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.

What's a Dollar Worth? Depends where you're at...

Nevadans seem to make more money on average.

And that money goes a little further.

Maybe this is why all those people keep coming to Las Vegas from California.

 

Are You Enjoying Your New Equity...

 The Las Vegas Housing Market is currently in a nice recovery.

We have had steady growth over the past couple of years.

Many People are still concern about the possibility of another Crash or Bubble.

We see it as a comfortable level and rate of growth.

As I have said in the past...

Please take these numbers with a grain of salt.

It only takes a couple of Million dollar homes to skew these numbers.

But you can definitely see a lot of positive growth throughout the town.

Prices Plateau... Is it Time to Sell?

 It's been a month since we looked at these graphs.

It looks like things are Calming Down.

This is probably the most Normal Real Estate Market 

we have been in for several years.

For Home Owners who have been waiting for the Market to "Peak" before they decide to Sell,

this might just be the right time. 

I thought 4.5% was going to be the going rate.

It looks like it's going to stay around 4.25%

3.25% if you finance for 15 years.

National Consumer Sentiment Survey

Fannie Mae Surveyed 1,000 people the following four questions.

Please keep in mind this is a National Survey. 

It seems that More and More People think that:

- It's Not a Good Time to Buy

- It's Not a Good Time to Sell

- Home Prices are Going to ....

In my Opinion...

Here in Las Vegas, it is an Awesome Time to Buy.

And for Home Owners who have been waiting for the Market to go up 

so they could have equity in their homes. 

It's an Awesome Time to Sell.

What's going to happen in the Future?  

We are very Optimistic!

 The National Housing Survey has been conducted on behalf of Fannie Mae every month since June 2010.  

Over 1,000 Americans, homeowners both with and without mortgages and renters are polled by phone to assess their attitudes toward owning and renting a home, home and rental price changes, home ownership distress, the economy, household finances, and overall consumer confidence.

Prices Leveling Off... Rates Staying Low...

The last time we looked at this graph it was climbing quickly.

I know many are still concerned that Las Vegas was heading for another "Housing Bubble"

It appears that The Market is Leveling Off.

Activity is still at a strong pace, but Buyers are not going to Overpay.

We also get asked a lot about Interest Rates.

The last graph really puts into perspective how low Mortgage Rates are.