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Susan Marques Luxury Real Estate Las Vegas, Nevada
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There’s Only Half the Inventory of a Normal Housing Market Today

Wondering if it still makes sense to sell your house right now? The short answer is, yes. Especially if you consider how few homes there are for sale today.

You may have heard inventory is low right now, but you may not fully realize just how low or why that’s a perk when you go to sell your house. This graph from Calculated Risk can help put that into perspective: 

As the graph shows, while housing inventory did grow slightly week-over-week (shown in the blue bar), overall supply is still low (shown in the red bars). Compared to the same week last year, supply is down roughly 10% – and it was already considered low at that time. But, if you look further back, you’ll see inventory is down even more significantly.

To gauge just how far off from normal today’s inventory is, let’s compare right now to 2019 (the last normal year in the market). When you compare the same week this year with the matching week in 2019, supply is about 50% lower. That means there are half the homes for sale now than there’d usually be.

The key takeaway? We’re still nowhere near what’s considered a balanced market. There’s plenty of demand for your house because there just aren’t enough homes to go around. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”

So, if you want to list your house, know that there’s only about half the inventory there’d usually be in a more normal year. That means your house will be in the spotlight if you sell now and you may see multiple offers and a fast home sale. 

Bottom Line

With the number of homes for sale roughly half of what there’d usually be in a more normal year, you can rest assured there’s demand for your house. If you want to sell, let’s connect now so your house can shine above the rest while inventory is so low.

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The Value of an Agent When Buying Your New Construction Home

Buying a new construction home can be an exciting experience. From being the very first owner, to customizing your home’s features, there are a lot of benefits. But navigating the complexities of buying a home that’s under construction can also be a bit overwhelming. This is where a skilled real estate agent can make all the difference.

An article from The Mortgage Reports sums it up like this:

“Your Realtor or real estate agent will be key to helping you navigate this process. . . . they can guide you through construction and help anticipate and solve for any possible snags along the way.”

Here’s how your agent is an invaluable resource in your search to find and buy your new home.

Agents Know the Local Area and Market

Your agent is well-versed in the emerging communities and upcoming developments that could influence your decision. It’s important to consider how the neighborhood and the surrounding area might evolve before making your home purchase. Your agent can help you find a community that perfectly aligns with your preferences, lifestyle, and future needs.

Knowledge of Construction Quality and Builder Reputation

An agent also has the expertise to evaluate the construction quality and reputation of different builders. Their knowledge and experiences with local builders allow them to offer insights into each one’s track record, customer satisfaction, and construction practices. This information can help you avoid any potential risks and help you confidently select a builder known for delivering quality homes.

Assistance with Customization and Options

The most obvious benefit of opting for new home construction is the opportunity to customize your home to suit your preferences. Your agent will guide you through that process and share advice on the upgrades that are most likely to add long-term value to your home. Their expertise ensures you focus your budget on areas that will give you the greatest return on your investment later on.

Understanding Builder Contracts and Negotiations

Builder contracts can be complex and differ from traditional home purchase agreements. Your agent can help you navigate these contracts to make sure you fully understand the terms and conditions. They’re also skilled negotiators who can advocate on your behalf, potentially securing better deals, upgrades, or incentives for you throughout the process.

Bottom Line

The guidance and expertise of a local real estate agent can make all the difference in turning your vision of the perfect home into a reality. Let’s connect so you can feel confident about purchasing your new construction home!

Sincerely,

Susan Marques | Virtue Real Estate Group | BS.0146408

click here to connect!
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Sellers: Don’t Let These Two Things Hold You Back

Many homeowners thinking about selling have two key things holding them back. That’s feeling locked in by today’s higher mortgage rates and worrying they won’t be able to find something to buy while supply is so low. Let’s dive into each challenge and give you some helpful advice on how to overcome these obstacles.

Challenge #1: The Reluctance to Take on a Higher Mortgage Rate

According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):

But today, the typical 30-year fixed mortgage rate offered to buyers is closer to 7%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as the mortgage rate lock-in effect.

The Advice: Waiting May Not Pay Off

While experts project mortgage rates will gradually fall this year as inflation cools, that doesn’t necessarily mean you should wait to sell. Mortgage rates are notoriously hard to predict. And, right now home prices are back on the rise. If you move now, you’ll at least beat rising home prices when you buy your next home. And, if experts are right and rates fall, you can always refinance later if that happens.

