Las Vegas Area Real Estate News, Market Trends and Community Events!

 

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you about about Las Vegas Real Estate.

July 16, 2020

Does a credit pull hurt my score?

When you’re in the market for a mortgage, it’s best to shop around to find the best rates or get better lender fees. But because this process typically involves multiple lenders checking your credit score, many buyers are concerned these credit inquiries or often referred to as “credit pulls” will hurt their score, leaving them less inclined to shop around. But the good news is as long as you follow a few guidelines, you can shop around for mortgages without doing too much damage to your credit.

Soft Pulls

First things first, there are two types of credit pulls; a “soft pull” and a “hard pull,” and there’s a stark difference between the two.

A soft pull often happens without you ever knowing about it and doesn’t affect your credit score. Sometimes these types of inquiries are done without your permission, such as in the event you receive an unsolicited pre-approved credit card offer in the mail or when a prospective employer pulls your credit as part of a background check on you. Other times a soft pull happens when you check your own credit score. And if either of these two things have happened, they are categorized as soft pulls, and will not chip away at your score.

Hard Pulls

A “hard pull,” on the other hand, can affect your score. When you’re shopping around for a mortgage, it’s not uncommon for you to speak with multiple lenders. And that means multiple requests for your credit report. This can be concerning because with every “hard pull,” your score can be impacted—unless each pull happens within a specific window. Credit bureaus are aware that potential borrowers will “rate shop,” so you generally have between a 14- to 45-day window, depending on which credit bureau, where all pulls are consolidated and considered just one.

For the purposes of applying for a mortgage, you can almost guarantee the lender will do a hard pull of your credit report. This inquiry will stay on your credit report for two years but will only impact your score for one year. It can shave a few points off your score per inquiry so if you’re shopping around, it’s important to shop around in a set amount of time to avoid being penalized for each inquiry.

Even though these hard credit pulls will stay on your credit report for two years, lenders will be able to see from your report that you’re shopping around for a mortgage, so even if your score is a few points lower than you’d like thanks to a hard inquiry, lenders may take your rate shopping into consideration when assessing your history. A Read more about ways to boost your credit score here.

Shop Around

Since there is a bit of a grace period to shop around for rates, take advantage. If you shop and compare rates from lenders, you can potentially save thousands of dollars. Because buying a home is one of the most expensive endeavors you’ll have, saving any amount of money can be beneficial.

Not only will shopping around and comparing rates help you get the best deal but reading lender reviews and knowing the ins and outs of the quotes you’re receiving can help you avoid paying extra fees. You should talk through your options with a lender and compare their rates with quotes from other lenders. 

It’s also important to check your own credit score, so you know where you stand before you request these hard pulls. If you know your credit isn’t quite where you want it to be, you’ll have time to correct it before a lender pulls it to evaluate you. And since soft pulls won’t negatively impact your score, you can check your score with peace of mind.

 

Posted in Tips for Buying
July 13, 2020

Las Vegas Home Prices Make a Comeback!

LAS VEGAS (AP) — Southern Nevada home prices hit a record mark in June and sales increased dramatically from the previous month even as the coronavirus pandemic continues, a trade organization report said.

The report by the Las Vegas Realtors trade association indicated that fewer homes sold compared to last year.

The median sales price of a previously owned single-family home was a record $325,000 last month, up 3.2% from May and 6.9% from June 2019.

The previous record price for an existing home was $319,000 in March at the outset of the economic downturn resulting from the coronavirus.

The June median price was up nearly 7% from the same month in 2019.

For Southern Nevada townhomes and condominiums, the median price for an existing unit last month was just over $187,000, an increase of more than 5% from June 2019.

The trade group said 2,464 houses sold last month, up 44.7% from May but down 15.1% from the same period in the previous year.

“The Las Vegas housing market is alive and well,” Tom Blanchard, president of Las Vegas Realtors, said in a statement. “The inventory may still be tight, but buyers are willing to pay more for a home here.”

For most people, the coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. But for some — especially older adults and people with existing health problems — it can cause more severe illness, including pneumonia and death.

