Tuesday, December 12, 2017 / by Geoffrey Zahler
Wanted to update everyone on the stats for the market in our Greater Las Vegas Association of Realtors (GLVAR). All stats reflect data as of the end of November, and when referencing change, we are referencing the 12 month period of November 16 - November 17. Each data point is also a rolling 6 month number.
Median Sales Price: $243,000 - ALL Property Types - Up 13.0%
Median Sales Price: $262,000 - Single Family Residences Only - Up 11.5%
Months Supply of Inventory: All Property Types - 2.2 Months - Down 42.1%
Months Supply of Inventory: Single Family Residences - 2.2 Months - Down 40.5%
Median Days on Market - All Property Types - 14 Days on Market - Down 44%
Median Days on Market - Single Family Residences - 15 Days on Market - Down 37.5%
Active Available Inventory (Not Rolling) - All Property Types - 6740 Properties - Down 43%
Active Available Inventory (Not Rolling) - Single Family Residences - 5213 Properties - Down 43.3%
Closed Sales (Not Rollr ...
Thursday, December 7, 2017 / by Geoffrey Zahler
Good Thursday to you all,
Wanted to touch on a subject I discussed on our #ZahlerProperties Facebook Live show from yesterday. It's a topic that can be a little uncomfortable, especially in a hot market like the Las Vegas area - and that's reasons a home may not sell. There are a few KEY items, and several smaller nuances, but all can be brought back to the 3 major items.
Duh. If a home is severely over-priced, the property will probably not sell. What is severely overpriced? I say that anything priced more than 9% above the comparable sales is treading in that territory. While your home may have upgrades that others do not, you're now getting into a price range, above and beyond what other homes that are similar have sold for, that will turn a potential real buyer away from maybe even seeing the home. Pricing matters. We do realize that homes are continuously going up in value - on average of about 0.8% per month her ...
Tuesday, November 28, 2017 / by Geoffrey Zahler
Happy Tuesday everyone,
The Federal Housing Financing Agency (FHFA) announced today that beginning on January 1st, 2018, the level for a conforming loan in Clark County, Nevada (aka Las Vegas, Henderson, North Las Vegas) will rise substantially, from $424,100 to $453,100, an increase of $29,000 (almost 7%). So, what does that mean?
A conforming loan is a loan that can be written and then sold to a 3rd party holder of loans, like Fannie Mae and Freddie Mac (the two largest mortgage holders) without much issue. Any loan higher than this amount has always been referred to as a "Jumbo Loan" and come with more restrictive guidelines, and often, a higher interest rate to the borrower. With the new rate, borrowers will be able to borrow $29,000 MORE in January than they can now, and still remain in a conforming loan situation, which many lenders can lend on with a much broader range of products and services, including down payment amounts, down payment assistance programs,r ...
Tuesday, November 14, 2017 / by Geoffrey Zahler
Happy Tuesday Everyone,
Wanted to address something today that we are constantly hearing at Zahler Properties about waiting until the 1st of the year to sell your property, and the potential pitfalls it may provide. Like anything else, regardless of whether or not it's during the Holidays, the BEST chance to have a successful sale is by pricing the home correctly and get it properly exposed to as many potential buyers as possible. A proper and professional Marketing Plan should have your home be exposed to multiple avenues of potential buyers, not just through the MLS.
Reasons to Sell during the Holidays:
- While there may be fewer buyers, people who ARE looking are far more serious buyers. Think about it. No one wants to just go joy searching this time of year. It could be a job transfer, school situation, etc. Those that are looking this time are year are more serious and potentially going to be real buyers.
- There are fewer homes for sale - yr ...