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Posts Tagged ‘market’

Luxury Homes in Las Vegas, Realtor Penny O’Brien explains what “luxury” Real Estate Means

Monday, December 11th, 2017

Hi Everyone,
I trust you’re having a wonderful day! If you’re looking for LUXURY I can help you find LUXURY. Penny O’Brien with RE/MAX Excellence, I put the Excellence in Real Estate. 702.321.9383

When half the homes on the market are suddenly marketed as “luxury,” the definition of the word starts to not have too much meaning of importance to the word. “Luxury” real estate is defined differently across different markets, as property values, median resident income and area development varies widely depending on the metro area.  We all know a home in Beverly Hills that sells for $2.5 million may be called a luxury while some builders in Las Vegas, Summerlin and Henderson  are selling homes in the low $400’s calling them Luxury.

Within Las Vegas the median price home right now is:  ESTIMATES only:

The median home value in Las Vegas Metro is near $236,800. Las Vegas Metro home values have gone up a little over 11%.  The median list price per sf. in Las Vegas city area is $148. The median price of homes currently listed, in ER status and C, P Status in Las Vegas Metro is $285,000 while the median price of single family homes that sold is $244,868. The median rent price in Las Vegas Metro is $1,300-$1400 which is the same as the Nevadan median  price of around $1,350.

Buyers, sellers and Renters, Call, text or email me, Penny 702.321.9383

Good News for Clark County Buyers, FHA buying limits for Las Vegas Henderson North Las Vegas SW and NW of the Las Vegas Valley

Friday, December 8th, 2017

 Hi there everyone,

Ready, get set, go.  These new FHA loan amounts are increasing for home buyers which is great news since our Las Vegas Home Prices are rising. It’s a wonderful time to buy homes here in Las Vegas. I put the excellence in Real Estate.  Contact me for more information about our housing market, Penny O’Brien with RE/MAX Excellence @ 702.321.9383

ONE UNIT :  $294,515

TWO UNIT :  $377,075

THREE UNIT: $455,800

FOUR UNIT    $566,425

Are you interested in the FHA loan called Section 184 Native American Indian Loan Program?  I can Help, I know the program and have helped many buyers purchase homes using this great program.  You can use it for new and re-sale homes.  Town homes, single family homes and condos.

Enjoy your day/evening.  Penny

Coming soon a new Summerlin Town home listing SINGLE story 1849 sf 2 car garage 3 bedrooms

Thursday, December 7th, 2017

Hi there,

just in case you’re in the market to buy an amazing town home is Summerlin Las Vegas, I’ve got one coming on the market soon.  It even has a pool. Totally upgraded and beautiful inside.  3 bedrooms with 2 car garage.

This town home will sell in a matter of a few hours.  It’s located in a fantastic area of Summerlin and hardly ever do any town homes in this community go for Sale.

I put the Excellence in Real Estate. Penny O’Brien with RE/MAX Excellence.

Call me for more information, 702.321.9383

Cash and Conventional offers accepted.

Native American Indian Home Loan Program Section 184 HUD, Help is here

Friday, November 17th, 2017

Hi there,

Are you in the market to buy a home?  If so, give me a call to find out more information about a fantastic program. Penny O’Brien 702.321.9383 I can help  you right NOW.

The Section 184 Native American  Home Loan Guarantee Program is a home mortgage specifically designed for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities. Section 184 loans can be used, both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance.

The unique status of Indian lands being held in Trust, Native American homeownership has historically been an underserved market. Working with an expanding network of private sector and tribal partners, the Section 184 Program endeavors to increase access to capital for Native Americans and provide private funding opportunities for tribal housing agencies with the Section 184 Program.

To help and increase Native access to financing, the Office of Loan Guarantee within HUD’s Office of Native American Programs, guarantees the Section 184 home mortgage loans made to Native Borrowers. By guaranteeing these loans 100%, we encourage Lenders to serve the Native Communities. This increases the marketability and value of the Native assets and strengthens the financial standing of Native Communities.

take care, enjoy your day/evening. Penny

Month-over-month change in selling prices for August 2017 Las Vegas and the United States

Friday, November 17th, 2017

Month-over-month change in selling prices for August 2017This is very interesting.  I hope you enjoy it too.  Moving?  Let me know how I can help with your Real Estate needs. Penny O’Brien 702.321.9383

This map shows each state’s month-over-month selling price for August 2017.  The light gray states, prices have gone up between July and August. This would suggest a seller’s market where buyers may face increased competition. New York and Wisconsin had the highest month-over-month price increases — both above 6% — likely indicating that their housing markets are gaining strength.

The full data lists the median selling prices in July 2017 and August 2017 for each state. The actual numbers can give some insight into the amount of inventory compared to demand from home buyers. Median selling prices are currently over $300,000 in many large seller’s markets including District of Columbia, Hawaii, California, Massachusetts, Colorado, Washington and New York. According to the data, District of Columbia had the highest median selling price in August 2017 at $510,099.

