Wednesday, December 20, 2017 / by Geoffrey Zahler
It's that time of year... to make bold, bodacious, easy, and crazy predictions for 2018. These are taken from the Facebook Live we did on 12/20/2018. Want to watch the video instead... I won't take offense: 2018 Bold Predictions - FB Live Video
Las Vegas Market Statistics Predictions:
For 2016, there were a total of 41,107 units (single family, multi-family, townhomes, condos) sold!
For 2017, through 11 months, we are already at 41,141
For 2018 - I am predicting 49,000 units sold!
Median Days on Market
In 2017, we are sitting currently at 15 Days on Market
I think 2018 will be slightly slower, but still predicting the Median Days on Market to be 18 Days
This is for the Total amount of all sales recorded through the MLS
In 2017 we are on pace for just under $12,000,000 (That's 12 Billion)
For 2018, I anticipate us hitting a mark of $13,250,000! (13.25 Billion Dollars)
Median Sales Price for All Units (including Townhomes, Condos, f ...
Wednesday, December 13, 2017 / by Geoffrey Zahler
We just did a "ZP" Live on Facebook that covers this topic, so if you want to hear me ramble on camera - check out the YouTube Channel and the link here: ZPLive Episode 21 - Tax Reform Bill
**Disclaimer: I'm not a tax professional - you'll hear me say this a ton in the video and below**
So - Taxes - no one likes to pay them, and everyone is afraid of them now, but realistically, even if the Tax Reform is passed, it may not have the same impact on us here in the Las Vegas area as it does in other high cost areas.
Currently, if you live in your home as a Primary Residence for 2 of the last 5 years, when it's time to sell, you will be able to sell and NOT pay any taxes on your Capital Gains, up to $250,000 of gains for a Single Filer, or $500,000 if you're married and file jointly. That's not the TAX break, that's the amount of gains you would be protected from. For instance, with very simple math, if you bought a home for $500,000 and soldr ...
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 ...