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We saw this article in the Review Journal and wanted to pass it on

5/20/2019

By Eli Segall Las Vegas Review-Journal

 

 

As house hunters may have noticed, Las Vegas prices aren’t climbing as fast as they were a year ago, and homes aren’t selling as quickly.

But does this downshift signal something more ominous ahead?

You can never rule out another housing crash — something Southern Nevadans know all too well — but just because the market has cooled off doesn’t necessarily mean it’s in the early stages of a collapse.

The median sales price of previously owned single-family homes — the bulk of the market — was $300,000 last month, up 3.8 percent from April 2018, according to the Greater Las Vegas Association of Realtors.

It was the smallest year-over-year price jump in seven years, the association reported — and down from a 16 percent climb in April of last year.

Meanwhile, sales totals are falling, and the once-shrunken inventory of available listings has shot back up.

Buyers picked up around 9,280 houses this year through April, down almost 11 percent from the same four-month period in 2018, and 7,435 houses were on the market without offers at the end of last month, up almost double from a year earlier, according to the GLVAR, which pulls data from its resale-heavy listing service.

The tumbling sales are likely a response to higher prices. By all accounts, there is plenty of demand for housing, given the valley’s growing population and shrinking unemployment, but whether buyers can afford what’s out there — or are willing to pay the asking price — is another issue.

Also, market insiders often say that prices rise 2 to 5 percent in a “normal” year — not 10 to 20 percent, as we’ve often seen in Las Vegas over the past several years, due to the massive drop in home values after the mid-2000s bubble burst and the subsequent climb out from the gutter.

I can only guess where prices and sales will end up this year, but the market is showing signs of stability in areas that, in the not-too-distant past, were key gauges of Las Vegas’ catastrophic housing bust.

Some 3.6 percent of Las Vegas-area mortgage holders were at least 30 days late on their payments in February, CoreLogic reported this week.

By comparison, at the depths of the recession, a peak of nearly 25 percent of local borrowers were at least a month behind on their payments, the housing tracker previously reported.

Moreover, sales of underwater and bank-owned homes don’t dominate Las Vegas’ resale market anymore, accounting for just 3 percent of transactions last month, the GLVAR reported.

It wasn’t too long ago that, after a wild stretch of nonstop construction, bloated property values, widespread flipping and numerous plans for luxury high-rises, Las Vegas was ground zero for America’s real estate crash, marked by sweeping foreclosures, soaring unemployment and many abandoned projects.

There is always a chance that the housing market can crater, though for now, things appear mostly calm. Still, as anyone who lived through Las Vegas’ nightmarish financial roller coaster can attest, they can only hope the slowdown doesn’t turn into an evaporation.

Mortgage info from Scott Gillespie, Evergreen Home Loans

5/19/2019

  Home is Possible Grant program  30 year fixed rate at 5% FHA,  or 5.125% on a Conventional loan.  Grant of 4% covers all the down payment plus a little towards closing costs.  Must not have owned a home in the last 3 years, minimum 660 credit score and maximum income up to $98,500.  Ask me how to help your buyer client get this Grant for their home purchase.

 

Mortgage rates saw little movement this week. If anything they benefited slightly from the stock market selling and moved down fractionally. 4.5% (APR 4.842%)  without paying points for folks with a with a 740 credit score or higher and a 25% or greater down payment. The 15 year fixed mortgage rate is at 4% ( 4.325% APR). 

       The FHA 30 year fixed loan is at 4.25% (5.295%) with a .125 point and the current FHA loan limit is at $322,000. VA 30 year fixed rate is at 4.125% (4.577% APR) also with .25 point and is good up to the maximum VA $1 down loan amount of $484,350. The minimum score for the FHA and VA loans is 580, however to get the best interest rates a score of 680 is required. 

 Call me with any questions or clients you may be working with that need to be pre-qualified for the best loan program possible.  

 

Scott

 

Rates quoted above assume a 740 or higher FICO score (unless otherwise noted), $100,000 mortgage amount, 25% or greater down payment (when applicable), owner occupied SFR, full documentation loan, they include a .5% origination fee, no discount points, no pre-payment penalty and are for a 30 day lock.