Posted in Market Updates
July 6, 2020

Tips on Saving for Down Payment

If you’re ready to make the jump from renter to homeowner, you’re probably wondering how you can save up enough money for your down payment—and you’re not alone. In fact, saving up enough money for a down payment is a top challenge for buyers across America.

At a time when rents are high, being able to set aside any amount of money as a renter is tough. Given current market dynamics and relatively low mortgage rates, a monthly mortgage payment is a more cost-effective option in some areas, which makes the idea of homeownership enticing. It’s not surprising, then, that half of renters (50 percent) consider buying a home instead, with 18 percent seriously considering it, according to the Zillow Group Consumer Housing Trends Report.

Are you ready to make the leap from renter to buyer? Here are a few creative ways you can speed up the saving process to purchase your home.

1. Old-fashioned Savings

With some planning and time, saving up one step at a time can be an extremely effective way to fund your down payment. According to the Zillow Group study, it’s the most common way the majority of buyers saved for their down payment in 2017.

Saving up the old-fashioned way isn’t always easy and more importantly, it takes time. And if you’re wanting to buy, waiting several years to save up enough money to buy a home can be a drag. Even more, because of some very tight markets in some areas, a down payment is often a moving target as home prices soar and cause the minimum down payment requirement to rise with it.

2. Sell Your Clutter

No matter the season, it’s always a good time to do a little spring cleaning. Selling off old clothes, furniture or electronics you don’t use anymore could help you bring in lump sums of cash and help you declutter your space. Depending on what you’re selling, there are a number of online sites that can help connect you with potential buyers. If selling online isn’t your thing, you can always throw together a garage or yard sale.

3. Cut Back

Do you really need the additional 60 channels with your cable package? Can you downgrade your internet speed? Have subscriptions you can live without? While these might not be ideal, if you’re buying a home, there are a few concessions you might have to make in order to save up enough money. Cutting back on your monthly automatic payments could help you save up money faster, just make sure you’re setting that money aside, so it doesn’t linger in your account to be seen as money you can spend.

4. Live Small

Although it might be a tough few months or so, downgrading your space, and therefore your monthly rent payments, might help you put away more money each month for your down payment. If you can swing moving from a one-bedroom to a studio or go from renting a house to renting a smaller apartment in order to save money, you might find that the money adds up quicker than you think.

5. Spend Less

Grabbing a happy hour after work or going to the movies on the weekend are certainly fun but cutting back on extracurriculars is an easy way to pocket more cash. Instead of going out to the movies, rent one from home or watch one you already have. If you’re missing the social aspects of staying in more often, invite some friends over for game night.

One trick to spending less during the month is to try a spend-free weekend. For just one weekend out of the month, try to not spend a single dollar. You might be surprised how much you actually spend in a given weekend, and how quickly money can add up if you stay in instead.

6. Crowdsource

Aside from cutting back on your own spending, you could always try to fund your down payment through crowdsourcing. Many homebuyers have found luck asking friends and family for cash gifts towards their down payment in place of wedding gifts, birthday presents or gifts for any other occasion. Regardless of if the money is in the form of a loan or a gift you don’t have to repay, asking family or friends for some help could be one of the ways to make sure you can afford your down payment.

7. Get Creative with Earning More Cash

If you’re willing to put in a little more work on the weekends or even after your regular day job, having a side gig could help garner your more cash. You could try dog walking, waiting tables, house sitting or selling handmade crafts online or to co-workers and friends. Or you could get even get a little more creative.

If you have an extra room or even a couch, people are willing to pay to stay for a night or two or even longer. Or you could try renting out a parking spot in your driveway—if you have one, of course. Depending on where you’re located, parking spots can be a hot commodity. And it isn’t just parking spots people are willing to pay for in the form of rent. If you have a garage or shed, you could rent that to a neighbor or trusty friend.

Posted in Tips for Buying
July 6, 2020

What does a Title company do?

A title company makes sure that the title to a piece of real estate is legitimate and then issues title insurance for that property. Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title.

