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July 18, 2018

Las Vegas Million Dollar Homes For Sale | Demand for Homes to Buy Continues to Climb

Las Vegas Million Dollar Homes For Sale | Demand for Homes to Buy Continues to Climb

 

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home.

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices: Demand for Homes to Buy Continues to Climb

 

Across the United States, there is a severe mismatch between the low number of houses for sale and the high demand for those houses! First-time homebuyers are out in force and are being met with a highly competitive summer real estate market.

According to the National Association of Realtors (NAR), the inventory of homes for sale “has fallen year-over-year for 36 consecutive months,” and now stands at a 4.1-month supply. A 6-month supply of inventory is necessary for a balanced market and has not been seen since August of 2012.

NAR’s Chief Economist Lawrence Yun had this to say,

“Inventory coming onto the market during this year’s spring buying season – as evidenced again by last month’s weak reading – was not even close to being enough to satisfy demand.

That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.”

 

Is There Any Relief Coming?

According to the CoreLogic’s 2018 Consumer Housing Sentiment Study, four times as many renters are considering buying homes in the next 12 months than homeowners who are planning to sell, “which is the crux of the available housing-supply imbalance.”

As more and more renters realize the benefits of homeownership, the demand for housing will continue to rise.

Do homeowners realize demand is so high? With home prices rising across the country, homeowners gained over a trillion dollars in equity over the last 12 months, with the average homeowner gaining over $16,000!

The map below shows the breakdown by state:

Many homeowners who have not thought about listing their homes may not even realize how much equity they have gained, or the opportunity available to them in today’s market!

 

Bottom Line

If you are one of the many homeowners across the country who hasn’t quite found their forever home, now may be a great time to list your house for sale and find your dream home!

 

Source.. KCM Bill & Fran Jenkins Blog

 

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540.  

 

 

Posted in Las Vegas
June 27, 2018

Las Vegas Million Dollar Homes For Sale | What’s the Median Home Value in Your State?

Las Vegas Million Dollar Homes For Sale | What's the Median Home Value in Your State?

 

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home.

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices: What's the Median Home Value in Your State?

 

If you've entered the real estate market as a buyer or a seller, you've inevitably heard the mantra “location, location, location” in reference to identical homes increasing or decreasing in value based on where they're located.

In today's housing market where home prices are appreciating quickly, it's important to know that not every home appreciates at the same rate. The map below demonstrates that point on a state-by-state basis using data from the National Association of Realtors.

Demand often dictates value, even for houses in the same area of the country! High demand for starter and trade-up homes have driven prices up in these categories by nearly 10% over the past year, while those in the premium markets have appreciated at closer to 6%.

 

Bottom Line

If you are debating whether or not to buy and/or sell a home this year, let's get together to help you figure out exactly what's going on in our market.

 

Source.. KCM Bill & Fran Jenkins Blog

 

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540.  

 

 

Posted in Las Vegas
June 20, 2018

Las Vegas Million Dollar Homes For Sale | 3 Issues Facing Today’s Real Estate Market

Las Vegas Million Dollar Homes For Sale | 3 Issues Facing Today's Real Estate Market

 

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home.

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices: 3 Issues Facing Today's Real Estate Market

 

Last week, the National Association of Real Estate Editors (NAREE) held their 52nd Annual Journalism Conference in Las Vegas, NV. Among the many highly anticipated sessions was one called “Top Ten Issues Affecting Real Estate™,” given by Joseph Nahas, Jr., Chair of the Counselors of Real Estate & Senior Vice President of Equus Capital Partners. 

The Counselors of Real Estate (CRE) “is an international organization of high profile property professionals which include principals of prominent real estate, financial, legal, and accounting firms as well as recognized leaders of government and academia.” 

Their annual “top 10” list spans any and all issues that could have an impact on the real estate market. This year, the list was broken up into “Current” and “Long-Term Issues.”

Today we're going to focus on three of the five “Current” issues with a brief explanation of their impacts on the housing market today!

 

E-Commerce & Logistics

With promises of 2-day shipping no matter where you live, we are benefiting more now than ever before from the speed and ease-of-use of online retailers like Amazon. These e-retailers haven't changed whether or not we buy certain items, but rather HOW we buy them!

