2015 Housing Market - One Economic Forecast 

Every Forecast is Clearly Different: Market Up or Down?

The National Home Builders Association (NAHB) produces in-depth economic analyses of the home building industry using both private and government data. The NAHB's economics group surveys builders, home buyers, and renters to observe the issues and trends affecting the housing industry.On February 27, 2015, Robert Denk, Assistant Vice President for Forecasting and Analysis at the National Association of Home Builders, reported the 2014 GDP growth in the fourth quarter.

• Growth in economic output had a downward annual rate of 2.2% at the end of 2014.

• The slower pace of growth reflects less inventory investment but more fixed nonresidential investment.

• 2014 GDP grew at an annual rate of 5.0% in the third quarter.

• 2014 GDP grew at an annual rate of 4.6% in the second quarter.

• GDP growth expected to accelerate in 2015 coming in above 3%, this increase in the first quarter will be the first time since the recession ended in 2009.

What's new home building in northwest Las Vegas, NV?
Lennar Homes in the master planned community of Providence.

Lot's of good points to consider for the Southern Nevada housing market.  Questions about the housing market in Southern Nevada? Ask us anything. JillPaige@realtyexecutives.com

Real Estate News: The Numbers: Single Family Homes in Las Vegas, NV 89131 are Hot to Sell

Single Family Homes in Las Vegas, NV 89131 are Hot to Sell

Market Update: Characteristics per Quartile
89131 Zip Code
Driggs Title, Inc.

Hot Properties in 89131: Days on Market are Falling

The Days on Market (DOM) for single family homes in Las Vegas, NV 89131 has decreased.  The  DOM depends on the property median price. Driggs Title Inc. reported the average DOM was 98 days as of September 9, 2013. The table "Market Update: Characteristics per Quartile - 89131 Zip Code" shows a home with a median price of $525,000 has been on the market for an average 131 days, whereas a home median price of $270,000 has been on the market for an average 85 days. The real estate market continues to be "hot", meaning there is a greater demand for homes to sell with fewer homes available. With only 4148 properties listed (9/9/13), the inventory decreased this week which influenced the median list price to increase to $225,000. The market in 89131 continues to show bullish, investment prices rise faster compared to the historical average of the past few years.

Market Update: Quartile Prices
Bullish Market 89131 Zip Code
September 9, 2013
Driggs Title, Inc.

Many Reasons to Love Living in the 89131 Zip Code

Oh how I love 89131 and so do many other homeowners, let me count the ways. Visit the Floyd Lamb Park at Tule Springs. The 680 acre Floyd Lamb Park is an oasis in the desert of northwest Las Vegas with wildlife to observe, picnic areas, a farmer's market, many scheduled events, and more. City of Las Vegas Centennial Hills Community Center, Operated by the YMCA has a variety of activities and diverse facilities including pools, splash zone and slides. Centennial Hills Park offers some of the best park facilities in Las Vegas with a huge splash pad, a great place to keep cool all summer.  There are many reasons to enjoy Centennial Hills Park including easy access to the adjacent the Centennial Hills Library. The services and events this Las Vegas Library District branch offers is incredible!  Free tutoring, puppet shows, computer lab, storytimes, the list of amenities offered at the 32,431 SF Centennial Hills Library has something for everyone! Silverstone Golf Club  is a 27 hole championship golf course. Pick fresh fruits and vegetables spring, summer and fall (including a huge pumpkin patch) at Gilcrease Orchard. There are many places for equestrian training including Willow Pines Ranch and learn about innovative pet therapy.There are many discoveries to be made and enjoy, the list is long and continues, for the 89131 zip code neighborhoods.
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Real Estate News: Mark Your 2013 Calendar: The Mortgage Forgiveness Debt Relief Act 2007 May Help You

Mark Your 2013 Calendar: The Mortgage Forgiveness Debt Relief Act 2007 May Help You

Market Action Index demonstrates the measurement of current
rate of sale vs. inventory of homes available in market.
The index for zip code 89178
is a 30 and the score implies seller's market conditions for July 2013.

