Is Your Home Value Increasing- Las Vegas Real Estate

702-379-3401

www.DaveRadcliffeVegas.com 

Las Vegas Appreciation Map by Zip Code

Is your Las Vegas Home Value Increasing?

Below are two different maps that appear to be very similar. And that's because the maps are broken down by Las Vegas area zip codes and color coded to show boundaries. The difference is the first map shows home value appreciation for Single Family Homes Valued at $400,000.000 plus while the second map shows Las Vegas Home value appreciation for Single Family Homes Valued less than $399,999.00. Different parts of town are appreciating at different rates and differently in different price ranges. The map compares November 2014 vs November 2015.  

Appreciation Rate for Las Vegas Home Values $400,000.00+

Keep in mind little change shows a very stable market. A negative percentage shows a decline year over year, but since real estate is a local market, and values have climbed in the past few years its somewhat normal to see some variation. The greater Las Vegas area has less than a 30% count of homes that are still underwater, much different than in years past and we still see a decreasing trend. There is a lot of pricing competition for new homes. The median home value in Las Vegas currently is $220,000.00

Appreciation Rate for Las Vegas Home Values $399,999.00 and under

 What is your home valued at?

Each home has it's unique selling features and is valued based on specific comparable properties and upgrades. The Radcliffe Group is happy to do a free- no-obligation on site evaluation of your property to help you best understand you home's value and marketability. It's a great seller's market and interest rates are low, so buyers are benefiting in this market as well. Demand for homes is high in the Summerlin area, with available inventory. Give us a call if we can help you get your home sold. 702-379-3401www.DaveRadcliffeVegas.com 

 The Radcliffe Group

Out of more than 10,000 real estate agents in the greater Las Vegas and Clark County area, Dave Radcliffe ranks among the Top 1% of Realtors® as number 101 during the second quarter of 2015. Dave Radcliffe ranked number 1 in 2014 as the top producing individual out of 172 Realtor-Agents in his office. Dave has a team of top producing agents and ranks consistently as one of the top real estate teams at Keller Williams Realty Southwest Las Vegas because he is all about customer service and utilizing the best resources in the real estate business. The Radcliffe Group is your Las Vegas, Summerlin, Centennial Hills, and North Las Vegas real estate connection.

As a retired police officer, Dave is passionate about giving back to the service community and dedicates much of his time giving and supporting the Las Vegas Metro Police Department, Firefighters and Military at Nellis Air Force Base. Military, Fire and Law enforcement never pay a full commission when they work with the Radcliffe Group. The Radcliffe Group can assist you in your Las Vegas PCS or relocation, New Home Construction purchase, Condo and Luxury Home purchase. Specializing in helping Las Vegas and North Las Vegas homeowners sell their home for the highest market value, Dave and his team will help you yield your highest profit. Call 702-379-3401 when it is time to sell your Las Vegas, Summerlin, Centennial Hills or North Las Vegas Home.

Check out and subscribe to our YouTube Channel and follow our Las Vegas Real Estate Blog at: www.DaveRadcliffeVegas.com

 

Written by Nickel Lowman

For Dave Radcliffe, The Radcliffe Group

Keller Williams Realty Southwest

702-379-3401

www.DaveRadcliffeVegas.com 

Las Vegas Community Real Estate Home Values & Market Update- August 2015

The Market

It’s a brisk real estate market in Las Vegas- this means it’s a great time to sell your home! There are 9,216 available Homes for sale in the greater Las Vegas Area; 6,634 are under contract as a contingent and pending status. Of the 6,634 homes are under contract, 2,209 are contingent and pending short sales, which means over 66% or 4,425 are not short sales, and that shows equity sales are up. Because so many homes are under contract, and there are few on the market, these numbers show us an effective 10 week inventory. Anything less than a 6 month inventory of homes, is clearly a favorable seller’s market. A 10 week inventory means that if no additional homes went on the market, we would be sold out completely in 10 weeks. A balanced market would be 6+/- months of inventory. A buyer’s market is when there is more than 6 months of inventory. There were 3,370 sold properties in the Greater Las Vegas area just last month.

Financing

We are seeing fewer and fewer cash sales, indicating investors are a smaller portion of the market right now, with only 837 cash sales last month. Conventional sales make up the greatest part of our home sales in Las Vegas with 1,221 Conventional loan types, followed by 942 FHA Loans, and 309 VA Loan types. This means it’s much easier for first time home buyers to enter the market because there are fewer competing bids in the lower spectrum markets.

