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Las Vegas Real Estate News

Prices are up in southern Nevada

The Greater Las Vegas Association of Realtors reports that Januaray 2020 was up 2.9% on listing price from January 2019. This could be that the market is normalizing and becoming more of an even sided market meaning it neither benefits the seller nor the buyer. Now as mentioned in yesterday’s article, there is more incentives to generate more buyers out there. This of course will give people looking to sell an immediate opportunity to target more buyers before the fund runs out. It is also good to note that interest rates are also down while refinance applications go up. This means more people are either attracted to those low rates or they are pulling some cash out of their equity. The median price for homes sold in January were $305,000 which is still obtainable with many mortgage programs.

Speaking of Mortgage

Remember how I mentioned something about the refinance applications being up from last year? Well the Mortgage Bankers Association has publications of current market numbers and one of those being the MCAI (or the Mortgage Credit Availability Index); it is decreasing. With a credit decrease it is usually the case that borrowing becomes a bit tighter. So far this year it is down 0.2% which isn’t anywhere near recession indications, but it could mean that tougher qualifications could be expected with time. Make sure to speak to your lender about today’s rates!

We are still technically in a seller’s market

Right now the Market Action Index sits at 40 (out of 100) which makes it just barely out of the buyer’s market range. This number is expected to go into the sellers bracket again with the new $17.9 million fund allowing more buyers to enter the market. These funds are a great way to stimulate the market and sell the most affected zip codes from past recessions. The median list price currently sits at $369,900 and at $177 per square foot. The average days on market are at 126 days and 37% have decreased from the listed value. Pricing it appropriately at the beginning is a great tactic because early buyers are the most competitive. Make sure your agent provides the data to support their pricing analysis! Rent throughout the valley has continued to rise with a median value of $1,650 per month.

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