Las Vegas Housing market Update

Las Vegas Housing Market Update – Last 30 Days

Henderson NV Real Estate Market Update

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Whether you are a first time home buyer, seller,  or investor knowing the current Las Vegas housing market statistics will help you with your real estate transaction. Prices have bounced back since our market bottomed out at a median sales price of $118,000 in 2012 however they are still well below the height of the market in 2006 of $315,000.  The Las Vegas Valley is no longer in a distressed property driven market. Since we have experienced a few years of appreciation, homes that were once under water are now able to sell without it being a short sale transaction. (Short sale is when the homeowner owes the bank more than the market value. The homeowner with the help of a real estate agent negotiates with the bank to take what the market value is as a full payoff.) Don’t get me wrong we still have foreclosures, short sales and auction properties that is just not the majority of our market at this time.

Price Appreciation per Zip Code

Explore more information on each Zip Code through our Market Insider Report

Henderson Zip Code 89012

Henderson Zip Code 89052

Get Market Insider Information  Henderson NV Zip Codes and Las Vegas NV Zip Codes

For the last few years the Las Vegas Valley housing market has been rebounding. In 2014 the median price for a single family home price rose 10% from $224,596 in January 2014 to $244,902 in January 2015. This increase is less than 2012 and 2013 where we had 24% increase per year. Currently we have over 10,000 homes in active status in the Las Vegas Valley, which is about a 4 month supply. Typically a steady market is considered a 6 month supply.

36,550 total properties sold in 2014. This is the lowest number of properties sold in the Las Vegas Valley in the last 6 years.

• 2013 – 41,477
• 2012 – 45,698
• 2011 – 48,798
• 2010 – 44,045
• 2009 – 47,685

Market numbers for the last 30 days;

• median home prices fell 1.9% from $206,000 to $202,000
• The average sale price fell 2.3% from $250,791 to $244,902
• Homes sales are down 17.3% from 2,062 to 1,705. Total inventory, which includes active and pending listings, increased 4.6% from 16,689 to 17,465
• Sales price Vs. list price ratio dropped by .2% to 98.1% from 98.3%
• The average days on market increased 4.6% from 64 days to 67 days on market.

Market numbers for the last year;

• median home prices increased by 9.2% from $185,000 to $202,000
• The average sale price rose 9% from $224,596 to $244,902$
• Homes sales fell 11.3% from 1,923 to 1,705Our total inventory, which includes active and pending listings, rose 22.9% from 14,209 to 17,465
• Sales price Vs. list price fell by 1% from 99.1% to 98.1%.
• The average days on market rose 12% from 60 days to 67 days on market.

Distressed Property Statistics

The Las Vegas Valley housing market is still experiencing short sales, REO’s and auction sales. They have an impact on the market however not as much as in years past. A Notice of Default is the first step to the foreclosure process. The Notice of Sale is what sets the date for the bank auction and the homeowners final notice of the foreclosure. After the filing of the Notice of Sale there are certain circumstances that they can be cancelled. Either there was a successful loan modification or short sale, a filing error or a legal requirement to re-file the notice.

Year over Year Statistics:

• Notice of Default filings were up 38.4%
• Notice of Sale filings were up 41.8%
• Cancellation of Notice of Sale went down 26.6%
• Properties going back to the bank went down 18.2%
• Total number of properties owned by the bank went down 12.9%

The Las Vegas market has natural up and down cycles. As with most markets our market slows down in the winter months from November to January. Once the holidays are over we see a natural jump in listings. Our high selling cycle is from April to August. During this time we experience families relocating or moving up during summer break, snowbirds selling while they are not in the properties, and other sellers just taking advantage of the market.

Buyers and Sellers

What impact does the current market have on buyers and sellers? With more inventory buyers have more homes to choose from and more time to make a decision. Gone are the days of the multiple offers by investors. With our market being a stable market homes are not selling for over list price however as the statistics show homes are selling at an average rate of 98.1%  of the list price. Please keep in mind there are always exceptions to these statistics. In certain zip codes that are more sought after or for a home in great condition we see the market moving faster. For sellers the current market equates to more attention to the details. If you want to sell your house for top dollar and fast knowing the current market to price it right is key. With the steady appreciation the Las Vegas housing market has experienced the last 3 years the sellers market hasn’t completely gone away. However because buyers have lots of options, staging your property and making small repairs to make it standout is necessary.

With the interest rates still low and many buyers re-entering the market after a short sale or foreclosure the 2015 selling cycle is just getting started.

