Las Vegas Real Estate News

Buy or Rent - Choosing Your Home in 2018

It's the age-old question that nearly everyone finds themselves asking after college: Should I buy or rent a house?

The answer at the moment is unequivocal "Buy", right now. Here are the reasons:

Mortgage rates are slowly rising - The Federal Reserve is slowly raising the prime rate. That means that lenders are slowly increasing mortgage rates. While that rise has been slow, it has been noticeable and it is slowly pricing some buyers out of the market. This creates less competition for homes making it easier to get a deal.

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Mortgage Interest Rates in Las Vegas Starting to Settle Down

Mortgage interest rates have been at historic lows for a while now, but in the past year or so, they’ve been rising and have been a bit unstable.

The great news is that now that we’re entering the spring buying season, mortgage rates are beginning to stabilize at rates that are really quite excellent. At present, the rates are expected to be 4.48% by June (an average of Fannie Mae, Freddie Mac, Mortgage Banker Association and the National Association of Realtors projections). Projections are that rates will climb to 4.73% by the end of the year.

This might not seem like much, but the lifetime difference is significant. The median home price in Las Vegas is $254,732. Continue reading

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Five Fantastic Reasons to Sell Right Away!

Five Fantastic Reasons to Sell Right Away!

Demand: Buyers are ready NOW!

Buyer demand remains very strong throughout most of the country, according to the National Association of Realtors’ Buyer Traffic Report from November. Key indicators show that prospective buyers are ready, willing and able to purchase! In fact, multiple buyers are often competing against each other to buy a home, so take advantage of that zealous buyer activity. Continue reading

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Listing Your Home for Sale This Summer Makes Sense

Are you thinking about listing your home for sale? Here are five reasons that listing it this summer makes sense:

1. Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.
Take advantage of the buyer activity currently in the market. Continue reading

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Lake Las Vegas Feeling More Like Home

As new home growth continues to pick up across the valley, one of the more luxurious communities in the Las Vegas metropolitan area is feeling it in both business and new home growth.

Although Lake Las Vegas is one of the more isolated communities in the valley, the Henderson community is well known for some of the gorgeous homes that reside there. The new homes under construction in Lake Las Vegas currently go up to 5,000 square feet. Current residents and future residents of Lake Las Vegas now have something else to look forward to, besides the Lake, and that is the first Grocery store to call Lake Las Vegas home.

Residents of the community have become accustomed to traveling a bit down the road for their regular shopping, but now that Lake Las Vegas has seen Season's Market open, there is a newfound convenience for the residents. Combining Season's Market with activities in the Las Vegas area only found at Lake Las Vegas (including being able to fly up into the air while out on the water) is only further incentive to call Lake Las Vegas home.

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Refreshing Facts on Summerlin's Water Supply

There are many benefits to living in one of the communities located within Summerlin or in the surrounding areas. With the amendments added to the Safe Drinking Water Act in 1986 (originally enacted in 1974), Summerlin's drinking water is clear of even the smallest readings of lead and other contaminants. With the national news coverage of Flint's water contamination starting back in 2014, this information should bring further peace of mind for those persons living in Summerlin or looking to purchase a home in one of the Summerlin communities such as The Vistas, The Arbors, The Mesa, Siena, Tournament and Eagle hills, and much more.

With plumbing construction standards being greatly improved 30 years ago, Summerlin's water was mentioned in a recent mailer: "You can drink your tap water with confidence. Southern Nevada's drinking water meets or surpasses all state and federal Safe Drinking Water Act Standards." The Southern Nevada Water Authority has a team of experts to monitor the water to go along with top notch water-treatment processes.

The youth of Summerlin is the strongest factor in providing this peace of mind related to the water that supplies the community. Having a strong focus on limited lead and copper in modern day pipes means that the master planned community located in Las Vegas was able to be constructed with safety in mind. So now in addition to the amenities and gorgeous homes that are located in Summerlin, current and future residents can also sleep well at night knowing that the water they drink is up to the nation's highest standards.

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Las Vegas Real Estate Comes Out Swinging for 2015

For those who may have doubted the reemergence of the Las Vegas housing market, numbers don't lie. Though the market slowed down at the start of the year, home prices jumped. The median sales price for single family homes is $200,000 which is up 8.1 percent from January 2014. Condos and townhomes did slightly better with median prices at $105,000, up 10.5 percent compared to last January.

The start of the year is usually a slower time for real estate due to the end of the holiday season. But compared with last year, home prices continued to rise gradually despite the expected seasonal slowdown.

Short sale numbers have fallen dramatically over the past year due to the expiration of the Mortgage Forgiveness Debt Relief Act. Cash purchases, usually an indicator of investor activity, were at around 36 percent in January - down from the 2013 high of 59.5 percent.

Real estate sales through the MLS (Multiple Listing Service) for 2014 were at their lowest in six years, at 36,550 closings. This number is down from 41,477 sales in 2013 and a peak of 48,798 back in 2011.

The bottom line: the Las Vegas real estate market, while not fully back to "normal" has recovered substantially since the end of the great recession. If you would like to have an intelligent conversation about this or have questions regarding where the Las Vegas market is heading, please contact us.