Real Estate 2007-2012: Short Sales in Southern Nevada

Homes sold as “short sales” have increased since 2007. In Las Vegas, Nevada over the last few years, short sales were reported as between 20 % and 25 % of home sales. By June 2012, short sales increased to 32 %. By December 2012, short sales or lender-approved sales for less than the principal mortgage balance accounted for a record 45.8 of sales. A short sale occurs when a bank agrees to sell a home for less than what is owed on the current mortgage. An option for homeowners who want to get out of an "underwater" situation on their current home is to sell the property as a short sale.

Get the Facts: The Mortgage Debt Forgiveness Relief Act 2007

A concern for homeowners, selling their homes as a short sale property, has been the need to report the difference of the sale as income on filed tax returns. Fortunately, The Mortgage Debt Forgiveness Relief Act 2007 allows homeowners, who opt for a short sale, to be exempt from taxes on the difference between the purchase price and amount owned. Normally, debt forgiveness results in taxable income. However, the stipulations of the Mortgage Forgiveness Debt Relief Act of 2007 grant eligibility to the homeowner to exclude up to $2 million of debt forgiven on the principal residence and limit of $1 million for a married person filing a separate return (IRS 10 facts about Mortgage Debt Forgiveness).

Act Now: Mortgage Debt Forgiveness Relief Act 2007

Let's look at a scenario you can relate to in your life.You earn $50,000 per year and purchased a house for $250,000 and you decided to sell the property as a short sale. Your property sold for $200,000 and the bank forgave you $50,000 of debt ($250,000 - $200,000 = $50,000). Without The Mortgage Debt Forgiveness Act 2007, you would be required to report the $50,000 as part of your income. Your taxable income for the year would be double from $50,000 to $100,000! The Mortgage Debt Forgiveness Relief Act expires at the end of 2013. Originally, the act was enacted from 2007-2012. The extension was given at the end of 2012. If you sell a home as a short sale, you need to ensure the home closes before the end of the year in order to receive the benefits of The Mortgage Debt Forgiveness Act 2007.

For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit the IRS Web site at IRS.gov. A good resource is IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. Taxpayers may obtain a copy of this publication and Form 982 either by downloading from IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Real Estate News: The Numbers: Southwest Las Vegas Demand for Homes is Up!

Southwest Las Vegas Demand for Homes is Up!

32.5

July 2013: Market Action Index 32.5

It's a seller's advantage in southern Nevada. A Market Action Index above 30 is an advantage to the seller. The August reporting data for July 2013 shows a Market Action Index of 32.5. There is a greater demand for sales and fewer homes listed.

Market Report Executive Summary Driggs Title Agency, Inc. (August, 19, 2013)

Upward Trends for Southwest Las Vegas, NV

The Las Vegas Valley's 89178 zip code shows inventory is tight and days on market (DOM) for single family home properties is falling. The average DOM is reported as 61 days. The other strong upward trends include the average median list price of $249,994 and average asking price per square foot at $113.  Despite the rise in prices, Buyers are at an advantage with FHA Loan Limits for Clark County for a single family property at $400,00. Mortgage buyer Freddie Mac said Thursday, July 18, 2013, the average on the 30-year loan slipped to 4.37 percent. Even with the recent gains for mortgage rates, mortgage rates remain low by historical standards! Buyers see advantages and are still interested in housing market (Fannie Mae's July 2013 National Housing Survey).

Keep informed, contact Jill Paige at  

Jill Paige Homes (jillpaige@realtyexecutives.com) and (702) 595-2922).

Pat Diskin Elementary School 2012 AYP High Achieving Growth
10135 West Quail Ave    Las Vegas, NV 89148

School News: Dream Homes Near the Right School

Buyers Seek Best Schools in Southern Nevada

Home buyers say purchasing a home in a neighbor with the best school option for their children is a contributing factor. In a 2013 "Back to School" survey, Realtor.com measured the weight schools have to influence buyers' decisions. The results show 60% of home buyers admitted that school district boundaries do impact their decision.