Interest Rates & Affordability

It’s hard to say exactly what is going to happen with the Federal Reserve raising interest rates, it is likely there will be some type of interest rate adjustments in the near future. When rates are low, affordability increases and your opportunity to get into a property with lower payments or qualify for a higher priced home of your dreams is greater.

Under Construction

The New Home Construction market is doing very well, with lots of new developments popping up around town. There is standing inventory available, which means quick closings are possible, and a lot of “builder close out inventory” being offered at discount prices with many incentives in neighborhoods where the available lots have all been sold.

Master Planned Communities

One of the newest Master Plan Communities in the area is Skye Canyon. Pulte Home and Woodside Homes just celebrated their grand opening event earlier this month, and that community has great plans with some awesome features and area parks in Skye Canyon area; all planned for future development near the 95 and Horse Road.

We love Downtown Summerlin, and there is a lot happening there, with Pancho’s restaurant coming soon, and new stores and other restaurants opening underway. Public School 702 is a new hot spot, with a great patio and upbeat atmosphere.

Out of more than 10,000 real estate agents in the greater Las Vegas and Clark County area, Dave Radcliffe ranks among the Top 1% of Realtors as number 101 during the second quarter of 2015. Dave Radcliffe ranked number 1 in 2014 as the top producing individual out of 172 Realtor-Agents in his office. Dave has a team of top producing agents and ranks consistently as one of the top real estate teams at Keller Williams Realty Southwest Las Vegas because he is all about customer service and utilizing the best resources in the real estate business. The Radcliffe Group is your Las Vegas, Summerlin, Centennial Hills, and North Las Vegas real estate connection.

As a retired police officer, Dave is passionate about giving back to the service community and dedicates much of his time giving and supporting the Las Vegas Metro Police Department, Firefighters and Military at Nellis Air Force Base. Military, Fire and Law enforcement never pay a full commission when they work with the Radcliffe Group. The Radcliffe Group can assist you in your Las Vegas PCS or relocation, New Home Construction purchase, Condo and Luxury Home purchase. Specializing in helping Las Vegas and North Las Vegas homeowners sell their home for the highest market value, Dave and his team will help you yield your highest profit. Call 702-379-3401 when it is time to sell your Las Vegas, Summerlin, Centennial Hills or North Las Vegas Home.

Check out and subscribe to our YouTube Channel and follow our Las Vegas Real Estate Blog at: www.DaveRadcliffeVegas.com

Written by Nickel Lowman

For Dave Radcliffe, The Radcliffe Group

Keller Williams Realty Southwest

702-379-3401

www.DaveRadcliffeVegas.com

Las Vegas Real Estate Update & Market Statistics- December 2014

702-379-3401
www.DaveRadcliffeVegas.com 

Las Vegas Real Estate Home Sales and Market Statistics- December 2014

December was a typical month is real estate for the greater Las Vegas area, slightly slower than most months of the year, but normal, we usually see a slight slowdown around the holidays.There were a total of 2,615 Single Family, Condominium and Townhouses closed in December 2014.

Real Estate Market Breakdown (Approximate):

82% of the Market was Traditional Resale, for a total of 2,144 homes

10.2% of the Market was Short Sales, for a total of 266 homes

7.8% of the Las Vegas Real Estate Market was REO Sales, for a total of 205 homes

We are seeing a rise in traditional Resale Homes, which is great for the Las Vegas Community home values. With fewer Short Sales and REO sales it shows the market has once again stabilized and fewer people are upside-down or in trouble.

Active

Single Family Residence 7339

Condo/townhouse 1780

Pending

Single Family Residence 4331

Condo/townhouse 855

Sold past 30 days

Single Family Residence 2155

Condo/townhouse 447

Sold past year

Single Family Residence 28,046

Condo/townhouse 5,967

Las Vegas Home Sales- Financing Options Chosen

34% Cash Purchases, 873 home sales

34% Conventional Financing, 880 home sales

23% FHA Financing, 608 home sales

8% VA Financing, 208 home sales

Cash purchases are down from years past; this is great news for FHA and VA buyers looking to enter the market as there is less competition with the cash investor buyer. Interest rates are at a 20 month low, 3.25% FHA, VA, and 3.75% conventional rates. It’s a great time to refinance or purchase and lock in a great 30 year rate. The Radcliffe Group can connect you with a great lender that can help you with your unique situation and loan and share about the best financing loan  options available.

