'Tis the Season to Buy a House - before the next Price Jump

 According to The Las Vegas Review Journal

The Median Home Price for the Las Vegas Metropolitan Area is $240,000

Which is 7.9% higher than a year ago.

 Below is a breakdown by City.

What stands out to me is the obvious Seasonal Trends.

A majority of the 7.9% annual growth happens between Feb - July

Anybody considering Buying soon should do it now.

Before the Seasonal Price Jump.

MiMi - Las Vegas Most Improved - Nevada Most Improved

OK... Freddie Mac has an Index called 

MiMi - Multi-Indicator Market Index that:

"Draws From Multiple Data Sources to 

Measure Housing Market Stability and Trends.

 Monthly, MiMi uses this data to show, at a glance, 

where each market stands relative to its own stable range."

 I have read that 10 times and I'm still not sure what it is.

The Good News is that, according to their calculations,

Both Las Vegas and Nevada are the Most Improved.

If you want to see more, here is there website.

 

Growth is Good for the Las Vegas Housing Market

 Again... One of the Most Popular Questions we get is...

Can Las Vegas sustain the current level of growth, 

or are we going to have another Housing Crash?

There are 3 Primary Factors that Influence Housing Demand

 Population  -  Employment  -  Income/Wages

This time we are going to look at Employment - Jobs 

Below are Lists of some of the Projects, either Casinos expanding or Corporations 

Relocating to Las Vegas, that are currently happening here in our Area.

This Growth and Development is creating thousands of Jobs 

which will help Sustain our Surging and Strengthening Housing Market.

Las Vegas Housing - A Good Investment at 7.8% Growth

An Article Today in The LVRJ stated 

that Las Vegas Housing Market is Up 7.8% over the past year.

Rising Faster than US Median Growth of 5.1%

What I found more interesting was that the Las Vegas Median Home Price of $206,800 

is so far below some other Major Cities - Median Prices.

San Francisco, CA  -  $ 809,500
Los Angeles, CA  - $ 574,600
Washington, DC  -  $ 370,100
Boston, MA  -  $ 398,200
San Francisco, CA  -  $ 809,500
Seattle, WA  -  $ 397,800
San Diego, CA  -  $ 516,200
Denver, CO   -  $ 341,400
Portland, OR  -  $ 338,900
San Jose, CA  -  $ 945,700

These prices make Vegas look like an extremely affordable Housing Market.

Population Growth is having Positve Affect on Housing Market

One of the Most Popular Questions we get is...

Can Las Vegas sustain the current level of growth, 

or are we going to have another Housing Crash?

There are 3 Primary Factors that Influence Housing Demand

 Population  -  Employment  -  Income/Wages

For now we are going to look at Population.

According to the US Census Bureau,

Las Vegas Area is the #5 fastest growing Metropolitan Statistical Area.

So... Who is moving to Las Vegas?

Retirees, Hockey Players, Football Teams, Car Companies...

Las Vegas still way Below The Boom and Bust Housing Bubble Prices

 The Las Vegas Review Journal and HSH.com put this together.

According to their calculations, 

Las Vegas still has the longest way to go, in % needed, to regain its peak prices.

If that makes any sense...

Just more evidence that we are not in another Housing Bubble.

You can check out all the data HERE

Greenspan says, "Rates Will 'Surprise' US" - I hate surprises...

I have been accused of only presenting "Good News"

Well, Not this time...

This week, Alan Greenspan the former Federal Reserve Chairman said.

"I cannot perceive that we can maintain these levels of interest rates 

for very much longer.They have to start to move up and when they do they 

could move up and surprise us with the degree of rapidity which may occur."

If this is true, it would not have a positive affect on our Real Estate Market.

The Summer Seasonal Surge is Starting to Settle

 Median Home Prices have shot up the first half of this year.

Las Vegas, the Largest of our Markets, shows a Cyclical Seasonal Trend.

Henderson, the Most Expensive Market, is starting to settle down.

NLV, with all its Corporate Development is still Surging.

Sellers waiting for prices to Peak, now might be the time.

Is it a Good Time to Buy? Maybe the Best Time Ever...

 People always ask us - Is it a good time to Buy?

It's kind of a tricky question...

I don't know most of the deciding factors that are going on in their life.

And it's stereotypical for a salesperson to always be selling.

But according to Bloomberg News,

US Interest Rates are at an All Time Low.

 So, Maybe the Best Time Ever...

Las Vegas is the Real Deal

Below are the 15 Most Expensive Housing Markets in North America.

Las Vegas Median Home Value is $197,200

That's more than $100,000 less than Dallas #15

And a mere 1/5th of prices in San Francisco #1.

