New Homes are Helping Ease Rising Home Prices

 The last time I posted these graphs they were all rocketing upward.

Now they seem to be leveling off.  The Economy and Real Estate Market are still Hot.

So what happened? 

The New Home Builders are back.

Currently there are more than 24 Builders developing 246 different Home Tracks 

featuring around 1,572 different Model Homes.

If you are interested in shopping for New Construction,

You can search Our New Home Website HERE.

We would be Happy to Help You.

Stats from The LVCVA Look Good for Las Vegas

The Las Vegas Conventions and Visitors Authority

did a presentation with the following Statistics.

The LVCVA's primary Goal, as they state is...

"Heads in Beds" 

This has a direct affect on Our Economy and in turn Our Housing Market.

So how are they doing? 

Homeownership Dropping Despite a Surging Economy

The following statistics were put together by Bank of America.

The top Graph show over the past 3 years, 

Home ownership has dropped in all age groups.

The next Graph shows how Rental Occupancy % has dropped as well.

How is that possible?  A couple of potential reasons.

 Corporations are seeing the Trend away from Home Ownership 

and Investing more in Apartments and other Rental Properties.

Family Consolidation, high costs of living are bringing families together.

Keep in mind these are National Statistics.

There is no reason this should happen in the Las Vegas Area.

Our economy is strong.  Homes are very affordable.  Interest rates are low.

Now is a great time to buy!

UNLV's Nevada Housing Report - FULL REPORT

UNLV's Lee Business School puts out the following report.

This report goes into great details about sales trends and statistics for the entire state.

Analyzing Foreclosures, Notices of Default, Existing and New Home Sales.

Most graphs in report go back to the Year 2000

One of the highlights for me is the graph below showing that,

Over 85% of All Homeowners have Positive Equity.

Yes it says, "May 2017", but they just sent it out.

It must take a while to crunch that much data...

 

http://files.constantcontact.com/1e74ef30101/b37cea48-20e1-4cca-b702-b49076593a46.pdf

Clark County Economic Snapshot - by the numbers...

The Las Vegas Global Economic Alliance put together the Stats and Graphic below.

Southern Nevada means Clark County.

Some Highlights...

Our Population is Growing and Unemployment Dropping.

Incomes are on the Rise.

 Vacancy Rates for Office Space, Industrial Space and Retail Space All Dropped.

Oddly Tourism and Convention Attendance is Down,

while Gaming Revenues and Airport Passengers are Up. 

Interesting Fact: 1 out of 5 Workers have a Bachelor Degree or Higher.

click HERE to view web page

Home Prices Having a Strong Summer Surge

In Previous Years there appeared top be a Seasonal Cycle or Trend 

that tapered off in the middle of Summer.

This year it turned into a Strong Price Surge.

Prices Rising and a Dropping Inventory means we are in a Sellers Market.

As of Today, Interest Rates are at 3.9% (national average)

Anybody Considering Selling, Now is a Great Time!

More People Working and Making More Money

At this point everybody had heard that Home Prices are on the Rise.

The Big Questions we hear a lot are, 

"Are these prices sustainable?" and "Can People Afford these Prices?"

In Las Vegas over the past 7 years, Unemployment has steadily dropped from 14.1% to 5.1%.

And over the past 5 years, Weekly Earnings have risen from $653 a week to $763.

Which works out to $110 per week or $5,732 a year.

 

Two very good signs that things are going in the right direction in Las Vegas!

Our Strength is in Las Vegas' Changing Demographics

The Las Vegas Review Journal ran an article titled,

Las Vegas to be Tested on Ability to Sustain Prosperity

 containing the graphic below.

 The articles states that Las Vegas Strength lies within its;

Growing Diversity, Younger Population and Increased Income and Wealth.

 Which are also all positive factors in 

strengthening our Las Vegas Real Estate Market.

Live in a Home for FREE for the next 5 Years

CoreLogic is a leading provider of consumer, financial and property information,

analytics and services to business and government.