Title companies also often maintain escrow accounts — these contain the funds needed to close on the home — to ensure that this money is used only for settlement and closing costs, and may conduct the formal closing on the home. At the closing, a settlement agent from the title company will bring all the necessary documentation, explain it to the parties, collect closing costs and distribute monies. Finally, the title company will ensure that the new titles, deeds and other documents are filed with the appropriate entities.

Here’s what potential home buyers need to know about title insurance.

 

How Does a Title Company Determine That a Title is Valid?

The title company makes sure a property title is legitimate, so that the buyer may be confident that once he buys a property, he is the rightful owner of the property. To ensure that the title is valid, the title company will do a title search, which is a thorough examination of property records to make sure that the person or company claiming to own the property does, in fact, legally own the property and that no one else could claim full or partial ownership of the property.

During the title search, the title company also looks for any outstanding mortgages, liens, judgments or unpaid taxes associated with the property, as well as any restrictions, easements, leases or other issues that might impact ownership. The title company may also require a property survey, which determines the boundaries of the plot of land that a home sits on, whether the home sits within those boundaries, whether there are any encroachments on the property by neighbors and any easements that may impact an ownership claim.

Before a title company issues title insurance, it will prepare an abstract of title, which is a short summary of what it found during the title search (basically, this is the history of the ownership of the property). Then, it will issue a title opinion letter, which is a legal document that speaks to the validity of the title.

 

What is Title Insurance?

Once the title is found to be valid, the title company will likely issue a title insurance policy, which protects lenders or owners against claims or legal fees that may arise from disputes over the ownership of the property.

There are two main types of title insurance: owner’s title insurance, which protects the property owner from title issues, and lender’s title insurance, which protects the mortgage company. You, the home buyer, will pay for the lender’s title insurance when you close on the house, but it’s also a good idea to make sure you have an owner’s title insurance policy as well (in some areas of the country, sellers pay for these policies; in others, the buyer must purchase it).

For example: You buy a home and get both lender’s and buyer’s title insurance, but then someone comes forward claiming they are the rightful owner of the home. If, in fact, the title was wrong and they are the rightful owner of the home, your title insurance policy will likely pay you the value of the home and the lender the amount they lent you to buy the home.

 

How Do You Pick a Title Company?

Ask your real estate agent, peers who have recently bought a home or your lender for recommendations for a title company. Then, do your homework on the title companies recommended.

Look for a title company that has years of experience doing this (have they done hundreds or even thousands of these kinds of transactions?). Contact the Better Business Bureau to determine whether the company has any complaints against it.

You should also shop around for the best premium rates in your area; if you buy an owner’s title insurance policy, make sure you get one with as few exclusions as possible and that it covers the full purchase price of the home.

 

What Does a Title Company Charge?

The cost of title insurance depends on the size of the loan and varies greatly depending on the state. The good news is that the premium is a one-time fee you pay at closing, not an ongoing expense.

According to the Federal Reserve, “a lender’s policy on a $100,000 loan can range from $175 in one state to $900 in another.” You’ll typically pay an additional amount — usually a few hundred dollars or more, depending on the size of the loan and your state of residence — for a buyer’s policy.

 

When Do You Meet With the Title Company and How Often?

You may meet with or talk to an agent from the title company on multiple occasions. First, you may decide to meet with a few agents from title companies before you buy your home to help you decide which company to go with.

If the title company maintains an escrow account for you, the agent may reach out to you to provide details on that account or you may contact him with questions.

If your title company handles your closing, you will meet with a settlement agent in person then. At this time, the settlement agent will explain all the documents related to the settlement before you sign anything. And, of course, if something goes wrong with regards to the title, you will likely meet with one of their agents then.

Consumers should feel free to contact their title company at any time to get answers to their questions on title searches, title abstracts, title insurance, escrow accounts or closings.

