New-Home Sales Healthier in Las Vegas than Rest of U.S.

Although new-home sales are still well below their pre-recession norms, they have been rising quite notably in the Las Vegas Valley market. In our local market, Las Vegas new-home sales have jumped up nearly 41 percent in July from just one year ago. This is largely attributed to the dwindling inventory of resales available through foreclosure and short sale.
On the other hand, the Commerce Department reported that the annual rate of U.S. new-home sales has dropped 13.4 percent in total, as most Americas cut back sharply on their new home purchases in July.

Read more at the article:
http://www.reviewjournal.com/business/housing/new-home-sales-healthier-las-vegas-rest-us

Source: REVIEWJOURNAL.com

3 Las Vegas Planned Communities Among Top in Nation for Home Sales

The 3,500-acre Mountain's Edge development in the southwest valley, the 1,200-acre Providence community in northwest Las Vegas, and Summerlin with its 22,500 acres are all at the forefront of leading communities across the country. According to a new report from real estate advisory firm RCLCO, home sales at Mountain's Edge place third-best across the country, with Providence and Summerlin in the fifth and ninth positions.

Check out the article for more details:

http://www.vegasinc.com/news/2013/aug/22/3-las-vegas-planned-communities-top-10-nationwide-/

Photo: STEVE MARCUS
Source: VEGASINC.com

Another Month, Another Rise in Las Vegas Home Values

Las Vegas Valley home values are outpacing most of the country with a sturdy rise in local home prices. According to a new report from housing data firm Zillow, the median home value in July was $151,600, up 31 percent from just a year earlier. Among the 30 markets tracked in this report, Las Vegas' year-to-year growth rate was second-place to Sacramento's 33 percent price jump. Zillow also reported that national home values have risen to $161,600 as the median value, indicating an increase of 6 percent over the past year.

Link to the article:

http://www.vegasinc.com/news/2013/aug/19/another-month-another-rise-las-vegas-home-values/

Photo: STEVE MARCUS
Source: VEGASINC.com

Mortgage Closing Costs Up 6% This Year

According to a recent survey by Bankrate.com, closing costs averaged $2,402 over the past year, up 6% from 2012. On the other hand, mortgage rates were near record lows for most of this year. This allowed lenders a steady flow of customers who sought to purchase new loans or refinance existing ones.
Now as mortgage rates rise, the pool of customers seeking loans is beginning to shrink. Speculators belive that lenders will likely begin to discount their closing costs in order to continue attracting customers.

Link to the article:
http://money.cnn.com/2013/08/06/real_estate/closing-costs/index.html?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29

Source: MONEY.CNN.com

Small Home Repair Jobs with a Big Payoff

As the article states, "Maintaining a home is like eating a healthy diet. Everyone knows there's a whole list of things that should be done, but nobody really wants to spend the weekend painting the guest room, snaking out a slow sink drain, or cleaning out the gutters."

But there are some ways around this. A few of the smartest upkeep projects you can do for your home require less time than it would take to make yourself a quick dinner on the grill. You also won't need to hire a handyman, as these jobs are both quick and effortless. There are tasks to increase efficiency, make things last, and maximize the beauty and comfort of your home.

Find out how to make your house more comfortable, efficient, and beautiful:

http://money.cnn.com/2013/08/01/real_estate/home-repairs.moneymag/index.html?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29

Source: MONEY.CNN.com

Another Report Confirms Nevada Leads U.S. in Home Price Gains

According to a recent home report released by CoreLogic, U.S. home prices surged 11.9 percent in June from a year earlier. Overall, home prices climbed on an annual basis in 48 states, demonstrating stronger demand amid a tight supply of homes for sale. With an annual gain of 26.5 percent, Nevada led first among all states across the country.

For more info on the report:
http://www.reviewjournal.com/business/housing/another-report-confirms-nevada-leads-us-home-price-gains

Photo: MIKE GROLL
Source: REVIEWJOURNAL.com

Inspirada Outlines Plans for 30 Acres of Parks

Construction on more than 30 acres of parks, including two community parks and one neighborhood, is set to begin at the southwest Henderson housing project in early 2014. Inspirada Builders LLC announced their construction plans this past Thursday, two days after Henderson City Council approved a major modification to the development agreement for 1,600 acres of the project.
Inspirada Builders will construct the parks at an estimated cost of more than $20 million and then subsequently donate the completed parks to the city of Henderson, which will fully operate and maintain them. Inspirada Builders released a statement along with their announcement, which asserted that this approval will represent "a significant milestone for the community." The Inspirada community currently houses more than 2,500 residents.

Read more on the announcement:
http://www.reviewjournal.com/business/housing/inspirada-outlines-plans-30-acres-parks

Source: REVIEWJOURNAL.com

Housing Markets Where Cash is King

"If you want to buy a house in Nevada you better bring cash," states this recent article from CNN Money. Although not entirely true, 58% of total June sales in Nevada were made in all-cash, according to RealtyTrac. That's quite a convincing percentage!
But it's not just Nevada that is seeing a heavy surge of cash-only deals, various states across the country have also been affected. Vermont, the highest of them all, recorded its all-cash deals for the month of June at an astounding 80% of total sales.

Nationwide, cash deals made up 30% of total home sales in June.

Check out the article for more stats:
http://money.cnn.com/2013/07/25/real_estate/cash-home-sales/index.html?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29

Source: MONEY.CNN.com

Strip Condo Market Makes Comeback

The Las Vegas Strip real estate market has gained momentum over the past six months, with a sales frenzy occurring in the high-rise condominium market that lines Las Vegas Boulevard. In this six-month time period, 206 condos going for as much as $400,000 each closed after fewer than 60 days on the market. This demonstrates our overall move into what may be referred to as a tight market.
Investors continue to dominate over suburban buyers, making up almost 60 percent of purchases. Whereas on the Strip, just 15-25 percent of buyers are investors. Most of the cash buyers from CityCenter's Veer Towers (pictured below) purchased their property as a vacation home, rather than a place to rent out for cash flow.

Read more on the story:
http://www.reviewjournal.com/business/housing/strip-condo-market-makes-comeback

Source: REVIEWJOURNAL.com