Is a School an Important Factor When Buying Home?

Home buyers reported school boundaries are important when purchasing a home.  The majority of the buyers, 90.53%, who completed the 2013 Realtor.com "Back to School" survey stated school boundaries are important or somewhat important in the decision. The preference for a particular school influences the amount a buyer will spend. 23.59 % of the buyers who were surveyed reported they would pay 1-5 % above their budget and 20.70 % would pay 6-10 % above budget.

Great Neighborhood, Great School

As you search and seek the ideal home for you and your family in the Las Vegas Valley, consider the following pointers:

1. Organize Your Family Needs: Write a list of factors essential for your family. Consider the square footage of the house, the lot size, number of garage spaces, and number of stories. Use this information to guide your criteria search for your new home.
2. Communicate with Your Realtor: Prepare a list of questions for your Realtor. At Jill Paige Homes you can use the Find the Perfect Property FREE service to help you as a guide. Ask about the neighborhood services (e.g. community centers, clubs, trails, dog parks, playgrounds at parks, childcare). Ask about schools (e.g. public, private, charter, and homeschool resources). Jill Paige Homes has compiled a list of schools in addition to public school information. Ask about amenities (e.g. shopping). Customize questions to meet the needs of your family.
3. Search the Neighborhoods: At Jill Paige Homes, we use HomeFinder Alert System to help you match the criteria to your ideal home. Sign up to receive alerts; the service is FREE, FAST, and CONVENIENT.
4. Review Nevada Rankings for Public Schools: Adequate Yearly Progress (AYP) is determined and reported annually by the Nevada Department of Education. Schools are designated as “Exemplary,” “Continuing Exemplary,” “Exemplary Turnaround,” or “High Achieving,” "Adequate", “On Watch List,” and “In Need of Improvement." School designation reports are usually released mid-August.

Real Estate News: The Numbers: Home Values Steady Mid July 2013

The Las Vegas Valley Real Estate Market

Home Values Steady Mid July 2013

149

July 2013: Home Values Steady in Las Vegas Valley

Las Vegas Valley real estate home values remained steady the week of July 15, 2013. The Single Family Residence (SFR) graph presents a visual aid of the inventory from July 2009 - May 2013. Nevada Title reports the median home price as $169,999.  This trend has been constant. The average days a house has been listed (DOM), in the real estate market, has been 149 days; the DOM for seller’s is longer than it was reported in June 2013.

 

Where was the Market Southern Nevada in 2006?

The Greater Las Vegas Association of Realtors (GLVAR) reported the median home price in 2006 was $315,000. The 2013 summer real estate market sales price is less than half of this figure. The GLVAR reported the Average Sold Price for a REO property at $195,717, a Short Sale property at $162, 934, a Classic property $254,198.  A REO's DOM was 50 days, a Short Sale's DOM was 80 days, and a Classic DOM was 34 days.

Keep informed, contact Jill Paige at Jill Paige Homes (jillpaige@realtyexecutives.com and (702) 595-2922).

Summer Fun: FREE Jazz for Las Vegas, Nevada Entertainment

FREE Jazz for Summer Vegas Entertainment

Get outdoors and enjoy the evenings with FREE jazz music this summer season in Las Vegas and Henderson, Nevada.

Get Grooving:

Saturday Night Jazz on the Lake
Lake Las Vegas
Anthony James Baker
Saturday, July 27, 2013
7:00-10:00 pm
The Village at Lake Las Vegas
Lake Las Vegas is the place to be on Saturday evenings for jazz concerts.
Bring your blankets and lawn chairs to enjoy a cool and relaxing evening by the lake.
No pets or coolers please.
Admission is free.

Vegas Jazz offers a calendar of events with ongoing jazz concerts across the Las Vegas Valley.

Keep informed, follow Jill's blog for Jill Paige at Jill Paige Homes (jillpaige@realtyexecutives.com and (702) 595-2922).