Scott Gillespie
Mortgage Consultant
NMLS: 252908
Office (702) 269-4343 mobile (702) 494-8448
fax (877) 559-9633

8945 West Russell Road, Suite 210Las Vegas, NV 89148

 

Number of listings up significantly for the second week in a row

5/18/2019
The amount of listings went UP 90 since I checked last Saturday. I just checked and there were 7936 on Saturday 5/18/19 at 7:45 am .We were at 4170 on the corresponding date last year, and 5202 on the corresponding week in 2017, We are up 3766 listings from the same week last year, and up 2734 from 2017. We were at 6554 on Jan 1 2019. 
DATE                                    NUMBER                 DATE                               NUMBER
      12/29/18  6789
       12/22/18  6850
      12/15/18 6906
      12/8/18 7005
      12/1/18 6941
      11/24/18 7106
      11/17/18 7138
      11/10/18 7080
      11/3/18 6941
      10/27/18 6815
      10/20/18 6657
      10/13/18 6546
      10/6/18 6406
      9/29/18 6279
      9/22/18 6190
      9/15/18 6065
      9/8/18 5932
      9/2/17 5705
      8/25/18 5626
      8/18/18 5408
      8/11/18 5276
      8/4/18 4956
      7/28/18 4769
      7/21/18 4710
      7/14/18 4567
      7/7/18 4512
      6/30/18 4437
      6/23/18 4433
      6/16/18 4411
      6/9/18 4334
      6/2/18 4241
      5/26/18 4204
 5/18/19  7936   5/19/18 4170
 5/11/19  7846   5/12/18 4083
 5/4/19  7723   5/5/18 4085
4/27/19  7719   4/28/18 3999
 4/20/19  7663   4/21/18 4023
 4/13/19  7544   4/14/18 3930
 4/6/19  7432   4/7/18 3865
 3/30/19 7448    3/31/18 3771
 3/23/19  7447   3/24/18 3860
 3/16/19 7404    3/17/18 3841
 3/9/19  7345   3/10/18 3784
 3/2/19  7260   3/3/18 3756
 2/23/19  7342   2/24/18 3752
 2/16/19  7414   2/17/18 3811
 2/9/19  7375   2/10/18 3813
 2/2/19  7303   2/3/18 3787
 1/26/19 7252    1/27/18 3837
 1/19/19  7121   1/20/18 3890
01/12/19  6978   1/13/18 3954
01/05/19  6701   1/6/18 3863
 01/01/19  6554   1/1/18 3808

 

We have been keeping track of available single family listings in Las Vegas, Henderson, North Las Vegas and Boulder City for years. It is a pretty good indication as to the direction of the market. In our 25+ years of selling real estate here in Las Vegas, we have seen the number of listings range from under 3000 to over 22000.  If the number keeps going up, expect prices to stabilize or go down.  Feel free to call us or e-mail us for any of your real estate questions.  

 

Sean and Emily Gunning
Berkshire Hathaway Home Services, Nevada Properties 
702 498-1171 [Sean] Sean@sellingvegas.com 
702 596-1171 [Emily] Emily@sellingvegas.com
www.SellingVegas.com

Read our 150+ 5 star Zillow reviews: here

Henderson Market Stats from Ticor Title

5/16/2019

Real-Time Market Profile

Never miss important changes in the Henderson market.
Median List Price   $429,000
Per Square Foot   $191
Days on Market   99
Price Decreased   45%
Price Increased   4%
Relisted   12%
Inventory   1409
Median House Rent   $1,800
Most Expensive   $17,500,000
Least Expensive   $149,900
Market Action Index 
Slight Seller's Advantage

Man loses $168000 through wire fraud.... link below

5/12/2019

Good Morning!