All CURRENT Available Homes in Henderson NV Zip Code 89002

All CURRENT Available Homes in Henderson NV Zip Code 89011

All CURRENT Available Homes in Henderson NV Zip Code 89012

All CURRENT Available Homes in Henderson NV Zip Code 89014

All CURRENT Available Homes in Henderson NV Zip Code 89015

All CURRENT Available Homes in Henderson NV Zip Code 89044

All CURRENT Available Homes in Henderson NV Zip Code 89052

All CURRENT Available Homes in Henderson NV Zip Code 89074

The Gonzales Team will be able to go over the current market statistics to help you be on the cutting edge of your real estate transaction. We have put together a comprehensive consultation program to ensure that you are not frustrated and wasting your time. Our high tech world wide marketing will put your property in front of millions of buyers from around the world and our online search system will streamline your home search process. In the consultation we will dig deeper into the market statistics of the area and zip code we are concentrating on. If you are thinking of buying or selling and would like more information contact us at ernie@gonzalesteam.com or at 702-291-8126 immediately.

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Information was gathered from the GLVAR, NAR and Fidelity Title

Benefits of a VA Loan

What are the Benefits of a VA Loan?

Get a Free Buyers Guide Report to help you with your home purchase

Military Relocation to Nellis and Creech Air Force Base 
How to buy a house with a VA Loan

One of the most important factors in buying a home is the loan. The loan program you qualify for will have a huge impact on your down payment, closing costs, and monthly mortgage payment. There are many benefits of a VA loan vs. other loan programs.

No Down Payment

By far the biggest benefit of a va loan is no down payment. This is a huge savings benefit because a VA buyer will not have to save money for years to be able to purchase a home. The average sales price of a home in the Las Vegas Valley is approximately $232,000 with a 20% down payment of $46,400 on a conventional loan. For a VA buyer that would be a savings of $46,400. This is HUGE!!

Lower Interest Rates

VA loan programs usually have lower interest rates up to .5% to 1% lower. This translates into a lower monthly mortgage payment to the VA buyer.

No PMI or Private Mortgage Insurance

On loans that a borrower doesn’t put 20% down the mortgage company charges a Private Mortgage Insurance fee monthly. This can add up to an average of $100 to $150 per month onto your monthly mortgage. That might not sound like a lot however it can add up to $1000 a year extra. VA loans do not charge a PMI fee monthly however there is a one time upfront VA Funding fee based on service and how many times you have used your VA Loan.

No Prepayment Penalty

Some loan programs charge a fee to pay off your mortgage early. A VA loan can’t charge a prepayment penalty. This way if you need to relocate there is no extra charge to sell your home.

Low Closing Costs

The VA loan program has restrictions on certain fees that a lender can charge a VA Buyer. This cuts down on junk fees that a lender can sometime charge. There are also certain fees that a VA Buyer can’t pay for that must be paid for by the Seller. A Seller can also pay up to 4% of the sales price towards the VA Buyers closing costs where other loan programs only allow the seller to pay up to 3% of the buyers closing costs. This is where working with an agent with VA experience will be necessary. Most agents will not know what to ask the seller to pay for or what the VA Buyer can’t pay for. Not negotiating these items at the beginning can cause closing delays in the end.

Less Stringent Qualification Guidelines

Another major benefit of a VA loan is that the qualification guidelines are less stringent than other loan programs. Most VA Buyers would not even be able to qualify for a Conventional loan.

Purchase any Home that meets Requirements

Any home that meets the condition requirements can be purchased with a VA loan. You can use your VA loan eligibility to purchase a brand new home, a resale, a foreclosure, a short sale, and even an auction home. An experienced agent and appraiser will be able to tell you if the home meets the requirements.

These benefits allow VA buyers who would not be able to purchase a home with most loan programs the ability to be home owners. The VA loan guaranty program was developed in 1944 to promote home-ownership among the returning troops who because of their service were unable to establish credit to buy a home. It is important to remember that it is a loan guarantee program not a loan program. A VA buyer must still qualify for the loan.

Ernie has dedicated much of his adult life to helping others in one way or another. At present Ernie is a leader in the Veterans Association of Real Estate Professionals whose sole mission is to promote home ownership among Veterans. The local Nevada chapter was just established in 2014 and so far they have given away a home to a deserving homeless Vet and volunteered in the local community to promote awareness of the program.

Ernie grew up in a small town in California moving from one rental to another rental his entire childhood. Buying a home in the Henderson area of the Las Vegas Valley was a dream come true. However after his service he didn’t have the greatest credit or money saved up for a down payment. Using the VA Loan eligibility was the only way we were able to purchase a home. We actually were able to purchase a brand new home from a builder. The builder agreed to pay the VA fees that a seller is required to pay and we didn’t have to pay a down payment.

