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>>DALE: Good afternoon. I'm Dale Snyder and I live in the Paseos of Summerlin West. You're
receiving this video via email because we've met somewhere along the way, or one of our
agents on the team, or you've come across it on Facebook, YouTube or somewhere on the
internet.
So the purpose of this is to help educate the people that live in the 89138 Summerlin
West area on the real estate market.
Like what I said, I live in the Paseos, my wife teaches third grade at Givens Elementary
there, Mrs. Snyder, we have about a 20% share of the real estate in the area. So we really,
truly live in the area and specialize in the area and just want to make sure that we're
getting information out to you.
So if you like "not" to receive this email, you can unsubscribe from it but once again
it's going to be a once a month quick pulse on what's going on in the area.
So whether you're not looking to buy or sell anything, we're not, this is not just trying
to create a quick sale it's to just help educate you so whether it's 3 years, 5 years, 10 years
from now, you know, you think of us when it comes to real estate.
So, you know, we do a lot of open houses in the community, you receive our mail as well.
So if there's something you'd like to see that we're not getting out to you, please
let us know.
With that being said if you're finding this from another avenue and you'd like to be a
part of this just reply and say "Include me in your Summerlin West E-newsletter," and
we'll make sure you receive this once a month.
So, quickly here, we're going to go over, 'cause we're going to go over the current
state of the real estate market in 89138, project where things are going to be going
and then give you a couple of valuable tools that we've created specifically for the homeowners
in the area.
So first, let's go over the current state of the inventory. As many of you know, our
inventory went down drastically and now it's on the upswing so we're in a stabilization
period, here.
So we've got currently, 60 homes for sale in the 89138 zip code. We were down to, I
believe, about 20 in the summertime. So it's gone up quite a bit more.
In contract, we currently have 71. Seller and buyer have agreed on the price and it's
just waiting to close ESCROW. And we had 27 close in the last 30 days, and if you go 90
days back we're averaging about 30-31 sales per month.
So that's about a 2-3 months supply of inventory. So we're heading to a stable market. You know,
5-6 months is stable meaning it's not in the buyer's favor or the sellers. It's still on
the sellers.
But here's an interesting thing to note. The average price per square foot of the homes
on the market is a $141 per square foot. The average price of the homes in contract per
square foot is a $130 a square foot.
And the homes that have sold in the last 30 days, the average is $140 per square foot.
So that's trending that we're in a stabilization right now. You know, we have a lot of homeowners
that are just priced still way above the market, which in the summertime 10% above comps or
comparables was a reasonable thing to look at getting, now it's not, we're stabilizing.
So you're seeing that when you look at the homes that are actually selling, look at their
price compared to what you're seeing on the market.
So that's a quick overview. If you'd like to hear more about that reach out to me I
just want to give you just a quick snapshot. Let's go into the projections of where we
see things going.
You'll see here, this is what's going on in the distressed market. So you can see the
first is Notice of Defaults, Notice of Trustee Sale and Trustee Deed.
So to summarize this, October similar to November we've seen a spike in the Notice of Defaults
and the foreclosures. So we're going to see some short sales and foreclosures coming on
the market in the zip code. As many of you know, these homes have been sitting vacant
or people have been living in them for years not making payments. Well, that's going to
come on an end soon.
So we project a lot of these are going to be coming online or in the market on the spring
because the moratorium on foreclosure is during the holiday season.
In addition to that, I wanted to share with you this specific chart. So focus on the green
line here. The green line is what happened when just the conversation of tapering of
the bond purchases happened. Interest rates went up substantially. Just by talk. They've
now decreased, if you focus on the red line here, back down to around 4%.
If you look at all the experts right now, they're projecting that this will happen,
that the tapering will occur and rates are going to go up as much 1% in the next 12 months.
So a 1% increase in an interest rate on a home, let's say a loan of $400,000 is about
a $350 increase per month in your mortgage payment. So if you're currently trying to
sell your home and you're going to be buying or if you're thinking of selling or buying
keep that in mind. Because this is going to be a big, a very big game changer and how
much are your payments going to be or what you're going to be able to get for your house.
Thirdly, there's a lot of talk about the bubble, right? I'm sure you've heard other realtors
talking about it and consumers, and on the news about the bubble. So Robert Shiller,
who, the Case Shiller Index, some of you may or may not be following this, it's the 20-City
Composite of the 20 largest metro areas. Our Las Vegas is the most affordable city out
of the 20-city composite even with prices going over 30%.
And we are the most undervalued, we're still 20% below the trendline of where homes should
priced today, valuewise. He just won the Nobel Prize for- economist. So it's a very valued
source. I'm just going to read you his quote; "I define a bubble as a time when people have
extravagant expectations, and the expectations are driving home price increases. We don't
have the mindset of earlier this century. Affordability is still good compared to any
time over the last 50 years" - especially in Las Vegas.
So, we're not in a bubble. We are in a stabilization period, very important to note.
So, lots of changes happening in the market. We look forward to getting you an update next
month on that. So let's wrap this up. We have a couple of nuggets for you. If you're wanting
to keep a pulse on what's going on in the area, you know, what's my home worth, what's
going on in the zip code of 89138, simply go to dalesnyder.net/89138 and you can do
your own property search. You can set it up to search by the zip code
and you will only get the homes that are on the market or coming into the market. So you'll
have to sign in. We built this specifically for you. You'll have the access that agents
have. So you know, we're super happy to have this
for you. But just note in there once you sign up, "Not looking to sell", "Not looking to
buy." So we won't reach out to you try to help you find a home or sell. So you can help
keep a pulse. The other is, what we're offering quarterly,
which is dynamite. The first page here, you know, this will give you a pulse on what's
going on in the zip code. You'll see, this is my house actually.
You can see the average age of the homeowner, the gender, marital status, you know, the
next page here, occupants, how many are owner-occupied, rented versus vacant. You know, people what
they do for industrywise, what the household income's like for the area, education, average
temperatures, the school districts and the ranking, you'll see local businesses.
So looking at this one here, this is the pricing trends. It's dynamite!
So you can see what the median price points doing in our zip code versus the city and
the county, how many of the properties are going above what's perceived as market value,
the median sales price. You know, next page, you know, median list price, median sale to
list price. Next page starts talking about the loan, the
value for the area, the price per square foot analysis. Next page starts gettin into the
average turnover the area versus the city. And a few more pages here that I'm not going
to go over. This is just another nugget of value we want'
to get out to you so you can keep a pulse on what's going on in the area where we live,
right? We all want to know what's going on in the
community that we live in. So if you found value in this feel free to like the video,
share the email, subscribe to it, this will be coming out once a month.
I hope you found value in it. This is Dale Snyder with The Snyder Group team driven real
estate Keller Williams Realty. Hope to see you in one of our open houses or around the
area. Have a fantastic day.