Many traditional malls or big-box stores are being repurposed as warehouses or distribution centers for online retailers so that they can get their products out faster.

A Look to the Future: “Developers who are including experiences into their locations are the ones who will succeed. It's about the experience and gaining something over just going to buy a product.”

 

Generational Change & Demographics

By now we've all heard that the millennial generation is the largest yet, just by sheer volume. The largest group of millennials turns 30 years-old in 2020. The average first-time homebuying age is between 30 and 32, depending on marital status. Real estate professionals will be inundated with more and more buyers as the years roll on. Nahas commented on this in his presentation, saying that,

“Too many developers have become dependent on making decisions based on baby boomer's preferences.

The 75 million millennials are coming, and they will influence real estate and commerce even faster than the baby boomers in the 50s and 60s.”

 

Interest Rates & the Economy

The interest rate that you secure for your mortgage is a big factor in your monthly housing cost and in how much you ultimately pay for your home. According to Freddie Mac’s Primary Mortgage Market Survey, rates rose to 4.62% on a 30-year fixed rate loan last week.

The Federal Reserve also raised the federal funds rate for the second time this year. If unemployment continues to be at or near record lows, two more hikes are likely to come later this year.

Nahas added,

“Rising rates can be good and bad for the economy. Bad for borrowing money with additional costs, but good to control inflation and help grow the economy at a moderate pace.”

 

Bottom Line

If you are planning on buying and/or selling a home this year, let’s get together to help you navigate the conditions in your market and set you up for success.

 

Source.. KCM Bill & Fran Jenkins Blog

 

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540.  

 

 

Posted in Las Vegas
June 13, 2018

Las Vegas Million Dollar Homes For Sale | Parents Say Kids’ Opinions Matter Big When Buying a Home

Las Vegas Million Dollar Homes For Sale | Parents Say Kids’ Opinions Matter Big When Buying a Home

 

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home.

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices: Parents Say Kids’ Opinions Matter Big When Buying a Home

 

A recent survey conducted by Harris Poll and released by SunTrust Mortgage found that “55% of homeowners with a child under the age of 18 at the time when they purchased their home said that the opinion of their offspring played a major role in their home buying decision.”

When the results were broken down by the parent's age, millennials (those 18-36) led the way with 74% of homeowners saying that their child's opinion was a factor in choosing which home to buy. Eighty-three percent of renters believe that their child’s opinion would be a deciding factor when looking to purchase a home.

 

So what features in a home are most important to kids?

Coming in at 57%, it should come as no surprise that gaining their own bedrooms was the top most-desirable feature of any home for kids, followed by a large back yard to play in at 34%.

Todd Chamberlain, Head of Mortgage Banking at SunTrust explained the reasoning behind the survey,

“As a parent of two kids, I know from experience that including children in the home buying process is not only fun for the whole family, but also educational for our homebuyers of tomorrow.”

 

Bottom Line

If you're thinking about selling your home this year, make sure to highlight all the kid-friendly features your home has to offer so that you can sway the real decision makers.

 

Source.. KCM Bill & Fran Jenkins Blog

 

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540.  

 

 

Posted in Las Vegas
June 6, 2018

Las Vegas Million Dollar Homes For Sale | Homeowners & Appraisers See the Most Eye-to-Eye on Price in 3 Years

Las Vegas Million Dollar Homes For Sale | Homeowners & Appraisers See the Most Eye-to-Eye on Price in 3 Years

 

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home.

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices: Homeowners & Appraisers See the Most Eye-to-Eye on Price in 3 Years

 

In today's housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5% (or more) over the next twelve months. One major challenge in such a market is the bank appraisal.

When prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the same neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank.

Every month in their Home Price Perception Index (HPPI), Quicken Loans measures the disparity between what a homeowner who is seeking to refinance their home believes their house is worth and what an appraiser’s evaluation of that same home is.

March 2015 marked the first month of a three-year gap between what an appraiser and a homeowner believed a home was worth. That gap widened to 2.65% in September 2015 and had consistently hovered between 1.0% and 2.0% through November 2017.

The chart below illustrates the changes in home price estimates over the last three years:

In the latest release, the disparity was the narrowest it has been since March 2015, as the gap between appraisers and homeowners was only -0.33%. This is important for homeowners to note as even a .33% difference in appraisal could equate to thousands of dollars that a buyer or seller has to come up with at closing (depending on the price of the home).

