Las Vegas Real Estate Blog

What You Can Do to Keep Your Dream of Homeownership Moving Forward [INFOGRAPHIC]

What You Can Do to Keep Your Dream of Homeownership Moving Forward SeeVegasHomes

Some Highlights:

  • Don’t put your homeownership plans on hold just because you’re stuck inside.
  • There are several things you can do right now to keep your home search moving forward.
  • Connect with an agent, learn about resource programs for things like down payments, and get pre-approved today.
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The Best Advice Does Not Mean Perfect Advice

The angst caused by the coronavirus has most people on edge regarding both their health and financial situations. It’s at times like these when we want exact information about anything we’re doing – even the correct protocol for grocery shopping. That information brings knowledge, and this gives us a sense of relief and comfort.

If you’re thinking about buying or selling a home today, the same need for information is very real. But, because it’s such a big step in our lives, that desire for clear information is even greater in the homebuying or selling process. Given the current level of overall anxiety, we want that advice to be truly perfect. The challenge is, no one can give you “perfect” advice. Experts can, however, give you the best advice possible.

Let’s say you need an attorney, so you seek out an expert in the type of law required for your case. When you go to her office, she won’t immediately tell you how the case is going to end or how the judge or jury will rule. If she could, that would be perfect advice. What a good attorney can do, however, is discuss with you the most effective strategies you can take. She may recommend one or two approaches she believes will be best for your case.

She’ll then leave you to make the decision on which option you want to pursue. Once you decide, she can help you put a plan together based on the facts at hand. She’ll help you achieve the best possible resolution and make whatever modifications in the strategy are necessary to guarantee that outcome. That’s an example of the best advice possible.

The role of a real estate professional is just like the role of the lawyer. An agent can’t give you perfect advice because it’s impossible to know exactly what’s going to happen throughout the transaction – especially in this market.

An agent can, however, give you the best advice possible based on...

Economic Slowdown: What the Experts Are Saying 2020

More and more economists are predicting a recession is imminent as the result of the pullback in the economy caused by COVID-19. According to the National Bureau of Economic Research:

“A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”

Bill McBride, the founder of Calculated Riskbelieves we are already in a recession:

“With the sudden economic stop, and with many states shutting down by closing down schools, bars and restaurants…my view is the US economy is now in a recession (started in March 2020), and GDP will decline sharply in Q2. The length of the recession will depend on the course of the pandemic.”

How deep will it go?

No one knows for sure. It depends on how long it takes to beat this virus. Goldman Sachs anticipates we will see a difficult first half of the year, but the economy will recover in the second half (see below):

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Hope Brings You Home is Back: Southern Nevada's Downpayment Assistance Program

**UPDATE March 20, 2020** Funds are no longer available!

** UPDATE February 10, 2020** The Hope Brings You Home program is back! Enter your information below to be added to interest list! Funds will run out. 

Hope Brings You Home is a down payment assistance (DPA) program available in much of southern Nevada and providing an incentive to qualified homebuyers to purchase a primary residence in specific zip codes in Las Vegas and North Las Vegas. Hope Brings You Home Downpayment Assistance 2020 SeeVegasHomes

  • Downpayment Assistance equal to 10% of the purchase price up to $20,000 for downpayment and/or closing costs
  • 3-year, No interest, No payment prorated forgivable 2nd note.
  • Great interest rate
  • Available in the 20 Specific zip codes in...
  • Las Vegas: 89101891028910389104891068910789108...

Expert Insights on the 2020 Housing Market

Expert Insights on the 2020 Housing Market | MyKCM

When closing out another year, it’s normal to wonder what’s ahead for the housing market. Though there will be future inventory issues, we expect interest rates to stay low and appreciation to continue.

Here’s what three experts are saying we’ll likely see in 2020:

Danielle Hale, Chief Economist at realtor.com

“I think the biggest surprise from the forecast is how long the market is staying in this low inventory environment, especially as Millennials are in a major home-buying phase…sellers will contend with flattening price growth and slowing activity with existing home sales down 1.8%. Nationwide you can look to flat home prices with an increase of less than 1%.”

