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Las Vegas Real Estate News from GreatLasVegasHomes and the Tonnesen Team at Berkshire Hathaway

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.

 

 

Resale

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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? 

 

Rate Update Chart

 

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

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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

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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.

     

     

     

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It's not as easy as it looks on TV

Key Takeaways
  • A real estate agent's job is to make sure everyone else involved in the transaction is doing their job.
  • Agents have to continually shift gears to quickly adapt and respond to customer needs.

What does a real estate agent do? Oh, where to start. Trying to explain to the public how real estate agents spend their time is akin to explaining what a doctor or lawyer does all day. There’s a lot more that goes into “treating patients” or “handling legal matters” and the same goes for “helping people buy, sell or rent property.”

From a consumer’s first thought about making a real estate move to actually taking the leap (whether

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Zillow Group report details affordability struggles as real estate demand overwhelms supply

Key Takeaways
  • Inventory absorption and home prices are rising so fast that homebuyers -- particularly millennials -- are going over budget and turning to friends and relatives for down-payment help.
  • Buyers are keeping their options open. Most first-timers and millennials simultaneously consider renting and buying.
  • Buyers most value agents' help in guiding them through the overall buying process and leading contract negotiations.

The job market is at what economists consider full employment, home prices keep rising, and wages are showing signs of growth. Good news for real estate, right?

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A lot of people think the best time to buy a house is during the Spring market.

And, it is…

…in the sense that more houses are listed for sale in the Spring. But, there’s also a heck of a lot more buyers trying to buy those listings.

The thing is, some of the houses listed back in the Spring don’t end up selling. (Usually just because they were overpriced.)

Now, it isn’t like new listings don’t happen in the Fall. There’s always new listings coming on the market. But it’s not like, just because it’s Fall and not Spring, prices are necessarily going to fall. In other words, new listings aren’t likely to list for a lot lower than you would have seen in the Spring.

However, the homeowners who did list back in the Spring, are much more

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When buyers and sellers start going head-to-head, no one comes out a winner

   Key Takeaways
  • It’s reasonable to ask for roof and termite clearances and that the home’s primary systems work. It’s not reasonable to ask for upgrades, abatement or cosmetic changes.

In many parts of the country, real estate sales and continually increasing priceshave been on a six-year romp. With sellers firmly planted in the driver’s seat, a significant percent of homes have been sold “as-is” with little or no regard for repairs.

As we begin seeing shifts in some markets, however, requests for repairs are beginning to reappear like spring flowers after a long winter freeze.

Because many

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People don’t know what they don’t know, and what they do know is enough to create false perceptions

Key Takeaways

  •         Erroneous assumptions about the business can cause a ton of confusion for the public about how the real estate process works.

The real estate process makes everyone an armchair expert by default. The buyer, the seller, their friends, co-workers and neighbors all know how real estate works.

After all, the last time they bought or sold a home was 10 years ago, and in their view, not much has changed. Misbeliefs and bad information are a dangerous combination.

People don’t know what they don’t know, and what they do know is enough to create false perceptions of a profession that is often surrounded by damaging

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Contradicting previous research, new study finds FSBOs sell at discount

 

Key Takeaways

  • Agents tend to achieve higher sales prices for properties than comparable FSBO listings, enough to offset their commission fee, according to a recent analysis.

Academic research has often cast doubt on the value of real estate agents, but a new study will come as music to their ears.It suggests that homeowners will net roughly the same proceeds whether they sell through a real estate agent or take the FSBO (for-sale-by-owner) route.That’s because agents tend to achieve higher sales prices for properties than comparable FSBO listings — enough to offset their commission fee, according to an analysis released by automated

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