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Las Vegas Real Estate News from Berkshire Hathaway

Purchases of new U.S. homes unexpectedly increased in March to an eight-month high, indicating housing demand remained strong at the start of the spring buying season, Commerce Department data showed Tuesday.



Key Points

  • Single-family home sales increased 5.8 percent to a 621,000 annualized pace (median forecast called for a 584,000 rate)
  • The median sale price of a new house rose 1.2 percent from March 2016 to $315,100
  • Supply of homes shrank to 5.2 months from 5.4 months; there were 268,000 new houses on the market at the end of March

Big Picture

Steady job growth and improving wages are continuing to drive demand, building on last year’s new-home sales that were the strongest since 2007. While mortgage costs remain above

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March marked the 18th consecutive month of annual supply declines, according to Redfin.

U.S. home prices rose 7.5% last month to a median sale price of $273,000 — a year-over-year increase of 8.9%. Home sales, however, decreased by 13% compared with the same month last year.

2017 is shaping up to be the fastest housing market on record. In March, it took just 49 days for the typical home to go under contract, and one in five homes went under contract within two weeks, according to Redfin. Meanwhile, 21.7% of homes were sold for more than their list price.

Nationwide, Denver and Seattle topped as the fastest markets, with the typical home going under contract in just eight days, followed by California metros Oakland and San Jose with 13 and 14 days,

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Looks like the homebuying frenzy isn't going anywhere, at least for now.

by Kathryn Vasel   @KathrynVaselApril 14, 2017: 11:51 AM ET

 

After the Federal Reserve raised its key interest rate nearly a month ago, many people expected mortgages rates to creep up. But instead, they've been on the decline ever since.

The average rate of a 30-year fixed mortgage fell to 4.08% this week, the fourth consecutive week of declines, and the lowest level this year, Freddie Mac reported Thursday morning.

A higher Federal Funds rate makes it more expensive for banks to borrow money, which can translate into higher borrowing rates for consumers.

But home mortgage rates tend to move

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There are few things in life more important than protecting your home. The following matters are examples of why you need a title insurance policy. Remember that the best title examination or search cannot protect your equity and home from matters not appearing in the public records. However, a title policy can protect you from:

     • Documents executed under false, revoked or expired powers of attorney

     • False impersonation of the true land owner

     • Undisclosed heirs

     • Improperly recorded legal documents

     • Prescriptive rights in another not appearing of record and not disclosed by survey

     • Failure to include necessary parties to certain judicial proceedings

     • Defective

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February saw increases in home prices both year-over-year and month-over-month, according to CoreLogic – and most of the increase has been from homes in the lower price tiers.

Home prices, inclusive of distressed sales, rose by 7% year over year in February and 1% from January.


“Home prices and rents have risen the most in local markets with high demand and limited supply, such as Seattle, Portland and Denver,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The rise in housing costs has been largest for lower-tier-priced homes. For example, from December to February in Seattle, the CoreLogic home price index rose 12% and our single-family rent index rose 6% for all price tiers compared with the same period a year earlier.

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Key Takeaways

  •         Zestimates do not take the finishes or updates into account -- the insides of the properties.

  •         Agents should describe to sellers how the Zestimate is calculated, and they can use the explanations on Zillow's own website.


You’re in the listing presentation, showing your potential clients the comparable listingas in their neighborhood and making a recommendation about price, and it comes — the statement you’ve been dreading: “But Zillow‘s Zestimate puts our house at $X higher than that price.”

Clearly these sellers didn’t read the company’s own fine print on its value calculation mechanism — so you can point them to that, or respond as Anne M. Rubin suggested in a session at Century 21’s One21

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According to the U.S. Census Bureau, Nevada’s 1.95 percent population growth rate from July 2015 to July 2016 made it the second fastest-growing state in the country. With the state’s official population nearing the three million mark, how is infrastructure keeping up with growth?


According to the U.S. Census Bureau, Nevada’s 1.95% population growth rate from July 2015 to 2016 made it the second fastest-growing state in the country.

Major Road Projects South

Rudy Malfabon, director of the Nevada Department of Transportation (NDOT), said $110 million of NDOT’s $1.3 billion budget for the 2016-2017 biennium is earmarked for maintenance of existing roads and structures. The rest goes toward construction projects that are changing the way an ever-increasing number of Nevadans travel from town to town and from home to work. These huge construction projects require several years of preliminary

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Pending home sales spiked 5.5% month over month in February to their highest level in almost a year and the second-highest in almost a decade, according to the National Association of Realtors.


NAR’s Pending Home Sales Index hit 112.3 in February, up from 106.4 in January. Year-over-year, February’s index was higher by 2.6%, its highest level since April 2016 with 113.6 and second-highest since May 2006 with 112.5.

"Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country," said NAR Chief Economist Lawrence Yun. "The stock market's continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the

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by Anna Sobrevinas   29 Mar 2017


January marked 31 months of home price gains as it saw a 5.9% annual gain, compared with a 5.7% annual gain the month before, according to new data from S&P CoreLogic Case-Shiller.

Year-over-year, the index’s 10-city Composite saw a 5.1% annual increase, up from 4.8% from the month prior, and the 20-City Composite recorded an annual increase of 5.7%, up from 5.5% from the previous month.

Seattle ranked first in January with a year-over-year home price increase of 11.3%, followed by Portland with 9.7% and Denver with 9.2%.

"Housing and home prices continue on a generally positive upward trend," said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices.

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Refinancing can be a very effective way to save money -- just be sure to go about the process in an informed manner, making sound choices along the way. These seven tips can help.

Interest rates are starting to inch up, with many expecting the Fed to raise rates a little more later this month. A recent strong jobs report is only making that more likely. If you have thought about refinancing your mortgage, you might want to think hard about it now, and perhaps lock in a low rate if you're serious.

Refinancing is taking on a new home loan to pay off your old home loan. The new mortgage can have different features, such as a longer or shorter term, and it can lower your monthly payments, too.

Beef up your credit score

Before you

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