Las Vegas Million Dollar Homes For Sale | Homeownership is a Dominant Gene

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: Homeownership is a Dominant Gene

There are many things that factor into the decision to buy a home. New research from the Urban Institute suggests that one of those things may be inherited from your parents.

Children are More Likely to Own a Home if Their Parents Did

According to an analysis of millennial homeowners, the homeownership rate of those whose parents rent their homes is 14.4%, while the rate amongst millennials whose parents are homeowners is 31.7%!

“A young adult’s odds of homeownership are highly correlated with their parent’s homeownership.

Without controlling for such factors as age, income, education, marital status, and race or ethnicity, there is a 17 percentage-point gap between the homeownership rate for young adults whose parents are renters and young adults whose parents are homeowners.”

The study also revealed that as a parent’s net worth increases, so does the likelihood that their child will own a home. These two findings are not surprising as we know from the Survey of Consumer Finances that a homeowner’s net worth is 44x greater than that of a renter.

So, a parent who is a homeowner will have more wealth which will, in turn, increase the chances that their children will own their own homes in the future.

Below is a breakdown of the relationship between a parent’s wealth and a millennial’s likelihood to own a home.

The Good News: The high homeownership rate amongst baby boomers (likely the parents of many millennials) is a great sign that millennials will want to own homes. We are already seeing this in the high-demand environment that we are currently experiencing in the starter and trade-up markets.

Bottom Line

Even though millennials took longer than many of the generations before them to start home searches of their own, the data shows that they will not be waiting much longer!

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.

Las Vegas Million Dollar Homes For Sale | Top 3 Myths About 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: Top 3 Myths About Today’s Real Estate Market

There are many conflicting headlines when it comes to describing today’s real estate market. Some are making comparisons to the market we experienced 10 years ago and are starting to believe that we may be doomed to repeat ourselves. Others are just plain wrong when it comes to what it takes to qualify for a mortgage.

Today, we want to try and clear the air by shedding some light on what’s causing some of these headlines, as well as what’s truly going on.

Myth #1: We Are Headed for Another Housing Bubble

Home prices have appreciated year-over-year for the last 76 straight months. Many areas of the country are at or near their peak prices achieved before the last housing bubble burst. This has many worried that we are headed towards another housing bubble.

Reality: The biggest challenge facing today’s real estate market is a lack of homes for sale! Demand is strong, as many renters have come off the fence and are searching for their dream homes.

Historically, a normal market requires a 6-month supply of inventory in order for prices to rise with the rate of inflation. According to the National Association of Realtors (NAR) there is currently a 4.3-month supply of inventory.

The US housing market hasn’t had 6-months inventory since August 2012! The concept of supply and demand is what is driving home prices up!

Myth #2: The Rumored Recession Will Lead to Another Housing Market Crash

Economists and analysts know that the country has experienced economic growth for almost a decade. When this happens, they also know that a recession can’t be too far off. But what is a recession?

Merriam-Webster defines a recession as “a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two consecutive quarters.”

Reality: Recession DOES NOT equal housing crisis. Many people associate these two terms with one another because the last time we had a recession it was caused by a housing crisis. According to the Federal Reserve, over the last 40 years, there have been six recessions. In each of the previous five recessions, home values appreciated.

Myth #3: There is an Affordability Crisis Looming

Rising home prices have many concerned that the average family will no longer be able to afford the most precious piece of the American Dream – their own home.

There are many different affordability indexes supported by different organizations that all measure different data. For this reason, there is a lot of confusion about what “affordable” actually means.

The monthly cost of a home is determined by the home’s price and the interest rate on the mortgage used to purchase it. According to Freddie Mac, interest rates have risen from 3.95% in January to 4.59% just last week.

Reality: As we mentioned earlier, home prices have appreciated year-over-year for the last 76 months, largely driven by high demand and low supply.

According to a recent study by Zillow, the percentage of median income necessary to buy a home in today’s market (17.1%) is well below the mark reached in 1985 – 2000 (21%), as well as the mark reached in 2006 (25.4)! Interest rates would have to increase to 6% before buying a home would be less affordable than historical norms.

