Las Vegas Real Estate News

 

Sept. 30, 2018

Indulge on Las Vegas Real Estate

Enjoying the glitz and glamour of Las Vegas real estate can leave a person hungry. With an overabundance of restaurants in the area, it’s hard to decide what to choose and where to go. As Lady Luck would have it, the experts are in town and willing to lend a hand. Secret Food Tours has made it their mission to seek out the finest cuisine internationally and then point it out to new found friends. They do the leg work leaving only the best of the best to recommend.

Secret Food Tours Las Vegas travels the world without leaving Las Vegas real estate. Strolling about the Strip, the menu features a variety of dishes from across the globe. Taste buds will be on a trip of a lifetime from the Yucatan Peninsula to Hawaii and various locales in between.

Get to Know Las Vegas Property Bite by Bite

There’s a jolly good time to be had in England. Venture into celebrity chef Gordon Ramsay’s restaurant to see what’s cooking. Next up journey to Italy where mouthwatering dishes await. Southern cooking from the states is filled with comfort and hospitality. Nearby Japanese cuisine offers an exotic appeal. Decadent desserts with a French feel end the tour in style. Upgraded adult drink packages earn enthusiastic toasts. Take a sneak peek at some of the food to be devoured here.

Guests of the tour learn more than just about where to eat. Guides are witty and charismatic. As local foodies familiar with Las Vegas property restaurants they definitely walk the walk and talk the talk. Those joining in will get to know intimacies about the city. Photo ops are added in throughout immortalizing memories of the excursion.

Tours last a bit over three hours and are set at a leisurely pace perfect for tummy stuffing and sightseeing. Groups are kept on the small side allowing for a more personal vibe. Comfortable attire is suggested including a light cover up in case it gets cool. Reservations can be made online.

 

Posted in News
Sept. 30, 2018

Fly by the Seat of Your Pants When Living in Las Vegas

See Las Vegas from top to bottom with the Skydive Las Vegas. In the air since 1993 the crew welcomes first time jumpers living in Las Vegas and those arriving from beyond. Incredible adventure awaits just 30 minutes away from the Strip.

Skydiving is the ultimate item being crossed off of bucket lists, and where better to do it then near vibrant Las Vegas property. Complementary transportation takes participants directly from the Las Vegas Strip to the company hanger found at 1401 Airport Road in Boulder City. Preparation is key and jumpers are extensively briefed on all the how-tos. Safety is taken very seriously by Skydive Las Vegas whose instructors are all certified with the United States Parachute Organization. All equipment is provided and safety certified including jumpsuits, goggles and of course parachutes. Wearing comfortable clothing and athletic shoes are a must. Learn more of what to expect with answers to frequently asked questions found here.

Freefall into Fun on Las Vegas Property

Once in the plane there’s only one way down. Jumpers rush through the air in a adrenaline flowing freefall. Speeds of up to 120 miles per hour head tandem teams toward the earth. Heart beats are stilled but the excitement lingers when the parachute opens. Soft winds caress divers. Stunning views are showcased when falling back to earth. Every direction is filled with amazing sites including the Hoover Dam, Mt. Charleston, Red Rock Canyon, the Las Vegas Strip, Lake Mead and the Colorado River.

Don’t forget a minute of this amazing Skydive Las Vegas excursion. Experience the thrills over and over again. Videos and picture packages are available for an additional cost. Advanced reservations for jumps are highly suggested. Walk-ins are also accommodated whenever space is available which is great for spontaneous adventurers living in Las Vegas. Trips can be scheduled online or by calling 702.759.3483.

 

Posted in News
Sept. 27, 2018

Savor the Sea Air on Las Vegas Real Estate

Venture into the Mandalay Bay where some of the world’s most amazing sea creatures call Las Vegas real estate home. Hidden among the hustle and bustle of the city, the Shark Reef Aquarium is a relaxing place to linger and unwind.

An impressive aquarium houses a variety of sharks, giant rays, fish, jellies, green sea turtles and more. Larger than life, amazing sea critters are awe inspiring to see. Brilliantly displayed in state of the art enclosures guests can meander through the shark tunnel viewing predators underwater. 

Swim with the Sharks on Las Vegas Property

Excitement on the Las Vegas property is added into excursions with animal encounters. Feeding programs get folks up close and personal. Experts offer educational insight into the animals and their care before activities start. Participants of the Stingray Feed are hands on, actually reaching into the touch pool to feed stingrays, ancient horseshoe crabs and a variety of fish, shrimp and krill. Giant green sea turtles are beloved by many but endangered all in all. Friends feeding these guys find themselves whisked above the huge Neptune’s Fury Shipwrecked exhibit to their feeding area. In the zone, turtles happily engage by accepting the food handed out.

