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