Even with the Strong Appreciation over the past few years,

Las Vegas is still considered very Affordable.

NV Ranks #4 Highest Levels of Appreciation

CoreLogic put out the interesting graph below.

Red Dot shows % of Home Value Appreciation 

and the Line shows Highs and Lows of Historical Prices.

Nevada had the Highest and Lowest. Arizona only state even close.

Oregon, Washington and Colorado are the only states 

with higher levels of Appreciation.

And All 3 have Legalized Marijuana...

LVRJ Article Claims 12.1 % Equity Growth for Las Vegas Real Estate Market

The LVRJ had an Article Today claiming,

Home Prices have Doubled that of Recession Lows 

A Quote in the Article said Prices will Rise 12.1%

Click HERE for complete Story

Las Vegas Home Prices Rising Slower than USA Average

 The LVRJ had an article today,

US home prices climb in April; 7 cities set new records

For many this is good news, for others it's proof of another housing bubble.

 The graph below shows Las Vegas had a bigger boom and deeper crash than the rest of the US.

The 2nd graph shows Las Vegas recovering at a slower pace than the rest of the US.

To us this looks more like a Housing Recovery. 

And, Interest Rates at a 3 Year Low...

Download My Home Search App

Nevada - Not the Best Place to Raise Kids, but the worst

As a parent, this is a big concern when raising kids in Nevada.

The LVRJ had an article today with the Headline,

Report bumps Nevada overall education ranking from last to next-to-last

So we are not in Last Place, yeah...

The attached Report from UNLV also rated NV on:

the well-being of American Children measured by

Education, Economic Well-Being, Health and Family and Community

Nevada Ranked #47 Overall

Obviously this is nothing for us to brag about, but still wanted to share it.

Top is Nevada - Bottom is USA

click image for full size

Free Housing Trends eNewsletter - National and Local Statistics

Click image below for the Complete Newsletter

Population Growth Driving the Housing Market

The Las Vegas Review Journal had these Statistics.

 18,000 population growth in Las Vegas and Henderson from 2015 to 2016.

 Using a low Average Home Occupancy of 3 people,

works out to 6,000 homes to be occupied by this one years growth.

This does not include North Las Vegas or other areas of Clark County.

Another sign of a Strong Housing Market.

Home Ownership Dropping - Now is the Time to Buy...

 US Census Data shows a Drop in Home Ownership 

in All Age Groups over the past 3 years.

These are National numbers and not what we are experiencing  

here in the Las Vegas Housing Market.

With Interest Rates as Low as they currently are...

Now is the Time to get back into Home Ownership.

U-Haul - Las Vegas # 6 - 2016 Moving Season

What makes it more impressive is that Las Vegas is the smallest Metropolis in the Top 10.

More signs of a Strong and Growing Las Vegas Housing Market.

 The Best time to be lifting boxes in Las Vegas,

Is definitely between Memorial Day and Labor Day.   Welcome...

Rising Home Prices Need Higher Wages

The LVRJ had an article today about the Rising Wages in Nevada.

Wages are up $36 a week, or $1,872 per year over last year.

These Rising Wages are another factor driving our Housing Market.

Click Here to read complete article.

Do You Trust Your HOA with Your Credit ???

When was the last time you heard someone say anything positive about their HOA?

According to Realtor.com, HOA's will soon be reporting to Equifax.

Homeowners pay $70 Billion to 333,000 different HOA's across the USA.

And soon, if they don't pay, it is going to affect their credit.  

What about those Pesky Fines, or that Nosy Neighbor?

Median Payments still far below pre-Bubble

 It seems the better the Real Estate Market gets,

the more people think we are setting up for another Housing Bubble / Crisis and Crash.

The National Association of Realtors and Harvard crunched these numbers.

Monthly Payments on Median Priced homes is still lower than 

the 15 years prior to the Bubble /Crash.

We are still of the belief that we are in a recovery.

Once we have fully recovered, 

then we can think about if we are headed towards another Bubble.

Nevada Property Tax under 1% - and No State Income Tax

What makes The Nevada Real Estate Market Attractive?

Desert Landscaping and Low Taxes!!!

CoreLogic did a comparison of Property Taxes for all states.

 Nevada is the 15th Lowest in the Nation.

The Big Surprise... Hawaii has the Lowest.

Las Vegas Housing Market - A Recovery NOT a Bubble...

The Most common Question we get is about the Market.

Everybody is concerned we are heading towards another Housing Bubble.

If you look at were prices were in 2000 use a modest 6% per year rise in Home Values.

In 2015 the home should be worth approximately $311,550.

