Everyone knows that the real estate market fluctuates throughout the year, and some years are more extreme than others. The biggest question on the minds of everyone in 2020 and for the upcoming year is all about knowing when the time is right.
Should I buy or sell a home in Denver right now?
Our expert local agents have your back when it comes to market trends, but hereâs a quick guide on understanding how and why the market changes.
Supply & Demand
The real estate market is often used as the number one example of a supply and demand industry. However, itâs important to understand what makes the demand or supply change. Youâve probably heard of a buyerâs or sellerâs market before; what are they and how do they come about?
Sellerâs market: People use this term when there are eager buyers but few sellers. This means that the homeowners who put their humble abodes up for sale are more likely to get multiple offers. This typically results in higher prices for homes.
Buyerâs market: This term is used when there is a high number of homes on the market and fewer buyers. Sellers often will wait longer for their home to sell and the sale price may be a bit lower than the listing price because buyers have more leverage to work with; when homes arenât flying off the market, sellers are more willing to negotiate to get their sale underway.
The swing from buyerâs to sellerâs market is influenced by several factors. Here are just a few.
Interest Rates
Interest rates play a big role in the ability for many buyers to afford a home. Locking into an interest rate is a long-term decision that spans the life of your mortgage in most cases. Therefore, many buyers are hyper-aware of rates and what that means for their payments over time. When interest rates are low, it gives more buyers the opportunity to make homeownership a reality.
If youâre looking to take advantage of low rates as a buyer, we recommend finding a mortgage lender or broker who can find you the best rates in your area and for your circumstances. Not all lenders are created equal, and a loan officer can help you make the best decision. Homie Loans guarantees that they will beat any competitorâs locked loan estimate, or theyâll pay you $500.*
As a seller, itâs still important to be aware of the rates. If youâre selling during a time when rates are high, thereâs a good chance there will be fewer buyers.
World Events
Many world and national occurrences, like major storms and weather events, election years, and employment rates, impact the health of the real estate market. Be aware of whatâs happening in your local market and keep an eye on the news.
Time of Year
If youâre looking to sell or buy during winter, be aware of how weather will impact you. Snow makes for undesirable moving conditions. This can mean fewer buyers in the market, which sellers may find extends their timeline for selling but buyers may see less competition.
While spring and summer may seem like the best time of year to sell a home, so will everyone else. Be aware of how the warmer months impact competition.
The Role of Real Estate Experts
Real estate agents are key players when buying or selling a home. Agents, like the pros at Homie, live and breathe the market. Whether itâs a buyerâs or sellerâs market, your agent can help you make the right decision to sell your home fast and for top dollar or help you find and win your dream home within your budget.
You wonât want to enter the competitive real estate market in Denver without one!
Let Homie Help You Make Your Next Move
If youâre ready to take advantage of the hot market to come in 2021, click here to start your listing.
If your dream home is in your 2021 plans, let one of our buyerâs agents help you find and tour the perfect home, and then build a compelling offer. Click here to get in touch.
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The post Real Estate Market 2020 Recap & 2021 Forecast Denver, CO appeared first on Homie Blog.
I have five years until I retire. I have a nest egg of $1 million and will also have a monthly military pension of approximately $6,000, and Social Security on top of that.
I like cycling 60 miles a day and want to retire in a place that is known for good, safe cycling. I hate hot humid weather and donât want a lot of snow. I love craft beer. And I would prefer a place with limited or no income tax on a military pension.
Where should I retire? Fort Collins, Colorado, and Asheville, N.C., seem like good places, but the cost of living in Fort Collins seems above average, and I am told Asheville has a lack of housing.
What other places should I consider and how do they compare with the two locations already mentioned? My wife likes the sound of âthe Hill County in Texas,â but she knows the heat is bad.
Charles
Dear Charles,
The Fort Collins and Asheville areas sound lovely. And popular places tend to be more expensive â thatâs just the reality of supply and demand. If thatâs where you want to be, the trade-off might be as simple as a smaller house/condo/rental.
