes sold from the month of May. June is the  month that has the largest number of sold homes in 2016 so far. The total number of sold homes, condos and townhouses reached 3,880 Las Vegas real estate listings. 3,482 of these homes were traditional sales. The second biggest piece of Las Vegas real estate news is that the percentage of traditional home sales reached 90%, which is the first time in a long time for the Las Vegas real estate market. This high and increasing percentage of traditional home sales indicates an increasingly stable market. There were also 172 short sales sold and 232 foreclosures sold in June 2016.

Out of the 3,880 homes, condos, and townhouses sold in June 2016, 1,046 were cash purchases. A high number of cash purchases can indicate a steady job market in the area. Many times cash buyers are investors or people moving from out of town into Las Vegas. Investors purchase when they expect the home values to increase in the somewhat near future, and buyers moving to Vegas from out of town indicates job growth and desirability of an area.

Las Vegas real estate news1,378 of these homes, townhouses, and condos purchased in June 2016 were bought with conventional loans. 370 of the home purchasers used VA loans for financing. 1035 of the purchases were with the help of an FHA Loan. FHA Loans are named after the Federal Housing Administration which guarantee these types of mortgages. How these loans came into existence is that the FHA found that conventional loans were hard for many people to qualify for and many did not have the 5% or more required for a down payment. The government then decided to back, or guarantee these loans so that American Citizens only require a 3% down payment.

These loans are available to those who didn’t have as good of credit as to qualify for a conventional loan. The downside is to these loans is that PMI costs never go away, and will be paid till you have sent in the last payment on your mortgage. There are many first time home buyer programs and down payment assistance options for FHA Loans, however they may raise your interest rate. You will have to discuss with your experienced loan officer which options are best for you.

Click on chart below from Ticor Title for listing numbers in June 2016:

Las Vegas real estate news

May Las Vegas Housing Market Update

May is one of the best times to list your home for sale on the Las Vegas housing market. Many households that include children try to move after their children get out of school for the summer. Listing your home in May will help a house be seen by many who are looking at houses online for when they hope to move. As school usually gets out late May or June, listing your home in May will help you get your home sold fast and for top dollar.

May’s Las Vegas housing market saw another increase of sales and percentage of traditional home sales from the first quarter of the Las Vegas housing market. There were a total of 3,636 single family homes, condos, and townhouses sold in May. 3,235 of those were traditional home sales, which is 89% – up 1% percent from the previous month. This percentage of sold traditional single family home, condo, or townhouse listings has been slowly increasing by 1% or 2% per month since the beginning of this year. There were a total of 169 sold short sales in May, which was 4.6% of the total sold homes, condos and townhouses. There were 232 sold foreclosures or 6.4% of the sales in May.

 

Click on the map below from First American Title Company to see appreciate for each Las Vegas zip code for homes valued under $400,000:

Las Vegas real estate news

 

Click on the map below from First American Title Company to see appreciate for each Las Vegas zip code for homes valued over $400,000:

Las Vegas real estate news

Of the 3,636 sales, 985 were cash purchases where the buyer did not need financing or to take on a mortgage to purchase the home. 1,335 of the sales used conventional loans. Conventional loans are probably what most people think of when thinking about different types of mortgages. Conventional loans are not backed by aLas Vegas Housing Marketgovernment agency, such as the Federal Housing Administration. The minimum down payment amount for a conventional loan is 5%, but there are down payment assistant programs that may help you reach the 5%. Conventional loans are one of the most demanding as far as credit goes, but this means that they also offer lower interest rates. Another benefit of conventional loans is that you only have to pay PMI, or private mortgage insurance, till you’ve paid off 20% of the home’s value. This can save you a few hundred a year depending on the price of your home.

938 of the Las Vegas housing market sales in May 2016 were backed by FHA financing, which is backed by a government agency. 239 were financed through a VA Loan which active military members and spouses qualify for only. These loans are backed by the Veterans Association and require little to no down payment.

Las Vegas Housing MarketThe inventory of homes for sale on the Las Vegas housing market is down to about 3 months of supply. This means that if no other home was listed, it would take about 3 months for all the homes to be purchased (If purchase rate remains the same.) The median list price for Las Vegas real estate listings remains in the $225,000 – $235,000 range and continues to slowly increasing. Indicating the home values in Vegas are increasing. The number of traditional listings increasing (as stated above) indicates a stable market. This is a great time in the Las Vegas housing market as values and stability are increasing, and it is both a great time to purchase a home and a great time to sell.