Brave souls are drawn to shark encounters. Go behind the scenes to see these massive, elegant beasts. Shark Reef aquarists share the ins and outs of shark feedings. After witnessing the experts in action those in the group may actually be able to feed the sharks with a feeding tong. Experiences include admission to the entire aquarium and photographic keepsakes. If feeding the sharks just isn’t enough, true adventurers can get in the water. The Dive with Sharks program features a tour of the aquarium, equipment and a once in a lifetime experience of actually diving with sharks. Species swimming about the water with divers include white tip reef sharks, sand tigers and almost two dozen additional species!

Venture to the sea when in the Las Vegas real estate area. Tickets to the Shark Reef Aquarium can be purchased online, at the aquarium and at the Mandalay Bay box office.

 

Posted in News
Sept. 20, 2018

Is the Real Estate Market Finally Getting Back to Normal?

Is the Real Estate Market Finally Getting Back to Normal? | Simplifying The Market

The housing market has been anything but normal for the last eleven years. In a normal real estate market, home prices appreciate 3.7% annually. Below, however, are the price swings since 2007 according to the latest Home Price Expectation Survey:

After the bubble burst in June 2007, values depreciated 6.1% annually until February 2012. From March 2012 to today, the market has been recovering with values appreciating 6.2% annually.

These wild swings in values were caused by abnormal ratios between the available supply of inventory and buyer demand in the market. In a normal market, there would be a 6-month supply of housing inventory.

When the market hit its peak in 2007, homeowners and builders were trying to take advantage of a market that was fueled by an “irrational exuberance.”

Inventory levels grew to 7+ months. With that many homes available for sale, there weren’t enough buyers to satisfy the number of homeowners/builders trying to sell, so prices began to fall.

Then, foreclosures came to market. We eventually hit 11 months inventory which caused prices to crash until early 2012. By that time, inventory levels had fallen to 6.2 months and the market began its recovery.

Over the last five years, inventory levels have remained well below the 6-month supply needed for prices to continue to level off. As a result, home prices have increased over that time at percentages well above the appreciation levels seen in a more normal market. 

That was the past. What about the future?

We currently have about 4.5-months inventory. This means prices should continue to appreciate at above-normal levels which most experts believe will happen for the next year. However, two things have just occurred that are pointing to the fact that we may be returning to a more normal market.

1. Listing Supply is Increasing

Both existing and new construction inventory is on the rise. The latest Existing Home Sales Report from the National Association of Realtors revealed that inventory has increased over the last two months after thirty-seven consecutive months of declining inventory. At the same time, building permits are also increasing which means more new construction is about to come to market. 

2. Buyer Demand is Softening

Ivy Zelman, who is widely respected as an industry expert, reported in her latest ‘Z’ Report:

 “While we continue to expect a resumption of growth in resale transactions on the back of easing inventory in 2019 and 2020, our real-time view into the market through our Real Estate Broker Survey does suggest that buyers have grown more discerning of late and a level of “pause” has taken hold in many large housing markets.

Indicative of this, our broker contacts rated buyer demand at 69 on a 0- 100 scale, still above average but down from 74 last year and representing the largest year-over-year decline in the two-year history of our survey.”

With supply increasing and demand waning, we may soon be back to a more normal real estate market. We will no longer be in a buyers’ market (like 2007-February 2012) or a sellers’ market (like March 2012- Today).

Prices won’t appreciate at the levels we’ve seen recently, nor will they depreciate. It will be a balanced market where prices remain steady, where buyers will be better able to afford a home, and where sellers will more easily be able to move-up or move-down to a home that better suits their current lifestyles.

Bottom Line

Returning to a normal market is a good thing. However, after the zaniness of the last eleven years, it might feel strange. If you are going 85 miles per hour on a road with a 60 MPH speed limit and you see a police car ahead, you’re going to slow down quickly. But, after going 85 MPH, 60 MPH will feel like you’re crawling. It is the normal speed limit, yet, it will feel strange.

That’s what is about to happen in real estate. The housing market is not falling apart. We are just returning to a more normal market which, in the long run, will be much healthier for you whether you are a buyer or a seller.

Source: Keeping Current Matters

Sept. 19, 2018

25% of Homes with a Mortgage are Now Equity Rich!

25% of Homes with a Mortgage are Now Equity Rich! | Simplifying The Market

Rising home prices have been in the news a lot lately and much of the focus has been on whether home prices are accelerating too quickly, as well as how sustainable the growth in prices really is. One of the often-overlooked benefits of rising prices, however, is the impact that they have on a homeowner’s equity position.