You also could seek cheaper housing a bit further from these two cities â Greeley, Colo. (donât believe everything about the smell), or Hendersonville, N.C. (recommended here), for example. Or what about Raleigh-Durham, with the American Tobacco Trail as the trail networkâs spine? Youâd have to accept more humidity with that one, however.
I started my search by looking at the League of American Bicyclistsâ bicycle-friendly communities. Five, including Fort Collins, are platinum. Housing in only one is cheaper than Fort Collins, but I donât think youâll appreciate the snow in Madison, Wis. I ruled out Davis, Calif., because the state is one of seven that taxes military retirement pay in full. (It doesnât tax Social Security checks, though.)
So I looked further down the list while taking weather and taxes into consideration. You can estimate your state taxes using this calculator, but you may want to verify that with a tax professional.
Iâve described three suggestions for you below. Boise (a silver-level BFC) and Corvallis, Ore. (a gold BFC), recommended here and here, may be other places to consider.
As always, taxes, housing costs, the number of craft brewers and even bike-friendliness can change over the next five years. And some of these places may not mesh with whatever your wifeâs wish list includes.
Another piece of advice: Be sure to experience a place in all weather, or at least the worst season, to make sure itâs a fit. Data can only tell you so much. Consider renting, at least at first. Your pension and Social Security may cover your regular expenses, but donât make yourself house-poor.
Equally, state income taxes arenât always everything. Virginia, which does tax retirement pay, is rated the best state for military retirees according to this survey and scores second-highest for the âeconomic environment,â behind Alabama.
Why not check out your shortlist on a bike tour?
A kayaker and a paddleboarder in Meadâs Quarry, part of the Ijams Nature Center in the South Knoxville section of Knoxville, TN.
Justin Fe/Visit Knoxville
Instead of Asheville ⦠Knoxville, TN
Asheville is one of Americaâs premier craft beer destinations, but Knoxville has an above-average number of breweries too. By moving here, youâd get a city twice the size (nearly 190,000 people) and the stateâs flagship university (33,000 students and the potential for practically free classes starting at age 65). Youâd be in a valley with the Smoky Mountains visible to the east; Ashevilleâs elevation is more than 1,000 feet higher. Average July highs would be a couple of degrees warmer than in Asheville, and January highs would be a couple of degrees cooler, but a little less snow.
Knoxville is a bronze-level bike-friendly community, as is Asheville. Check out bike rides that tour the breweries. You can also join BikeWalk Knoxville on one of its rides to explore the city.
Tennessee has been reducing its state income tax and will abolish it at the end of 2020. North Carolina will give you a more modest break on your pension and tax your Social Security check.
Housing is much cheaper in Knoxville than in Asheville, whether buying or renting. Hereâs whatâs for sale in Knoxville now, using listings from Realtor.com (which, like MarketWatch, is owned by News Corp.
And hereâs Asheville.
You can flip to the rental market for both.
âââ
A sunrise near Wenatchee, WA
Wenatchee Valley Chamber of Commerce
Instead of Fort Collins ⦠Wenatchee Valley, WA
The Wenatchee Valley is a bronze-level bicycle-friendly area of 67,000 people in central Washington, so far from Fort Collinsâ platinum status and even smaller than Asheville. The city of Wenatchee has nearly 35,000 residents, and the narrow, 50-mile-long Lake Chelan is an hour away. This is an agricultural area â fruit is a big crop, and thereâs wine, too â so you should have plenty of rural roads to pedal on. Yes, youâll also find craft brewers
Washington state doesnât have an income tax, so Wenatchee checks that box. Colorado offers some tax breaks on both military pensions and Social Security.
The Wenatchee area is more affordable and less busy than Fort Collins, which you should think of as a cheaper(!) version of Boulder. Fort Collins has 170,000 people, plus there are almost another 80,00 in neighboring Loveland and 110,000 in Greeley. The plus side is that it gives you a broad range of neighborhoods and prices.
