October 2017

Programs that help first-time buyers put down less than 10 percent of the purchase price have been around for many years. FHA, VA, and state and local housing programs are three of the best-known sources of loans ranging from 3.5 to 5 percent down.

In recent years, some commercial lenders have offered mortgages as low as 3 percent down, and in 2017, a number of banks, credit unions, and mortgage companies introduced mortgages requiring as little as 1 percent−or even zero percent−down.

These super low-down payment programs raised fears that would generate riskier loans and possibly return the real estate economy to the days of “pulse loans” that were a big factor in the collapse of housing markets in 2007 and caused 3 to 5 million

Single family median prices reached a new high of $265,000 in Southern Nevada during September 2017.

The latest price point reflects annual appreciation of 13.5 percent. Single family closings totaled 2,920 during the month, which was flat with last year, and effective availability stood at 1.9 months (down 27.0 percent).

The condo/townhouse market posted higher sales volumes and prices from a year ago, while inventory continued to decline.

Overall foreclosure activity has virtually halted in recent months as more homeowners achieve a positive equity position and overall fundamentals strengthen.

Resale housing market conditions are expected to remain relatively stable through the remainder of 2017.

Gross Domestic Product, the broadest measure of economic activity, climbed to a more normal 3.1 percent in the second quarter, up from 1.2 percent in the first quarter.

Home loan rates bounced around due to tensions with North Korea, debt ceiling debates and devastating hurricanes, but they remained just above all-time lows in the third quarter.

Home prices continued to rise.

Entering the fourth quarter, the big question is: What will home loan rates do now that the Federal Reserve announced its specific plans to unwind its $4.5 trillion balance sheet, which includes Mortgage Bonds? 

News From the Fed

The Federal Reserve announced plans to unwind its massive $4.5 trillion balance sheet starting on the ninth business day of October

When homeowners decide to sell, they may find themselves justifying their choice to anyone who’ll listen. But, as the old saying goes, “Loose lips sink ships.”

In today’s world where sharing is the norm, sometimes keeping your rationale for making a move all to yourself is the right move. Though sellers would never intentionally want to harm their chances of securing the best deal possible, by being a little too honest, they can ultimately lose leverage when it comes to negotiating.

The following are 8 things home sellers should never reveal (except to their Realtor).

1. “These taxes are killing me!”

No one enjoys paying property taxes, but watching them spike over time can be a huge turnoff for some homeowners — particularly

August 2017 Single Family Residential (SFR) closed sales were up 4.2% from July and 5.1% better than August 2016.

Year to date 2017 closed sales are now up 10% over 2016.  

The median closed sales price of a SFR remained flat at $260,000 while the average closed sales price of an SFR dipped to $294,696 for a 2.86% decrease.  

Residential resale activity was brisk again in August leaving us with approximately 1.7 months of inventory. 

SFR closings,  Condos/Townhome closings, Hi-Rise sales closings and Luxury Sales closings continued to make gains as well.