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Las Vegas Real Estate News from Berkshire Hathaway


It’s been a year since the start of the Great Recession but it appears that the slow recovery of the US housing market is almost complete.

Most markets have returned to normal according to an analysis by the Joint Center for Housing Studies of Harvard University.

US housing market has returned to normal say academics

Its State of the Nation’s Housing report shows that housing demand and prices are rising along with residential construction and the number of distressed homeowners has fallen sharply.

However, it’s not all good news as the well-documented tight supply hindering many markets is hitting affordability and supply of new homes continues to lag demand.

“While the recovery in home prices reflects a welcome pickup in demand, it is also being driven by very tight supply,” says Chris Herbert, the Center’s

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Don't hold your breath for a recession anytime soon, says Cushman & Wakefield's global chief economist

BYAMBER TAUFEN 
Staff Writer
JUN 15 

Key Takeaways

  • Kevin Thorpe, global chief economist at Cushman & Wakefield, thinks there's little cause to worry about a recession in the next couple of years.
  • Consumer confidence is high, and although the government is experiencing gridlock in Washington, D.C., Thorpe expects at least a few of President Trump's financial policies to pass.
  • There's a labor shortage that's more acute than we've seen in years, and office space is being overbuilt.

DENVER — “This is going to be the longest economic expansion in the post-World-War-II era,” stated Kevin Thorpe,

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The misconception about down payments continue to hinder millennials from the possibility of owning a home.

An outlook study conducted by United Shore Financial Services along with Michigan State University found out that a whopping 96% of its respondents became more interested in purchasing a home after finding out that down payment could actually be the same as two months’ worth of rent.

Industry professionals at a recent Mortgage Bankers Association (MBA) conference cited the belief that a 20% down payment was required to get a mortgage as “the greatest cause of confusion among first-time homebuyers.” This was evident in United Shore’s survey, as 67% of millennials thought the 20% down was indeed necessary, while only 7% were aware that a down payment

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Why CMAs, appraisals and listing prices aren't always important

 

Key Takeaways

  • Many buyers mistakenly listen to the advice of friends and family before consulting an agent.
  • A home is always worth what the highest bidder is willing to pay.

With an extreme shortage of housing inventory plaguing many markets across the country, many homeowner wannabes are locked in an epic struggle to purchase a home.

Unfortunately, some of these buyers are receiving advice from friends and family that is preventing them from scoring a home.

In order for buyers to effectively compete in the current market maelstrom, I believe they need to be encouraged to forget eight critical things.

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The median value of US homes has increased to $198,000 according to data from Zillow.

The increase in April is 1% above the peak of 2007 ($196,600) and the year-over-year rise was 7.3% as tight inventory saw increased competition in many markets.

However, comparing current conditions to a decade ago, Zillow’s chief economist Dr Svenja Gudell dismissed the view that we are in a new housing bubble.

"We aren't in a bubble, and won't be entering one anytime soon. There are big differences between the market then and the market now: Then, loose credit, speculation and overbuilding were ingredients in a recipe for disaster. Now, healthy home buyer demand is being driven largely by a stable economy and demographic tailwinds, which is exactly what we would expect in

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Agents can save sellers time, money, liability and hassle


Key Takeaways:

  • FSBOs are more costly than homeowners realize -- including lower sales prices and hidden fees.
  • Selling a home is a complicated transaction -- sellers and buyers alike can get burned with FSBOs.
  • Time costs money -- a FSBO costs the seller valuable time, and it takes longer to sell.

Frank, a smart and tech-savvy Denver homeowner, thought he’d skip the agent commission and sell his house himself.
He researched his home’s property value, found a buyer and got the house under contract. It seemed like a done deal.
Until he realized in a panic that he had seriously undervalued the property — by more than $100,000. Frank had

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Home prices in the U.S. increased 6 percent in the first quarter from a year earlier as competition heated up for a scarcity of listings.

Prices rose 1.4 percent on a seasonally adjusted basis from the previous three months, the Federal Housing Finance Agency said in a statement Wednesday. In March, prices climbed 0.6 percent from February, matching the average estimate of 15 economists.

Job growth is firing up demand for real estate, pushing buyers into bidding wars for the tight supply of homes on the market. There were 1.83 million previously owned homes available for sale at the end of March, down 6.6 percent from a year earlier, according to the National Association of Realtors.



“Mortgage rates during the quarter remained slightly…
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Buying a house can be both an exciting and simultaneously stressful experience. One reason the home buying process tends to be so stressful for many consumers — besides the fact that it’s probably the biggest purchase you’ll ever make — is the rigorous qualification process involved in getting approved for a mortgage.

If you’re preparing for a mortgage application, it is important to understand that qualifying for a home loan is a very different process than when you apply for most other types of credit accounts. Here are two important differences when it comes to qualifying for a mortgage versus other loans:

Difference #1: Lenders Look at All Three Credit Reports and Multiple Credit Scores

The biggest difference between applying for a mortgage

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Nationwide, US homeowners could spend up to $15,190 in hidden costs when selling their home, according to a new analysis from Zillow and local services marketplace Thumbtack.

These hidden costs could come as a surprise, as 63% of today’s sellers are selling their homes for the first time.

Home improvements
“More than eight out of 10 home sellers make improvements before listing,” but those that prefer to outsource can expect to shell out more than $2,650 for expenses on cover staging, carpet cleaning, interior painting, lawn care and house cleaning.

Labor costs also vary – Los Angeles sellers pay a whopping $4,000 while sellers in Columbus, Ohio, only pay $1,500 for the same projects.

Closing costs
Agent commissions and sales or transfer taxes – the two largest

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Existing-home sales are poised to see their best year in a decade, but low supply and affordability still threaten to keep the homeownership rate down, according to the National Association of Realtors.

Lawrence Yun, chief economist for the NAR, recently presented his 2017 midyear forecast. According to Yun, the first quarter saw the best quarterly existing-home sales pace in 10 years with 5.62 million. Yun said he expected that pace to stay on track and finish around 5.64 million, 3.5% above 2016 and the best rate since 2006. The national median existing-home price is also expected to rise around 5% this year, according to the NAR.

“The housing market has exceeded expectations ever since the election, despite depressed inventory and higher mortgage rates,”

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