Challenge #2: The Fear of Not Finding Something to Buy

When so many homeowners are reluctant to take on a higher rate, fewer homes are going to come onto the market. That’s going to keep inventory low. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Inventory will remain tight in the coming months and even for the next couple of years. Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years.”

Even though you know this limited housing supply helps your house stand out to eager buyers, it may also make you feel hesitant to sell because you don’t want to struggle to find something to purchase.

The Advice: Broaden Your Search

If fear you won’t be able to find your next home is the primary thing holding you back, remember to consider all your options. Looking at all housing types including condos, townhouses, and even newly built homes can help give you more to choose from. Plus, if you’re able to work fully remote or hybrid, you may be able to consider areas you hadn’t previously searched. If you can look further from your place of work, you may have more affordable options.

Bottom Line

Instead of focusing on the challenges, focus on what you can control. Let’s connect so you’re working with a professional who has the experience to navigate these waters and find the perfect home for you.

👉 Whether you’re looking to buy or sell, Susan Marques, your dedicated REALTOR®, is here to guide you through the dynamic Las Vegas real estate market.

Contact her today to discuss your goals and make the most of these favorable market conditions.

📞 702.816.1002

🌟 [email protected]

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$15,000,000 New American Home of 2023 at Ascaya Henderson, NV

Situated amidst the prestigious Ascaya community, 19 Rockstream Drive stands out as a modern architectural marvel that embodies nature-friendly net-zero design, supreme privacy, and breathtaking views of the McCullough Mountain Range and Las Vegas Strip.

The 2023 New American Home showcases industry innovations, revolutionary design concepts, construction techniques and lifestyle trends.

Las Vegas Review Journal
Photo Courtesy from The Agency Listing presented by Kylie Lum & Melissa Tomastik

This stunning 5-bedroom, 7-bathroom, 8,211-square-foot was awarded the prestigious designation of the 2023 New American Home during the annual Las Vegas International Builders’ Show. Created by the highly acclaimed Nevada-based LUXUS Design Build team, has been deemed the New American Home 2023, a coveted honor in the world of luxury homes.

Michael Gardner, principal and founder of Studio g Architecture and Luxus Design Build, was awarded the project.

Las Vegas Review Journal

With completion and furnishing support from MASS Beverly Los Angeles, this turnkey estate boasts a plethora of lavish amenities and ingenious design elements. The chef’s kitchen, 452-bottle wine wall, and home office are just a few of the remarkable features that highlight the home’s thoughtful and meticulous construction and decoration. From its luxurious finishes to expert detailing, this property is the pinnacle of high-end living.

Emerald” certification, the highest honor offered by the National Association of Home Builders.

Las Vegas Review Journal

The primary suite is certainly a homeowner’s dream, with an infrared sauna, kitchen, and lounge area that offer a resort-style retreat inside your own residence. Step outside and explore the home’s 2,000+ square feet of outdoor living space, where an extraordinary retreat awaits. The area boasts two pools, a spa, and two kitchens that extend your living space beyond the home’s walls to take in the natural surroundings, perfect for entertaining friends or simply enjoying some quiet time.

Virtue Luxury Real Estate Group
BS.0146408

Susan Marques

Listing presented by Kylie Lum & Melissa Tomastik

References: 
Las Vegas Review Journal - “New American Home to list for $15M” by Valerie Putnam Real Estate Millions (March 10, 2023)
The Agency “ 19 Rockstream Drive Ascaya, Henderson, NV 89012”
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Semi Custom vs Custom Home – What’s the Difference? (Inside Blue Heron’s Apex Floor Plan )

Join us for a tour of the stunning Blue Heron Show Home and discover the unique features that set apart the BH Nexus Experience from the Custom Home Elite Experience. 

Discover the three essential elements for personalizing your BH Nexus curated floor plans: exterior experience, Interior options, and Structural features. These components provide the foundation for uniquely tailored Vegas Modern Designs.

Inspired by its namesake, Vegas Modern 001, our Vegas Modern Philosophy describes our timeless approach to architecture, design, and construction that transcends eras and inspires future generations.

Blue Heron

Elite Custom Design-Build Homes

Extraordinary design will change your life.

Blue Heron

Blue Heron’s Elite division believes that the true discovery of your custom home exceeds merely identifying how many rooms it should have. Knowing you and your lifestyle is key to achieving that perfect Elite Home design. 