Las Vegas real estate news

April Update | Las Vegas real estate news

Another month has come to a close and 2016 is zooming by! The month of April saw an increase in Median home sold prices, closed transactions, and cash purchases! The biggest piece of Las Vegas real estate news in April may be that the year to date Las Vegas real estate listings passed 30,000. Usually a real estate market is going through either a “Buyer’s Market” or a “Seller’s Market” meaning either the buyer or the seller has the upper hand in the current market. Nevada Desert Realty isn’t seeing that this is the case one way or the other as both the buyer and the seller have had equal grounds in negotiations. It is a relatively safe time to purchase a home in Las Vegas as prices are projected to continue to rise. April is also one of the best times to list a home for sale as many people with children try to move once school is out. Listing a home in April, May or June will take advantage of the increase of buyers. Talking to a licensed real estate agent will also help you determine the best time to buy or sell a home.

 

Las Vegas real estate newsThere were 3,436 sold homes, condos and townhouses in April 2016. 3,027 of those homes were traditional listings. This is 88% of the sold listings which is up 1% from March and 3% from February. 157 of the closings were short sales and 252 were foreclosures. As stated above there has been an increase of cash purchases in April. The total number of cash purchases is 942 for the month of April. There were 1132 homes that were purchased with a conventional loan, 853 homes which were purchased with a FHA loan, and 320 were bought with a VA Loan.

 

There were 7,041 traditional real estate listings listed in April 2016, making the total number of active real estate listings for single family residences 30,287. There were 540 new short sale listings in April, making the total number of short sales 2,549. There were 185 new foreclosure listings for single family homes in Las Vegas, making the total active foreclosures amount to 850. Of the 3,436 listings which sold in April, 2,792 were single family homes. The average days on market was 28 days which is relatively fast for Las Vegas.

 

Located in Clark County, Las Vegas is the largest city in the state of Nevada. Also commonly known as “Sin City”, Las Vegas hosts a thriving resort, gambling, nightlife, international restaurant/cuisines and vacation center. There are over 600,000 residents in Las Vegas and the city is in the top 30 most populous cities in the US. The entertainment capital of the world has something for everyone, and many companies, associations, clubs, and conventions host annual events at the Las Vegas Strip. This city hosts the top international hospitality industry in the nation.Las Vegas real estate news

 

For the past several years Las Vegas has had some of the highest foreclosure and short sale rates in the nation. With this instability, high percentages of distressed real estate listings, and an abundant supply of Las Vegas real estate for sale, prices hit rock bottom. According to the Las Vegas association of Realtors, this steep decline in the housing market is at an end. Though there are still foreclosures and short sales in Las Vegas, there has been a decline in the percentage of distressed listings.

Las Vegas real estate news

Las Vegas Housing Market Update March 2016

The Las Vegas housing market is one of the most interesting to watch. It was one of the worst affected by the housing market crash in 2008 and many have gotten lucky from purchasing after the crash and others have lost thousands and thousands of dollars from their Las Vegas real estate investments. The Las Vegas housing market has definitely been one of the most dramatic the last 10 years and many other cities throughout the United States stay tuned to the ups and downs. Throughout the last Las Vegas real estate newsyear the market has stabilized in Las Vegas and the surrounding areas. The major indicators of a stable market is the low percentage of distressed listings, stable and slowly climbing home prices, and between 3 and 4 months worth of inventory.
In March there were 3,355 real estate listings on the Las Vegas Housing Market which sold. The total sold homes, condos and townhouses increased by almost 800 closings from February 2016. Of those purchases there were over 900 cash purchases, an increase of 128 from the month of February. 1172 of the closed transactions were financed through conventional loans. 874 were FHA loans, and 237 were VA loans.

Of the 3,355 sold homes, townhouses and condos in Las Vegas, 2,177 of those transactions were traditional listings. A traditional listing is when a homeowner is able to sell their home and pay off what is left on their mortgage and can walk away from the home after close of escrow.

High percentages of traditional listings show that homeowners are able to pay their mortgage and have equity in their homes. They are able to sell without having to Las Vegas real estate newsnegotiate with their lender if they still have a mortgage. If a homeowner wishes to sell and still has a mortgage, all they have to do is request a payoff statement from their lender which they will give to their title company once in escrow. The title company, one they receive the funds for the sale of the home from the buyer, will disburse the money to the lender and the involved real estate agents. Once everyone is paid, the seller will get the remaining balance. The percentage of sold homes that were traditional sales increased 2% from February to March.

