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Oct. 16, 2021

What Do Past Years Tell Us About Today’s Real Estate Market?

What Do Past Years Tell Us About Today’s Real Estate Market?

What Do Past Years Tell Us About Today’s Real Estate Market? | MyKCM

As you follow the news, you’re likely seeing headlines discussing what’s going on in today’s housing market. Chances are high that some of the more recent storylines you’ve come across mention terms like cooling or slowing when talking about where the market is headed.

But what do these terms mean? The housing market today is anything but normal, and it’s still an incredibly strong sellers’ market, especially when compared to the few years leading up to the pandemic. With that in mind, what can previous years tell us about today’s real estate market and if it’s truly slowing?

We’re Still Seeing an Above Average Number of Sales

You may see headlines about a drop in home sales. But are those headlines telling the full story? The most recent Existing Home Sales Report from the National Association of Realtors (NAR) does show a drop of about 2% from July to August. But the month-over-month decline doesn’t provide the full picture (see graph below):What Do Past Years Tell Us About Today’s Real Estate Market? | MyKCMAs the graph shows, historical context is key. Today’s home sales are well ahead of some of the more normal years that led up to the health crisis. That means buyers are still in the market, which is great news if you’re planning to list your home.

Houses Are Selling Faster Than Usual

When headlines mention the market is slowing, sellers may naturally wonder if their house will sell as quickly as they’d like. According to the most recent Realtors Confidence Index from NAR, homes are still selling at record speed (see graph below):What Do Past Years Tell Us About Today’s Real Estate Market? | MyKCMAgain, if we look back at data from previous years, we can see the average time on market – 17 days –  means homes are selling faster than a normal pace.

Bidding Wars Are Still the Norm

The Realtors Confidence Index from NAR also shows a drop in the average number of offers homes are receiving in August, and many headlines may simply focus there without providing the important context (see graph below):What Do Past Years Tell Us About Today’s Real Estate Market? | MyKCMAgain, it’s important to compare today’s market to trends from recent years. Currently, the average number of offers per listing is higher than 39 of the previous 45 months. That means the likelihood of a bidding war on your home is still high. And the number of offers your house receives can have a major influence on the final sale price.

So, Is the Market Slowing Down?

While there are slight declines in various month-to-month data, it’s important to keep historical context in mind when determining what’s happening in today’s market. Odeta Kushi, Deputy Chief Economist at First American, put it best recently, saying:

“It's not the white-hot market from earlier in the year & it's not the 2020 market benefiting from a wave of pent-up demand but make no mistake this is still a hot housing market.”

Bottom Line

Don’t let headlines make you rethink listing your home this fall. Selling today means you can still take advantage of high buyer demand, multiple offers, and a quick sale. If you’re thinking of selling your house, let’s connect and discuss why this fall is the perfect time to do so.

Posted in Las Vegas
Oct. 11, 2021

Experts Agree: Homeownership Provides a Path to Long-Term Wealth

Experts Agree: Homeownership Provides a Path to Long-Term Wealth

Experts Agree: Homeownership Provides a Path to Long-Term Wealth | MyKCM

A recent survey from LendingTree.com found there are multiple reasons why Americans would choose to purchase a home instead of renting. Some of the most popular non-financial reasons given include:

  • The flexibility to make the space your own
  • The pride homeownership offers
  • The sense of stability

In the same survey, 41% of respondents say they’d rather own a home than rent because of the unique way homeownership builds wealth over time.

And experts agree – the home you own is an important tool for building your net worth. Here’s what many of those experts have to say about building long-term financial stability through homeownership.

According to the National Association of Realtors (NAR):

“Homeowners who purchased a typical single-family existing-home 30 years ago at the median sales price of $103,333 with a 10% down payment loan and who sold the property at the median sales price of $357,700 in 2021 Q2 accumulated housing wealth of $349,258, . . .

Mark Fleming, Chief Economist at First American, points out that a home is truly a one-of-a-kind asset. It’s the only asset that’s both an investment and a place for you to call your own.

“The major financial advantage of homeownership is the accumulation of equity in the form of house price appreciation. . . . We won’t always have 17% house price appreciation, but we have to take into account the fact that the shelter that you're owning is an equity-generating or wealth-generating asset.

Homeowners can leverage the wealth they generate in several ways throughout their life. Tapping into accumulated equity has long been used to pay for the cost of an education, to start a business, or to fund various other expenses. The Joint Center of Housing Studies at Harvard points out:

“. . . by paying down mortgage principal each month and participating in the long-term appreciation of home values, a family can build wealth that can be used for retirement or other needs, including helping the next generation.

Bottom Line

With home prices expected to continue to appreciate in coming years, homebuyers have an opportunity to start the long-term wealth-building process right now. Let’s connect today if you’re ready to begin your journey on the path to becoming a homeowner.

Posted in Las Vegas
Oct. 6, 2021

The Truth About The Cost Of Living In Vegas

Cost of Living LV

A lot of people get worried when they hear about the cost of living in Las Vegas. If you’ve ever been to Vegas, you know it can be expensive. But there's no reason to worry; the city has a very diverse economy, and you can find what’s right for you if you know where to look! This blog will help you understand the truth about the cost of living in Vegas and help you decide if this is the place for you.

