Just a short 3 months ago we came out with our 2015 Las Vegas Economy and Real Estate Crystal Ball Report; it’s time for our 2nd Quarter Outlook
Gas prices had reduced to $2.00 per gallon and are back up to close to $2.80-$3.00; we thought the reduction may increase air travel, and it did not. The fracking has slowed up and places were closed, so prices have edged back up with economic conditions.
Land prices are constant at $400,000 an acre. The question is rather they will stay there? It is very likely Builders won’t pay more than $400k an acre, as it would be hard to absorb or pass on to home-buyers.
We are seeing an uptick in Foreclosure properties, approximately 9% of the Las Vegas Real Estate market is Foreclosure properties. Short sales are decreasing, now under 8% of the current market conditions, this could be due to the Mortgage Debt Relief Act was not being extended. It looks like Short Sales are non-players in the market going forward. Learn more about current conditions and keep an eye on the Las Vegas Real Estate Market Here.
Super priority liens Nevada Supreme Court did not release the second part of the ruling; legislator is in session and will be bills will be discussed to address, rather if an HOA can wipe out and extinguish a deed of trust and foreclose on a property for non-payment of HOA assessments. The Supreme Court is clearly looking for a legislative solution. What is a Super Priority Lien, you ask? It’s a category of lien that, pursuant to state statute, is given a higher priority than all other types of liens. When it comes to HOA assessment liens, a super lien refers to that portion of a homeowners’ association lien that is given higher priority than even the first-mortgage holder, placing the interest of the HOA in front of the first mortgage. Learn more about Super Priority Liens Here.
Lending changes are expected August 1st where the HUD1 and Truth in Lending Disclosure will be replaced by different forms that may cause longer escrow periods, up to 40 days, CFPB (Consumer Financial Protection Bureau) says it could take a ridiculous amount of time, like 92 days. We have some of the best escrow officers in the business on our team and will do everything to keep escrows short. There is a lot of education taking place in the real estate industry to get everyone up to speed. View our Law Meets Real Estate Educational Series by watching now.
Local demand is heavy especially in Summerlin; listings are flying out of the market with multiple offers on the table. There is a lot of growth in Summerlin, take a look at our Summerlin Video Series Here.
There are slight inventory increases and moderate increases in values. Some areas are having appraisal issues, is it due to the recent appraisal changes? When we see concerns we challenge them, sometimes they appraisal comes in and are just terrible reports, not reflective of the current market. Take a look at our Appraisal Video Series Here.
Change in interest rates are, possible mid-summer. There is Free Money out there right now. The Fed no longer has “patience” as part of its guidance; Jobs report that came out shows that inflation may be ticking up, the outlook looks more like July or August at this point for an increase. We keep an eye on the mortgage market for you, and have great lenders we can refer you to by Clicking Here. Bottom line, it’s a great time to refinance, purchase, or sell as the opportunity time is now!
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