Las Vegas Housing Market Update April 2017

MARCH STATS
 Closings of Real Estate is up 38% month to month.
 The number of new listings on the market are up 22% from
last month.
 The number of new listings over $500,000 is up 27%
compared to prior month.
 The number of new listings over $1,000,000 is up 19%
compared to prior month.
 The Average Sales Price is up 3% from prior month and 8%
from March 2016.
 Inventory is down 3% from last month and 29% since March
2016.
DO YOU HAVE EQUITY? WANT
TO MOVE UP?
Great News for Southern Nevada; nearly 85% of homeowners
have equity in their homes. This is an 8% increase over 2015; in
which only 79% of homeowner’s had positive equity.
If you have positive equity and you want to move up to a larger
home or a home in a diff erent area; you may be paying only
slightly more for a larger, more expensive home.
If you purchased your home in the early to mid 2000’s you
probably got a mortgage with an interest rate in the 6.25%
or more range. Current interest rates are at 2% less. See the
example below of the potential diff erence in a payment.
Example:
Your home was purchased in 2003 for $250,000 with a
mortgage of $180,000. Your current interest rate is 6% with a
current monthly payment of: $1,231.43 (principle and interest).
If you were to sell that home and move up to a $350,000
home; your mortgage could be at an interest rate of 4.25% on
a mortgage of $297,500; or a monthly payment of $1,463.52
(Principle and Interest).
For $232.09 in additional payment (principle and interest only);
you can move up to a home that is potentially larger, or perhaps
a larger home-site or perhaps a new construction home.
Another benefi t; with price increases in this Real Estate
market; you will have the opportunity to participate in greater
appreciation.
You might be surprised what you can get for your home
now. It is a seller’s market. We recommend you explore this
opportunity to own the home of your dreams for a small
additional monthly payment
HOW TO PURCHASE A HOME
IN A SELLER’S MARKET
March numbers indicates that Inventory has dropped another 3% from
5658 Single Family homes to 5515. This trend of shrinkage is creating
a Seller’s Market in product less than $500,000. In a Seller’s market
inventory is low and buyers have less properties to choose from. The
low inventory and high demand in many cases creates multiple off ers on
properties priced at market. This is great for sellers, but what if you are
trying to purchase a property?
Here are a few facts and suggestions that may help you to get that
perfect house:
 Consult your REALTOR®, they will know the comparable sales and if the
asking price is about right.
 Do not under cut the price. Off er asking price or higher if warranted.
Remember, other buyers want the house as much as you.
 Counter off ers on pricing can lead to the seller accepting another off er.
 Negotiate terms, i.e. appliances, closing fees, etc., rather than price.
 Write a letter to the seller letting them know how much you really
want their house and why. Seller’s want their home to go to someone
who loves their home.
 If you out of the area, then create a plan with your REALTOR® so that
you are expediting off ers and not taking too much time to respond.
Buying a home can be frustrating in a Seller’s market, but being informed
on pricing, knowing how and what to negotiate and a little patience, you
can get your dream home.
PREMIER PROPERTIES
SNAPSHOT
In March 2017, the SFR Premier Properties ($1 million or more) showed 100
new listings; no bank owned and one short sale. There were 34 closings;
no bank owned and no short sales.
The SFR Premier Properties $500,000 or more new listings for March
were 409 of which one was bank owned and six were short sales. March
closings showed 185, of which six were bank owned and seven were
short sales. The highest SFR closing was listed at $6,799,000 and sold for
$6,200,000.

Posted on April 26, 2017 at 2:26 pm
Nancy Archambault | Category: Uncategorized

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