 

This wire fraud incident was reported this week on Las Vegas Now channel 8:

 

Wire fraud story from Channel 8

Listings up 123 for the week

5/11/2019
The amount of listings went UP 123 since I checked last Saturday. I just checked and there were 7846 on Saturday 5/11/19 at 7:07 am .We were at 4083 on the corresponding date last year, and 5231 on the corresponding week in 2017, We are up 3763 listings from the same week last year, and up 2615 from 2017. We were at 6554 on Jan 1 2019. 
DATE                                    NUMBER                 DATE                               NUMBER
      12/29/18  6789
       12/22/18  6850
      12/15/18 6906
      12/8/18 7005
      12/1/18 6941
      11/24/18 7106
      11/17/18 7138
      11/10/18 7080
      11/3/18 6941
      10/27/18 6815
      10/20/18 6657
      10/13/18 6546
      10/6/18 6406
      9/29/18 6279
      9/22/18 6190
      9/15/18 6065
      9/8/18 5932
      9/2/17 5705
      8/25/18 5626
      8/18/18 5408
      8/11/18 5276
      8/4/18 4956
      7/28/18 4769
      7/21/18 4710
      7/14/18 4567
      7/7/18 4512
      6/30/18 4437
      6/23/18 4433
      6/16/18 4411
      6/9/18 4334
      6/2/18 4241
      5/26/18 4204
      5/19/18 4170
 5/11/19  7846   5/12/18 4083
 5/4/19  7723   5/5/18 4085
4/27/19  7719   4/28/18 3999
 4/20/19  7663   4/21/18 4023
 4/13/19  7544   4/14/18 3930
 4/6/19  7432   4/7/18 3865
 3/30/19 7448    3/31/18 3771
 3/23/19  7447   3/24/18 3860
 3/16/19 7404    3/17/18 3841
 3/9/19  7345   3/10/18 3784
 3/2/19  7260   3/3/18 3756
 2/23/19  7342   2/24/18 3752
 2/16/19  7414   2/17/18 3811
 2/9/19  7375   2/10/18 3813
 2/2/19  7303   2/3/18 3787
 1/26/19 7252    1/27/18 3837
 1/19/19  7121   1/20/18 3890
01/12/19  6978   1/13/18 3954
01/05/19  6701   1/6/18 3863
 01/01/19  6554   1/1/18 3808

 

We have been keeping track of available single family listings in Las Vegas, Henderson, North Las Vegas and Boulder City for years. It is a pretty good indication as to the direction of the market. In our 25+ years of selling real estate here in Las Vegas, we have seen the number of listings range from under 3000 to over 22000.  If the number keeps going up, expect prices to stabilize or go down.  Feel free to call us or e-mail us for any of your real estate questions.  

 

Sean and Emily Gunning
Berkshire Hathaway Home Services, Nevada Properties 
702 498-1171 [Sean] Sean@sellingvegas.com 
702 596-1171 [Emily] Emily@sellingvegas.com
www.SellingVegas.com

Read our 140+ 5 star Zillow reviews: here

11 Things that can make a house difficult (or impossible) to sell

5/10/2019

Business Insider asked real-estate agents around the country about what it's really like working in the industry, what they wish they could tell their clients, and if there are any factors that can make a home "unsellable."

Some said anything could sell at the right price. But several said that an undesirable location, a death on the property, and bad odors — particularly from cats — were some of the things that could make a home virtually impossible to sell.

Here are 11 factors that can make a home unsellable, according to real-estate agents.

  1. An undesirable location — like being next door to an airport or a frat house — can pose a problem.

"Location is a huge factor," Butch Haze, who sells homes between $3 million and $10 million in the San Francisco area, told Business Insider. "In San Francisco, I also keep an eye out for big power lines obstructing the window views. Space is tight in the Bay Area, but backyards still make a difference."

Homes that are next to places like a fraternity house or an airport could be particularly tricky to sell or rent, added Elana Delafraz of REAL New York, who rents homes in the city for $3,200 to $5,000 a month.

"The biggest obstacle is location," Gerard Marino, who does sales in the $300,000 to $500,000 range in southwest Florida, told Business Insider. "A bad location can only be corrected with a low price."

