One of the most significant errors made about housing market reports is that they mistake price per square foot ratio of sold homes with the median price. “Las Vegas home prices set record in June as sales rebound,” wrote Las Vegas Review-Journal on July 7th. The reason is that the …
Silly low-ball offers on our Las Vegas home listing
Unfamiliarity with the housing market reports result in extremely silly low-ball offers on Las Vegas home listing In a Realtor’s forum, I saw a post from a Realtor complaining about a new home salesperson refusing to show her offer to her supervisor, saying that she did not doubt that her …
No tsunami of foreclosures in Las Vegas due to COVID-19
Positive equity should prevent a tsunami of foreclosures in Las Vegas in 2020 In this post, we will explain why we shouldn’t see an avalanche of foreclosures in Las Vegas as a result of the COVID-19 recession. The Great Recession of 2007-2011 resulted in a tsunami of foreclosed homes, condos, …
Pros and cons of mortgage forbearance of 2020
What is a mortgage forbearance, and what is it not? To protect homeowners from the Coronavirus hardship the United States government came up with the CARES Act, which includes six months of forbearance for a government-backed mortgage loans, which is extendable by another 180 days. As of June 3, 2020, …
The best time to buy or sell homes in Las Vegas, video
Obviously the best time to buy homes in Las Vegas is the worst time to sell them. But when is it? There is actually a best time to buy or sell homes in Las Vegas. Throughout the years we have done thousands of quick CMAs to find the best priced …
Is median price the best benchmark to analyze housing market?
Las Vegas housing market reports have been based on the median price of homes sold which is $313,000. This is how it has been done since the beginning. But is it the best benchmark to measure home price gains or losses in the housing market? The median price of homes …
Big changes for the VA loan programs in 2020
A big win for veterans. While the no down payment clause remains the loan limits have been removed, thus enabling veterans and service members to stay competitive with conventional offers. However, down payment/equity requirements still apply when using second-tier entitlement. But down payment/equity requirements still apply. Now, National Guard and …
Conflicting 2020 forecast for Las Vegas by Realtor dot com
Two opposing Las Vegas housing market forecast for 2020. What are these PHD researchers at National Association of Realtors smoking? The National Association of Realtors (NAR) first Las Vegas housing market forecast for 2020 predicted about a 1.1% decrease in the median price of homes for 2020 and 9.5% decrease …
Unusual Las Vegas real estate market forecast for 2020, Video
In order to do a Las Vegas real estate market forecast for 2010, we have to take a look back at a very unusual 2019. The law of supply and demand is represented by months of listing inventory of Las Vegas homes which is calculated by dividing the number of …