The streamlined custom process is all under one roof at Blue Heron. This all-inclusive experience at Blue Heron perfects a seamless discovery and process of your Home design. encapsulates all your desires for your dream Home. Creating a customized Home plan that illustrates your ultimate Home vision catered to your lifestyle. It takes approximately 12-18 months to bring your vision to life, creating a space that is truly your own.

Three key features of the Elite Custom Home Division at Blue Heron 

• Blue Heron offers a comprehensive discovery process to create custom Home design.

• The process is designed to capture clients’ visions and create personalized Home plans.

• It typically takes 12-18 months to bring the plan to life.

BH Nexus Community Home Division

BH Nexus represents Blue Heron’s community Home division with exquisite semi custom floor plans curated with your lifestyle in mind. 

BH Nexus Communities situated in some of the most prestigious master-planned communities in the Las Vegas Valley. They blend physical and human nature seamlessly together with their biophilic home designs that blur the lines between the indoor and outdoors. 

These thoughtfully curated floorplans are intentional designs with nature in mind. Drawing in desert elements with tranquil exterior spaces while entwining modern elements creates timeless Home designs. Typically BH Nexus communities offer 3-4 curated floor plans with semi-custom options to make your own. 

“Your dream Home isn’t just a space. It’s an experience. As a design-build firm, we will provide you with a dedicated team of experts from designers to construction teams. These partners will work with you every step of the way to ensure your Blue Heron Home is a personalized world that feeds your soul, amplifies your vibe, and energizes as much as it soothes,” Blue Heron. 

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Why Aren’t Home Prices Crashing?

There have been a lot of shifts in the housing market recently. Mortgage rates rose dramatically last year, impacting many people’s ability to buy a home. After several years of rapid price appreciation, home prices finally peaked last summer. These changes led to a rise in headlines saying prices would end up crashing but now we are seeing a rise in some areas and leveling in others. 

With low inventory and buyer demand nearly 1 in 4 home sellers are planning on selling their homes within the next 3 years according to a recent study by Zillow. The highest percentage ever recorded by Zillow since they started tracking this data. 

“An annual gain in home sales will not occur until 2024,” said Yun. “Meanwhile, home prices will be steady in most parts of the country with a minor change in the national median home price,” CNN Business. 

According to Yun, that’s limiting just how low or high prices will go in inventory. “We simply don’t have enough inventory. Will some markets see a price decline? Yes. [But] with the supply not being there, the repeat of a 30 percent price decline is highly, highly unlikely.”

As you can see in the graph below, we’ve been at or near record-low inventory levels for a few years now.

That lack of available homes on the market is putting upward pressure on prices. Bankrate puts it like this:

“This ongoing lack of inventory explains why many buyers still have little choice but to bid up prices. And it also indicates that the supply-and-demand equation simply won’t allow a price crash in the near future.”

If more homes don’t come to the market, a lack of supply will keep prices from crashing, and, according to industry expert Rick Sharga, inventory isn’t likely to rise significantly this year:

“I believe that we’re likely to see low inventory continue to vex the housing market throughout 2023.”

Sellers are under no pressure to move since they have plenty of equity right now. That equity acts as a cushion for homeowners, lowering the chances of distressed sales like foreclosures and short sales. And with many homeowners locked into low mortgage rates, that equity cushion isn’t going anywhere soon.

With so few homes available for sale today, it’s important to work with a trusted real estate agent who understands your local area and can navigate the current market volatility.

Bottom Line

A lot of people expected prices would crash this year thanks to low buyer demand, but that isn’t happening. Why? There aren’t enough homes for sale. If you’re thinking about moving this spring, let’s connect.

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Is Las Vegas Running Out of Land? NW Real Estate Boom Forecast 

With no state income tax, access to the greatest entertainment 24/7, exceptional dining experiences, great outdoor sports and now professional sports teams – it’s no brainer why Las Vegas is growing at a rapid rate but the valley is surrounded by mountains with limited to no expansion. So the big question is this: Is Las Vegas running out of land?

“North Las Vegas is set to add more than 100,000 residents by 2030. The northwest isn’t the only area in the valley expected to see a boom over the next decade,”

 KTNV – Las Vegas, Nevada. 

Las Vegas & Henderson Fastest Growing Cities in Nevada 

Las Vegas and Henderson are the fastest growing cities in Nevada.  North Las Vegas is experiencing a surge in manufacturing and warehousing businesses, creating an abundance of jobs that call for housing, according to John Lee, the mayor of North Las Vegas. Mayor Lee recognizes the great opportunity this provides to fill the city’s available land with homes while adding hundreds of new members to its workforce.

