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

Nevada #3 Fastest Growing State

 According to the US Census, 

Nevada is #3 in Population Growth from 2013 to 2014.

Most likely due to Our Thriving Tourism and a Growing Job Market.

This is what is going to continue to Push 

the Las Vegas Housing Market.