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
Keller Williams Realty Southwest
702-379-3401
www.DaveRadcliffeVegas.com
