An economist responded when asked how interest rates would change: “They may fall some and then, rise and after that, they’ll fluctuate.”Just because interest rates have been low for ten years
Las Vegas Real Estate By The Numbers OR Good News Finally In August
Las Vegas, good numbers for real estate. Here is the welcome news (well it took long enough) for our once-battered real estate market.
The median sales price was $260,000 in August, the same as July but up 10.6 percent from August 2016. (The median price means half the sales are above and half below.)
Non-cash buyers had to get their money from somewhere. Mortgage lenders, that's who! Las Vegas was the eighth-fastest growing mortgage market in the nation, according to Attom Data Solutions. Lending was up 19 percent from the same period last year.
Of course, everything is not perfectly rosy. Last month 5,157 homes were on the market without offers. That's from July. In a hot seller's market like ours where I've sold homes in under 48 hours, that means the house is overpriced. Sellers, you must be realistic because today's buyers are smart!
Another takeaway: Homeowners who held on through our Real Estate Apocalypse (my term), have been amply rewarded. Prices did go back to fair market value after eight long years. Real estate in Las Vegas is a long game. Really.
((hugs)) BETH Ellyn
THE Las Vegas Real Estate Concierge
State Managing Broker, Nevada
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