Mike Fratantoni, Chief Economist at Mortgage Banker Association (MBA)

“Interest rates will, on average, remain lower…These lower rates will in turn support both purchase and refinance origination volume in 2020.”

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Where is the Housing Market Headed in 2020? [INFOGRAPHIC]

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Some Highlights:

  • Interest rates will be lower than they have been since before 1980 at 3.8% and are projected to remain steady throughout 2020!
  • According to CoreLogic, home prices will appreciate at a rate of 5.4% over the course of the year.
  • Experts predict that the number of homes sold next year will be equal to or outpace 2019.
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Renting or Owning, What Is Better for You?

¬Renting or Owning, What Is Better for You? | MyKCM

In a real estate market where home prices are rising, many have begun to reexamine the idea of buying a home, choosing instead, to rent for a while. But often, there is a dilemma: should you keep paying rent, knowing that rent is rising too, or should you lock in your housing cost and buy a home?

Let’s look at both scenarios and analyze the pros and cons of each:

Renting

With the housing market crash in 2008, many homeowners lost their homes and became renters. According to Iproperty Management, “the number of households renting their home … rose from 31.2% of households in 2006 to 36.6% in 2016”.

Some choose to rent because it is more convenient for their lifestyle. Those whose job requires frequent moves need the flexibility that a 6-12 month lease agreement gives them so they can move to their next assignment!

Many renters believe that renting is cheaper because they do not have to pay for maintenance and repairs. (Not true! Landlords work those expenses into your rent and other fees). Another reason many rent is that they feel like they cannot afford the down payment and closing costs required to buy a house, due to their inability to save much after paying their monthly expenses.

That can be true! Nearly 1 in 4 renters spend at least half their household income on rent. In 2017 the “severely” burdened renters’ rate was 24.7% with 24.9% reporting they were “...

The Ultimate Truth about Housing Affordability

There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the last ten years, we need to understand why and what that means.

On a monthly basis, the National Association of Realtors (NAR), produces a Housing Affordability Index. According to NAR, the index…

“…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.”

Their methodology states:

“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.”

So, the higher the index, the more affordable it is to purchase a home. Here is a graph of the index going back to 1990:

The Ultimate Truth about Housing Affordability | MyKCM

It is true that the index is lower today than any year from 2009 to 2017. However, we must realize the main reason homes were more affordable. That period of time immediately followed a housing crash and...

Down Payment Assistance

Down Payment Assistance Programs - Las Vegas

Learn more about the different down payment assistance programs available in Las Vegas. 

CHENOA

CULINARY HOUSING PROGRAM

HOME AT LAST

 

HOME IS POSSIBLE

Key Benefits:

  •  Get up to 5% of the loan value
  •  Usable for down payment and closing costs
  •  Forgivable after three years (if you stay in your home)
  •  Attractive 30-year interest rate
  •  No first-time homebuyer requirement
  •  Financing available for manufactured homes
  •  Statewide program

 Program Requirements:

  •  Borrower may not own property at the time of closing
  •  For government loans (FHA, USDA, VA) — qualifying income must be below $98,500
  •  For conventional loans (HFA-preferred) — please visit our income limits by county page...

Why is it a great time to buy in Las Vegas this Spring 2019?

According to the latest Market from the Greater Las Vegas Association of Realtors (GLVAR), local home prices inched back up to the $300,000 mark in March (2019) while fewer properties changed hands and more homes were on the market than a year ago. Here are some other positives for homebuyers looking to purchase a home in Las Vegas this Spring: 

Low Interest Rates

After nearing 5% in 2018...rates are now 4.41% on a 30-year mortgage. 

Your Tax Refund may be the Key to Homeownership

Tax refunds are often thought of as 'extra money' that can be used toward larger goals. For anyone looking to buy a home in Spring 2019, this can be a great jump toward a downpayment. 

More Inventory

This Spring more homes are coming on the market. More listings means more choices for homebuyers! Our Southern Nevada inventory is up sharply from one year ago, but is still less than a three-month supply homes available for sale. 

Get settled in time for Summer! 