Average summer highs in Wenatchee are in the mid-80s; average highs in the winter are just above freezing. Fort Collins is a touch cooler in the summer and warmer in the winter. Youâd get little rain, unlike cities on the other side of the Cascade Mountains, but expect 7 to 9 inches of snow on average in December and January. Despite its higher average temperatures, the snow starts earlier in Fort Collins, lasts longer and you get more of it.
You will find plenty of retirees around Wenatchee. Nearly 20% of Chelan Countyâs 77,000 residents are 65 or older, according to the Census Bureau. Fort Collins comes with Colorado State University.
If Wenatchee looks too pricey, check out Spokane, another bronze-level BFC. Itâs far bigger, with about 225,000 people (and 525,000 in the county), and has more craft brewers. The drawback is more snow. If you want to go smaller, Ellensburg, about 90 minutes south of Wenatchee, is a silver-level BFC and a touch cheaper than Wenatchee.
Hereâs whatâs on the market in Chelan County.
This is what the housing market looks like in Fort Collins, Loveland and Greeley.
Indiana University’s Little 500 bike race.
Visit Bloomington
Wild card: Bloomington, IN
If you like older biking movies, you know this town of 85,000 people from âBreaking Awayâ and the Little 500 bike race. But did you know the home of Indiana University is a gold-level bike-friendly community?
And weâre not talking about just biking past miles and miles of corn fields on those 60-mile rides. (That would be retiring near rival Purdue University in West Lafayette, a bronze-level community.) Southern Indiana is hilly â test yourself on the brutal Hilly Hundred weekend ride outside of town during peak foliage. Others might prefer the all-terrain Gravel Grovel through the Hoosier National Forest. To chill, take the 9.2-mile trail that runs from the north end of town to the limestone quarry on the south side.
For beer, check out Upland Brewing, which won a gold medal at the Great American Beer Festival in 2019. Six more gold-medal winners are in Indianapolis an hour to the north.
Indiana is changing how it taxes military retirement pay; your pension should be exempt as of 2021. The state also doesnât tax Social Security income.
Temperatures in Bloomington reach an average of 86 in July, while January means an average high of 37 and about 5 inches of snow. If you want to hang out on campus, seniors get 50% off tuition, and the break starts at age 60.
Here are homes on the market now.
The post Iâll Retire With a Military Pension and Want to Move to a Bicycle-Friendly, Beer-Loving PlaceâSo Where Should I Go? appeared first on Real Estate News & Insights | realtor.com®.
As one of the top five fastest-growing cities in the US, Denver is quickly becoming the place to be. The vibrant city life, the outdoor culture, and the growing economy are attracting numerous people looking to become Denver homeowners.
If you, like many others, have noticed how much this Colorado city has to offer, you might be wondering how home-buying works in Denver. Weâve got you covered. Hereâs what every Denverite or potential Denverite needs to know about becoming a homeowner.
Start With a Budget
Before the hunt for your dream home can begin, youâll need to determine how much you can afford. Get in touch with a lender to talk this through. Your lender will help you determine how much of a down payment youâll need, as well as what kind of monthly payment you can expect.
Once you speak with a lender, youâll know what kind of loan you qualify for, and you can narrow down your search to homes within your budget. Now youâre ready to really get serious about finding your future home.
When looking for a lender, many people start with their bank. Your bank isnât a bad place to start, but donât forget to shop around for the best rate. If you donât check out all the options, you might miss out on deals from companies like Homie Loans. Homie Loans guarantees they can get you the best rate possible. In fact, if you find any lender with a better rate, theyâll give you $500 cash*.
Find the Right Agent
Most people work with an agent while buying a home, but not everyone knows how essential it is to find the right agent to work with. The right agent will be experienced and knowledgeable about the highly competitive Denver market.
