Archives for October 2024

Homeowners in Las Vegas, Summerlin, and Henderson typically slow down their moving plans as the summer months come to an end, leading to fewer homes being listed for sale in the fall. This is a predictable seasonal trend in the local real estate market. However, this year, mortgage rates decreased just as the number of homes on the market usually starts to decline. As a result, more homeowners in these areas decided to sell, bringing more homes to the market.

The most recent data from Realtor.com reveals that in September, the number of homes put up for sale increased by 11.6% compared to this time last year.

As the green circle in the graph below shows, the typical September decline in homes coming to the market didn’t happen – that number actually went up (see graph below):

Ralph McLaughlin, Senior Economist at Realtor.com, explains why there was an unseasonable rise:

“This sharp increase is largely due to the decline in mortgage rates in mid-August, enticing homeowners to sell.”

So, as rates came down at the end of the summer, more people jumped into the market and decided to make their move.

What Does This Mean If You’re Looking To Buy a Home?

It means more fresh options to choose from than you’ve had in a while – not the ones that have been sitting around, unsold.

But keep in mind, mortgage rates have been volatile lately, ticking up slightly in recent weeks, which could limit the number of people who feel comfortable with the idea of selling in the months ahead. And in this market, it’s mortgage rates that are largely driving homeowner decisions.

Why Buy Now, Rather Than Wait?

Whether you’re seeking a starter home, an upgrade, or looking to downsize in North Las Vegas, Summerlin, or Centennial Hills, Nevada, there are currently more homes available for you to choose from. If you find what you’re looking for, keep in mind that these fresh options won’t be on the market indefinitely. Staying updated on local listings with a trusted agent is crucial.

Remember, one month doesn’t dictate a trend. So, what does that mean for the future? The number of homeowners choosing to sell in these areas will largely depend on mortgage rates and economic factors like inflation, employment, and Federal Reserve actions.

 

With more homes available now, this could be your opportunity if you’re ready, willing, and able to buy this fall.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“The rise in inventory – and, more technically, the accompanying months’ supply – implies home buyers are in a much-improved position to find the right home and at more favorable prices.”

Bottom Line

As rates declined at the end of the summer, sellers in Summerlin, North Las Vegas, Centennial Hills, and Henderson, Nevada began returning to the market. This gives buyers more options right now. Collaborating with a trusted local real estate agent is the best way to capitalize on these new opportunities before they’re all taken.

Did you know? Homeowners are often able to put more money down when they buy their next home. That’s because, once they sell, they can use the equity they have in their current house toward their next down payment. And it’s why as home equity reaches a new height, the median down payment has too.

According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that’s nearly 15% more than last year, and the highest on record (see graph below):

Here’s why equity makes this possible. Over the past five years, home prices have increased significantly, which has led to a big boost in equity for current homeowners like you. When you sell your house and move, you can take the equity that gives you and apply it toward a larger down payment on your new home. That’s a major opportunity, especially if you’ve had concerns about affordability.

Now, it’s important to remember you don’t have to make a big down payment to buy your next home—there are loan programs that let you put as little as 3%, or even 0% down. But there’s a reason so many current homeowners are opting to put more money down. That’s because it comes with some serious perks.

Why a Bigger Down Payment Can Be a Game Changer

1. You’ll Borrow Less and Save More in the Long Run

When you use your equity to make a bigger down payment on your next home, you won’t have to borrow as much. And the less you borrow, the less you’ll pay in interest over the life of your loan. That’s money saved in your pocket for years to come.

2. You Could Get a Lower Mortgage Rate

Providing a larger down payment shows your lender you’re more financially stable and not a large credit risk. The more confident your lender is in your credit score and your ability to pay your loan, the lower the mortgage rate they’ll likely be willing to give you. And that amplifies your savings.

3. Your Monthly Payments Could Be Lower

A bigger down payment doesn’t just help you reduce how much you have to borrow—it also means your monthly mortgage payment may be smaller. That can make your next home more affordable and give you a bit more breathing room in your budget.

4. You Can Skip Private Mortgage Insurance (PMI)

If you can put down 20% or more, you can avoid Private Mortgage Insurance (PMI), which is an added cost many buyers have to pay if their down payment isn’t as large. Freddie Mac explains it like this:

“For homeowners who put less than 20% down, Private Mortgage Insurance or PMI is an added insurance policy for homeowners that protects the lender if you are unable to pay your mortgage. It is not the same thing as homeowner’s insurance. It’s a monthly fee, rolled into your mortgage payment, that’s required if you make a down payment less than 20%. – Dr. Jan Duffy | Las Vegas Strip REALTOR® | Luxury High-Rise Specialist

Avoiding PMI means you’ll have one less expense to worry about each month, which is a nice bonus.

Bottom Line

Down payments are at a record high, largely because recent equity gains are putting homeowners in a position to put more money down.

 

If you’re thinking about selling your current house and moving, reach out to Dr. Jan Duffy, Las Vegas Strip REALTOR® and Luxury High-Rise Specialist. They’ll help you figure out how much home equity you have right now, and how it can boost your buying power in today’s market.

 

Caliente isn’t just a place to live; it’s a lifestyle. Here’s why buyers are flocking to this quaint Nevada town:

1. Natural Beauty: Surrounded by stunning landscapes and outdoor recreational opportunities
2. Small-Town Atmosphere: Enjoy a tight-knit community where neighbors know each other
3. Affordability: Lower cost of living compared to larger Nevada cities
4. Rich History: Home to historic buildings and a famous railroad depot

Featured Caliente Nevada Homes for Sale

Here are some of our top listings in Caliente:

1. Cozy Cottage on Main Street: 2 bedrooms, 1 bath, perfect for first-time homebuyers
2. Spacious Family Home: 4 bedrooms, 2.5 baths, with a large backyard
3. Historic Bungalow: 3 bedrooms, 2 baths, lovingly restored with modern amenities
4. Ranch Property: 20 acres with a 3-bedroom home, ideal for those seeking space and privacy

Explore Caliente’s Neighborhoods

Caliente may be small, but it offers diverse neighborhoods to suit various lifestyles:

• Downtown: Perfect for those who want to be close to local amenities
• Meadow Valley: Ideal for families, with larger lots and newer homes
• Antelope Canyon: Offers stunning views and more secluded properties

Tips for Buying a Home in Caliente

1. Work with a local real estate agent who knows the Caliente market
2. Get pre-approved for a mortgage to strengthen your offer
3. Consider the property’s proximity to amenities and your workplace
4. Don’t forget to factor in the cost of utilities and potential renovations

Contact Us Today

Ready to find your dream home in Caliente, Nevada? Our team of experienced real estate agents is here to help. Contact us today to schedule a viewing or learn more about our Caliente Nevada homes for sale3.Call us: (555) 123-4567