Bill Banfield, Executive VP of Capital Markets at Quicken Loans urges homeowners to find out how their local markets have been impacted by supply and demand: 

“The appraisal is one of the most important, although sometimes least predictable, parts of the mortgage process. The Home Price Perception Index is a way to illustrate the differences of opinion, and these differences affect everything from the type of mortgage a borrower can get to the expectations a seller has about the proceeds available upon sale of their home.”

 

Bottom Line

Every house on the market must be sold twice; once to a prospective buyer and then again to the bank (through the bank's appraisal). With escalating prices, the second sale may be even more difficult than the first. If you are planning on entering the housing market this year, let’s get together to discuss this and any other obstacles that may arise.

 

Source.. KCM Bill & Fran Jenkins Blog

 

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540.  

 

 

Posted in Las Vegas
May 30, 2018

Las Vegas Million Dollar Homes For Sale | Millennials Are Skipping Starter Homes for Their Dream Homes

Las Vegas Million Dollar Homes For Sale | Millennials Are Skipping Starter Homes for Their Dream Homes

 

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home.

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices: Millennials Are Skipping Starter Homes for Their Dream Homes

 

A new trend has begun to emerge. With home prices skyrocketing in the starter home category, many first-time homebuyers are skipping the traditional starter homes and moving right into their dream homes.

 

What's a Starter Home?

According to the National Association of Realtors (NAR), simply put, a starter home is a one or two-bedroom home (sometimes even a small, three bedroom). “Prices vary widely by market but starters on average cost $150,000 to $250,000 while trade-up and premium homes cost upwards of $300,000.”

 

Finding Their Forever Homes Now

A recent CNBC article revealed that there are many factors that delayed older millennials (ages 25-35) from buying a home earlier in their lives. The aftereffects of the Great Recession teaming up with larger education costs forced many to either remain living in their parent's homes or to rent.

 

With the economy continuing to improve, many millennials have been able to break into better-paying jobs which has helped spur down payment savings. As the dream of homeownership comes closer to reality, many millennials are saving for their forever homes.

According to the latest statistics from NAR, 30% of millennials bought homes for $300,000 or more this year (up from 14% in 2013). Diane Swonk, Chief Economist at Grant Thornton weighed in saying, “They rented for longer. Now they're going to where they want to stay.”

More and more millennials are settling down, getting married, and starting families, which is a huge factor driving them to look for larger homes.

Increased competition in the starter home market has also been a driving force in waiting to afford their dream homes. Inventory in the starter home market is down 14.2% from last year, according to research from Trulia. This has driven prices up and has led to bidding wars.

Many first-time buyers who were originally looking for starter homes are realizing that for just a little bit more of an investment, they could afford trade-up or premium homes instead.

 

Bottom Line

If you plan on purchasing your first home this year, let's get together to determine how much house you can afford. You may be pleasantly surprised.

 

Source.. KCM Bill & Fran Jenkins Blog

 

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540.  

 

 

Posted in Las Vegas
May 23, 2018

Las Vegas Million Dollar Homes For Sale | Why Have Interest Rates Jumped to a 7-Year High?

Las Vegas Million Dollar Homes For Sale | Why Have Interest Rates Jumped to a 7-Year High?

 

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home.

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices: Why Have Interest Rates Jumped to a 7-Year High?

 

Interest rates for a 30-year fixed rate mortgage have climbed from 3.95% in the first week of January up to 4.61% last week, which marks a 7-year high according to Freddie Mac. The current pace of acceleration has been fueled by many factors.

Sam Khater, Freddie Mac's Chief Economist, had this to say:

“Healthy consumer spending and higher commodity prices spooked bond markets and led to higher mortgage rates over the past week.

Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season.”

But what do gas prices have to do with interest rates?

Investopedia explains the relationship like this:

“The price of oil and inflation are often seen as being connected in a cause-and-effect relationship. As oil prices move up or down, inflation follows in the same direction.”

You may have noticed that filling your gas tank has become substantially more expensive in recent months. The average national gas price has climbed nearly $0.50 from the beginning of the year, leading to the highest price for Memorial Day weekend since 2014.

As rates go up, your purchasing power goes down, but don't worry; rates are still well below the averages we've seen over the last four decades.

