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Las Vegas Market Watch

How Will Real Estate Perform In Next 6 Months?

Posted on: Aug 31, 2014 by Melinda Zolowicz

Las Vegas Market Watch

Las Vegas housing market is showing signs of stabilizing.  Watch this video with Lawrence Yun, Chief Economist for the National Association Of Realtors, report on the current market and what you can expect in the next 6 to 12 months.  

LAS VEGAS MARKET STATS

Simply stated the Las Vegas housing market is on par with 20 other cities that are monitored by S&P/Case Shiller. 

That is good news as Las Vegas recovers from the epicenter of the foreclosure market. 

The stats show an increase in prices over last year of 8.1% in 20 cities. Las Vegas prices have increased between 8% and 9% since 2013.

Prices Increasing

RESALE MARKET STATS

The median price of resale homes and condos for July was $175,000.  That represents an 8% price increase from last year.  The sales for July totaled 3,814.  Our year to date total of sales is 22,540. 

NEW HOME MARKET STATS

Las Vegas New Home Construction

The median price of a new home in all product types was $290,000 in July up 9% from last year.  The new home sales for July totaled 499.  There were 3,203 new homes sold year to date. 

THE PAYMENT DIFFERENCE

Mortgage Application

Buyers buy with the monthly payment as their guide. Sellers usually sell for price.  The increase is good for Sellers and not so bad for Buyers.  Here is an example of the monthly difference in payment for the Buyers due to the 8% increase in price from 2013 to 2014.

The monthly payment (principal and interest) for a median priced resale at $175,000 based on 20% down and 4.3% interest is $49 per month more this year versus last year.  The monthly payment for a median priced new home at $285,000 based on 20% down and 4.3% interest is $96 more per month this year versus last year.  

Check out your buying power on my Mortgage Calculator.

 Good News

Has Your Real Estate Ship Come In, Again?

Posted on: Jul 30, 2014 by Melinda Zolowicz

Las Vegas Market Watch

The national real estate news is all about the interest rates.  The Federal Reserve is purchasing less mortgage backed securities which should have bounced the rates up.

But to the contrary, the rates are around 4%.  To that point, the home sales are down as well.  So there may be a strategy with the lower rates to increase home sales.

Is it time to buy a home?  Check out these considerations. 

  • Low home prices
  • Low interest rates
  • Future appreciation because prices are expected to increase about 4.3% in 2015
  • The supply of homes has increased 
  • Las Vegas home prices are below national median
  • A mortgage is cheaper than rent

Las Vegas Market Statistics

Las Vegas had 3,888 recorded resales in June.  The sales for the first six months amounted to 18,375.  That is a year to year decrease of 17%.  Fannie Mae is projecting that there will be a rebound through the rest of 2014 and continuing through 2015 with a 5.3% increase in sales.

Our median price of a single family home was $165,000.   That is a year to year increase of 3%.  The national median price is $208,000.  With the 4.3% forecasted for 2015 the median will increase to $218,000.

More Home With Low Rates

You can purchase “more home” with low rates.  According to John Moony, managing vice president of Guaranteed Rate, a national mortgage company based in Chicago, a 1% increase in the interest rate equates to a 10% reduction in your purchase power.  That means that if you want your mortgage payment below $1,500 for example, you can buy a home for $300,000 at today’s rate.  If you wait until the rate goes up 1%, your price goes down to $270,000.  See the example below.

The Buying Power Of "NOW"

Example of payment difference:    $300,000 at 4%  equals a payment of $1432 principal and interest.  $300,000 at 5% equals a payment of $1610 principal and interest.  The price would have to be reduced to $270,000 at 5% to have the payment of $1,449.

This indicates that today is the time to buy!

Check out my mortgage calculator at http://www.melindazolowicz.com/mortgage-calculator/ .

 

Information Sources:  Dennis Smith of Home Builders Research, Neil Cavuto of FOXBusiness, John Moony of Guaranteed Rate, and Teke Wiggin and Lawrence Yun of the National Association of Realtors.

 

HAPPY 4TH OF JULY IN LAS VEGAS

Posted on: Jun 30, 2014 by Melinda Zolowicz
 4th of July Cupcakes and Fireworks 2014

Fireworks, Baseball, Parades, Speed racing, Boating, and Fireworks everywhere make Las Vegas the place to be on the 4th of July weekend.  Henderson, Primm Valley, Boulder City, Mesquite, Laughlin, and all around the city you will be amazed at the celebrations and the displays of fireworks.  Here is a brief recap of some of the many activities.

Ceasars Palace Street Corner

Caesars Palace

Caesars Palace Las Vegas will have Fireworks by Grucci. He has an internationally-acclaimed fireworks entertainment production company that specializes in unforgettable visual extravaganzas. The fireworks will be shot from the hotel's Roman Tower beginning at 9:15 PM. One of the best views will be from the front fountains at Caesars Palace.

THE LINQ

See the Fireworks from atop the High Roller at The LINQ. High Roller riders will be able to view the firework displays around 9 PM at Caesars Palace and 9:30 PM at the High Roller parking lot.

The High Roller at The Linq
Mandalay Bay Beach Fireworks at Night

Mandalay Bay

The Beach will display fireworks and a musical performance by the local classic rock band "Phoenix". Enjoy the extravaganza Friday, July 4. Doors open at 8 PM. Tickets are $20 and family four-packs are priced at $60.  Get tickets at Las Vegas Ticketmaster locations. Tickets also are available for purchase at mandalaybay.com or ticketmaster.com.