Home equity is defined as the difference between the home’s fair market value and the outstanding balance of all liens (loans) on the property. While homeowners pay down their mortgages, the amount of equity they have in their homes climbs each time the value of their homes go up!

According to the latest Equity Report from ATTOM Data Solutions, “13.9 million U.S. properties in Q2 2018 were equity rich — where the combined estimated balance of loans secured by the property was 50 percent or less of the property’s estimated market value — representing 24.9% of all U.S. properties with a mortgage.”

This means that nearly a quarter of Americans who have a mortgage would be able to sell their homes and have a significant down payment toward their next home. Many who sell could also use their new-found equity to pay off high-interest credit cards or help children with tuition costs.

The map below shows the percentage of properties with a mortgage in each state that were equity rich in Q2 2018.

25% of Homes with a Mortgage are Now Equity Rich! | Simplifying The Market

Bottom Line

If you are a homeowner looking to take advantage of your home equity by moving up to your dream home, let’s get together to discuss your options!

Source: Keeping Current Matters

Sept. 17, 2018

If You Are Thinking of Selling? You Must Act NOW!

If You Are Thinking of Selling? You Must Act NOW! | Simplifying The Market

If you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned about the concept of supply and demand, so we understand that the best time to sell something is when the supply of that item is low and demand for that item is high. That defines today’s real estate market.

Lawrence Yun, Chief Economist at the National Association of Realtors, recently commented:

Contract signings inched backward once again last month, as declines in the South and West weighed down on overall activity.”

Yun goes on to say:

The reason sales are falling off last year’s pace is that multiple years of inadequate supply in markets with strong job growth have finally driven up home prices to a point where an increasing number of prospective buyers are unable to afford it.”

In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction, including the inspection, appraisal and financing contingencies.

Bottom Line

As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas.

Source: Keeping Current Matters

Sept. 14, 2018

Is Buying a Home Really More Stressful Than Planning a Wedding? [INFOGRAPHIC]

Is Buying a Home Really More Stressful Than Planning a Wedding? [INFOGRAPHIC] | Simplifying The Market

Is Buying a Home Really More Stressful Than Planning a Wedding? [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • According to a new survey from Open Listings, 62% of Americans ages 25-54 believe that buying a home is more stressful than planning a wedding.
  • Many young couples are saving for a wedding and a home at the same time.
  • The average US wedding now costs 66% of a median home down payment, according to The Knot.

Source: Keeping Current Matters

Sept. 13, 2018

Are Homebuyers Starting to Hit the ‘Pause’ Button?

Are Homebuyers Starting to Hit the ‘Pause’ Button? | Simplifying The Market

For the last several years, buyer demand has far exceeded the housing supply available for sale. This low supply and high demand have led to home prices appreciating by an average of 6.2% annually since 2012.

With this being said, three of the four major reports used to measure buyer activity have revealed that purchasing demand may be softening. Here are the four indices, how they measure demand (methodology), what their latest reports said, and a quick synopsis of the report.

The Foot Traffic Report
by the National Association of Realtors

Methodology: Every month SentriLock, LLC provides NAR Research with data on the number of properties shown by a REALTOR®. Lockboxes made by SentriLock, LLC are used in roughly a third of home showings across the nation. Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future.

Latest Report: “Foot Traffic climbed 3.2 points to 55.8 mid-summer in July. Additionally, the diffusion index is higher than last year by 13.5 points. Despite a healthy economy and labor market, supply and new construction remains unable to keep up with buyer demand.”

Synopsis: Buyer demand remains strong.

The Showing Index
by ShowingTime

Methodology: The ShowingTime Showing Index® tracks the average number of buyer showings on active residential properties on a monthly basis, a highly reliable leading indicator of current and future demand trends.

Latest Report: “Showing activity throughout the country increased by 0.3 percent year over year in July, the third consecutive month that the U.S. ShowingTime Showing Index recorded buyer interest deceleration compared to the previous year. The June 2018 figures revealed a 0.0 percent change in showing traffic from 2017, while May showed a 1.2 percent year-over-year increase. The 12-month average year-over-year increase was 4.6 percent.”

Synopsis: Buyer demand is softening

Realtors Confidence Index
by the National Association of Realtors

Methodology: The REALTORS Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.

Latest Report: “REALTORS reported slower homebuying activity in July 2018…The REALTORS® Buyer Traffic Index registered at 62, down from the same month one year ago (69). This is the fifth straight month (since March 2018) that Realtors reported a decline in buyer activity compared to conditions one year ago.”

