Las Vegas Market Update – February 2014

Chinese-New-Year-2014-Horse-1Mortgage Debt Relief Act Extension!

Let’s get the bad news out of the way up front!  Do not expect Congress to discuss or debate an extension until sometime after Labor Day!  There is considerable work to be done this year on overall Tax Reform and that will inevitable delay any extension to this Act.

Click Here for the NAR statement on this issue.

The Current Las Vegas Market

MomentumChartClosed sales for January 2014 are 8.5% behind last January as we begin the year with sluggish closings and more demanding loan requirements.  Moreover, the chart above shows that while bank owned closing are beginning to gather some steam, that Short Sales are in a tail spin!  Average closed sales prices are softer, being down about 3% from last month.

Click Here to Download the Current Las Vegas Market Update

Click Here for Additional Market Update Charts

New NAR Study of Home Buyers and Sellers

This is the first study that I’ve seen in many years that truly profiles buyers and sellers in today’s market that provides amazing insights.  We discover the needs and challenges faced by our clients, whether first time homeowners or returning clients.  You may be surprised by the amount of multi-generational transactions!

NAR Profile of Home Buyers and Sellers

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