This is why we believe it is still a Great Time to Buy.

Call Elaine Hansen Today 702-768-4556

 Start Your Home Search HERE

New Signature

Signs of a "Good Time to Buy" - Here's a couple...

What makes it a "Good Time to Buy"?  

A Few Factors; Large Inventory, Low Prices, Market Rising and Low Interest Rates.

Top Graph -  Interest Rates over the last 30 years.

The only way you could have done better is if you had purchased in 2012.

Bottom Graph - Equity Growth for 2015 by State. 

Nevada is back in the lead 12.3%

I cant guarantee that we will have as good of a year as last, but it looks good.

 Also Interesting, WA, OR and CO are in the Top 10 and they all have legalized marijuana.

Start Your Home Search HERE

Las Vegas Specializes in a few of these Drag Downers...

Interesting Graphic Realtor.com put together.

 We are #49 in the Nation for Education.

We Specialize in Strip Clubs.

Gun Ranges... They are everywhere!

 High Rents, a Bunch of Homeless People and a lot of Seniors which mean

Hospitals, Funeral Homes and Cemeteries. 

And some how, we are Booming...

Who's Investing in Las Vegas - Wynners

 Today in the Las Vegas Review Journal

Steve Wynn is looking into turning (the Old Desert Inn Golf Course),

into a 38 Acre Lagoon to be used for Water Skiing, Parasailing and Fireworks Displays.

Another sign of the Strength and Growing Las Vegas Economy.

Forbes has Las Vegas in Top 20 Fastest Growing Cities

Forbes has Las Vegas in Top 20 Fastest Growing Cities

Believe it or not, 

many people are still Nervous about another possible Housing Market Crash.

We are constantly looking for signs of what direction the Hosing Market is going.

Everything points to a strong and growing Real Estate Market.

 And the linked Forbes article is yet another one.

Slow Start to 2016 - It's Now Surging...

 Many have thought that The Las Vegas Valley Real Estate Market was done growing.

A large portion of the homes currently listed are Investors Selling Tenant Occupied properties.

2015 ended with a "Leveling Off" 

Now we see a definite upward Surge in Home Prices in All Areas of the Valley.

With all the Positive News about Las Vegas Tourism, Conventions and Business Development,

we are anticipating home prices to rise similar to 2014 and 2015.

 

Las Vegas Median Home Prices are $275,000

 

Henderson Median Home Prices are $355,000

North Las Vegas Median Home Prices are $205,000 

Home Ownership - Hey STOP... we're going the wrong way!

FYI... These are National Numbers.

Home Ownership has been dropping for the past 10 years and we are at a 27 year low.

This is frustrating.  Especially with our government implementing 

several new programs trying to grow home ownership.

Interest Rates are at all time lows. Home Prices are way down.

More and more people are Renting and Rents are on the Rise.

Why are we going in the wrong direction?

US Debt Clock - Mind Numbing Numbers...

Now this is Interesting!

I'm not sure what to say about this, other than 4 commas means trillion.

Our National debt is over $19 trillion the US Total Debt is almost $65 trillion.

Unfathomable....

On the right it shows US Population and US Work Force.

Less than 1/2 of our Population works.

Click on Image to see clock Live in Action.

You can put the cursor over a number and it will give you the definition. 

California Dreamin'... of Lower Taxes - in Nevada

The most common question we get as Realtor's is,

"What's going on with the Market?" 

In my opinion, all the signs say it's going up.

Here's one of them.

Nevada has seen a lot of people move here from California.

 Why...?

Median Home Prices - California $410,000 - Nevada $219,900

 State Income Tax Rates - CA 13.3% - NV none

State Business Tax - CA second worst in Nation - NV 3rd Best

Questionable Stock Market leads to Low Interest Rates

 When the Fed raised rates earlier this year, 

everyone thought that Mortgage Interest Rates would be going up.

That's not what's happening.

A questionable Stock Market has Interest Rates dropping fast.

This is going to be a contributing factor to a strong Real Estate Market in 2016

 If you have been on the fence, now might be the time, before rates....?

Market Snapshot - A More "Normal" Market...

 Our good friend Forrest Barbee puts together the following data.

The top chart shows Closed Transactions by type (Traditional, REO or Short Sales),

we are getting back to a "Normal Market" with less than 15% bank involved sales.

 SFR (Single Family Residence) Sales Prices have recovered nicely, 

but still are well below the Bubble prices.

And Closings by Sold Terms, meaning how Buyer purchased, 

the Cash Buyers (investors) that dominated our market a few years ago are being out bid 

by Buyers getting financing (mostly owner occupants) these days. 

click here for the complete report