Your agent should also understand your goals and interests as a prospective buyer. Theyâll use their knowledge of your goals with their knowledge of different neighborhood vibes to help you find the perfect fit for you. If easy access to the mountains is one of your priorities, your agent will tell you which cities to look at. If downtown living is your thing, your agent can help you find a good deal in a vibrant, Denver neighborhood.
When you have an expert agent on your side throughout the whole home buying experience, youâll never have to stress about missing out on important information or getting the bad end of a deal. There are a lot of pieces to the puzzle when it comes to real estate, but agents are there to make each step along the way easy on you. Thatâs why the sooner you bring an agent in to help, the better.
Check Out the Options
Now itâs time to start looking at homes. For many people, this is the fun part of buying a home. Your agent will help you find homes in the areas youâre interested in. It can be a lot of fun to visit potential neighborhoods and imagine yourself as a resident. If a home really catches your eye, donât be afraid to visit more than once. You want to be sure that itâs the right one for you.
Be sure to be thorough when checking out your options. You donât need to settle for something youâre not happy with. If youâre not looking for the extra work that comes with a fixer-upper, donât skip the home inspection. Some homes have issues that you wouldnât have noticed without an inspection. You want to find a home thatâs in great condition.
When youâve found the perfect home, your agent will help you determine if itâs listed at a fair price. A home could check every box on your wishlist, but if the price isnât right, it may not be the right one for you. One of your agentâs main jobs is to help you negotiate to get a price that works for you. On the other hand, if the price is where youâd like it, your agent will help jump on that home faster than any of the other potential buyers.
Streamline the Process With Homie
Whether youâre a home-buying veteran or this is your first rodeo, Homie will make your experience the best it can be. Searching for your dream home is a breeze when you have our easy-to-use app.
When you work with Homie, you donât only get access to the app, though. Youâll also have your very own, top-ranked licensed agent who will help you every step of the way. Our buyersâ agents are dedicated only to their buyers, so youâll get the best quality service throughout the process.
To get access to amazing homebuying tools and some of the best agents in the state, you might think youâd have to pay top double, but not with Homie. We want to make homeownership accessible to everyone, which is why working with Homie is more affordable than working with any traditional realtor. We offer buyers a refund of up to $2,500 at closing. With those savings and those benefits, buying with Homie is a no-brainer. Click here to start the process.
*Subject to terms and conditions.
Get more tips on buying your Denver home!
5 Tips to Help You Afford Your First Home
Common Home Buying Fears and How To Overcome Them
Can You Buy and Sell a Home at the Same Time?
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The post How to Buy a Home in Denver, Colorado appeared first on Homie Blog.
A federal housing watchdogâs move to potentially overhaul home appraisal rules could save time but, if done wrong, could exacerbate racial inequities. So repo
Buying a home sight unseen might seem like a massive gamble: plunking down hundreds of thousands (maybe millions) of dollars on a property you’ve never set foot in, your fingers crossed it looks just like the photos and doesn’t have major issues! So how lucky do you feel, anyway?
But during the pandemicâwhen stay-at-home restrictions made touring a property difficult and folks were eager to get out of densely populated citiesâgreater numbers of buyers than ever before were more game to buy sight unseen.
One of those buyers was Jenny Haiar of Sioux Falls, SD, who recently went through the virtual process of purchasing a new condominium in Scottsdale, AZ. She purchased a one-bedroom, one-bathroom with a view of the mountains.
How have Haiar and other buyers like her successfully bought a home sight unseen? Sure, the process comes with risks and challenges, but, if done right, it’s possible to land a property that checks all your boxes. Just be sure to avoid the following mistakes.
1. Not asking the right questions
Zach Combs at Northrop Realty in Maryland says asking questions is the No. 1 tool in purchasing a home. The simple equation: the more you ask, the more comfortable you will be when it comes time to sign the paperworkâso let the queries fly.