I have over 20 years experience working with buyers and sellers.

Penny O’Brien

RE/MAX Excellence

702.321.9383

Need financing?  I can help you with that too.  I have many lenders who have been busy doing loans in Las Vegas forever and a day.

Section 184 the Native American Indian Program is a wonderful program.  Call me about more information I have helped so many buyers, HAPPY buyers.  Penny 702.321.9383

Section 184 Indian Home Loan Guarantee Program in Las Vegas, Ask Penny O’Brien 702.321.9383

Saturday, October 21st, 2017

Hi there,

Yes, You have come to the right person to help you with your home purchase using Section 184.  I have helped so many buyers with this program.  Call Me anytime: 702.321.9383, Penny O’Brien

The Section 184 Indian Home Loan Guarantee Program is a home mortgage specifically designed for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities. Section 184 loans can be used, both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance.

Penny’s take about Section 184 Indian Home Loan Guarantee Program:

  • Low Interest Rates: based on the market, it is not the applicant’s credit score
  • Low Down Payment: 2.25% on loans over $50,000
  • Lower Monthly and Upfront Mortgage Insurance than other programs. Nice, right?
  • All Section 184 loans are reasonable and affordable, with reviewed fees and structured appropriately.
  •  Although America has seen a drop in mortgage lending; Section 184 loans, since they are guaranteed by the Federal Government, have stayed healthy and productive.
  • I have amazing clients who have used this program and are extremely happy.

I am ready to help answer any questions you have.  I look forward to hearing from you.  Penny O’Brien @ 702.321.9383

Penny O’Brien

 

 

Do you smell it? It’s fresh air time to buy a home with a pool season in Las Vegas, NV

Thursday, February 9th, 2017

Hi all,

Have You ever noticed how the smell in the air changes over night sometimes?  I live 4.5 hours from the California beaches but I swear some days I smell the ocean.  That Lovely Fresh ocean salty breeze.

I looked up to see how many houses were for sale to fit my clients criteria.  1995 sf or more, 4 bedrooms, 1 bedroom to be downstairs,  outdoor pool and under $310,000.   I believe there were only 74 in the whole Las Vegas valley.   Las Vegas weather for the most part is typically warm.  I always see a switch in buyers when this time of year comes around.  The air changes, the sun is a little warmer, you start hearing more birds chirping all the signs that spring is almost here.  The big difference for us here in Las Vegas is that spring can feel like summer.  Where in other parts of the country spring feels like spring.  We kind of get a little head start on the warm weather.

Many business start putting out summer related out door dining.  Everything starts growing toward being outdoors, hence the buyers consciously or subconsciously wanting to buy a home with a pool.  It maybe something they never considered before depending on where they maybe moving from.  Or, Maybe they just want the ultimate “party” house.  I know when I moved to Vegas from Iowa, having a pool was a must.  I promised my kids we’d have a house with a pool and we did.  There were Lots of fond

Las Vegas Housing market

Las Vegas Housing market

memories  made.

Just last night I showed a couple 2 homes with swimming pools.  Something about the desert heat and seeing the pool is so refreshing.  It’s a great time for sellers to put their homes on the market too, especially if they have a pool.

 

Enjoy everyone.  Your friend, Penny O’Brien

 

FIRTA, what is it? Las Vegas Inventory

Wednesday, February 8th, 2017

Hi all,

Here’s what I see happening in the Las Vegas housing market, grant you this is my opinion formed from selling Real Estate full-time in the Vegas Valley for over 16 years.

Things are kinda sideways and a few people are scrathing their heads saying hey what’s going on with the FIRTA clause when buying and selling in Vegas.  First of all, like any industry there tends to be trends.  You know a flow, prices go up then they drop. Well, I’ve seen something escalating and that is sellers selling their property with the FIRTA clause.  What is FIRTA?  Foreign Investment in Real Property Tax.

FIRTA is the disposition of a United States  Real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA authorized the United States to tax foreign persons on dispositions of U.S. real property interests.

A disposition means “disposition” for any purpose of the Internal Revenue Code.  The meaning of disposition is similar to the action of distributing or transferring property or money to someone, in particular which may include but is not limited to a sale or exchange, liquidation, redemption, gift, transfers,.  So buyers purchasing United States real property interests (transferees) from foreign persons, certain purchasers’ agents, and settlement officers are required to withhold 15% (10% for dispositions before February 17, 2016) of the amount realized on the disposition (special rules for foreign corporations).

In a majority of cases: the transferee/buyer is the withholding agent. If you are the transferee/buyer you must find out if the transferor is a foreign person. If the transferor is a foreign person/persons and you fail to withhold, you may be held liable for the tax. For cases in which a United States  business entity such as a corporation or partnership disposes of a United States real property interest, the business entity itself is the withholding agent.  I know this gets a little bit confusing and or complicated.

Here in Las Vegas it’s handled through the title company.  Thank goodness they are on top of the changing Las Vegas market.

