The average price of a house in Las Vegas is about $205,000 and I wondered what kind of house you could buy in Las Vegas today, for that average price; Want to see?
“The Debt Forgiveness Act” has been extended to the end of 2014 by the House and Senate and is now headed to the Presidents Desk (He is expected to sign it). This is great news for Short Sales that have closed (or will close) this year.
Do you owe more than your house is worth? We have helped dozens of families successfully short sale their house, and we can help you. Read some of the testimonials here; http://www.HowardTeam.com/Testimonials
There are many Sun City communities by Del Web in the Las Vegas valley designed specifically for the over 55 homeowner. I actually call them “summer camp for seniors”, as they are more than just a place to live, they are a place for seniors to thrive socially. They have community centers with a full schedule of activities from various card games to exercise programs to day trips to crafts to book clubs and on and on.
Want to see some homes in Sun City that are for sale right now? Click here for the Sun City Summerlin community;
At the height of the Las Vegas Real Estate market in 2006, high rises were sought after from people from all walks of life who wanted to own a piece of that luxury lifestyle, and when the market began to fall, our high rises may have suffered the most. The plans for a second Trump Tower were scrapped and the 3rd Panorama Tower fell into bankruptcy. That 3rd tower was later purchased and renamed “The Martin”.
Well I just attended a closeout event at “The Martin” and they only have 5 original brand new residences left to sell. That’s quite a turnaround, considering where we were. There are several brand new units available in buildings with at least 5 stories, and of course there are hundreds available in the resale market . . . ranging from under $70,000 up to $38,000,000 currently.
Take a look;
It’s one of the oldest laws in history – the “Law of Supply and Demand”. And in residential real estate, there are some very specific measurements, that tell you most of what you need to know about any given market.
Take any specific territory (one zip code, or several), then we refer to “supply” as the number of available houses on the market today, and we call the demand, the number of houses that sold in the previous 30 days. Next, divide the former, by the latter, and that gives us “months of inventory”. (to be clear, if there are 400 houses on the market today, and 100 houses have sold in the past 30 days, 400/100=4 “months of inventory”). What we have learned in modern real estate history, is that when “months of inventory” is less than 4, seller’s are pretty much “in charge” of the negotiations and the buyer is just grateful for the opportunity to (hopefully) buy. Under these circumstances, we regularly see properties receive multiple offers, and buyers are often prone to paying more than the appraised value for a house. That’s the way it has been in the Las Vegas Valley for quite some time. I, personally started tracking inventory levels in September of 2012, when inventory was a paltry 1.34 months of inventory. I did this because I had learned that people who tracked these kind of numbers, saw what was coming, long before the typical consumer. A lot of people were blindsided in Las Vegas in 2006, and I did not want that to happen to me or my clients in the future. We just recently broke the 4 barrier and today we have 4.12 months of inventory.
What is next? That depends. Of course, historically less houses sell in the winter months, however, last December, we never broke the “4” mark; and inventory levels ranged between 3.29-3.38 months. What I hope this means is that we will continue for a long time to see “months of inventory” between 4-6 in our valley? What happens after 6?, well then the buyer’s kind of become “in charge” and the seller’s are just happy to have someone (hopefully) buy their property.
Would you like to see the supply of homes available in 89135 (Summerlin South)? 43 residential properties sold last month, and this link will show you what is what is available right now;
(The Las Vegas valley is considered balanced, as a whole, however sellers are still “in charge” in this zip code)
I love the sign that at the west entrance to Rhodes Ranch that looks like the famous “Hollywood” sign. Have you been inside the gates yet? This guard gated golf course community has entrances from the east side on Durango, as well as the west side off of Fort Apache (near the new Wet N Wild water park) and whether you want to live behind the guard gate, or just in that area, it’s a popular community to live and play in. Feel free to do a little window shopping by clicking on this link;
– and if you want to do some actual shopping, just let us know. We can arrange that easily!
You know, Mountain’s Edge . . . located in the southwest corner of the Las Vegas valley . . .
What I really like about the area is that there are a lot of newer homes there. Plenty of them are less then 10 years old. There are great parks, and all of the shopping you need, and it’s far enough from the “Strip” to be away from the “bustle” and close enough to get to work (if you work there) in under 30 minutes.
There are plenty to choose from! Just click this link to see for yourself;