Search all Available CURRENT Homes for sale in the Las Vegas Valley including Henderson, Las Vegas, North Las Vegas and Boulder City

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On our site we have set up the home search to update daily so that you only view CURRENT Available homes. We have made sure that homes that are in “Pending” or “Contingent” status and in escrow are not in the search results. This will prevent you from being frustrated by wasting hours of your time. We are dedicated to helping our clients find the perfect home for them and their situation. We start the process by having a Buyer Consultation with all our clients to go over your needs and the steps to the home buying process.

We understand the process because we have lived through it. If you are thinking of purchasing a home using your VA loan eligibility please contact us immediately for assistance. Ernie@gonzalesteam.com or 702-291-8126

Get a Free Buyers Guide Report to help you with your home purchase

Gonzales Team of Keller Williams Realty Henderson NV 
Ernie and Leah Gonzales 
ernie@gonzalesteam.com 702-291-8126 
10424 S. Eastern Ave Suite 200 
Henderson NV 89052

Free Things to do in Henderson NV St Patricks Day 2015

Free Things to do In Henderson NV

St. Patrick's Day Events in Henderson NV 

St. Patrick's Day Parade, Car Show, Live Entertainment, Carnival and Festival

Gonzales Team of Keller Williams Realty Henderson NV
Ernie and Leah Gonzales 
702-291-8126 ernie@gonzalesteam.com
www.gonzalesteam.com
Keller Williams Southern Nevada
10424 S. Eastern Ave Suite 200
Henderson NV 89052

The city of Henderson is hosting it’s annual St. Patrick’s Day Parade and carnival events downtown on Water Street. The Southern Nevada Sons and Daughters of Erin are hosting the weekend festival and the parade on Saturday morning with the theme of “Love, Loyalty, friendship”. Come have fun and celebrate the Luck of the Irish.

Where: Downtown Henderson Events Plaza 200 Water Street, Henderson NV 89015

When:

• Friday March 13th 2015 5 p.m. to 10 p.m. Carnival and Festival
• Friday March 13th 2015 6 p.m. – 9 p.m. Live Entertainment
• Saturday 10 a.m. Parade
• Saturday 10 a.m. – 10 p.m. Carnival and Events
• Saturday Noon – 5 p.m. Car Show and Awards Visit the Southern Nevada Son’s and Daughters of Erin Website for information on the car show
• Saturday Noon – 5 p.m. Live Entertainment
• Sunday  Noon – 6 p.m. Live Entertainment
• Sunday Noon – 7 p.m. Festival
• Sunday Noon – 9 p.m. Carnival

Cost: Admission to the carnival, festival and live entertainment is complimentary.

Carnival rides require purchased tickets:

• Single tickets $1.25
• Family book of 24 tickets $24
• Family book of 40 tickets $40
• All day pass arm band $30 (unlimited rides valid day of purchase only)

Download your free map of the parade and PDF of the live entertainment schedule

Gonzales Team of Keller Williams Realty Henderson NV
Ernie and Leah Gonzales 
702-291-8126 ernie@gonzalesteam.com
www.gonzalesteam.com
Keller Williams Southern Nevada
10424 S. Eastern Ave Suite 200
Henderson NV 89052

Ernie and Leah started the Gonzales Team in 1999 however they have been selling real estate in Henderson NV since 1995. Ernie and Leah have raised two wonderful children in Henderson and now have a gorgeous grand daughter, Kendra. Kendra is the little Leprechaun in the picture.  As local agents with over 20 years experience living and selling in Henderson we have been able to put together a complete online guide of Henderson and Homes in Henderson. You will be able to find all CURRENT available homes in Henderson, Las Vegas, Boulder City and North Las Vegas including; traditional sales, foreclosures, short sales, auction properties and much more. We have our complete search set up to send the most recent just listed properties so that you see them before the hit the other major real estate search engines. With our system you will be able to view the homes immediately and we will not send “contingent” or “pending” properties that are already in escrow. This will save your time and eliminate frustration.

All information on Downtown events are compliments of the City of Henderson Website www.cityofhenderson.com

How to Buy a House Before Selling Yours

Gonzales Team of Keller Williams Realty Henderson NV
Ernie and Leah Gonzales
702-291-8126
www.gonzalesteam.com

Many homeowners who are thinking of downsizing or moving-up will face the cart before the horse dilemma. Should I sell my current home before I buy a new home, or buy a new home before I sell my current home? Many factors should be considered before making this decision for your family including, market conditions, finance options, specific needs of your new home, reason for moving and the idea of possibly moving twice. Because everyone’s story is different how to buy a house before selling yours will be answered by what your specific needs are.