Las Vegas Economy

Gas prices are down 25%, we may see airline flight prices drop; and this would be great for Las Vegas. Tourism has been strong; we are expecting a slight uptick, but nothing substantial. Caesars did go bankrupt; we are not seeing any changes to operations at this point.

The Radcliffe Group is your Las Vegas, Summerlin, Centennial Hills, and North Las Vegas real estate connection. Ranking consistently as one of the top real estate teams at Keller Williams Realty Southwest Las Vegas, Dave also ranked number 1 in 2014 as the top producing individual out of 172 Realtor- Agents in his office.

As a retired police officer, Dave is passionate about giving back to the service community and dedicates much of his time giving and supporting the Las Vegas Metro Police Department, Firefighters and Military at Nellis Air Force Base. The Radcliffe Group can assist you in your Las Vegas PCS or relocation, New Home Construction purchase, Condo and Luxury Home purchase. Specializing in helping Las Vegas and North Las Vegas homeowners sell theirhome for the highest market value, Dave and his team will help you yield your highest profit. Call 702-379-3401 when it is time to sell your Las Vegas, Summerlin, Centennial Hills or North Las Vegas Home. 

Written by Nickel Lowman
For Dave Radcliffe, The Radcliffe Group
Keller Williams Realty Southwest
702-379-3401
www.DaveRadcliffeVegas.com

2015 Las Vegas Economy and Real Estate Crystal Ball Report

2015 Crystal Ball Report- Las Vegas Real Estate

Market Updates:

David Radcliffe of the Radcliffe Group of Keller Williams Realty Las Vegas is reporting form the West end of Summerlin on Las Vegas Real Estate Developments and The Local Economy as it relates to Real Estate. We believe keeping you updated and informed on the real estate market and home values is just as important as keeping you informed about how the local economy is impacted. We have video series available on these topics and others on our YouTube Channel. Subscribe today for the latest updates about Las Vegas, Centennial Hills, North Las Vegas and Summerlin.

Rates:

Interest rates should stay pretty stable most of the year 4.25-4.50% in place most of the year.

Values:

Moderate increase in value estimated at a 3-5%, and some areas increasing at a rate of 8-10% such as Summerlin. This is a good steady rate for home owners.

Inventory:

Slight inventory increases, current inventory started the year at 6,000 homes on the market we currently we are at 8,200 available homes for sale. I expect it should increase slightly. It will create more of a balanced market when inventory increases.

Foreclosures:

More foreclosures are hitting the market 10.5-11.0% of the Las Vegas Real Estate Market is foreclosures. It is slightly trending up from earlier in the year.

HOA Foreclosures:

Super Priority Liens legislative action is expected in June and July, then court challenges will begin and we expect legal opinion to be released soon. Be sure to check out our video series to learn more about how a Homeowners Association can lien your property and foreclose and the property can be sold for pennies on the dollar. We will have an update for you soon.

Lending Changes:

FHFA lending has announced changes. We expect to see “Lender Buy Back” portions where they really put heat on lenders, unnecessarily, which was pushing mortgages back if not done 100% right. If standards relax a bit, we might see lenders relax some lending guidelines.

Land:

Land prices are currently at $400K an acre, we don’t expect the market can absorb that going any higher, I expect land costs to stabilize and not go any higher, as developers cannot pass the costs on to the consumer.

Las Vegas Strip:

Stadium projects less than optimistic that they will happen, don’t see the cash flow. We will see some action and will update you as we know more.

Caesars will probably file Chapter 11 Bankruptcy, operationally it probably won’t make much of a change, but perhaps we will see some fall out.

Las Vegas Economy:

Gas prices are down 25%, oil has dropped down below $60 a barrel;, this may affect airline prices, soon, although it has not yet. It would be great for the local tourism and economy. Tourism has increase 3-4% this year, it would be great if it continues to.

Thank you so much for watching. If you need more information go to my website or give me call. As always, we always love to talk to you about all of your Las Vegas, Centennial Hills, Summerlin, and North Las Vegas real estate needs. Happy New Year from the Radcliffe Group at Keller Williams Realty Southwest Las Vegas 702-379-3401 www.DaveRadcliffeVegas.com

Dave Radcliffe, The Radcliffe Group
Keller Williams Realty Southwest
702-379-3401
www.DaveRadcliffeVegas.com