âI ultimately compiled a list of everything I thought of regarding my day-to-day and work-life needs, goals, and expectations,” says Haiar. âThis was about eight months of questions and answers to gain a full understanding of the homeowners association, rules, policies, buying process, and more.â
Combs says you can never ask your real estate agent or potential new HOA too many questions, so jot down each and every one.
2. Not hiring the best local agent for the job
A local real estate agent can serve as your eyes and ears when buying a home sight unseen.
Haiar knew exactly what she was looking for, but she didn’t live in Arizona.
âI felt a local agent based in Scottsdale could give me the best overall birdâs-eye view of properties. I never felt pressured to look at anything that didn’t fit my criteria,â says Haiar.
Vet agents by looking at personal testimonies, and don’t be afraid to ask them for a list of references. You can use a real estate site (such as this one!) to uncover more info about how long the agents have been at the job, their sales volume, the areas they specialize in, and client reviews.
3. Not fully using all technology
FaceTime tours, Google Street View, and online property listings are all useful tools you need to take advantage of when buying a house sight unseen.
âUse every bit of technology available for the listings you are interested in,” says Combs. “Not all listing agents or sellers pay for a 3D tour, but if they have one, use it to understand the flow of the house.”
He says at the very least, buyers should always video-chat with their agent to see the house and get a feel of the space.
4. Not demanding a floor plan
While a floor plan may not always be available, it is an important detail buyers should not overlook.
âIf you have an open space in your current dwelling, either outside or inside, where you can tape off the actual room sizes, then you can make a mock layout with your furniture. This will help you truly understand if the space really can work for you and your family,â says Combs.Â
If a floor plan is unavailable, ask if your agent can measure the rooms and give a crude layout of the space. If an agent can get the measurements, Combs recommends buyers use Floorplanner.com, a free tool that can help you visualize your potential new home.
Understanding the floor plan was crucial for Haiar. When coordinating furniture delivery, she says, it was important to know the items fit in her space.
5. Not getting an appraisal and a home inspection
Giving a home a good walk-through is important with any home purchase, but buying sight unseen means calling in the experts.
âIf you are purchasing the home with a loan, your lender will require an appraisal for them to be able to close the loan,â says Combs. âIf you’re buying with cash, then it would be up to you.”
But regardless of how you’re financing the purchase, Combs says buyers should get a home inspection when buying sight unseen, âso you know exactly how much work the house needs and if you are comfortable handling those repairs.â
Haiar says itâs also important to have an insurance broker review insurance requirements and your HOA policy and coverage (if applicable).
The post Avoid These 5 Mistakes When Buying a Home Sight Unseen appeared first on Real Estate News & Insights | realtor.com®.
The local Arizona housing market has been hot nearly all year long. As we get closer and closer to the yearâs end, will the trends continue? We checked out all the stats for Arizonaâs market during November. Check out what we found out!
Monthly Sales
According to data from the ARMLS ® from November 1, 2020 to November 30, 2020, monthly sales in the Phoenix metro area rose significantly from where they were at this same time last year. With a +27.4% year-over-year increase, sales landed at 8,886 for the month.
While this number is a slight drop from the previous month of October, the -8.3% month-to-month decrease in sales is in line with the typical slow down in the market as the year starts wrapping up.
Data retrieved from ARMLS®.
List Price
At $453.9K, November saw a +6.4% year-over-year increase in average list price. Median prices also rose. With a +10.0% increase from November 2019, the median list price in November was $330K.
Data retrieved from ARMLS®.
Sale Price
Average sale prices increased by +18.0% between November 2019 and November 2020, landing at $418.7K. With a slightly smaller jump, median sale prices still rose significantly with +16.8% year-over-year increase. The November median sale price was $331.0K.
As forecasts predicted, these numbers are slightly lower than sale prices in October of this year. The average sale price was -1.5% lower than that of October and the median sale price was -1% lower. For next month, the average sale price is projected to increase, while the median sale price is expected to have another small decrease. Check back next month to see how these forecasts turn out.
