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New Developments

Read about new developments that are opening or being planned for the Las Vegas housing market.

Found 88 blog entries about New Developments.

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.

Young tracks her agents’ open

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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,

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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

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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

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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 a 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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