Posted in Tips for Buying
July 1, 2020

6 First-Time Home Buyer Mistakes to Avoid

Buying a home is one of the biggest financial decisions you’ll make in your life — and one of the largest sources of stress for many first-time buyers is the financing process. Unless you’ve done a ton of research, getting a mortgage can feel confusing or even a bit overwhelming. The good news is you can have a smoother and less stressful experience by avoiding these common mistakes:

1. Not understanding the full cost of homeownership

As a first-time home buyer, you’re probably accustomed to the monthly cost of renting, which usually includes your rent payment, some of the utilities, and your internet and cable bills. As a homeowner, you’ll be responsible for additional monthly costs that may have been covered by your landlord. That includes things like water, sewer and garbage bills, monthly HOAs (if you’re buying a condo) and the cost of lawn care. You’ll also be responsible for paying property taxes and homeowners insurance. And don’t forget the cost of maintenance. It’s recommended that you set aside 1-3 percent of the purchase price of the home annually to cover repairs and maintenance.

2. Assuming you won’t qualify

Many renters think they can’t afford to buy a house because they haven’t saved enough to pay a 20 percent down payment. But you might be surprised to see what kind of house you could potentially buy based on the amount you spend every month on rent. Try plugging some numbers into an affordability calculator to get a better sense of what you need — and how much you have. Or, you can talk to a lender and find out what you might qualify for.

While 20 percent is ideal, you don’t necessarily need that large of a down payment to buy a home. There are loan programs that cater to first-time home buyers, such as the FHA loan, which allow for down payments as little as 3.5%. Even some conventional loans allow for down payments as low as 3 percent. And certain loans, such as VA loans for veterans and military or USDA loans for buyers in rural areas, don’t require a down payment at all.

3. Getting pre-qualified at the last minute

Many first-time buyers wait until they’ve found a home they want to buy before taking to a lender, but there are many benefits to getting pre-qualified early. Pre-qualification can help you shop in your price range, act fast when you find a house you want to make an offer on, and catch — and correct — any errors on your credit report before they cause a problem with your loan. This could help save you thousands in the long run because an error on your credit report could result in a lower credit score, leading to a higher interest rate.

4. Only talking to one lender

Many home shoppers use a lender who was recommended by a friend, family member or real estate agent, and they don’t bother shopping around. But that doesn’t guarantee you’ll get the best rate, or even get a lender who is experienced with loans for your particular situation. The CFPB recommends talking to at least three lenders to get the best loan for you.

Although it’s not required, most home shoppers end up getting a loan through the lender who pre-approved them. So it’s a good idea to do your research with lenders early, at the pre-approval stage.

If you want to compare rates and programs, Zillow has two tools that can help. You can reach a local lender who has experience with loans for your situation, or you can get free, anonymous mortgage rate quotes from hundreds of participating lenders.

5. Spending your entire budget

When a lender provides a pre-approval or pre-qualification letter, they’ll typically include the maximum amount they will lend you. But just because a lender will let you borrow a certain amount doesn’t mean you should spend it.

There are rules lenders follow to determine what you can borrow, such as the 28/36 rule, which says that a homeowner should spend no more than 28 percent of their gross monthly income on housing expenses, and no more than 36 percent on overall debt. But buying a home also comes with significant upfront costs, such as the down payment and closing costs, so you’ll want to make sure you have savings left for emergencies and other unexpected expenses after you close on your new home.

6. Not researching down payment assistance programs

Saving for a down payment is often cited as the biggest hurdle to homeownership for first-time buyers. But did you know there are thousands of down payment assistance programs in the U.S.?

These programs typically offer “soft” second or third mortgages or grants which allow for zero percent interest rates and deferred payments. Ask your real estate agent or lender if there are programs in your area that you may qualify for. You can also search for down payment assistance programs on sites like the Down Payment Resource Center.

 

 

Posted in Tips for Buying
June 29, 2020

Latest News for NV Mortgage Rates

NEVADA 30-YEAR FIXED MORTGAGE RATES GO DOWN TO 3.34%

Monday, June 29, 2020

The current average 30-year fixed mortgage rate in Nevada decreased 6 basis points from 3.40% to 3.34%. Nevada mortgage rates today are 4 basis points lower than the national average rate of 3.38%.