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Posted in Las Vegas
Oct. 6, 2021

Ultimate Guide To The Top 5 Up & Coming Neighborhoods in Las Vegas

Up and Coming Las Vegas Neighborhoods

Las Vegas, known as the entertainment capital, is one of the world’s top tourist destinations. The famous casinos, hotels, and nightclubs make up this area and attract over 42 million people every year, but don't forget that over 600,000 people call Las Vegas home. Las Vegas offers many benefits to young professionals, families, and retirees. 

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Posted in Las Vegas
Sept. 19, 2021

Revealed: The 5 BEST Suburbs To Buy A Home In Las Vegas

Best Suburbs Las Vegas

Viva Las Vegas! When you think of Vegas, you may immediately think of the strip, a tourist spot, and perhaps the destination for your next vacation. While it may be the entertainment capital of the world, it’s actually a great place to call home year-round. 

Las Vegas is the largest city in Nevada with around 600,000 residents, with an additional 2 million in the surrounding metro area. The city is poised for growth and has seen plenty of recent job creation in various industries. It’s a great place to upgrade your education with the College of Southern Nevada and UNLV, with various programs and degrees to choose from. 

Residents of Las Vegas don’t pay income tax, which is a major perk of living in the busy city due to the amount of tourism that the area sees. Moving to Las Vegas means that you have beautiful weather all year round, and you’re privy to a relatively low cost of living. 

While you may not immediately think of the city as the place to raise a family, there are actually plenty of family-friendly neighborhoods in Las Vegas. Beyond the strip and nightlife, Las Vegas has a lot to offer. There are many outdoor activities in the area, like hikes, rock climbing, boating, camping, sightseeing, and so much more. 

Living and working in the city will require a vehicle, regardless of the nice neighborhoods in Vegas you choose to live in. There are public transit options along the strip, but you will need to have a vehicle as a resident. You’ll also want to make sure you have a shaded parking spot or a windshield cover. The sunshine beaming in your car when it’s parked will make it extremely hot after a day in the office, so keeping it in the shade is best. 

In recent years, professional sports teams have moved in and called Las Vegas home. Now, the NFL’s Las Vegas Raiders and NHL’s Vegas Golden Knights are located right in the city. If you’re considering moving to the glitz and glamour, here are the five best neighborhoods in Las Vegas to consider purchasing your new home in. 

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Posted in Las Vegas
Sept. 14, 2021

Revealed: Top 25 Reasons to Move to Henderson NV

Reasons To Move To Henderson

If you and your family have been thinking about moving home, you have plenty of big decisions ahead of you. Where will you move to? What if you make the wrong choice? What kind of real estate agent should you choose?

One popular real estate location is Henderson, Nevada. If you’ve thought about moving to Henderson NV, you likely have questions. What are the best neighborhoods in Henderson NV? What are the best schools in Henderson NV? Are there things to do in Henderson NV?

Let’s discuss 25 reasons why you should move to Henderson NV. 

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Posted in Henderson
Aug. 4, 2021

The 10 Best Elementary Schools in Henderson, NV

Best Elementary Schools in Henderson

Henderson Nevada is an up-and-coming city with so much to offer. They are always growing and building so it’s the perfect place to bring your family for a fresh start. Choosing a school for your child can be difficult with so many great options so here’s a list of the Top 10 Elementary Schools in Henderson NV to make it a little easier for you.

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Posted in Henderson
Aug. 4, 2021

Moving To Henderson, NV: #1 Relocation Guide for 2021

Moving to Henderson, NV

Henderson is a thriving city that offers its residents culture, entertainment and of course, sunshine. With a thriving economy, Henderson Nevada is one of the fastest growing cities in America. It's also been rated as one of the safest and offers a unique mixture of luxury homes and quiet, suburban neighborhoods. Henderson is filled with plenty to do, young or old, and should definitely be high up on the list of cities to consider if you're looking to relocate somewhere in the great state of Nevada. 

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Posted in Henderson
July 19, 2021

Top 10 High Schools in Las Vegas, NV

Top 10 High Schools Las Vegas

Las Vegas is a city that isn’t just slots and casinos anymore. It's a booming town filled with wonderful neighborhoods. The town has a number of wonderful museums and cultural attractions, along with a great cost of living average. The city is also an economic hub with new companies and businesses opening up all the time so job opportunities are abundant. If you’re thinking about relocating your family, make sure to consider some of the best high schools in Las Vegas. 

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Posted in Las Vegas
July 12, 2021

Top Neighborhoods in Henderson, NV

Top Neighborhoods in Henderson Nevada

Why Move to Henderson, NV?

Time for a move? Not a fan of snow and sub-zero temperatures? Looking to move into a community that is concerned about the environment? Is diversity important to you? Are you considering the beautiful state of Nevada (which has no state tax)? Moving to Henderson, NV, may be ideal. After all, the city slogan is “A Place to Call Home.”

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Posted in Las Vegas