  1. An unrealistic price tag is a common issue.

Several agents said that when a home isn't selling, it's probably because the price is too high.

"An unsellable home is one that is not priced right," said Noemi Bitterman of Warburg Realty, who handles sales in New York City for homes between $500,000 and $1.75 million.

  1. Bad odors can keep a house from selling.

Several agents cited bad odors as a common reason a home won't sell. Three agents said that odors from cats in particular are bad news.

Residual scents from smoking can also pose a problem, said Jose Laya, who sells homes in Miami for between $800,000 and $2 million.

  1. A lack of natural light can turn buyers off.

Not having natural light can make an apartment much less desirable, said Michael Bello of REAL New York, who handles $5,000-a-month rentals in New York City.

Lisa Camillieri of Warburg, who sells homes in Manhattan and Brooklyn in the $400,000 to $1.2 million range, said that while any property is sellable at the right price, "a lack of light" is one factor that can "really turn buyers off."

"Nobody wants to live in a cave, so keep this in mind as you reno!" said Colin Turek of Compass in New York City, who sells in the $800,000 to $2 million range.

  1. A death in the home can make the house hard to sell.

Delafraz of REAL New York said that a death in a home can make it particularly difficult to sell.

  1. Poor architecture that can't be changed can render a home unsellable.

Factors that make a home unsellable "are the ones that cannot be changed: location, low ceilings, difficult floor plan that cannot be easily modified, poor architecture," Robin Kencel of The Robin Kencel Group at Compass in Connecticut, who sells homes between $500,000 and $28 million, told Business Insider.

  1. Mold or other environmental problems can be a serious problem.

Other problems that can make a home unsellable include "significant environmental issues such as mold throughout the walls," Kencel said.

Some serious issues may not even be visible.

"What's under the hood? The foundation is cracked?" said Gill Chowdhury of Warburg Realty, who sells homes for an average of $2 million in Manhattan.

  1. Maintenance or structural issues can leave a house sitting on the market.

Neglecting major repairs and putting off necessary renovations can make a home unsellable, according to several real-estate agents, including Rob McCann, an agent in Pennsylvania who sells homes for an average of $210,000, and Jason Tsalkas of Compass, who sells in the $650,000 to $2 million price range, primarily in Brooklyn.

  1. Outdated decor can be a deal-breaker.

An outdated or badly decorated home can be basically impossible to sell, several real-estate agents told Business Insider.

A home that's particularly "dated" can be unsellable, said Eric Mendelsohn, who sells homes for an average of $1 million in New York City.

Eric Goldie of Compass, who handles sales in New York City for $1 million to $5 million on average, cited "terrible decor and old kitchen and bathrooms" as potential deal-breakers.

Scot Dalbery from REAL New York, who deals with rental properties in New York City that are $4,000 a month on average, said that although any home can sell for the right price, details like unattractive kitchen countertops can cause it to sell for much less than its market average.

"Fine-tuning the small details in a home, even if having to invest in some updates, can really make a home's value increase," he said.

  1. A home that's cluttered and not staged is going to be far more difficult to sell.

Sellers need to make sure their home is as attractive as possible to sell it, according to the agents surveyed.

"It's important to do the necessary work to list the home, such as any cosmetic work needed, decluttering, and staging," Jared Barnett of Compass, who sells homes from $2 million to $5 million in New York City, told Business Insider.

  1. Uncooperative sellers can be a deal-breaker too.

Maggie Ross of Compass, who sells homes in the $2 million range in Brooklyn, said that sometimes it's the seller of the home that can keep it from selling.

"Unruly pets or an unwillingness to do the work to show the property — purging belongings, vacating the property for showings, removing pets from the home (especially loud or odorous pets), and a general attitude of not wanting to put your best foot forward," she said. "Those issues can prevent a sale."

