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Las Vegas real estate market is changing
Make sure you understand your
neighborhood or it could cost you Tens of Thousands of
Dollar$ when selling or buying your Las Vegas home. A lot of
Las Vegas home owners try to save a few thousand dollars in
commission and end up loosing 10 times that amount by
making mistakes and not using a Professional Realtor or real estate
agent. Don't leave your biggest
investment in amateur hands.
Yields will continue to rise - Mortgage
Rates Shooting UP!
Las Vegas homes for sale stats for
Buying Las Vegas Real Estate or Selling Las
Vegas Real Estate
Las Vegas, Henderson, Boulder City, Anthem,
Seven Hills, Green Valley, Summerlin, Desert
Shores, Lake Las Vegas, Spanish Trails, Peccole
Ranch, Canyon Gate, Spring Valley, Queensridge
and the Lakes.
3 Buyers You May Want to
In this market, a buyer
can look awfully good, but Michael Corbett — author
of Ready, Set,
2007), a guide to selling a home — says not all
buyers are created equal.
Here are three types of
buyers, according to Corbett, you’ll want to avoid:
1. The Zero Percent
If the home is priced near the top of the market, a
mortgage company may find it difficult to appraise
it for enough to approve the mortgage with little or
nothing down. When the mortgage falls through, the
home will have to go back on the market.
2. The Bully Buyer.
This buyer inundates the seller with a list of
things that are wrong with the house — all while
presenting an offer. The inspection process will be
a nightmare, with the buyer trying to obtain
concessions by nitpicking on the disclosure and the
3. The Sight-Unseen
Corbett says it’s a rare buyer who will make a
decision on a house without seeing it. Typically,
this buyers wants to tie up the property to take it
off the market and make a decision later.
Source: Market Watch,
Marshall Loeb (04/08/07)
Use a REALTORŪ
For most people their Las Vegas home is their biggest
single investment. In addition to being
their largest asset, your home is attached with
a lot of sentiment and emotional feelings.
When you need to buy or sell something this
important you don't want to chance it to
inexperience or discount efforts. Your
don't shop heart surgeons by price but by
experience and expertise. Why give your
most valued physical asset any less
consideration? Don't be penny wise and
Daily Real Estate News | June 6,
Home Sales Expected
to Take Gradual Upturn
Home sales are
projected to move in a relatively narrow range
with a gradual upturn becoming more pronounced
by the end of the year, according to the latest
forecast by the NATIONAL ASSOCIATION OF
levels are historically strong, but sales remain
sluggish compared to the recent boom,” says
Lawrence Yun, NAR senior economist. “It’s
important to keep in mind that all real estate
is local, and many markets are expected to have
higher sales and strengthening prices during the
second half of this year.”
What to Expect
NAR makes the
following projections on the housing market:
30-year fixed-rate mortgage is likely to
increase to 6.6 percent in the third quarter and
then hover at that level through 2008.
The national median
existing-home price should ease by 1.3 percent
to $219,100 in 2007, before rising 1.7 percent
next year. The median new-home price will
probably fall 2.3 percent to $240,800 this year,
and then grow by 2.6 percent in 2008.
“We continue to
experience a temporary distortion in comparing
median existing-home prices,” Yun says. “Because
the sales volume has shifted from many high-cost
areas to moderately priced markets, we’re not
getting a true apples-to-apples comparison. When
you look at other measures, such as this week’s
price index from Freddie Mac which is based on
repeat sales, overall home prices are rising
Other factors to
take into account that affect housing include:
projected to total 6.18 million in 2007 and
6.41 million next year, in contrast with
6.48 million in 2006.
forecast at 860,000 this year and 901,000 in
2008, down from 1.05 million last year.
likely to total 1.43 million units in 2007
and 1.49 million next year, below the 1.80
million recorded in 2006.
Buyers Need to
Buyers today need to
have a traditional view of housing as a
long-term investment, Yun says. “That investment
generally will build a nice nest egg over time,
especially if they use a traditional mortgage
instrument that reduces debt,” Yun adds.
reductions in home sales and new home
construction, the economy will expand at a
subpar pace in 2007,” Yun says. “As housing
market conditions improve going into 2008, the
economy will reach back to its growth potential
REALTORŪ Magazine Online
growth in the U.S. GDP is estimated at 2
percent this year, lower than the 3.3
percent growth in 2006. Yun forecasts GDP to
grow 3 percent in 2008.
projected to average 4.6 percent in 2007,
unchanged from last year.
expected to decline to 2.5 percent this
year, down from 3.2 percent in 2006.
Inflation-adjusted disposable personal
income is likely rise 2.8 percent this year,
compared with a 2.6 percent increase in
Mortgage Rates Rise Again
increased for the sixth consecutive week, with
the average 30-year fixed rate hitting a
10-month high of 6.61 percent, according to
Bankrate.com's weekly national survey of large
The average 15-year
fixed rate mortgage, popular for refinancing,
increased by a similar amount, to 6.33 percent.
With larger loans, the average jumbo 30-year
fixed rate climbed to 6.86 percent. Even
adjustable rate mortgages were in on the act,
with the average one-year ARM rising to 6.17
percent and the 5/1 ARM jumping to 6.52 percent.
continue to climb in response to strong economic
data and indication from the Federal Reserve
that lower interest rates are not in the
forecast, Bankrate said in its weekly report.
Fixed mortgage rates
have increased nearly one-half percentage point
since mid-March. At the time, the average
30-year fixed mortgage rate dipped to 6.16
percent, meaning that a $165,000 loan would have
carried a monthly payment of $1,006.30. With the
average 30-year fixed rate now 6.61 percent, the
same loan originated today would carry a monthly
payment of $1,054.88. Fixed mortgage rates still
remain a compelling refinancing alternative for
adjustable rate borrowers facing sharp payment
Daily Real Estate News | April 10, 2007