THE ADAMS TEAM
Rothwell Gornt Companies
Las Vegas Real Estate Agent Robert Adams Las Vegas Real Estate Blog
There have been a lot of changes in Vegas, so I wanted to update everyone.
Due to higher interest rates, higher prices, certain hedge funds pulling out of Vegas, decreasing cashflow, increased traditional sales (more people can afford to do a traditional sale now that prices have gone up, less people are under water), etc Las Vegas inventory is on the rise. Early 2013 we had around 3,000 SFR, Condos, and Townhouses available for sale in areas 101 through 700, which include Las Vegas, North Las Vegas, and Henderson. As of today we have over 6800. Inventory has gone up week after week since the beginning of July. Above people were talking about Summerlin. I recently read that zip code 89138 which is in Summerlin has had an inventory increase of 260% in the last 3 months. If this trend continues the market will soften. To what degree it will soften is debatable due to several factors: new home building, if and when they release the 80,000+ homes that are currently in default in the Valley, the effects of AB 300 which will be off set by SB 321, etc.
Another important change that should be noted is that traditional sales now make up around 85% of available listings. This is a huge change compared to when REO's dominated the market and then short sales after that.
With all of that being said you still have to look at the big picture which is that we are still undervalued and homes cost much less than majority of the country.
With all of this being said, I am advising my clients to sell NOW before the market softens. We can still get sellers top dollar, above appraisal value in most cases. In my opinion if you sell now you will have the ability to sell high and buy low again once the market softens and better deals present themselves. The days of bidding wars and selling for around 10% above appraisal value will soon be gone and buyers will have the opportunity to low ball and get deals at or below appraisal value again.
I hope this is a helpful update for all our viewers!
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Tim Mullaney, USA TODAY 7:15 p.m. EDT August 21, 2013
Existing home sales rose 6.5% in July, the National Association of Realtors said, as median prices were 14% higher than July 2012.A sale pending sign is posted in front of a home for sale in San Anselmo, Calif.(Photo: Justin Sullivan Getty Images)
Existing home sales rose 6.5% in July, reaching their highest level in nearly four years, the National Association of Realtors said Wednesday.
Homes sold at a 5.39 million seasonally adjusted annual rate, the group said, handily beating economists' forecasts of a 5.15 million sales pace. The sales rate was up 17% from the same month last year, and the highest since November, 2009.
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"We haven't had three straight months of 5 million or greater since the second quarter of 2007,'' NAR spokesman Walter Molony said. "To go back and find a month with a higher sales volume, without the benefit of federal tax credits, you have to go back to March 2007.''
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The ongoing strength of the housing market was cited in minutes of the Federal Reserve's Federal Open Markets Committee, released Wednesday, as a primary reason the Fed thinks economic growth will accelerate by later this year.
The key for the economy is whether the stronger market, coupled with a shortage of homes for sale, will prompt home builders to step up construction and add jobs. Moody's Analytics says a jump from less than 1 million new homes a year to 1.7 million, which it considers the underlying level of demand for newly built housing, could add more than 3 million jobs by 2015.
"More homebuilding is the key to getting back to full employment,'' Moody's chief economist Mark Zandi said in an e-mail. "The day we are back to 1.7 million units annualized is the day the unemployment rate will fall below 6%."
The Realtors said July's median home price, where half of all homes are more expensive and half are less expensive, was $213,500, up 14% from last July. That was the biggest year-over-year gain since 2005.
The number of sales in the market may be slowed soon by higher interest rates, but tight inventories of homes for sale should keep prices rising, NAR Chief Economist Lawrence Yun said.
"Mortgage interest rates are at the highest level in two years, pushing some buyers off the sidelines," he said. "The initial rise in interest rates provided strong incentive for closing deals. However, further rate increases will diminish the pool of eligible buyers."
A home on the market in San Diego.(Photo: Gregory Bull, AP)
Interest rates on 30-year mortgages have risen by a full percentage point since May, driven by speculation about when the Federal Reserve will slow the pace of its bond-buying program. For the buyer of a median-price house who puts 20% down, that raises the monthly payment by about $100.
"The bottom line is that the housing market remains in a recovery phase, albeit one that could be tempered by higher mortgage rates and worsening affordability,'' Barclays economist Michael Gapen said in a note to clients after the NAR released its report. "The recovery in housing will prove resilient to any broader slowing in the economy and the recent rise in mortgage interest rates to date, but we will be watching for any signs of weakness or fragility as a result of the significant rise in real interest rates.''
The risk is that last month's gains in demand may prove temporary, and driven by buyers who rushed to lock in a home before interest rates went up, economist Joel Naroff said.
READ THE FULL ARTICLE HERE
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I have a buyer actively looking to purchase their dream home between $1.5M and $2M. If you know anyone trying to sell an immaculate home in this price range that has not yet put it on the market please contact me at 702-349-9175 or RobertAdams@LVrealestateHELP.com
“When the real estate market was booming, people sat in Starbucks and talked about how much they paid for a house,” said Craig Moe, who in June bought a $1.2 million property discounted 25 percent from its sale six years ago. “Now, they talk about how little they paid and what a bargain they got.”
READ THE WHOLE BLOOMBERG ARTICLE HERE: http://www.bloomberg.com/news/2013-08-08/million-dollar-home-sales-jump-in-u-s-as-wealthy-return.html
I specialize in Luxury Homes in Las Vegas and Henderson. If you are looking for luxury neighborhoods and want to stop wasting time looking at properties that are not of the caliber you are looking for, then let my team and I help. We will take the time to sit and talk with you to figure out what amenities, features, and areas of town are the right fit for you. Let us do the leg work for you and show you properties that are actually what you are looking for. From MacDonald Highlands, Roma Hills, Anthem Country Club, Quail Ridge, The Fountains, Seven Hills, The Ridges, Canyon Gate Country Club, Red Rock Country Club, Canyon Fairways, Tournament Hills, Queens Ridge, Spanish Trails, or even out in Lake Las Vegas we can find the right match for you.
Please feel free to contact me directly anytime at the contact info below or fill out our Buyer's Form here: http://lvrealestatehelp.weebly.com/buying-real-estate.html
If you have a Luxury Home in Las Vegas that you would like to sell please shoot me the address so I can run the comps and come take a look at the details of your home so that I can tell you what I think the home will appraise for. In the current hot seller's market that we are in, we can often time get you more than appraisal value for your home. Please feel free to contact me directly at the info below anytime or fill out our Seller's Form here: http://lvrealestatehelp.weebly.com/selling-real-estate.html
I look forward to meeting you and showing you how hard The Adams Team at Rothwell Gornt Companies works for their clients!
I bought this condo for $45k in April, 2013. We just sold it last week for full list price at $65k. We spent ZERO dollars on rehab. After all expenses we realized a 29.16% return on our investment. That's almost 30% in 3.5 months. On to the next one. WANT TO INVEST IN LAS VEGAS REAL ESTATE?? CALL 702-349-9175.
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After a vacation to Boston and San Diego we are back and hitting the ground running today! Refreshed and ready for more deals. Whether you are buying, selling, or leasing let The Adams Team at Rothwell Gornt Companies assist you with your home.
Call, text, or mail anytime night or day we are here to help navigate you through this ever changing real estate market.
Also, our team is in the process of getting dual licensed in Massachusetts. We will keep you posted on this new expansion as time goes on.
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