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The Las Vegas Commercial Real Estate Market - 2014 Overview

Delinquencies have decreased within the Southern Nevada residential home over the past year. Delinquencies have also decreased within the Las Vegas commercial real estate market. An improving economy is the catalyst which means a healthier market overall.

This past December, the Las Vegas Valley had about 53 properties with loan payments 90 days or more late, which is a 10.7 percent delinquency rate. That is down from 14.9 percent in December 2013 and less than half from 2011. To give you a better perspective; there were 150 local commercial properties delinquent in 2012.

Delinquencies will continue to fall as the economy improves while banks and borrowers look for loan cures. The reason this is important is, if business owners have the ability to pay their mortgages, it's a sign of economic stability and expansion.

"Those alternatives to default are available because the local market has stabilized," said Bob Ybarra, an analyst with commercial brokerage CBRE Las Vegas. “You’re seeing a lot more absorption (leasing of space) in industrial, office and retail properties,” Ybarra said. “The overall fundamentals are better: You have a strong economy, businesses are rebounding, there’s more job creation, and there’s more wealth. We’re not breaking records, but some of these centers are starting to fill up with tenants again. And when they fill up, the landlords can service their debt.”

Though there are definite signs of improvement, the southern Nevada default rate still outpaced the national percentage, which was 5.75 percent in December. During the recession, the high was 24 percent which outpaced the national delinquency rate by far.

What this means is that there is still work to be done to improve Southern Nevada's economy. Bringing in a variety of new businesses will give our city that improvement. Economic diversity will propel our community to unprecedented heights, which in turn, will elevate our standard of living.

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Las Vegas and Southern Nevada: the Comeback Kid

In recent years many have written off Southern Nevada, and mainly Las Vegas, due to the effect the recession had on our town. From 2007 to 2012 foreclosures and short sales dominated our real estate market while home values plummeted. To add insult to injury, the job market took quite a beating with many companies either laying off or going out of business resulting in many people losing their jobs and the ability to pay bills, especially mortgages.

Fast forward to 2015 and Las Vegas has shown increasing signs of not only recovery but real growth. The Las Vegas Global Economic Alliance, which is Southern Nevada's economic development organization, helped facilitate jobs and assisted some 33 companies to expand or relocate to our city.

Since coming out of the recession, which itself lead the city to re-think economic diversity, the community of Las Vegas wants to know what is next. The efforts so far have produced a small but positive growth in jobs, capital investment and industry diversification that has helped decrease unemployment. We have seen encouraging expansion in technology ecosystems, unmanned aircraft systems, logistics and manufacturing.

While all the gains made are positive, there is still much work to be done to truly bring our city's industries economic diversification. This would mean jobs and the city's livelihood are not solely dependent on one specific business (e.g. Detroit). The goal then would be the creation of new industries and improve community institutions which in turn would bring us safe, quality neighborhoods. Parents who have well paying jobs and children who have access to quality education and learning will enhance our city and lives.

Even though we have more mountains to climb, it would seem Southern Nevada, specifically Las Vegas, has accomplished much in the wake of the harsh economic downturn and hopefully we will learn from the lessons of the recent past. Our city depends on us adapting and to keep growing the economic opportunities for all to take advantage of.

If you would like to have an intelligent and informed discussion about the Las Vegas housing market specifically and how it is performing now, please contact us!

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The Las Vegas Real Estate Market - 2014 Overview

The traditionally slow holiday season brought the Las Vegas real estate market slightly higher home prices. This is significant as home prices tend to go down during the holidays.

In 2014, sales activity slowed to 36,550 local properties as opposed to 41,000 and 49,000 from 2009 to 2013 -the lowest in the six year period. Sales prices have held up because the market is moving higher priced homes overall, which is good news.

The other good news is the market is more stable with foreclosures and short sales making up a smaller share of closings. Only 8 percent of local sales in December were bank-owned and short sales were 10 percent -down from 20.7 percent the previous year. The decline in short sales is generally attributed to the expiration of the Mortgage Forgiveness Debt Relief Act in January of 2014, which offered consumers tax benefits through short sales.

The median price of condos/townhouses in December was $105,000 -down 5.8 percent from $111,450 in November -but up 9.4 from December 2013. The median price for a single family home reached $204,000 in December, up 10.3 percent from $185,000 the previous December. The median price for single family homes hit their low in January 2012 at $118,000 and in spite of the gains made the past three years, they are still below the June 2006 high of $315,000.

Cash sales dipped to a new low of 34.1 percent compared with 44.4 percent the previous year and a high of 60 percent in February 2013. Cash sales are usually indicative of investor activity. The year to year price gains have slowed significantly since 2012 and 2013 when they were jumping almost 24 percent a year.

So what does all this mean? It means the Las Vegas real estate market has stabilized, normalized and is functioning (for the most part) as it once did before the "bubble" and subsequent great recession. It is also a great time to buy, sell or invest in our housing market. If you would like more information about the market, or are interested in buying or selling, feel free to contact us.

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