Henderson is positioned to become a major destination for businesses and residents looking to move into the Las Vegas valley as well. With close to 70,000 new residents expected in the coming decade, West Henderson and Cadence, located on the Eastside of Henderson, are at the center of its growth trajectory. 

According to City Planner Richard Derrick’s public statement:  “The new corporate headquarters of the Las Vegas Raiders, the soon to be completed home of the Henderson Silver Knights and new developments by businesses such as Google and Haas Automation show that Henderson continues to diversify as it grows.”

Buy, Sell, Invest.

Servicing the Las Vegas and Henderson, Nevada area. Providing an unparalleled luxury concierge experience tailored to each client.

Connect with me to get started!

Growth Outward or Upward? 

Nevada tops the list as having more of its land owned by the federal government than any other US state. This amounts to a staggering 27% of total acreage across all fifty states, amounting to 615 million acres reserved primarily for conservation and recreation purposes.  So with all this demand will housing in the Las Vegas Valley grow outward, upward – or both?  Most likely the latter but while land is in high demand Northwest Las Vegas may have the upper hand. 

“More than 85 percent of Nevada’s land area is owned and administered by the federal government,”

Nevada Legislature.

NW Las Vegas Booming Real Estate Forecast

With 100,000 residents anticipated to move to NW Las Vegas by 2030 land is a true commodity – especially in the booming Northwest so wanted to bring two expansive plots of land to your attention. 

‘Located on Grand Teton Dr. and Rainbow Blvd. This property has an average annual daily traffic count of 7,638 vehicles, “Templeton Development.

Build your dream Home with no limits on this property that encompasses five parcels totaling +/- 37.5 gross acres zoned Rural Residential in the highly desired area of the booming NW Las Vegas, Nevada. Mountain views surround this perfectly located property adjacent to the master plan community of Silverstone Ranch, a master plan community of 1,526 homes,  and the beautiful Gilcrease Orchard.

“Through their non-profit foundation, they aimed to provide recreational and educational experiences that teach children where our food comes from and how it is grown, helping to foster an appreciation for the earth’s bounty and a healthy lifestyle,

Gilcrease Orchard.” 

Build Your Dream Home Custom Home Site

±37.5 Acres at the NEC and SEC of W Grand Teton Dr and  N Rainbow Blvd

Azure & Starlight

Located at the SEC of W Azure Dr and Starlight Dr, less than 1 mile east of the Wal-Mart / Sam’s Club-anchored Centennial Center

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Why Luxury Homes Are in High Demand

As people realize their needs are changing, some are turning to luxury housing to find their dream home. Investopedia helps define what pushes a home into this category. In a recent article, they point out that a luxury home isn’t only defined by its price. Location is also an important factor.

It could be a High Rise condo in Las Vegas, a spacious home in a guard gated community or one with access to luxury amenities and entertainment. The home itself will also boast some of the finest features available. According to the Luxury Market Report from the Institute for Luxury Home Marketing, there’s been a substantial increase in how many buyers are purchasing luxury homes over the past two years. It says:

Veer Towers High Rise Amenities (Living Las Vegas, NV)

“. . . North America recorded the fastest growth of demand during the first year of the pandemic. Also, demand has . . . consistently increased, and even in April 2022, we saw a higher volume of sales compared to 2021.”

The Institute of Luxury Home Marketing

If you own a luxury home, it could be a great time to list your house today while demand is so high. But first, let’s understand where the demand is coming from.

What’s Driving the Heightened Buyer Demand for High-End Homes?

The same report says more people have reached a certain net-worth threshold, and that’s contributing to the increased interest in luxury housing:

“In 2020, we saw a 2.2% growth in the number of individuals with wealth of over $5 million in net value, but in 2021 that number grew by an outstanding 19.8%. This total increase has resulted in the introduction of over 660,000 new individuals into the high net-worth bracket, which, combined with the existing affluent looking to both diversify and add new properties to their portfolio, provides a true insight into why the demand for luxury properties skyrocketed during 2021 and into 2022.”

So, if you’re looking to make changes to your real estate portfolio or are looking to sell your current house, it may be a great time to list and benefit from the high demand for luxury homes today.