The starter-home market has appreciated at higher levels (9.4% year-over-year) than any other market. One reason for this is the fact that many of the first-time buyers who have flocked to the starter-home market are being met with high competition. For some hopeful buyers, it may take more than a good offer to stand out from the crowd!

Bottom Line

There is a lot of confusion in today’s real estate market. If your future plans include buying or selling, make sure you have a trusted advisor and market expert by your side to help guide you to the best decision for you and your family.

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. 

Las Vegas Million Dollar Homes For Sale | Having Trouble Saving Enough for Your Down Payment? Crowdfund It!

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: Having Trouble Saving Enough for Your Down Payment? Crowdfund It!

You read that right! First-time buyers across the country are getting creative when it comes to saving the necessary down payment to buy a home.

Many couples are asking their wedding guests to contribute to their “Down Payment Fund” rather than fulfilling a traditional registry. This is fueled by the fact that many couples live together prior to marriage and already have the necessary items to make a house a home…they just need the house!

The average wedding in the United States has 120 guests who give wedding gifts valued, on average, at $186. This means that couples could walk away from their nuptials with over $22,000 towards their down payment!

Services like HomeFundMe allow friends, family members, and almost anyone else in a buyer’s network to contribute funds toward the buyer’s down payment. Contributors can determine, at the time of their donation, if their gifts are ‘conditional’ or ‘non-conditional’ on the beneficiary buying a home.

According to a recent Wall Street Journal article, “about 400 borrowers have used HomeFundMe to help buy homes since the program launched in October and on average, they raise about $2,500.” The article went on to explain that most borrowers use these funds in combination with their personal savings to shorten the time needed to achieve their goal of homeownership.

There are more and more programs surfacing from lenders that allow buyers to put down as little as 3% to buy their dream home. Fannie Mae and Freddie Mac loan programs require 3% down payments, while FHA programs require as little as 3.5%, and VA Loans are often approved with 0% down!

Bottom Line

Gone are the days of 20% down or no loan! If your dreams include buying a home of your own in the next year, you can get creative with your down payment savings to make it happen!

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.  

Las Vegas Million Dollar Homes For Sale | Homebuyers Willing to Sacrifice ‘Must-Haves’ in Favor of Good School Districts

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: Homebuyers Willing to Sacrifice ‘Must-Haves’ in Favor of Good School Districts

It should come as no surprise that buying a home in a good school district is important to homebuyers. According to a report from Realtor.com, 86% of 18-34 year-olds and 84% of those aged 35-54 indicated that their home search areas were defined by school district boundaries.

What is surprising, however, is that 78% of recent homebuyers sacrificed features from their “must-have” lists in order to find homes within their dream school districts.

The top feature sacrificed was a garage at 19%, followed closely by a large backyard, an updated kitchen, the desired number of bedrooms, and an outdoor living area. The full results are shown in the graph below.

Buyers are attracted to schools with high test scores, accelerated academic programs, art and music programs, diversity, and before and after-school programs.

With a limited number of homes available to buy in today’s real estate market, competition is fierce for homes in good school districts. Danielle Hale, Chief Economist for Realtor.com, explained further,

“Most buyers understand that they may not be able to find a home that covers every single item on their wish list, but our survey shows that school districts are an area where many buyers aren’t willing to compromise.

For many buyers and not just buyers with children, ‘location, location, location,’ means ‘schools, schools, schools.’” (emphasis added)

Bottom Line

For buyers across the country, the quality of their children’s (or future children’s) education ranks highest on their must-have lists. Before you start the search for your next home, let’s get together to discuss the market conditions in our area.

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.  

Las Vegas Million Dollar Homes For Sale | The Wave of Millennial Homebuyers Continues to Swell 

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: The Wave of Millennial Homebuyers Continues to Swell 

Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as a part of attaining their American Dream.

Comparatively speaking, millennials have taken longer to obtain traditional milestones (like getting married, having kids and buying a home) than generations before them, but that does not mean that they do not aspire to still achieve those things.

For older millennials (aged 25-34) who have established themselves in their career and are starting to build their families, homeownership is the next logical choice.

According to the Urban Institute’s State of Millennial Housing, the probability of a millennial becoming a homeowner increases by 17.9% if they are married, and by an additional 6.2% if they have children.