 

We saw this article in the Review Journal and wanted to pass it on

5/9/2019

Las Vegas home prices increase at slowest pace in 7 years

 

Las Vegas house prices rose at their slowest pace in seven years in April. (Michael Quine/Las Vegas Review-Journal) @Vegas88s

By Eli Segall Las Vegas Review-Journal

May 8, 2019 - 6:23 am
Las Vegas house prices last month rose at their slowest pace in seven years — another sign of the market’s continued downshift, a new report shows.

The median sales price of previously owned single-family homes — the bulk of the market — was $300,000 in April. That was unchanged from March but up 3.8 percent from April 2018, according to a report from the Greater Las Vegas Association of Realtors.

Buyers picked up 2,872 houses last month, up 9.6 percent from March but down slightly — 0.2 percent — year-over-year.

Meanwhile, buyers keep passing on a rising tally of listings. A total of 7,435 single-family homes were on the market without offers at the end of April, up 4.9 percent from March and 94.8 percent — almost double — from a year ago, the GLVAR reported.

The association pulls data from its listing service, which largely comprises previously owned homes.

Las Vegas home prices have been climbing at one of the fastest rates in the country for the past year or so amid a growing population and shrinking unemployment. But amid affordability concerns, resales have tumbled, the once-depleted inventory of available houses has soared, and price growth has slowed.

Last month, according to the GLVAR, the year-over-year jump in median sales price was the smallest such increase since April 2012.

In April 2018, for instance, the median sales price of single-family homes was up 16 percent from a year earlier.

GLVAR President Janet Carpenter, managing broker of Signature Real Estate Group’s Summerlin office, said in a statement that the housing market is “stabilizing” with “gradually appreciating prices, more homes on the market and slower sales.”

Amber Diskin, an agent with iProperties International, said a lot of sellers were overpricing their homes, which helped fuel the rise in available listings.

All told, houses aren’t selling nearly as fast as they used to. According to the GLVAR, 55.6 percent of single-family homes that traded hands last month had been on the market for 30 days or less, compared with 72.9 percent of house sales in April 2018.

Amid the pullback, more sellers have been cutting their prices. Asked how many of her clients had slashed their asking price in the past few months, Diskin said: “Almost all of them, actually.”

Windermere Prestige Properties agent Shyla Magee said Las Vegas’ increased inventory “is a good thing, especially for the buyers,” who now face lighter competition.

Sellers get worried if they can’t find a buyer right away, but that doesn’t mean the market is in bad shape, Magee said.

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“It’s becoming normal again,” she said.

 

Number of listings virtually unchanged week over week

5/4/2019
The amount of listings went UP 4 since I checked last Saturday. I just checked and there were 7723 on Saturday 5/4/19 at 7:19 am .We were at 4085 on the corresponding date last year, and 5274 on the corresponding week in 2017, We are up 3638 listings from the same week last year, and up 2449 from 2017. We were at 6554 on Jan 1 2019. 
DATE                                    NUMBER                 DATE                               NUMBER
      12/29/18  6789
       12/22/18  6850
      12/15/18 6906
      12/8/18 7005
      12/1/18 6941
      11/24/18 7106
      11/17/18 7138
      11/10/18 7080
      11/3/18 6941
      10/27/18 6815
      10/20/18 6657
      10/13/18 6546
      10/6/18 6406
      9/29/18 6279
      9/22/18 6190
      9/15/18 6065
      9/8/18 5932
      9/2/17 5705
      8/25/18 5626
      8/18/18 5408
      8/11/18 5276
      8/4/18 4956
      7/28/18 4769
      7/21/18 4710
      7/14/18 4567
      7/7/18 4512
      6/30/18 4437
      6/23/18 4433
      6/16/18 4411
      6/9/18 4334
      6/2/18 4241
      5/26/18 4204
      5/19/18 4170
      5/12/18 4083
 5/4/19  7723   5/5/18 4085
4/27/19  7719   4/28/18 3999
 4/20/19  7663   4/21/18 4023
 4/13/19  7544   4/14/18 3930
 4/6/19  7432   4/7/18 3865
 3/30/19 7448    3/31/18 3771
 3/23/19  7447   3/24/18 3860
 3/16/19 7404    3/17/18 3841
 3/9/19  7345   3/10/18 3784
 3/2/19  7260   3/3/18 3756
 2/23/19  7342   2/24/18 3752
 2/16/19  7414   2/17/18 3811
 2/9/19  7375   2/10/18 3813
 2/2/19  7303   2/3/18 3787
 1/26/19 7252    1/27/18 3837
 1/19/19  7121   1/20/18 3890
01/12/19  6978   1/13/18 3954
01/05/19  6701   1/6/18 3863
 01/01/19  6554   1/1/18 3808