The Nevada mortgage interest rate on June 29, 2020 is down 23 basis points from last week's average Nevada rate of 3.57%.

Additionally, the current average 15-year fixed mortgage rate in Nevada decreased 10 basis points from 2.94% to 2.84% and the current average 5/1 ARM rate is down 39 basis points from 3.19% to 2.80%.

Posted in Market Updates
June 24, 2020

Project Status'

As of the end of January 2020, prior to the closures of businesses determined to be non-essential and the announcement of stay-at-home recommendations due to COVID-19, the Las Vegas Convention and Visitors Authority (LVCVA) indicated that construction of over 12,000 hotel rooms was scheduled to be completed by 2023. While all announced projects may have not ended up being completed, strong visitation over the past few years, overall market hotel/motel occupancy of 88.9% in 2019, and the construction of projects that were expected to be major demand generators, warranted the development of significant guestroom supply at that time. While the pandemic has caused a few major projects to be put on hold, the continuing development of several major projects will be beneficial for the recovery of the Las Vegas market.

On March 17, 2020, Nevada's Governor Steve Sisolak ordered the closure of Nevada's non-essential businesses, including casinos, and urged residents to implement social-distancing measures to reduce spreading COVID-19. Governor Sisolak authorized certain businesses, including restaurants, barbershops, hair salons, and most retail businesses, to reopen (with some limitations) beginning May 9, 2020, and Nevada began its emergence from the pandemic-related shutdown. Casinos were allowed to reopen on June 4, 2020, subject to protocols established by the Nevada Gaming Control Board. Nevada is one of many states that allowed construction to continue throughout the pandemic.

 

Construction was permitted to continue in Nevada because it is considered to be an essential business for the state, and rightfully so. The maintenance of jobs was cited as one reason for the classification of construction as an essential business. The development of several major projects, including the construction of Allegiant Stadium, Resorts World Las Vegas, and Circa; the redevelopment of the former Hard Rock into the Virgin Hotel Las Vegas; and the expansion of the Las Vegas Convention Center, continued throughout the shutdown period. Similar to everyone else, construction industry workers are at still at risk, and Nevada government officials released guidance for construction sites, including ensuring workers remain six feet apart, restricting meetings and gatherings to no more than ten people, and conducting daily surveys of workers' health conditions.

 

Allegiant Stadium

The Allegiant Stadium was topped off in April 2020, fully enclosing the $2-billion facility that will be the future home of the NFL's Raiders and UNLV football. With the stadium now completely enclosed, the interior of the stadium is protected from weather elements; rain had caused minor damage in the past, resulting in a delay of the stadium roof system process. The translucent roof panels are designed to give the stadium an outdoor feel during day games, as they will be naturally lighted, while offering the comfort of a temperature-controlled facility. As the roof installation is now complete, landscaping, paving and concrete work, and signage and lighting work are occurring around the stadium site. The 85-foot Al Davis memorial torch, spanning multiple levels of the stadium, will serve as a centerpiece. The stadium remains on track for the planned July 31, 2020, completion date, and recruitment to fill up to 4,500 part-time positions for Las Vegas Raiders game days has begun. The first scheduled event at Allegiant Stadium is a concert by Garth Brooks on August 22, 2020. The football season was scheduled to begin later in August, with the start of the NFL's preseason. The first football game, a preseason game between the Raiders and the Arizona Cardinals, is scheduled for August 27, 2020. As of the writing of this article, these events are still scheduled to take place.

 

Resorts World Las Vegas

Construction of the $4.3-billion, 3,500-room Resorts World Las Vegas, being built by Malaysia-based Genting Berhad, has continued through the pandemic, and is still anticipated to open in the summer of 2021. In addition to two resort towers housing the 3,500 guestrooms that will feature Hilton Hotels & Resorts, LXR Hotels & Resorts, and Conrad Hotels & Resorts brands, the property is expected to contain a 110,000-square-foot casino, with slots, table games, high-limit gaming areas, private gaming salons, dedicated poker room, and a race and sportsbook; 350,000 square feet of meeting and banquet space; a 27,000-square-foot world-class spa; a 220,000-square-foot pool complex; and multiple food and beverage outlets.