 They put together these projections of what Home Values will do in the next 5 years.

In 2017, Nevada as a state has a Median Price of $225,000.

They Project in 2022 Nevada Median Price to be over $325,000.

This would be a $100,000 or $20,000 per year increase.

 Or around $1,667 per month.

Which is less than what a payment would be on a $225,000 Home.

So basically you're living there for free.

See All Stats and complete Article HERE

Home Values on the Rise - Real Estate a Good Investment

 With Home Values on the Rise, there is still time to...

 Invest in Las Vegas!

The NHL Black Knights are investing in Las Vegas.

The NFL and The Raiders are investing in Las Vegas

Amazon, Faraday and Hyperloop...  All Investing in Our Economy.

Our Las Vegas Economy is Strong and getting Stronger

And still 40% of Homes are Rentals.

Stop Paying Rent, Invest in Yourself and Las Vegas

A Fun App - Shows Median Home Payments by County

The "Word on the Street" is that Interest Rates are going to go up.

How High and How Fast, we don't know.

Below you can see a breakdown by monthly payment of how 

Rising Interest Rates can affect your monthly Mortgage Payment.

In Clark County on a Median Home Price,

 if Interest Rates goes up .75%, the Monthly Payment goes up $86.

If Rates go up 1.5%, the payment goes up $189.

 This can have a huge affect on the Price of Home you can qualify for.

Buyers sitting on the fence should get off their fences...

click here to view other county's in the country

This is a Fun Interactive Price Map

This app shows you the Median Home Price for every County in the Nation.

Try pointing the mouse at some of the California Counties.

They see Clark County as a "Real Steal"

FYI... the highest is San Francisco County at $1,048,116

and there are 7 counties in Texas with Median Home Prices below $50,000

National Home Ownership Rates Dropping

Home Ownership is now at a 50 Year Low.

It has dropped in age groups, primarily ages 45 and under.

That means these people are paying Rent. Throwing money away.

There is no reason this should happen in the Las Vegas Area.

Our economy is strong.  Homes are very affordable.  Interest rates are low.

Now is a great time to buy!

Las Vegas Home Prices Surge... Came Early

The Las Vegas Review Journal posted this article on Tuesday.

Claiming an "Unusual January Price Jump"

 What is "Unusual" about it is that our Seasonal Trend usually kicks in around March.

I believe that with all that is happening in Las Vegas these days,

such as the New Car Plant, Hyperloop, The Hockey Team, New Casino Expansion...

People are Confident and Excited about the future of Las Vegas and its Housing Market.

And wanting to Buy Now before prices Jump Up again.

Nevada has the #1 Job Market in the Nation

According to Gallup, the Nevada Job Market 

has gone from Worst to Best in 6 years.

This is Fantastic News for Us as Home Owners.  And still

there are people who are nervous about the Housing Market.

We hear comments all the time like...

- prices are going up too fast

- they are building too many homes

- we are heading for another housing bubble

And though I cannot guarantee anything, 

when we look at what is happening in our part of the state,

 I feel very confident that the Las Vegas Housing Market 

is moving in the right direction.

click HERE for complete article

Looking ahead at the 2017 Las Vegas Real Estate Market

  There is an Old Proverb or Saying that goes...

"You don't know where you're going until you know where you've been"

 With that in mind let's take a historical look back at the Las Vegas Real Estate Market 

in regards to Prices, Types of Sales and Interest Rates.

Image 1 - Tracks Average and Median Home Prices over the past 17 years

Image 2 - We have gone from Foreclosures to Short Sales and now a Traditional Market

Image 3 - A look at the drop in Interest Rates over the past 40 years

We can see that we have moved past the Housing Bubble into a nice recovery, Interest Rates are still at Historical lows and Foreclosures and Short Sales are a thing of the past.

In my opinion, the Las Vegas real Estate Market is going in the right direction.

We can expect another good year of equity growth.