 

We have been keeping track of available single family listings in Las Vegas, Henderson, North Las Vegas and Boulder City for years. It is a pretty good indication as to the direction of the market. In our 25+ years of selling real estate here in Las Vegas, we have seen the number of listings range from under 3000 to over 22000.  If the number keeps going up, expect prices to stabilize or go down.  Feel free to call us or e-mail us for any of your real estate questions.  

 

Sean and Emily Gunning
Berkshire Hathaway Home Services, Nevada Properties 
702 498-1171 [Sean] Sean@sellingvegas.com 
702 596-1171 [Emily] Emily@sellingvegas.com
www.SellingVegas.com

Read our 140+ 5 star Zillow reviews: here

Listings up 56 for the week

4/27/2019
The amount of listings went UP 56 since I checked last Saturday. I just checked and there were 7719 on Saturday 4/27/19 at 6:40 am .We were at 3999 on the corresponding date last year, and 5279 on the corresponding week in 2017, We are up 3720 listings from the same week last year, and up 2440 from 2017. We were at 6554 on Jan 1 2019. 
DATE                                    NUMBER                 DATE                               NUMBER
      12/29/18  6789
       12/22/18  6850
      12/15/18 6906
      12/8/18 7005
      12/1/18 6941
      11/24/18 7106
      11/17/18 7138
      11/10/18 7080
      11/3/18 6941
      10/27/18 6815
      10/20/18 6657
      10/13/18 6546
      10/6/18 6406
      9/29/18 6279
      9/22/18 6190
      9/15/18 6065
      9/8/18 5932
      9/2/17 5705
      8/25/18 5626
      8/18/18 5408
      8/11/18 5276
      8/4/18 4956
      7/28/18 4769
      7/21/18 4710
      7/14/18 4567
      7/7/18 4512
      6/30/18 4437
      6/23/18 4433
      6/16/18 4411
      6/9/18 4334
      6/2/18 4241
      5/26/18 4204
      5/19/18 4170
      5/12/18 4083
      5/5/18 4085
4/27/19  7719   4/28/18 3999
 4/20/19  7663   4/21/18 4023
 4/13/19  7544   4/14/18 3930
 4/6/19  7432   4/7/18 3865
 3/30/19 7448    3/31/18 3771
 3/23/19  7447   3/24/18 3860
 3/16/19 7404    3/17/18 3841
 3/9/19  7345   3/10/18 3784
 3/2/19  7260   3/3/18 3756
 2/23/19  7342   2/24/18 3752
 2/16/19  7414   2/17/18 3811
 2/9/19  7375   2/10/18 3813
 2/2/19  7303   2/3/18 3787
 1/26/19 7252    1/27/18 3837
 1/19/19  7121   1/20/18 3890
01/12/19  6978   1/13/18 3954
01/05/19  6701   1/6/18 3863
 01/01/19  6554   1/1/18 3808

 

We have been keeping track of available single family listings in Las Vegas, Henderson, North Las Vegas and Boulder City for years. It is a pretty good indication as to the direction of the market. In our 25+ years of selling real estate here in Las Vegas, we have seen the number of listings range from under 3000 to over 22000.  If the number keeps going up, expect prices to stabilize or go down.  Feel free to call us or e-mail us for any of your real estate questions.  

 

Sean and Emily Gunning
Berkshire Hathaway Home Services, Nevada Properties 
702 498-1171 [Sean] Sean@sellingvegas.com 
702 596-1171 [Emily] Emily@sellingvegas.com
www.SellingVegas.com

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