FIRTA in Las Vegas is on the rise.  I am guessing it is throughout the U.S.  I have had several buyers buy from FIRTA sellers.  The buyer in most cases is required to sign a form stating they will live in the home for 2 years.

This means a big deal when it comes to investors purchasing properties.  Cause in my understanding , they can’t buy these properties.  So, they are limited to what’s  out there for sale that aren’t FIRTA sales and our INVENTORY is so Low.  How low can it go?.

Just another learning curve for the general public and everyone involved in the Housing market knowledge department.

Enjoy your day and life,  it’s the only one we get here.  Dance, sing and have fun.

Penny O’Brien

RE/MAX Excellence 702.321.9383

 

Searching for homes in Las Vegas Via Secret Agent Penny O’Brien, Here’s an example for a cash buyer

Tuesday, May 10th, 2016

Hello folks,

It’s been a couple of days since my last blog.  I really have no excuses.  Happy Mother’s Day to all the women and or men that play the mom roll in children’s lives.

Once again, it is an amazing day here in Las Vegas.  The weather is fantastic.  The air is cool, the sun so very warm.  Almost hard to explain  how wonderful the day is.

Today I chose to work a  few hours here at Starbucks.  I am sharing today with you the shortage of inventory we have here in Las Vegas as far as homes for sale go.

A simple example of a  search for my cash buyer:

At least 2 bedroom

Single Family Home

Any part of the valley

priced at or under $135K

Built in 1989 and newer

See, it’s a simple search.  Take a guess at how houses there are for sale?  Ready for the answer?  29 ,  Yes, only 29 homes. Some are short sales, some are foreclosures, and some are Traditional sales.

This is why I need to get some more listings.  Our Las Vegas housing market is lacking homes for sale.  If you know of anyone who is needing a fantastic Realtor with years of experience and has helped wonderful clients who have become friends.

thank you for your time, enjoy your life and keep me in mind when your talking Las Vegas Real Estate or any Real Estate.  I’m Excited to hear from you, Penny

 

Prices & Sales Continue to Rise in the Las Vegas Housing Market, March 2016

Friday, April 15th, 2016

Hi Everyone, Happy Friday from Sunny, Windy Las Vegas:

Words: The Central Banker’s Conundrum April 8, 2016 — Mortgage rates declined a bit this week,

April 8, 2016 — Mortgage rates declined a bit this week, as investors refocused on global economic troubles and the words and deeds of central bankers around the globe.

Although modest U.S. economic expansion continues, doubts remain that it is durable enough to continue in the face of considerable worldwide headwinds, or strong enough so as to be an engine to help lift the world from its malaise. Certainly, many central banks are employing novel approaches to try to spark growth in their economies, but so far the only success story to be seen is here.

Much as it might like to, the Fed cannot lift interest rates as desired, at least not without causing the kind of market-disrupting outward ripples we endured in the aftermath of the Fed’s small move to the Federal Funds rate back in December. That move — and plans for as many as four more this year — so unsettled markets that the Fed was forced to back down its expectations for lifting rates in 2016 from four moves to two.

As they usually do after tumultuous periods, markets settled, and now, with Fed policy de-tuned, there aren’t any immediate rate changes for which to plan or hedge. The Fed is watching the data for clues, the market is watching the Fed for clues, with both reacting accordingly when they come. At the moment, the Fed is “talking down” expectations for growth and rates by highlighting the risks and challenges the economy faces. This has helped mortgage rates to fall, but presents a bit of a quandary for the Fed’s messaging to markets.

HSH.com’s broad-market mortgage tracker — our weekly Fixed-Rate Mortgage Indicator (FRMI) — found the overall average rate for 30-year fixed-rate mortgages eased by eleven basis points (.11%), slipping to an average 3.67%, its lowest value since May 2013. The FRMI’s 15-year companion found a little less space to fall, with this week’s average trimming nine basis points to an average rate of 3.07%. Rates on fully-insured FHA-backed 30-year FRMs remain considerably below their Fannie and Freddie counterparts but declined far less than they did, falling by just four basis points to land at an average interest rate of 3.55%. Meanwhile, the overall 5/1 Hybrid ARM continued tracked the FRMI completely, sliding by eleven one-hundredths of one% to land at 2.90 percent for the week.

The median price for condos was also up for the 47th month in a row.

with home sales have been higher than the year before ten of the last twelve months.

The housing market continues to be on the side of sellers.

The median price for single-family, re-sale homes in the Greater Las Vegas area rose, year-over-year, for the 47th month in a row in March.

 

I will say once again, INVENTORY is very low.  If you are ready to move please give me a buzz so we can go over your Real Estate needs.  I am here to help.  Thank you for your time.  Penny

 

Penny O'Brien
Las Vegas | Henderson | Summerlin Realtor/Real Estate Agent


Cell:  702.321.9383
Email: lasvegasniceliving@yahoo.com

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