Real Estate News: The Numbers; Las Vegas Valley Real Estate Market Gains with 57.9% Traditional Buyers

The Las Vegas Valley Real Estate Market

Gains Traditional Buyers

57.9%

Short Sales Decrease in the Las Vegas Valley Real Estate Market

The Greater Las Vegas Association of REALTORS® reported May 2013 a 31.8 % of all existing local home sales were short sales. This is a decrease from 32.5%  in April 2013. Other sales included in 10.3% of all May sales were bank-owned properties, up from 10.0% of all sales in April 2013.

 

Traditional Home Sales are on the Rise for Southern Nevada

Traditional sales increased. Las Vegas, Henderson, and North Las Vegas are seeing a positive trend in sales and a change in buyer.  57.9 percent of all sales were the traditional type, which was up from 57.5% in April 2013.

June 2013: GLVAR Local Housing Market Statistics

Keep informed, contact Jill Paige at Jill Paige Homes (jillpaige@realtyexecutives.com and (702) 595-2922).



Real Estate News: The Numbers; 22.2% Increase in Seller's Market Summer 2013

Summer is Hot in Southern Nevada; Not Just the Weather

Seller's Real Estate Market 

22.2%

 Seller's Real Estate Markets

The seller's real estate market is hot in Southern Nevada. The Greater Las Vegas Association of Realtors (GLVAR) announced, "Strong demand and a tight housing supply continue to push up home prices in Southern Nevada, showing existing home prices are now 30 percent higher than one year ago" (GLVAR, April 9, 2013).  Las Vegas, Henderson, and North Las Vegas have more buyers than available houses to buy. Dave Tina, the GLVAR president shared information about the real estate market and said that housing prices have risen and there's about a five-week supply of homes available to sell each month.  The GLVAR reported there are  more "traditional" sellers - compared to lenders, who are responsible for the short sales and foreclosures which have dominated the real estate market in recent years. Tina said "traditional" sales "account for more than half of all local home sales so far in 2013."

JUST SOLD!

Get Ready to Sell Your Home

Realty Executives has a five-step checklist to follow if you need to get ready to sell your home.
The Las Vegas Valley hot real estate market means serious buyers are often willing to pay more than list price. Forbes Magazine published "Check out the Hottest Seller's Markets: Prices Are Rising by Double Digits, Competition Is Keen and Houses Sell Fast"  March 1, 2013. The article stated, "The three key criteria to qualify as a hot seller’s market? Median list prices must have risen by double-digit rates between January 2012 and January 2013; inventory levels of homes available for sale must have dropped significantly during the same period; and houses must be selling faster than the national median. Nationally, according to Realtor.com, median list prices were slightly up for that time, increasing 0.80 percent; inventories dropped by a median 16.47 percent, and the median time from listing to sale was 108 days."  If you are a seller, here are key points to spot in a seller's market:

Take The Real Estate Temperature

• Inventory is very low as compared to previous months / years.
• Less than six months of inventory is on the market.
• Comparable sale prices are lower than active listing prices.
• More buyers are purchasing, resulting in higher closed sale numbers.
• Follow the monthly median housing sales prices.  Median house prices increase,
• Look for "For Sale signs". Few signs are posted or the signs have been up for only a few days before a pending or sold sign is posted.

(Elizabeth Weintraub, "Hot, Cold and Neutral Real Estate Markets"

The Nevada Business Magazine's George McCabe published "GLVAR reports rising home prices in Southern Nevada" May 10, 2013.  He wrote, "Statistics released today by the Greater Las Vegas Association of REALTORS (GLVAR) show existing home prices in Southern Nevada continue to increase and are now nearly 31 percent higher than they were one year ago". The median list price for a single family home in May 2013 was $164,990, an increase of 3.2% from March, and +22.2% from May 2012.

 If you feel the heat and you want to take your real estate temperature, contact Jill Paige at Jill Paige Homes (jillpaige@realtyexecutives.com and (702) 595-2922).