There were a total of 7,142 new Las Vegas real estate listings in March 2016, making the total active real estate listings in Las Vegas reach 23,246. There is approximately 3.5 months of supply which has been a consistent number for the past several months. There are 634 new short sale listings, and 190 REO or foreclosure listings in March 2016. The average days on market is 45. The average price per square foot of new listings is $125 and the new listings median price is $299,713. This is over $1000 over the median list price of homes listed before March 2016 which is $228,101. The median closed price for homes sold in March was $224,950.

Contact Nevada Desert Realty for more information about investing in the Las Vegas housing market!

Las Vegas real estate news: Las Vegas real estate Market Update February 2016

February is often times the month that the Las Vegas real estate market begins to pick up after the Christmas/Winter break. The Las Vegas real estate market in February is not as busy as the late spring/early summer months when people with children tend to move as they do not want to disrupt their child’s school year. February often times has many investors who wish to purchase a home and have it ready to be rented during the busy late spring and early Summer. February can be a great time to get a deal as many sellers who listed their home during the holidays are losing patience and are ready to get their home sold. This impatience can lead to accepting a lower price for their home.

Las Vegas real estate market update

There were 2,570 single family homes, condos and townhouses sales or closed transactions in February 2016. This is an increase of over 300 transactions from the previous month of January, 2016. Of the 2,570 sold Las Vegas homes, 2,177 of them were traditional resales. With traditional sales at 85%, Las Vegas as a whole is seeing a more and more stable market, especially because that percentage is staying somewhat static. There were 173 completed short sales in February and 220 REO or bank owned homes sold.

A short sale is when a homeowner owes more than their house is worth and facing a hardship that requires them to sell the home. The homeowner will then go to the bank and if the bank will accept a lower payoff, the homeowner will then hire a real estate agent to get the home sold at a loss. A short sale is usually a little easier on a person’s credit than a foreclosure and usually the homeowner will be able to buy a home sooner than in a foreclosure. Having said that, many times a homeowner that short sales his or her home will have to continue to make payments to pay off some of the loss the bank suffered. The seller will also have to wait 2-4 years to purchase another home (if they plan on using financing).

A foreclosure is when a homeowner stops making payments on their mortgage and the bank is forced to evict them if the homeowner hasn’t already abandoned the property. A foreclosure will have serious negative effects on a person’s credit score and a person may have to wait up to 7 years to qualify for another mortgage.

Of the 2,570 sold Las Vegas homes, 781 were cash purchases, and increase of almost 100 from January, 2016. Over 900 were conventional financing, 640 used FHA loans, and 204 were aided by VA Loans.

There were 7162 new traditional real estate listings in Las Vegas in February 2016, making the total single family homes listing in 2016 reach over 16,000. Short sale and REO listings were an additional 900 new listings. In February, 28% of the Las Vegas real estate market inventory was sold. The average days on market for the homes sold in February was 37 days which is relatively short.The median list price in February was $230,453 and there is approximately 3 and a half months worth of supply of active listings for sale. This means that if no other home was listed, it would take 3.5 months for consumers to purchase all of the homes currently listed.

Las Vegas real estate news

Interest rates remain extremely low. Low interest rates are a huge incentive for residents to purchase. First time home buyers have even more incentive to purchase with first time home buyer assistance programs such as Home is Possible and Home at Last. Despite the record low interest rates, there was a high percentage of cash buyers in February. Many times cash buyers are either investors or people moving to Las Vegas from another real estate market that allowed them to sell their home for a high enough price to purchase a Las Vegas home outright. Though the Las Vegas real estate market is gaining stability, there are still investment opportunities to be found in Las Vegas.

Get a free real estate consultation!

If you want to know how this Las Vegas real estate update and this Las Vegas real estate news applies to you, contact Nevada Desert Realty at 702-509-1446 for a free consultation.

Las Vegas Real Estate News – 2016 Real Estate Market Outlook

At the close of 2015, the Las Vegas real estate market is seeing steady numbers. For once in a very long time, resale prices have been stable for the last 5 months and following the national real estate market median price. For the past several years Las Vegas has had some of the highest foreclosure and short sale rates in the nation. With this instability, high percentages of distressed real estate listings, and an abundant supply of Las Vegas real estate for sale, prices hit rock bottom. According to the Las Vegas association of Realtors, this steep decline in the housing market is at an end.