“Freddie Mac said this year's higher rates have not yet caused much of a ripple in the strong demand levels for buying a home seen in most markets, but inflationary pressures and the prospect of rates approaching 5 percent could begin to hit the psyche of some prospective buyers.”

Buying sooner rather than later will help lock in a lower rate than waiting, as the experts believe rates will continue to climb. Even a small increase in interest rates can have a big impact on your monthly housing cost.

 

Bottom Line

If you are planning on buying a home this year, keep an eye on gas prices the next time you're at the pump. If you start to feel a big jump in price, know that rates are probably on their way up, too.

 

Source.. KCM Bill & Fran Jenkins Blog

 

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540.  

 

 

Posted in Las Vegas
May 16, 2018

Las Vegas Million Dollar Homes For Sale | Renters Under 50 Want to Buy a Home!

Las Vegas Million Dollar Homes For Sale | Renters Under 50 Want to Buy a Home!

 

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home.

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices: Renters Under 50 Want to Buy a Home!

 

Every year, the New York Federal Reserve publishes the results of their Survey of Consumer Expectations (SCE). Each survey covers a wide range of topics including inflation, labor market, household finance, credit access and housing.

One of the many questions asked in the housing section of the survey was:

Assuming you had the financial resources to do so, would you like to OWN instead of RENT your primary residence?

Over three-quarters of respondents under the age of 50 said that they would prefer to own their home, rather than rent. While only 52.6% of those over 50 would prefer to own. The full breakdown can be found in the chart below.

When renters were asked what the average probability of owning a primary residence at some point in their future was, 66.4% of those under 50 believed that they would eventually own their home, while only 23% of those over 50 did.

Bottom Line

Many had wondered if young Americans had lost their desire to own a home, but for those renting now, that dream is still alive.

 

Source.. KCM Bill & Fran Jenkins Blog

 

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540.  

 

 

Posted in Las Vegas
May 11, 2018

Las Vegas Homes For Sale | 3 Tips for Making Your Dream of Owning a Home a Reality [INFOGRAPHIC]

Las Vegas Homes For Sale | 3 Tips for Making Your Dream of Owning a Home a Reality [INFOGRAPHIC]

 

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home.

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices: 3 Tips for Making Your Dream of Owning a Home a Reality

 

Some Highlights:

 * Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking much    about it.

 * Living within a budget right now will help you save money for down payments while also paying down other debts that might be     holding you back.

 * What are you willing to cut back on to make your dreams of homeownership a reality?

 

Source.. KCM Bill & Fran Jenkins Blog

 

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540.  

 

 

Posted in Las Vegas
May 9, 2018

Las Vegas Homes For Sale | Real Estate Tops Best Investment Poll for 5th Year Running

Las Vegas Homes For Sale | Real Estate Tops Best Investment Poll for 5th Year Running

 

When looking for homes in Las Vegas consumers search for the latest listings using our local Las Vegas MLS (Multiple Listing Service). We understand that you have many choices and this is why we thrive by bringing excellence to your buying experience. Our website LasVegasFindaHome.com provides you with the latest listings including the most recent MLS houses for sale. You can save your favorite search and you can also subscribe to an email alert to receive automated real estate updates emailed directly to your mailbox.    

We give you full access to the newest listings in Las Vegas including, foreclosures, auction properties, distressed properties, short sales , REO's and private sales.     

When you're looking for your dream home or an investment property, make sure you visit LasVegasFindaHome.com and allow us the opportunity to service your Real Estate needs.    

Today, I want to touch on an important subject that affects all Home Buyers: Real Estate Tops Best Investment Poll for 5th Year Running

 

Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds.

 

For the fifth year in a row, real estate has come out on top as the best long-term investment!

This year's results showed that 34% of Americans chose real estate, followed by stocks at 26%. The full results are shown in the chart below.

The study makes it a point to draw attention to the contrast in the sentiment over the last five years compared to that of 2011-2012, when gold took the top slot with 34% of the votes. Real estate and stocks took second and third place, respectively, while still in recovery from the Great Recession.

 

Bottom Line

As the real estate market has recovered, so has the belief of the American people in the stability of housing as a long-term investment.

 

Source.. KCM Bill & Fran Jenkins Blog

 

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540.

 

 

Posted in Las Vegas