Synopsis: Buyer demand is softening

The Real Estate Broker Survey
in the ‘Z’ Report by Zelman and Associates (subscription needed)

Methodology: Proprietary survey results of real estate executives.

Latest Report: “While we continue to expect a resumption of growth in resale transactions on the back of easing inventory in 2019 and 2020, our real-time view into the market through our Real Estate Broker Survey does suggest that buyers have grown more discerning of late and a level of “pause” has taken hold in many large housing markets. Indicative of this, our broker contacts rated buyer demand at 69 on a 0-100 scale, still above average but down from 74 last year and representing the largest year-over-year decline in the two-year history of our survey.”

Synopsis: Buyer demand is softening

Bottom Line

Again, three of the four most reliable measures of buyer activity are reporting that demand is softening. We had a strong buyers’ market directly after the housing crash which was immediately followed by a strong sellers’ market over the last six years.

If demand continues to soften and supply begins to grow (as is projected to happen), we will return to a more neutral market which will favor neither buyers nor sellers. This “more normal” market will be better for real estate in the long term.

Source: Keeping Current Matters

Sept. 12, 2018

Home Prices Have Appreciated 6.9% in 2018

Home Prices Have Appreciated 6.9% in 2018 | Simplifying The Market

Between 1987 and 1999, which is often referred to as the ‘Pre-Bubble Period,’ home prices grew at an average of 3.6% according to the Home Price Expectation Survey.

Every month, the economists at CoreLogic release the results of their Home Price Insights Report, which includes the actual year-over-year change in prices across the country and their predictions for the following year.

The chart below shows the forecasted year-over-year prices for 2018 (predictions made in 2017). According to their predictions, the average appreciation over the course of 2018 should be 4.8%, which is still greater than the ‘normal’ appreciation of 3.6%.

Home Prices Have Appreciated 6.9% in 2018 | Simplifying The Market

If we layer in the actual price appreciation that has occurred this year, we can see that over the course of 2018, home prices have appreciated by an average of 6.9% and have outpaced projections all year!

Home Prices Have Appreciated 6.9% in 2018 | Simplifying The Market

What does this mean?

The tale of today’s real estate market is one of low inventory, high demand, and rising prices. The forces at work can be simply explained with the theory of supply and demand. That being said, if a large supply of inventory were to come to the market, prices may start to appreciate closer to the forecasted rate which would STILL be greater than the historic norm!

Bottom Line

If you are a homeowner whose house no longer meets your needs, now may be a great time to list your home and capitalize on the equity you have gained over the last year to make a significant down payment on your next home!

Source: Keeping Current Matters

Sept. 11, 2018

NAR Reports Show It’s A Great Time to Sell!

NAR Reports Show It’s A Great Time to Sell! | Simplifying The Market

We all realize that the best time to sell anything is when the demand for that item is high and the supply of that item is limited. The last two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that right now continues to be a great time to sell your house.

Let’s look at the data covered in the latest Pending Home Sales Report and Existing Home Sales Report.

THE PENDING HOME SALES REPORT

The report announced that pending home sales (homes going into contract) are down 2.3% from last year and have continued to fall on an annual basis for seven straight months.

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

“The reason sales are falling off last year’s pace is that multiple years of inadequate supply in markets with strong job growth have finally driven up home prices to a point where an increasing number of prospective buyers are unable to afford it.”

Takeaway: Demand for housing is strong and will continue to grow in 2019. Without an influx of new listings for sale, pending home sales will continue to decline. Listing now means you will be able to take advantage of the demand currently in the market.

THE EXISTING HOME SALES REPORT

The most important data point revealed in the report was not sales-based, but was instead the inventory of homes for sale (supply). The report explained:

  • Total housing inventory decreased 0.7% to 5.34 million homes available for sale in July
  • This represents a 4.3-month supply at the current sales pace
  • Sales are now 1.5% below a year ago

There were two more interesting comments made by Yun in the report:

“Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million.”

In real estate, there is a guideline that often applies: When there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation; between 6-7 months is a neutral market, where prices will increase at the rate of inflation; and more than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values. As Yun notes, we are (and will remain) in a seller’s market and prices will continue to increase unless more listings come to the market.

“Listings continue to go under contract in under a month, which highlights the feedback from Realtors® that buyers are swiftly snatching up moderately-priced properties. Existing supply is still not at a healthy level, and new home construction is not keeping up to meet demand.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market. Prices will continue to rise if a sizable supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out looking for your house.

Source: Keeping Current Matters