In 2015 interest rates were extremely low, which made it much more possible for residents to purchase homes in Las Vegas, Boulder City, and 1077Lemongrass-4Sale-NevadaDesertRealty-1-300x200Henderson. The low interest rates were one major factor in helping the Las Vegas real estate market to gain stability. Higher demand was another factor as many companies were hiring or relocating to Las Vegas, which brought many to Las Vegas for work. As Las Vegas has much lower prices than many other parts of the United States, many of those who move here for work find they can quickly afford to purchase a home.

Contact the Klinger Group to find out how much your home in Las Vegas is worth!

Though there are still foreclosures and short sales in Las Vegas, there has been a decline in the percentage of distressed listings. The decline of distressed properties shows that the market is healing and gaining speed. Homes are reaching the value they had before the real estate market crash and many homeowners who purchased their home during the decline gained equity in their home this year because their home is now
worth more than what they had paid for it.
Thanks to many contributing factors, the median home price had risen 9% from November 2014 to November 2015. Currently the valley’s median real estate listing price for houses is $220,000. This is the price that hasnot changed for months. This median real estate listing price was just a few hundred more than the United State’s average real estate listing price for single family homes. Due to the rising prices, 2015 saw a major decline in investors from the beginning of the year to the end of the year. This is an indication that the market is more stable and that there aren’t as many homes that are “dirt cheap.”

Las Vegas real estate news 2016Interested in finding reduced price homes for sale in Las Vegas? Contact us at 702-509-1446!!!

What this means for 2016 is that home prices are expected to stay steady. In some areas home prices are expected to rise just under 10%. This also means that if residents are looking to purchase a home, the sooner the better as prices are not expected to decline within the next year. Because the housing market is more steady, it is expected that interest rates will rise again and have already begun to increase. Higher interest rates may deter many residents looking to purchase a home, again now is the time to purchase as not only will the prices of homes for sale in Las Vegas rise in 2016, but the interest rates as well. Because it is so well known that interest rates are rising, many experts project that 2016 will see a very strong start as many buyers will act now in order to not miss out on their opportunity to get a low interest rate and lower home price.

First time home buyer? Contact us to learn more about buying your first home!

First time home buyers take up approximately 6 in 10 real estate transactions in Las Vegas. This is expected to drop to 4 in 10 as the interest rates rise and first time home buyers will be pressed to qualify for loans. Higher interest rates mean higher monthly payments that first time home buyers potentially cannot afford. There is also a major decline in first time home buyer assistance programs. These assistance programs help with the down payment for first time home buyers. There are still programs such as the Home Is Possible program that give financial aid to those in need of down payment assistance, but this aid comes at a cost. Usually these programs will increase interest rates of home loans as they are more risky because the buyer backed with an assistance program will personally lose less if any of their own money if they decide to walk away from the home. Through 2016 will be tougher on first time home buyers, this just means that they may have to spend a little more time saving up for a down payment and be smarter about purchasing a home and obtaining a loan.

Want to discuss Las Vegas Real Estate News 2016 with a Realtor? Contact us at 702-509-1446.

2016 is expected to be a great year for sellers. Though the demand for housing may shrink due to the rising interest rates, prices ar
e steadily increasing. Another huge benefit to Las Vegas home sellers is that the job market in Las Vegas is expected to grow as many companies continue to move to the area. An increasing population means an increasing demand for housing and will help the home values increase as demand increases. Many of these new residents come to the Las Vegas Valley after school is out for the summer as to not disturb their children’s school year or they graduate and get a job soon after. This significantly increases demand for housing in May, June, and July and the first half of August. Many who have the opportunity to wait to sell their home during the busy months should still contact their local Las Vegas real estate agent now to establish a game plan for selling their home.Las Vegas real estate news 2016

Want to learn more about selling your Las Vegas home? Contact us at 702-509-1446!!!

With a stable Las Vegas real estate market and home values expected to increase, 2016 is expected to be a great year for real estate. For those looking to purchase real estate, sell their home, or invest in property, they should contact a local real estate agent immediately to find out when is the best time for them to act.

The Klinger Group was started and is owned by Anna and Michael Klinger. The Klingers have been Henderson real estate agents for 14 years and Michael recently opened his own brokerage, Nevada Desert Realty, which opened in Henderson 89002 this year. Located at 40 E Horizon Ridge Parkway, their office number is 702-509-1446.

Thank you for reading more about Las Vegas real estate news 2016!