KEY TAKEAWAYS
Real estate isn’t considered luxury just because it’s expensive. It also must be unique, exclusive, and perceived as superior.
High-end buyers want access to activities such as luxury shopping, dining, and the arts, as well as proximity to similar homes.
Luxury real estate investors can flip a mansion, invest internationally, buy a luxury condo, buy a high-end vacation property, or build from scratch.

Investopedia 

Bottom Line

If you own a luxury home and want to know how strong demand is in your area, let’s connect so you can capitalize on current market conditions while buyer demand for upscale homes is so high.

Bottom Line

If you own a luxury home and want to know how strong demand is in your area, let’s connect so you can capitalize on current market conditions while buyer demand for upscale homes is so high.

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Why You May Want To Cash in on Your Second Home

When stay-at-home mandates were enforced last year, many households realized their homes didn’t really fulfill their new lifestyle needs. An office (in some cases two), a media room, space for children to learn, a gym, and a large yard are all examples of amenities that became highly desirable almost overnight. Zelman & Associates recently reported that sales of primary residences grew by 9% in 2020. That increase in demand was met by the lowest supply of homes for sale in history. High demand and low supply caused prices to skyrocket over the past twelve months. Here are three home price indexes released most recently that show how home values have risen:

Prices increased by double digits in every region of the country and in 19 of 20 major metros. Chicago was the only exception, where prices still rose by 9%.

What does this mean to those who purchased a second home during the pandemic?

Many people didn’t want to give up a home in the city or close to their office. Instead, they purchased a larger second home farther away and moved there to stay safe and have more space. According to the same Zelman report, sales for second homes rose an astonishing 27% in 2020. That large second-home retreat on a lake or in the mountains would demand a higher price than the average house. Let’s assume a buyer purchased such a home for $500,000. Assuming the middle 13.2% appreciation shown above, that home would now be worth about $566,000. Those who bought second homes to improve their lifestyle during the height of the pandemic, or those who just wanted to be in a safer environment, also made a great investment.

What should these homeowners do now as the pandemic is receding, and the economy is reopening?

The buyers of those second homes now have a decision to make. Many will move back to the original home they still own (the one that’s closer to work, friends, and family). Should they keep the second home? That could depend on answers to questions like these:

  • Now that you may have to go back to the office (at least a few days a week) and students are required to physically attend school, would you still use the second house enough to warrant the expenses of an additional home?
  • Would you go to the second home on most weekends, or would you return to the movie theater, attend sporting events, eat out at fine restaurants, or spend your time traveling again?

Bottom Line

If you purchased a larger second home during the pandemic, you were able to make day-to-day life much easier for those important to you. You also made it much safer. However, with those goals already accomplished, you now need to decide whether to continue paying the extra expenses or sell the house and cash in your profit. If you decide selling makes sense, let’s connect today to discuss the value of your second home.

Bottom Line

If you purchased a larger second home during the pandemic, you were able to make day-to-day life much easier for those important to you. You also made it much safer. However, with those goals already accomplished, you now need to decide whether to continue paying the extra expenses or sell the house and cash in your profit. If you decide selling makes sense, let’s connect today to discuss the value of your second home.

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Haven Floor Plan at Prado, A BH Nexus Community (West Las Vegas, NV 89117)

In this video we’ll be walking the frame of the Haven floor plan offered by Blue Heron at the sister BH Nexus communities of Oasi located in East Las Vegas and Prado located in West Las Vegas.

The Haven offers a unique open entryway experience. The biophilic floor plan flows seamlessly through the great room to the private courtyard and to the detached casita creating a sacred sanctuary within your own backyard.  The dynamic informal floor plan provides optional pocket doors both at the entry and rear of the Home, making optimal spaces for entertainment. 

“The Haven offers spacious bedrooms, perfect for family and friends,” Blue Heron. 

The Haven’s unique U-Shaped blueprint creates a private wing for the expansive Primary Suite.  The opposing side of the courtyard consists of an engaging media room and entertainment space. 

“Although separate, both are joined via a rear courtyard that connects all areas into a central core,” Blue Heron. 

Key Home Features:  

Generational Suite 

Media Room 

Luxe Media Room 

Luxe Laundry 

Vegas Modern Powder Bath 

Vegas Modern Primary’s Suite Bath 

Prep Kitchen 

Outdoor Shower 

Garage Workshop

If you’re interested in a Blue Heron Home, click the link below for more info!

>>> Click Here <<<

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