Market Conditions

Current market conditions will play a big part in the decision making process of how to move-up or downsize. In real estate there are two main types of markets, either a Sellers Market or a Buyers Market. In a Sellers Market there is very little inventory and homes are selling very quickly, usually with multiple offers. In a Buyers Market there is an abundance of inventory and homes can take up to 6 months to sell.

Prior to buying a house before selling yours it is very important to educate yourself on the current market and value of your property. You don’t want to purchase a new home and then find out your current home is worth less than you thought.  Working with a Gonzales Team real estate agent they will be able to perform a Comparative Market Analysis on similar homes in your neighborhood to give you an estimate of your properties value and an idea of what type of market you will be up against. We will also be able to advise you on the market value and neighborhood market conditions on any new homes you would like to purchase.

It is always a good idea to consult a real estate agent to discuss what the current market conditions are. This will help you to maximize your money in both purchasing and selling.

Finance Options

Undoubtable one of the most important factors to consider when you are thinking of buying a house before you sell yours is your finance options. Some of the options will be to pay cash, qualify for a bridge loan, qualify for a home equity line of credit or qualify for two loans.  

By far the best option is to pay cash for the new home before you sell the current home. If you have the funds available this would be the ideal situation. Paying in cash would alleviate any financing delays and in some market conditions a cash purchase can get a better deal.  

Another way to buy a home before selling yours is qualifying for two loans. If you don’t have the down payment you could qualify for a bridge loan. A bridge loan is a short term loan with interest that you must qualify for that can be used towards the downpayment and closing costs. The bridge loan is to be paid back out of the equity of the current property at closing. A home equity line of credit is very similar in that you must qualify for the loan, it is short term and you pay back the line of credit out of the equity of the sale. There are restrictions on the steps and timelines for home equity lines of credit and bridge loans so it is a good idea to speak with an experienced agent to set yourself up for success if this is the option for you.

Any one of these options would allow you to stay in your current home and move into the new home upon closing. Of Course this also means you will own two homes and possibly have two mortgage payments until the current home sells.  

   

Specific Needs

Your families specific needs and reason for moving will have a huge impact on how to buy a house before selling yours.

For example if you must be in a particular neighborhood, school zone or need a specific floorplan you might consider purchasing prior to selling your home to make sure you get what you want. The only downside of this option is that you could potentially have two mortgage payments until your property sells.  

On the other hand if you sell your property first and not able to find the home that fits your needs you might end up living in a rental or living with relatives until the new home is available. Another option is possibly renting your property back from the new buyer after closing. You will have to pay rent and the buyers lender will have time restrictions on length of rental period. Usually the new lender will allow up to 60 days rent back. In that time frame you would need to find your new home and move into it. This could possibly make your new home search rushed and maybe you will settle for a new home that doesn’t exactly fit your needs.  

How to Buy a House Before Selling Yours

There are many things to consider before you make the decision to buy before you sell. Make sure you way all the pros and cons of the process. There are a few that could be a deal breaker and you will need to sell before you buy. Because we are in the local real estate market everyday we will be able to suggest the best strategies to help you. We have set up a complete buyers consultation and listing consultation that we will address your specific needs to help you with your decision.  

The Gonzales Team of Keller Williams Realty Henderson Nevada has been selling real estate in the Henderson area since 1995. As local agents with more than 20 years experience we have been able to put together a complete online guide to help you search all the very best real estate deals in the Henderson and Las Vegas valley. On our website you will be able to search all available listings in Henderson, Las Vegas, Boulder City and North las Vegas including traditional sales, foreclosures, short sales and even auction properties. With our system you will never miss out on a property ever again!

Only CURRENT available listings in the Henderson and Las Vegas area!

All CURRENT available homes for sale in Henderson

All CURRENT available homes for sale in Las Vegas

Unlike other search sites, the MLS listings on our site are updated daily and do not contain “pending” or “Contingent” properties that are already  in escrow. This eliminates hours of wasted time and frustration.

First and foremost you will be able to sign up to receive free automatic updates on a daily basis so that as new listings come on the market you will be notified by email. You can also sign up for a Market Insider report to get all local statistics on your neighborhood prior to selling.




Gonzales Team of Keller Williams Realty Henderson NV
Ernie and Leah Gonzales
702-291-8126
www.gonzalesteam.com