 

Circa Las Vegas

Construction of the Circa Las Vegas hotel-casino, which is being developed by D Las Vegas and Golden Gate owner Derek Stevens, is continuing. Once fully developed, the property is expected to feature 777 hotel rooms; a two-level casino with an estimated 1,350 slot machines and 49 table games; a connected nine-story garage; four retail concepts; a three-story, stadium-style sportsbook; and a fifth-floor pool amphitheater with a 14-million pixel screen, six temperature-controlled pools, and two spas. Construction of Circa Las Vegas is ahead of schedule; the first five floors, essentially everything except the hotel tower, will reportedly open on October 28, 2020, with the remainder of the resort expected to open before the end of the year. The project will be the first ground-up resort development in Downtown Las Vegas since 1980.

 

Virgin Hotels Las Vegas

The Hard Rock Hotel Las Vegas closed in early February 2020 to be transformed into a Virgin-branded resort. Re-conceptualized and revitalized, the Virgin Hotel Las Vegas property is anticipated to feature 60,000 square feet of fully-renovated casinos, over five acres of upgraded outdoor space and pools, new restaurants, lounges, and bars, as well as 130,000 square feet of remodeled meeting, event, and convention spaces. The property's $200-million renovation is still on schedule to open during the fall of 2020.

 

Las Vegas Convention Center

Construction has continued on the 1.4 million-square-foot convention center expansion. The $980.3-million West Hall expansion of the Las Vegas Convention Center and its $52.5-million underground people-mover are approximately 80% complete. The convention center expansion is anticipated to be completed by the end of 2020, in time for the January 2021 Consumer Electronics Show, one of the city's largest conventions. The underground people-mover, expected to be completed by January 2021, will allow convention attendees to travel across the 200-acre convention center campus in under two minutes, free of charge, in all-electric Tesla vehicles. Construction is already underway on all three passenger stations in the system. Plans are being considered for extensions of the Tesla-based underground people-mover system to Wynn Encore, Resorts World Las Vegas, and Allegiant Stadium. The proposed extensions to Encore and Resorts World would not link directly to the convention center loop, which is being built to shuttle conventiongoers around the facility's halls. A $540-million renovation plan for the Las Vegas Convention Center's other four exhibition halls, which was to begin in 2021, has been put on hold. Moreover, the relocation of the LVCVA offices to a site on Convention Center Drive has been postponed.

 

Delayed Projects

Construction of the 67-story Drew Las Vegas—the unfinished former Fontainebleau—was put on hold due to the COVID-19 pandemic. The 4,000-room casino-resort, which is located between the expanding Las Vegas Convention Center and Resorts World Las Vegas, was previously expected to be completed in 2022. The developers reportedly remain committed to the project.

 

Additionally, construction of the $1.66-billion, 17,500-seat MSG Sphere behind the Venetian was halted due of the pandemic. Madison Square Garden Co. and Las Vegas Sands Corp. remain committed to building the MSG Sphere, but the global fallout from the coronavirus has led to construction impediments, including disruptions to its supply chain, and the venue is no longer anticipated to open in 2021 as previously planned.

 

Plans for new Las Vegas Monorail Co. stations at the MSG Sphere and Mandalay Bay have also been put on hold because of the pandemic. Since visitors make up most riders on the monorail, the long-term effects of the shutdown remain to be seen, as changes in visitation have historically affected monorail ridership.

 

Conclusion

Las Vegas has continued to maintain its position as an entertainment and gaming mecca over the years, due in part to the continued development of iconic properties, convention and meeting space, and entertainment venues. As the world makes its way through the pandemic, there is an obvious concern that the behavior of consumers will change in a way that will negatively affect the market. Early indications from gaming operators in the Las Vegas market are that the competitive and operating landscape in the Las Vegas casino and hotel market has been different since the reopening of gaming facilities. In addition to recommended guidelines for social distancing and hygiene designed to limit the continued spread of COVID-19, at least in the short term, potential changes in consumer behavior cannot be ignored.

