How Much Americans Owe On Mortgages by State

According to a recent study, the average American has a mortgage Balance of $157,154

Home Owners in Nevada have a $161,812 average balance.

According to Zillow, the median Home Value in Nevada is $189,700

which is up 16.4 % from $158,589 last year.

This means that, on average, a majority of Home Owners in Nevada have Equity again.

NAR - Pending Sales Up in July

NAR is The National Association of Realtors

Las Vegas is dependent upon the Tourism.

The stronger the National Economy and Housing Markets, the better it is for us.

 

Las Vegas Market Update

Every Month, Mr Forrest Barbee and Equity Title

put out a Monthly Market Update.

Below are the main points, and my comments.

We have seen this Price Graph before.

Just to reiterate, these recent rises in price are a recovery, not a bubble.

 

 Just 2 years ago, only 37% of all transactions were Traditional Sales (Classic)

As a Realtor, It's nice to work with People again, and not banks.

Again, only 2 years ago 53% of all transaction were CASH (usually investors)

 This gives a good visual of how the Market has changed;

- Moving away from Foreclosure 

- The rise and fall of Short Sales

and Traditional Sales returning  us to a "Normal Market".

 This might be the most thought provoking graph of them all.

Sales (solds) have stayed steady at around 3,000 a month.

When Inventory dropped, Prices started Rising.

When Prices rose, Home Owners once again had Equity.

Many people have been waiting a long time to have equity.

Now that they do, they can finally make the move they have been putting off.

We are now seeing a rise in the number of Listings.

Days on Market has been rising as well.

Now is the best time to Sell in the past 5+ years. ( for Sales Price)

But it needs to be priced right.

Still a great time to Buy.

Interest Rates are LOW.

And now Buyers have several houses to choose from.