HUGE win TODAY as The Eight Judicial District Court in Clark County, Nevada granted the Greater Las Vegas Short-Term Rental Association's and its President Jacqueline Flores' preliminary injunction against Clark County (Las Vegas) and the State of Nevada declaring these short-term rental regulations as unconstitutional.
"After being alienated for so long; the Greater Las Vegas STR Association and its short term rental owner members feel validated, vindicated and elated with todays court’s ruling granting our petition for a preliminary...
MARKET OVERVIEW
The first four months of 2022 have fallen 8.5% off the 2021 pace with 1446 fewer closings than the first last year at this time. Available SFR inventory improved by 2995 units while listings taken in April were approximately 140 more than in March. The SFR market increased slightly to 1.0 months of available inventory even as the condo and townhome segment rose to 0.8 months of inventory. The average days on market fell to 17 days.
The median sales price of SFR closings jumped yet again from $460,000 to $475,000 for a one-month gain of 3.3% while the SFR average closed sales price soared from $560,496 to $586,642 for a one-month increase of 4.66%. This was fueled by the high end and luxury market closing strength in April where the luxury market set another record with 218 closings of one million dollars or more. Strong activity at the higher price points with continued contraction of the lower price points drives the median sales...
Las Vegas Tops
Commercial Real Estate Market
According to a recent article by FOX 5 Las Vegas is in the TOP 10 for Commercial Real Estate. NAR'S Chief Economist Lawrence Yun predicts that the commercial real estate market will improve in 2021 as the U.S. economy reopens.
Per NAR, The 2021 Commercial Real Estate outlook shows stronger investor interest for land, multifamily,...
Is Now The Right Time To Buy?
Have any of you ever seen such low mortgage rates? I know I haven't! I remember growing up my parents always used to tell me how they bought their first home at an 18% interest rate. Wow! This week I put a nineteen year old first time home buyer in a new home at 2.375% and he moved in with only $500 out of pocket.
Now, no one can tell you when the right time to buy or sell is but here at The Morcom Group we want to make sure you have all the current real time information to make sure you make an educated decision. As stated from the world property journal “Mortgage rates fell below 3 percent for the first time in 50 years. The drop has led to increased homebuyer demand and, these low rates have been capitalized into asset prices in support of the financial markets.”Home buyers have rushed back into the market eager to take advantage of these low rates. In case you were wondering, here is what the current stats...
As expected, the Fed cut policy rates by 0.25% at their most recent meeting. You might recall that the Federal Reserve committee voted unanimously to decrease rates by a ¼ percentage point at their July meeting, effective on August 1st.
Who is the Fed?
The Federal Reserve Board (the Fed), controls the Fed Funds Rate and the Discount Rate. These are charges for overnight loans from bank to bank or from the Fed to member banks.
What does a cut mean?
• It could cause banks to reduce their “prime rates,” which are often used to calculate interest on consumer products like credit cards, private student loans, and home equity lines of credit (HELOCs). Adjustable Rate Mortgages (ARMs) may be directly impacted as well.
• Fixed mortgages are typically based on long-term...