 

While it is reasonable to anticipate that gaming facilities with primary reliance on local population and patrons located within driving distance will tend to recover quicker than destination markets, the COVID-19 impact is expected to eventually subside, and a vaccine will hopefully be developed at some point. The fundamentals that have made Las Vegas an iconic destination before the pandemic, including the variety of entertainment offerings, large amount of state-of-the-art meeting and convention space, and new resorts, will be a catalyst for the market's recovery. The ongoing expansion of the Las Vegas Convention Center, construction of the Allegiant Stadium, and development of new and renovated guestrooms at Resorts World Las Vegas, Circa Las Vegas, and Virgin Hotel Las Vegas, which are all slated to be opened within the next 18 months, will be part of Las Vegas' recovery from COVID-19 by contributing to the post-pandemic reinvention of the destination.

 

By Shannon S. Okada, MAI, Managing Director of Gaming with HVS

Posted in Las Vegas Growth
June 19, 2020

Why you should buy in Las Vegas!

While we have a steady supply of existing homes, we thought it would be worthwhile to discuss a few reasons why aspiring homeowners should look into buying a new home in Las Vegas.

1. Build Quality

Pardee, Lennar, KB Homes and DR Horton are just a few of the companies assembling new homes for Las Vegas residents to consider. From Summerlin to Henderson, these companies are offering exceptional quality, desired in-home amenities, and innovative materials. There isn’t the rush to build like there was so many years ago, so homes have more skilled professionals taking more time to build.

 

2. Quality of Life

Beyond build quality, new homes in Las Vegas often come in new neighborhoods. Today’s planned communities come with way more than a new street address. Clubhouses. Pools. Parks. Trails. You name it, you can probably find it. These amenities bring people together through events and serve as a central gathering place. They help facilitate the things people look for in a neighborhood. Sure, they may not be “small town America,” but they’re the next best thing.

 

3. Location

While some may argue Las Vegas is pushing too far into its pristine desert surroundings, the truth is that much of the land being built on has long been slated for housing growth and new homeowners are reaping the benefits. Summerlin in particular offers some of the best views of the Las Vegas Valley to the east and Red Rock to the west. There’s easy access to all highways, shopping centers, restaurants and of course, our great outdoors.

 

4. Value

With countless homes in the mid-$200k range, Las Vegas new home value is better than what could be found in many parts of the country. When you add all the reasons to live in Las Vegas together with the price, quality (value), and locations, it’s hard to argue why you wouldn’t consider a new home over pre-existing. We get it, sometimes work demands you remain closer to the office where new homes may not be available. However, we encourage you to consider how freeway access and the fact that overall, Las Vegas traffic concerns are a fraction of what similar-sized markets experience.

Posted in Las Vegas Growth
June 15, 2020

Las Vegas Home Sales

By Justin Emerson (contact)Monday, June 8, 2020 - 5 a.m.

When the coronavirus pandemic began in earnest in March, the Las Vegas real estate market was able to hold steady, thanks in part to an abundance of sales already in the pipeline.

But, now more than two full months in, it’s clear that COVID-19 has halted the home-buying process. Las Vegas Realtors this morning released their May report, showing that sales compared with the last year have been cut nearly in half. Also, May saw even fewer sales than April.

“We expected activity to take a hit because of the fact that we’ve taken out so many people who would be able to purchase due to the shutdown of the economy. That’s coming to fruition,” said Tom Blanchard, president of Las Vegas Realtors. “In any kind of shutdown, when you shut down everything, you’ve got to expect housing to feel that hit as well.”

 

But Blanchard said there are reasons for optimism.

To start the home-buying process, money is put into escrow, and Blanchard said that after a low-water mark on April 12, there has been a steady increase in escrow activity. In May, 64% more homes opened escrow compared to April, Blanchard said.

“We don’t see anything stopping the activity levels,” Blanchard said. “As soon as the governor starts lifting these shelter-in-place (restrictions) with open houses and showings, our activity levels will increase even more.