Last year, according to the US Census Bureau, the average age at first marriage was 30 for men and 27 for women, while the National Association of Realtors (NAR) reports that the average first-time homebuyer was 32 years old.

With most of this generation having yet to age into the ‘Responsibility Zone’ (the time in their lives when their responsibilities start to dictate their behaviors), there will be a steady wave of buyers for years to come!

Those who are currently out in the market searching for a home are being met with a strong, highly competitive seller’s market. NAR’s Chief Economist Lawrence Yun recently commented,

“Realtors® throughout the country continue to stress that there’s considerable pent-up demand for buying a home among the millennial households in their market.  

Unfortunately, they’re just not making meaningful ground, and continue to be held back by too few choices in their price range, and thereby missing out on homeownership and wealth gains.”

Bottom Line

If you are currently renting and thinking about jumping into the real estate market this year, let’s get together to help you navigate 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.  

Las Vegas Million Dollar Homes For Sale | Buying Is Now 26.3% Cheaper Than Renting in the US

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: Buying Is Now 26.3% Cheaper Than Renting in the US

The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting, with a traditional 30-year fixed rate mortgage, in 98 of the 100 largest metro areas in the United States.

In the six years that Trulia has conducted this study, this is the first time that it was cheaper to rent than buy in any of the metropolitan areas.

It’s no surprise, however, that those two metros are San Jose and San Francisco, CA, where median home prices have jumped to over $1 million dollars this year. Home values in San Jose have risen 29% in the last year, while rents have remained relatively unchanged.

For the 98 metros where homeownership wins out, 97 of them show a double-digit advantage when buying. The range is an average of 2.0% less expensive in Honolulu (HI), all the way up to 48.9% in Detroit (MI), and 26.3% nationwide!

Below is a map of the 100 metros that were studied. The darker the blue dot on the metro, the cheaper it is to buy there.

In order to calculate the true cost of renting vs. buying, Trulia includes all assumed renting costs, including one-time costs (like security deposits), and compares them to the monthly costs of owning a home (insurance, mortgage payments, taxes, and maintenance) including one-time costs (down payments, closing costs, sale proceeds). They also assume that households stay in their home for seven years, put down a 20% down payment, and take out a 30-year fixed rate mortgage. The full methodology is included with the study results here.

Below is a chart created with the data from the last six years of the study, showing the impact of the median home price, rental price, and 30-year fixed rate interest rate used to calculate the ‘cheaper to buy’ metric.

In 2016, when buying was 41.3% less expensive than renting, the average mortgage rate was the driving force behind the difference. Rates this year are the highest they have been in six years which has narrowed the gap, all while home price appreciation has also been driven up by a lack of homes for sale.

Cheryl Young, Trulia’s Chief Economist, had this to say,

“One point deserves emphasizing: The ultra-costly San Francisco Bay Area is not a harbinger for the nation as a whole. While renting may outweigh buying in San Jose and San Francisco, it is unlikely that renting will tip the scales nationally anytime soon.”

Bottom Line

Homeownership provides many benefits beyond the financial ones. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to 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.  

Las Vegas Million Dollar Homes For Sale | Will Your Current House Fit Your Needs in Retirement?

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: Will Your Current House Fit Your Needs in Retirement?

As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.

According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.1

1. Affordability

“It may be easy enough to afford your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”

Would moving to a complex with homeowner association (HOA) fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?

2. Equity

“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”

The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $16,300 in equity last year.

3. Maintenance

“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”

As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind in knowing that you do not have to do the maintenance work yourself?

4. Security

“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”

As scary as that thought may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.

5. Pets

“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”

Evaluate all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or moving in to a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?

6. Mobility

“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”

Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Having to install handrails and make sure that your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.

7. Convenience

“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”

How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.

Bottom Line

When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, let’s get together to evaluate your ability to sell your house in today’s market and get you into your dream retirement 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.  

Las Vegas Million Dollar Homes For Sale | What You Need to Know About the Mortgage Process

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 You Need to Know About the Mortgage Process

Some Highlights:

 * Many buyers are purchasing a home with a down payment as little as 3%.

 * You may already qualify for a loan, even if you don’t have perfect credit.

 * Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.

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.  

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.  

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.