2017 Good News: ECONOMIC SITUATION 2016 was a great year and the economic fundamentals are sticking solid for 2017. As a matter of fact, Jonathan Smoke the chief economist from realtor.com said this,
2017 Good News
2016 was a great year and the economic fundamentals are sticking solid for 2017.
As a matter of fact, Jonathan Smoke the chief economist from realtor.com said this,
It looks like the rates have hit bottom according to all projections.
There is a balancing of the Buyers and Sellers platform that is going to ignite as the enconomy continues to improve and the concern that interest rates are projected to go up over the next 18 months.
HOME INVENTORY IS LOW IN THE LAS VEGAS VALLEY
However, the inventory of available resale homes is low. As of January 2, 2017, here is the inventory in the greater Las Vegas Valley including Henderson.
Mark Fleming, a PhD, and also the chief economist at First American said,
The employment rate is dropping, meaning more people have a job. And, the wages are starting to go up. We really need more listing inventory. Sellers should list and sell now before the rates go up. Timing is everything! Sell Now – Buyer’s can buy more house with the current rates. Sellers can sell and buy before the rates go up too.
NATIONAL ASSOCIATION OF REALTORS just came out with a new graph, showing exactly what’s the median Seller tenure which is how many years does a seller stay in a home since 1985?
A family in America stayed in their home on average for 6 years.
That was until the market crashed. The average now is 9 years. Many Sellers were trapped in their homes with high unemployment, lower wages, no wage increases, and negative equity.
All of those situations have now changed.
The President and CEO of CoreLogic said,
Here’s the average equity gain per homeowner from June 2015-June 2016.
Across the Country the average was $11,152.
Again, the first-time home Buyers are going to be a major piece of the 2017 home buying marking.
Historically, first-time home Buyers are concerned about their credit score and their down payment.
According to Fannie Mae, the credit scores of 54% of the Buyers were between 600 and 750 FICO score.
12% of all the homeowners in this country are under the age of 34. They are probably looking to make that move up.
Let’s get that word out there. Because as Lawrence Yun said,
Everyone is projecting; Zillow is projecting; the Urban Land Institute is projecting; NAR is projecting; realtor.com is projecting that this year is going to be the year of that first-time Buyer.
And even in the new home construction, Brenda Garcia Lemus, from John Burns Real Estate Consulting said,
First time home Buyers are eligible for new-construction.
Remember that Buyers believe they can’t afford to buy a new-construction home because they don’t think that they have the right credit score or the right down payment.
Spread the word that they can.
THE LAS VEGAS MARKET
Las Vegas is back. Check out the value of your home.
Las Vegas is growing again. Check out the value of homes in a neighborhood that you like.
Nevada’s 8.9% increase in home values was the result of the market crash. Las Vegas was the #1 Foreclosure Market.
Here we grow again! Without the bubble this time!