Market Review

It's Half Time... What's the Score???

It's Half Time... What's the Score???

July 17th, 2018 | Down Payment Assistance, Down Payment Grant, Financial Markets, Mortgage Market Review, Southern Nevada Real Estate Data

AHORA SE HABLA ESPANOL!!!  We are extremely proud to announce a great addition to our work family, Alejandra Juarez, “Alex” who will assist us in helping our Spanish speaking clients.

Home Is Possible “Hope Brings You Home” is just over half way through.  60 days into the roll out we can assume that the funds will be completely used up by the end of August.  

 

 

As we head in to half time it’s a great time to take stock into how we are performing, not just in production but execution and most importantly taking care of the client.  Year-To-Date the group has helped 121 families secure financing for their homes, up 25% from this time last year.  

June’s turn time report illustrates that our team closed 26 transactions and on average went from start to finish in just under 23 days, with final approvals in just under 20 days.  This is an important metric to hit so our business partners can confidently write contracts with 21 day financing contingencies.  This month last year we averaged 25 days start to finish.  

As for our clients, 73 out of 121 filled out surveys at closing, 72 were very satisfied or satisfied and would refer us. So far not one client was disappointed in the service we provided.  Last year we had 10 out of 172 give us a score of 2 or 3. This year to date only 1 client scored us lower than a 4.

 

Conclusion:  We are helping more families, doing it faster and better than last year.  So I’d say we are kicking our butts!  

Southern Nevada Real Estate Related Data

Lately we find ourselves discussing the real estate market as it compared to the real estate market from 12 years ago and drawing parallels.  It’s hard not to when home values are experiencing double digit appreciation.   I wanted to highlight an important data point that supports the current prices from an affordability stand point. 

The home value affordability index for the Las Vegas/Henderson area sits at around 120…This means that the median house hold income could afford 120% of the median priced home with a down payment of 20% down.  Generally speaking, a score of 100 or more would indicate that home values are reasonably priced comparted to the median household income.  I could make the argument that this number would be even higher considering that there is a portion of income (cash tips) that goes unreported, much more in our city than anywhere else. 

 

 

For perspective, here is the affordability Index graph for the Los Angeles/Anaheim area, well below 100.  

 

 

Last, Nevada, since 1991 has average annual home value appreciation of a little over 5%, while the average for the entire nation is a little over 6%.  While it may feel like we experienced unhealthy and downright scary appreciation rates, over the past 27 years we are actually below the national average.  

Supreme Lending NMLS 2129

Matt Maltese Branch Manager
NMLS: 369921

10801 West Charleston, Suite 520
Las Vegas, Nevada 89135
Phone: 702-372-2427
Fax: 702-984-4271
Branch Phone: 702 984-4211

Our Location

 http://www.nmlsconsumeraccess.org/

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