Data retrieved from ARMLS®.
Days on Market (DOM)
While many metrics in the market slowed down this November compared to the previous month, the Average Cumulative Days on Market did not. This number continues to steadily drop, showing homes are being sold more and more quickly. Landing at 41, the Average DOM saw a 2-day decrease from October of this year and a 17-day decrease from November of last year.
Data retrieved from ARMLS®.
Want to Know Your Homeâs Value?
If youâre thinking of selling soon, youâre probably wondering how much your home is worth. Click here to request your free home value report from a Homie pro!
A Message From Sales and Operations Manager, Wayne Graham
Going into December, inventory is 28.2% lower than it was a year ago. In fact, some areas are experiencing record low levels of inventory. However, In contrast to the record low levels of inventory, weâre seeing record-high levels of sales. Demand increased by 27.4% between November 2019 and November 2020. Low supply and high demand are one of the surest guarantees of rising sales prices.
But even though prices are rising, according to the National Association of Realtors Housing Affordability Index it is still very affordable to buy a home in Phoenix compared to historical market trends. This is still possible because of extremely low-interest rates. So overall, home affordability is still in a good historical place in the Phoenix area.
Turn to a Homie
With our dedicated team of professionals, we can help you navigate the real estate market easier than ever. Click to start selling or buying with a dedicated and experienced Homie agent.
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The post Homieâs Greater Phoenix, AZ Housing Market Update November 2020 appeared first on Homie Blog.
The long stretch of historically low mortgage rates could be ending as signaled by last weekâs rate rise. So reports the Associated Press. The 30-year fixe
When I was buying my first house, everything seemed too good to be trueâat least at the start of the process. I found a home within a couple of weeks, the price was fabulously low, it was in a cute lake community with a style I loved, and funding came through quickly and easily. I even received a first-time home buyerâs bonus for tax time. Plus, I didnât need much of a down payment.
But it turned out too good to be true. My smooth path to homeownership suddenly became rocky when the inspection report came back with a big fat failure on it. I immediately panicked. What did it mean? Was I still able to buy the house? And if I did, was it going to fall apart?
After a few calls with my real estate agent (who, at that point, had become more of a home-buying therapist), I learned that a bad inspection isnât that rare. In fact, my new home wasnât in as bad of shape as I initially feared. We were able to make some repairs and, after a second inspection, the house was appraised and the sale was able to go through.
During the process, though, I learned a lot more than I ever expected about home inspections. Whether you’re a first-time or repeat home buyer, hereâs my advice for getting the house you want after a shaky home inspection.
Houses don’t really pass or fail
Though my home inspection appeared to be a failure, homes aren’t actually graded on a pass/fail system.
âThere is no such thing as a failed inspection,â said Karen Kostiw, an agent with Warburg Realty in New York. âThe inspection just points out small and potentially larger issues that you may not be aware of.â
Sure, some houses can sail through the process and others may fare poorly, but itâs not a âYou can never buy thisâ situation if there are problems with the property.
For me, my mortgage hinged on a solid inspectionâso the initial results meant I wouldnât get the loan unless things were fixed. That being said, if I had enough cash on hand or wanted to try a different mortgage lender, I could have continued with the purchase even with a negative inspection report.
So if the house you’re set on buying ends up having issues, donât panic. You still have options.
Most inspection issues are small
Itâs important to remember every home inspection report will come back with something, according to Kate Ziegler, a real estate agent with Arborview Realty in Boston. My inspection report had noted about 40 fixes. But a lot of times, the problems arenât as bad as you think.
Keep in mind that the inspector’s job is to call out any trouble spot. Also, all issues noted in the report aren’t equal: Some problems flagged by an inspector can wait.
