Even in light of the increased number of new construction sales in our market; resales closings have increased by 9% in 2016:
Resale Closings Year
The increase in the number of closings between 2014 and 2016 was 5,503; a 16% increase. This is a sign of a healthier economy and therefore a healthier Real Estate market. More residents of Southern Nevada were able to buy a home in 2016 than in 2014 or 2015.
At the end of 2015, the average sales price was $254,159. December, 2016 the average sales price was $274,710 and increase of 8%. Still prices are very affordable but inching their way up with a healthy level of appreciation.
The Crystal Ball for 2017 is a continued increase in pricing, and perhaps an increase in interest rates as well. Our recommendation is to purchase as soon as you can as you will see additional increases in pricing this year. If you would like to sell but you are still under water, the next year could bring good news for you.
Begin – The home buying process
Organization is the key to finding the home you want while spending the least amount of time and energy.
Step One – Find out how much house you can afford before you go house hunting. A loan officer is a critical partner in helping you understand your budget options as well as the process of obtaining a home loan.
Step Two – Make a list of everything you want in a home. If there are two or more of you making the final decision, make separate lists to begin with. Then discuss the lists and agree on your top three priorities. Everything else becomes a secondary priority.
Step Three – Search on line and share your results with your selected Real Estate Agent. Look at homes with your Real Estate Agent. Keep good notes as after a while it can become difficult to determine which features belonged to which house.
Step Four – Once you have identified the house your want, work with your agent to review comparable sold properties to determine your offer price and terms. Write the offer!
Now you have found your home, but there is much more ahead before you can move in.