“There’s nothing but good news, I think, going forward.”

Prices, meanwhile, held steady. The median home price in May was $315,000 according to the report, a slight increase from the $310,000 mark in April, but down from the all-time high of $319,000 set in March.

There is a four-month supply of available homes, according to the report. That has ticked up slightly since the pandemic began, when the supply was two months. A six-month supply is considered a balanced market.

The level of distressed sales, when an owner needs to sell quickly to pay off other debts, remains low: 1.5% of sales in May, down from 2% a year ago and 6.8% three years ago. That’s in large part due to the eviction and foreclosure moratorium ordered by Gov. Steve Sisolak in March.

 

Tags: News, All, Aggregate, Breaking News, Real Estate, Las Vegas housing

Section: Real Estate

Posted in Market Updates
June 12, 2020

Housing Market Amid Pandemic

Las Vegas Realtors are reporting this week that local home prices held their ground fairly well amid the coronavirus pandemic and economic downturn, though fewer homes are selling.

LVR reported that the median price of existing single-family homes sold in Southern Nevada during May 2020 was $315,000. That was down from an all-time record price of $319,000 in March, but still up 5.0% from a median price of $300,000 in May of 2019.

The association reported that the median price of local condos and townhomes sold in May was $185,000. That's up 3.1% from May of 2019.

LVR reported that a total of 2,075 existing local homes, condos and townhomes were sold during May - the second full month since Nevadans were ordered on March 17 to "stay home for Nevada." Compared to the same time last year, May sales were down 48.1% for homes and down 51.3% for condos and townhomes. Sales were also down from the previous month.

 

"This crisis has obviously had a big impact on home sales," said 2020 LVR President Tom Blanchard. "At the same time, it's encouraging to see home values remaining steady, even with sales activity dropping. The bright spot is the increased activity of homes being placed under contract, which has seen a steady and significant increase since mid-April, which appears to have been the bottom of this housing dip."

 

"These are undoubtedly challenging times," he added. "But I'm optimistic we can get through this faster and in better shape than some people have been predicting. It helps that our local housing market had such a strong foundation heading into this crisis."

 

Blanchard pointed out how well the local housing market was performing just three months ago, when home sales were running ahead of last year's pace and existing local home prices finally broke their all-time record of $315,000 set back in June of 2006. LVR statistics showed that March set a new high-water mark with a median single-family home price of $319,000.

According to LVR, the median price of existing single-family homes sold in Southern Nevada hit a post-recession bottom of $118,000 in January of 2012 before rebounding since then.

Even with fewer homes selling last month, Blanchard said the number of homes available for sale continues to shrink and remains below the six-month supply considered to be a balanced market. The sales pace in May equates to less than a four-month supply of homes available for sale.

By the end of May, LVR reported 5,799 single-family homes listed for sale without any sort of offer. That's down 26.2% from one year ago. For condos and townhomes, the 1,768 properties listed without offers in May represented a 5.8% drop from one year ago.

LVR reported that 14.5% of all local properties sold in May were purchased with cash. That compares to 20.4% one year ago. That's well below the February 2013 peak of 59.5%, indicating that cash buyers and investors have been less active in the local housing market.

Despite the coronavirus crisis, the number of so-called distressed sales in May remained near historically low levels. The association reported that short sales and foreclosures combined accounted for 1.5% of all existing local property sales in May. That compares to 2.0% of all sales one year ago, 2.6% two years ago, and 6.8% three years ago.

With a 90-day moratorium on evictions and foreclosures ordered March 29 by Nevada Gov. Steve Sisolak, Blanchard expects distressed sales to remain low in the coming months.

These LVR statistics include activity through the end of May 2020. LVR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners.

 

Other market highlights include:

The total value of local real estate transactions tracked through the MLS during May was nearly $637 million for homes and more than $73 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales values in May were down 45.8% for homes and down 49.1% for condos and townhomes.

In May, 84.7% of all existing local homes and 79.6% of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 75.0% of all existing local homes and 76.9% of all condos and townhomes sold within 60 days.

Posted in Market Updates