Stratosphere

The Stratosphere Casino Hotel hosts its  "Independence Pool Party" on Friday, July 4th.  The "Largest Fireworks Display Ever" will begin around 9 PM.  Firework’s by Grucci.

Stratosphere Tower
Aliante Station Casino

Stations Fireworks

The 5 Station Casinos all feature a 9 minute fireworks display simultaneously.  The five Stations Casinos include Aliante Station, Green Valley Ranch, Texas Station, Fiesta Rancho Casino, and the Red Rock Resort.  One of these may be close to you so watch the skies at 9 PM on the 4th!

Las Vegas 51s

Baseball, hot-dogs and fireworks!  Las Vegas 51s, the Las Vegas Baseball Team, plays the Tucson Padres.  Fireworks Extravaganza will be after the game for visitors and the Las Vegas families. Las Vegas 51s will play at Cashman Field located at 850 Las Vegas Blvd North, Las Vegas, NV  89101 (Call 702.386.7200).

Small Boy in Cowboy Hat and American Flag
Henderson 4th Of July Logo

Henderson Fourth of July Celebration

Mission Hills Park will host a party Friday July 4, 2014; 6 PM - 9:15 PM. Watch the Fireworks Show at 9 PM. 551 East Mission Hills Drive.

Primm Valley Casino Resorts

Primm Valley Casino Resorts will be celebrating their 6th annual spectacular fireworks show. Arrive early for prime parking spots!  The Desperado, nicknamed "The Speed Demon" by the Travel Channel.  Other attractions will be performed throughout the day.

Primm Nevada Fireworks Dusk
Race Car On Las Vegas Motor Speedway

Las Vegas Motor Speedway

Start early at the Speedway on July 3rd.   Watch fireworks,  see NASCAR-sanctioned stock car racing, and enjoy the $1 hot dogs and $1 Coca-Cola products.

Laughlin

Laughlin features a spectacular fireworks “Rockets Over the River” on Friday, July 4th at 9 PM. Fireworks will be launched and over the Colorado River. While you watch you can listen to the Patriotic music by Laughlin hotels and radio stations: KFLG, LUCKY98, The Knack, KAAA/KZZZ and KSTAR. The entertainment is free and open to the public.

Laughlin Fireworks at Night
Hipster Teenage Girls In Front Of American Flag

Summerlin

Summerlin Council is hosting its July 4th Patriotic Parade for the 20th year. This parade is the largest 4th of July parade in Southern Nevada. Governor Brian Sandoval will join the parade and celebrate the 150th anniversary of Nevada's admission to the Union.

25 Macy's style balloons will fly in the sky and bands will play tunes to entertain the young and old alike. There will be more than 70 entries including a themed float from the movie “Frozen” and a 74 foot long snake from "The Jungle Book".

Everyone is invited to show up at the Trails Village located at Hillpointe Road and Hills Center Drive to watch this fantastic parade which starts at 9 AM and travels along streets lined with flags.

Start your day off with a bang and participate in Summerlin’s Firecracker 5K and 1 Mile Fun Run/Walk. The Trails Park in Summerlin is the place to be in red white and blue to begin the day with a festive walk/run. The Firecracker 5K and the 1 Mile Fun Run/Walk at 6:30 AM. The entry fee is $20 on or before July 3rd or $25 on July 4th.

Hot Dogs On Classic Picnic Table

Boulder City Damboree

Featuring a pancake breakfast, a parade, a legendary water fight, games, booths and concession stands and of course fireworks the Boulder City Damboree Celebration remains one of the best ways to celebrate Independence Day in the Las Vegas Valley.

Each year on the 4th of July the Las Vegas "suburb" of Boulder City hosts the Boulder City Damboree Celebration. This year commemorates its 64th year with the catchphrase "Preserving Our Past to Educate the Future".  Built in the 1930's to house and entertain the men building the Hoover Dam, Boulder City remains a quaint slice of Americana that is often difficult to find in modern, activity driven, and neon illuminated Las Vegas.

The parade starts after the free pancake breakfast at 9 AM and features a water battle on one of the float.

The riders and parade bystanders battle with squirt guns, water balloons, and lots of screaming.

Start with free pancakes (yum) at the crack of dawn.  The real fun begins with the parade at 9:00 AM. Famous for the water battle section of the parade, where float riders and bystanders battle with squirt guns and water balloons, this parade is more fun and cooling than most. Just make sure to know the rules. Check them out on the Boulder City Official website www.bcnv.org.

Damboree Schedule

  • 7:00 AM: Pancake breakfast hosted by the Rotary Club at Bicentennial Park.
  • 9:00 AM Parade starts at Colorado Street and then parades onto Nevada Highway to Broadbent Memorial Park at 5th St.
  • 9:05 AM Flyover by the Boulder City Veteran's Flying Group
  • 10:00 AM to 4:00 PM Midway Booths featuring food, drinks & games. Presented by non-profit groups
  • 11:00 AM Damboree Celebrations with Flag Raising & National Anthem and the presentation of parade trophies & greetings by dignitaries.
  • 1:00 PM Coin Toss at the Pool (admission: price to the pool)
  • 2:00 PM Games and Contests
  • Festivities at Veteran's Memorial Park 6:00 PM - 11:00 PM
  • 6:30 PM Food - fun, water park & competitive games
  • 7:00 PM -8:45 PM Pie Eating and Live Music
  • 9:00 PM Fireworks Show

ENJOY THE 4TH OF JULY IN DYNAMIC LAS VEGAS

WATCH THE SKY FOR THE SHOW OF A LIFETIME!

 4th of July Cupcakes and Fireworks 2014

 

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