What do you know about the Rental Market?
Many of today’s real estate headlines remark on median home sale prices. In Las Vegas, the median single-family home price reached $300,000 in September, nearly thirteen percent higher than the same month one year ago. What fewer recognize is that the rental market has been similarly heated over the past year. It’s important to cast some light on the rental market, which lives somewhat in the shadows of the for-sale market.
The median rent per-square-foot has a... read more
If you’re fresh out of college and settling in at your first or second job, homeownership might be out of sight, out of mind. But there’s a lot you can do in your 20s to better position yourself for buying a home when the time is right.
You’ve got plenty of company if you’re not ready to house-hunt just yet. Fifty-seven percent of millennials rent because they view it as more affordable or because they think they won’t qualify for a mortgage, according to a 2014 Fannie Mae surv... read more
Following a significant increase in single family home prices over the summer, recent price growth is more tempered and flattening. In our opinion, this pause in price growth is welcome since we do not want to see prices exceed the basic fundamental measures that drive the market long-term. We typically see closings subside this time of year and 2015 continues this pattern, however, both escrows opened and the number of closed ho... read more
As we enter fall, there are a few things that we typically observe. One is a buildup in inventory which is often the result of slower sales rates. Another market feature that we often observe is an increase in days on market. This market mechanism, which manifests as strong seasonal patterns, often results in more moderate price changes during the fall months, as demand softens and available supply expands. August figures, which are revealed be... read more
Looking year-over-year, the number of single family escrows opened and homes closed have been more than respectable. Closings are up nearly 20% year-over-year when measured in July and the year-to-date numbers are solid also. Price increases have moderated and we believe this is a welcome pause after the consistency in vibrant price increases. We have already experienced more price amplification than we expected back in Ja... read more