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2017 1st Quarter Market Report: Home Sales Start Strong in 2017

The 1st quarter of 2017 ended on a strong note with March existing home sales reaching its highest pace in 10 years despite low inventories of homes for sale.

The most notable change in the 1st quarter was another huge increase in markets where there were more buyers than sellers resulting in quick sales and low inventory. Our survey showed that in 73% of the markets surveyed there were more buyers than sellers, an increase of 15% over the 4rd quarter and an increase of 13% over the 1st quarter of 2016. Additionally, 80% of our markets survey showed a tight supply of homes, an increase of 10% over last quarter and 13% over last year. Home prices are also on the rise with 92% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were up 5.9% over last year; inventory of unsold homes is at a 3.8 month supply and 48% of all homes sold in under one month. That is a strong sellers market.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up slightly in the 1st quarter of 2017 compared to the previous quarter. Buyer activity increased in 74% of the markets surveyed and decreased in 14% of the markets surveyed indicating a significant 8% increase since the 4th quarter o f 2016 and a 1% decline in activity from Spring 2016. Simultaneously, the trend for seller activity continued to increase in the 1st quarter with 45% of the markets indicating increased seller activity compared to 42% of the markets in the 4th quarter of 2016 and 40% of the markets this time last year. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly.

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Summer 2017 Market Update
ITS A GREAT TIME TO BUY IN LAS VEGAS! Interest Rates are currently very low and hovering between 4.00% to 4.75%. Conventional 30 year rates have been hovering about 4.50%, FHA 4.00% and VA 4.00% +/-. Still pretty darn attractive! Rates above were quoted from a local lender as of April 2014.
Average Sold Home Price: $250,000

Average Time on Market: 10-30 days

Best Selling Price Range: $250,000 - $299,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: No Change

Buyer's or Seller's Market: More buyers than sellers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: Increasing

Multiple Offers? Yes

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 25-30%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Housing Inventory Comments: Limited Supply of great properties currently. You need to get educated, be proactive, and patiently wait for the right property to hit the market next. Many of the great properties are currently in contract and youll achieve your goals once you know what youre looking for. Call me and I will help get you Educated!

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Lower prices with good selection and competitive interest rates creates a perfect time to buy in Aliante! Many military members call Aliante home for the location proximity to Nellis AFB and Creech AFB in the North and Northwest part of Las Vegas. I specialize in military relocation from around the world and will fully explain the process to make it a smooth transaction. Please visit CCSD.net for a list of school reports in the area. Prices are great and your dollar purchases more house for the money and newer houses in comparison to other parts of the greater Las Vegas Valley and Henderson! Call me today for more details and a personal overview!

Nearest Metro Area: Las Vegas, N. Las Vegas, Henderson, and Boulder City

Housing Hot Spots: All areas of Aliante and the Northwest are facing higher prices from a year ago. We are experiencing lower inventory levels which is putting the seller in control. This is similar all over the Las Vegas valley currently. With the seller being in control closing costs are tougher to negotiate if any and multiple offers are common. Please call me directly for the most detailed information. I would be happy to give you a full update and guidance. Please call for an overview of what to expect and an a detailed conversation on the local area! Call me directly at 702.523.8929

Average Sold Home Price: $250,000

Contact Information
Mark Krempel
702-523-8929
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Mortgage Rates for Jul 27th, 2017
30 year fixed rate: 3.85%
15 year fixed rate: 3.85%
30 year jumbo rate: 4.09%
15 year jumbo rate: 3.69%
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Real Estate Professional, Mark Krempel Mark Krempel
Realty ONE Group
Specializing in Aliante Real Estate
2831 St. Rose Pkwy. Ste 100
Henderson, Nevada 89052
702-523-8929
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Mark Krempel for current Aliante, NV market conditions before acting on this information.)
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