Don't miss out on hosting friends and family in your new home!

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Buyers Win Big as Rates Hit Long-term Lows

The Housing Market has been a hot-topic in the news lately. Depending on which media outlet you watch, it can start to be a bit confusing to understand what’s really going on with interest rates and home prices!

The best way to show what’s really going on in today’s real estate market is to go straight to the data! 

Interest Rates:

“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence – two of the most important drivers of home sales. Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of regaining momentum.” – Sam Khater, Chief Economist at Freddie Mac

Mortgage Rates March 2019 SeeVegasHomes

Bottom Line

This graph indicates good news for the spring housing market! Interest rates are low! If you are considering buying a home or selling your house, let’s get together to chat about our market!

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The Guide to Dog Friendly Businesses in Las Vegas

Dog Friendly Restaurants

Two locations: Summerlin and Town Square

Dog Friendly Bars

Dog Friendly Retail

Dog Friendly Parks and Walking Trails

  • All American Park: 1551 S. Buffalo Drive, Las Vegas, NV 89117 (cross street: West Charleston Boulevard) - dog run
  • Barkin' Basin Park: 7351 W. Alexander Road, Las Vegas, NV 89129 (cross street: North Tenaya Way) - This park is specifically for dogs and and features: 3 separate dog areas, shaded seating for pet owners, water fountains for dogs and people
  • Douglas A. Selby Park: 1295 N. Sandhill Road, Las Vegas, NV 89110 (cross street: East Washington Avenue) - This park features large and small dog runs. 
  • Justin Myron E. Leavitt & Jaycee Community Park: 2100 E. St. Louis Avenue, Las Vegas, NV 89104 - This 18-acre park features multiple dog runs.
  • Police Memorial Park: 3250 Metro Academy Way, Las Vegas, NV 89129 ( cross street: West Cheyenne Avenue) - This park features a dog park...

5 Reasons Homeowners Throw the Best Super Bowl Parties! [INFOGRAPHIC]

Will you be watching the Super Bowl in your own home this year? 

5 Reasons Homeowners Throw the Best Super Bowl Parties!

Highlights:

  • Watching the big game at home with your friends & family offers many advantages.
  • There’s more room to entertain a large crowd, and you don’t have to worry about complaints to your landlord if you cheer too loudly!
  • The kitchen is big enough to make as many appetizers as you want, and if some of your guests are only there to watch the commercials, they can do so on a different TV in another room!
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Where is the Housing Market Headed in 2019? [INFOGRAPHIC]

Where is the Housing Market Headed in 2019 INFOGRAPHIC - SeeVegasHomes

Some Highlights:

  • ­Interest rates are projected to increase steadily throughout 2019, but buyers will still be able to lock in a rate lower than their parents or grandparents did when they bought their homes!
  • Home prices will rise at a rate of 4.8% over the course of 2019 according to CoreLogic.
  • All four major reporting agencies believe that home sales will outpace 2018!

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Your 365-Day Mortgage Rate Forecast

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Why Has the Las Vegas Housing Supply Increased as Sales Have Slowed Down?

Why Has the Las Vegas Housing Supply Increased as Sales Have Slowed Down SeeVegasHomes

According to the latest Market from the Greater Las Vegas Association of Realtors (GLVAR), the inventory of homes for sale in Las Vegas this year has increased 44.3% from one year ago, all while sales of existing homes are down 9.6% from a year ago. 

For over three years leading up to this point, the exact opposite was true; Inventory dropped as sales soared.

Chief Economist of the National Association of Realtors (NAR) Lawrence Yun shed some light on what could be contributing to this shift,

“This is the lowest existing home sales level since November 2015. A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country.”

Let’s take a deeper look:

Interest Rates

Since January, 30-year fixed mortgage interest rates have increased nearly a full percentage point (from 3.95% to 4.9%). Fannie Mae, Freddie Mac, the National Association of Realtors, and the Mortgage Bankers Association are all in agreement that rates will continue to increase to about 5.2% over the next 12 months.

“The rise in [mortgage] rates paired with this very strong price appreciation absolutely is slowing housing,” ...

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

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

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.
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