âThe inspector will find defectsâsometimes many defectsâbut that does not mean buyers are not purchasing a good home,â Kostiw says. âThe small leak might mean a bolt needs to be tightened, or the dishwasher is not working because the waterline was switched off by accident. These are easy fixes. However, when buyers see a laundry list of items, it can seem as if the home is falling down. This is most often not the case.â
Red flags do exist
Ziegler and Kostiw agree that though most repairs are easy fixes, some items should give you pause if you see them on your report.
Structural problems, antique electrical systems, old windows, unexplained water damage, evidence of termites or wood rot, a bad roof, asbestos, mold, radon, and lead paint are all red flags that can show up during a home inspection. If fixing these problems is impossible or way beyond the means your budget, you may want to reconsider your purchase.
âWhether or not inspection items warrant backing out entirely depends quite a bit on any individual buyer’s experience and bandwidth, as well as personal risk tolerances and financial situation,â Ziegler says. âIt’s true that houses don’t stay in good repair on their own. They require maintenance and care, just like your houseplants and your sourdough starter!â
Donât try to fix things yourself
Unless a repair is something truly minor like caulking a bathroom tub or putting a cabinet door back on its hinges, donât try to fix anything on your own. You could make things worse or even injure yourself. Hire licensed contractors that youâve vetted to handle any problems. And try not to leave it all up to the sellerâthey’re not going to be living in the home. You will be.
âMotivations in this case are not aligned,â Ziegler says. âThe seller wants to spend as little as possible to meet their contractual obligations, but [a] buyer should be more concerned with the quality of the repair.â
Work the costs into the sale
At first I worried I would have to pay to fix everything that was wrong with my house. But itâs important to know you can work the cost of repairsâand how long it should take to make themâinto the sale.
Say you can’t afford to fix the busted water heater but the seller can. You can raise the offer price by that cost, or you can trade off: The seller fixes one thing, and you fix another. In my case, I only had to add a banister to one stairwell. The sellers were particularly motivated to unload the home so they handled everything else.
Hopefully by the end of this process, every issue will be fixed and youâll be ready to purchase your home. And youâll be able to move in with a clear head, knowing everything is really as good as it seems.
The post My House Failed Its First Real Estate InspectionâHere’s What I Did To Get Through Escrow appeared first on Real Estate News & Insights | realtor.com®.
As the Las Vegas fall season comes around, the Las Vegas market keeps on going up. Read below for Homieâs update.
In October, the real estate market saw growth on most fronts including the number of listings, number of units sold, and in terms of median listing price and sales price. However, units available and availability went down year-over-year. With that said, weâre still seeing the market continue to grow month-over-month which might indicate that buyers and sellers are becoming more comfortable in the existing real estate market.
Hereâs the full breakdown:
Monthly Sales
According to the data fromthe GLVAR® from October 2020, Las Vegas real estate realized a 6.8% increase in the number of single-family units sold compared to 2019.Â
List Price
Average new list prices stay strong year over year as October records a 9% increase in new listing prices for single-family units and 8.8% increase for condo/townhouse units.Â
*Data from the GLVAR® from October 2020 and October 2019
Sale Price
Property prices continued to grow as this seller market keeps on strong. We saw an 8.8% increase in year-over-year median price for single family units, and also a 14.3% increase in year-over-year median price for condos and townhouses.
*Data from the GLVAR® from October 2020 and October 2019
Days on Market (DOM)
We saw the Average Cumulative Days on Market continue to decrease in October 2020, as demand for this market continues to go strong. Now averaging an insanely brief 33 days on market versus 81 Average Cumulative Days on Market in 2019. This is a strong indicator that the real estate market will continue to remain strong.Â
*Data from the GLVAR® from October 2020 and October 2019
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The post Homieâs Las Vegas, Nevada Housing Market Update October 2020 appeared first on Homie Blog.
guarantees that they will beat any competitorâs locked loan estimate, or theyâll pay you $500.*
Visit Knoxville
Viorel Kurnosov/Getty Images
Mikolette/Getty Images
