The Southern Nevada economy continues to expand, and the population base has responded accordingly. An influx of new residents has helped bolster demand in the housing market.
With strengthening conditions experienced throughout 2017 expected to continue, similar housing supply-demand dynamics are likely to follow.
In October 2017, single family prices jumped 13.4 percent compared to last year, and the number of closings were also up 13.4 percent from 12 months ago.
Effective availability fell to 1.7 months (down 40.5 percent).
The number of notices of default spiked in October as regulatory and filing fee changes adjusted, but the impacts of foreclosure activity overall appears to be an issue of the past.
Buying a newly constructed home involves managing a big project that needs a Realtor's help
Key Takeaways:
Buying a new home is not a slam dunk; there is a process to manage and a myriad of details to oversee. It is important for a buyer to understand both their and the builder's obligations in the process.
When it comes to house hunting, buying a brand new home often seems like a much simpler route to take. There is nothing like moving into something that has never been lived in before.
A buyer doesn’t have to remodel, repair or properly redo what the prior owners may not have done correctly in the first place.
However, buying a new home does not mean that everything is always as it should be.
As I'm sure you know, there are way more than 4 activities that you should or should not do in order to improve your credit, but these 4 in particular seem to trip a lot of clients up and have even been known to ruin the the loan even after an initial approval.
So make sure that you stay on the straight and narrow by taking a quick look at these common credit mistakes!
Call Sam for help !
Sam Parker My Credit Guy | Co-Founder, CEO Cell: 319-560-5999 Office: 866-SCORE39 (866-726-7339) Local: 480-999-2550 Fax: 480-999-5079 Email: sam@mycreditguy.com www.mycreditguy.com
October 2017 Single Family Residential (SFR) closed sales were up 1.6% from September and up 13.2% compared to October 2016.
Year to date 2017 closed sales are still up 9.8% over 2016.
The median closed sales price of a SFR dipped to $263,000 while the average closed sales price of an SFR jumped to $313,032 for a modest 1.2% increase.
Residential resale activity continues to be brisk – leaving us with approximately 1.8 months of inventory.
Year-to-Date luxury sales closings are on the verge of surpassing both 2013 and 2015 results and are up nearly 42% over last year.
The fallacies and problems of working with only one agent
Key Takeaways
Many of today’s buyers think that having the listing agent represent them on a transaction will save them money and fail to consider the importance of having their interests represented exclusively.
When buyers have the option of working with a buyer’s agent who will represent their interests exclusively or working with the listing agent who has a fiduciary duty to the seller, an increasing number of buyers are choosing the listing agent, especially in overheated markets.
Recently, I had an interesting conversation about open houses with Kendyl Young, the broker-owner of Diggs.
Buying a home can be a laborious task, especially when all the little details are considered. If the search is taking forever, or multiple offers fell through, it can be very tempting to compromise on certain wants and needs in order to finally secure a new property. While some items are definitely worth compromising on, other items are not. Below are some important items that buyers should hesitate on when it comes to compromise.
Location
Location. Location. Location. Or at least that's what they say, and they're right. Location is one of the most important aspects of real estate, and you should be very cautious about compromising on this when buying a new home. You can change a home,
It's disheartening when a house appraisal comes back lower than the purchase price you and the seller agreed on. Your loan will cover only the appraised value of the home, so having to cover tens of thousands of dollars more than you anticipated could throw a serious wrench in the plan. Here's what to do if the home you made an offer on appraises low.
What does a low house appraisal mean?
A low appraisal represents a problem for buyers who are depending on financing to help them purchase a home. Lenders cannot finance a property for more than the appraised value. So unless you have extra money to fill the gap, a low appraisal could ruin your ability to purchase the home.
So what can you do if the home you want to buy appraises
