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🕵🏼♀️ TIP OF THE WEEK:
3 Reasons To Sell Your House Before The New Year
(Infographic)
WHAT A MONTH!... Stocks ended November with the S&P 500 hitting a new 52-week high, and the Dow breaking above 36,000 for the first time in nearly two years, as traders anticipated the Fed may start cutting rates next year.
The PCE Price Indexes showed inflation receded in October, and Fed Governor Christopher Waller commented the Fed might start lowering rates if inflation continues to ease over the next three to five months.
Wall Street also saw more data pointing to a soft landing for the economy,including moderation in income and spending, a relatively low level of jobless claims, and Q3 GDP revised upward to 5.2% economic growth.
The week ended with the Dow UP 2.4%, to 36,246; the S&P 500 UP 0.8%, to 4,595; and the Nasdaq UP 0.4%, to 14,305.
Bond prices also moved ahead solidly, the 30-Year UMBS 6.0% UP .85, to $100.12. The national average 30-year fixed mortgage rate dropped for the fifth consecutive week in Freddie Mac's Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
October sales of new single-family homes were up 17.7% from a year ago. But they did take a breather from their September gain, off 5.6% for the month. Buyers should be happy to see the median price down 17.6% from a year ago.
The Pending Home Sales Index of contract signings on existing homes slipped in October. But the National Association of Realtors (NAR) noted, “Home sales are rising in places where more inventory is available.”
The NAR added, “newly built home sales are up 4.5% year-to-date due to homebuilders’ ability to create more inventory.” They're doing just that. Residential Construction Spending posted a nice gain in October.
DID YOU KNOW… The 2024 conforming loan limit for mortgages backed by Fannie Mae and Freddie Mac will be $766,550, up just 5.5%, due to the modest gain in home prices. For certain higher priced markets, the limit will be $1,149,825, north of $1 million for the first time.
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As of Monday Dec. 04, 2023 10:44 AM PST
Each week we will update the current median price for the current month. These properties include all of Southern Nevada whereby the above graphic is only Clark County, NV.
Keep in mind the majority of sales occur at the end of the month, so official numbers will be published on the first Monday of each month. These median prices are calculated from 2,282 sold November listings in from the MLS as of December 04, 2023. (All counties in the LVR MLS, not just Clark as referenced above.)
NOVEMBER 2023 FINAL MEDIAN PRICES
Single Family
$450,000
+$50
Up from October of $449,950
Condo
$241,250
+$6,250
Up from October of $235,000
Townhomes
$340,000
-$1,990
Down from October of $341,990
As of December 04, 2023, there are currently active (M/m change):
4,582 Single Family Homes (+65) +1.44%
908 Condos (+61) +8.15%
520 Townhouses (-18) -3.34%
234 Manufactured Homes (+4) +1.74%
326 High Rise Units (-14) -4.11%
87 Multiple Dwellings (+8) +10.12%
2,327 Parcels of Land (-35) -1.48%
3,550 Rentals On Market (-144) -3.89%
Past Seven Days Market Watch (M/m change):
683 New Listings (-57) -7.70%
152 Back on Market (-19) -11.11%
82 Price Increases (-148) -64.34%
630 Price Decreases (-29) -4.40%
650 Accepted an Offer (+35) +5.69%
565 Sold (-55) -8.87%
190 Expired (-39) -17.03%
289 Taken Off Market (-18) -5.86%
This month, there are 106 more active residential resale properties on the market compared to last month's reading on Nov. 6, 2023 for a total of 6,558 - an increase of 1.64%.
1523 LUCKY ST.
BACK ON MARKET - BUYER DID NOT QUALIFY
PRICE ENHANCED TO $379,999
Las Vegas, NV 89120 | MLS 2523540
5855 Pearlite Ave.
5 BED | 3 BATHS | 3,307 SF
4.35 ACRES | POOL & SPA
IRREVOCABLE WATER/IRRIGATION RIGHTS (10 ACRE FEET)
EQUESTRIAN ARENA | BARN | FERTILE SOIL
78 RATTLESNAKE GRASS
PRICE IMPROVED TO $568,880
5291 HARRISON DR.
PRICE IMRPOVED TO $620,000
SERVICES SECTOR, CONSUMER SENTIMENT, JOBS... The services sector, almost 80% of the economy, is expected to still show expansion, by the November ISM Non-Manufacturing Index. But December University of Michigan Consumer Sentiment is forecast to remain historically low. November Nonfarm Payrollsshould reveal some weakening in the labor market, though the Unemployment Rate is predicted to stay at 3.9%.
Here are a few reasons you may not want to hold off until the new year to sell your house.
Buyers looking right now are highly motivated, the supply of homes for sale is still low, and you may find buyers are more flexible with showings this time of year.
Let’s connect to determine if selling your house now is the right move for you.
Forecasting Federal Reserve policy changes in coming months. Now the consensus among Fed watchers is that there will be a quarter percent rate cut in March , but no rate movement before then. Note: In the lower chart, a 2.7% probability of change is a 97.3% probability the rate will stay the same. Current rate is 5.25%-5.50%.
AFTER FOMC MEETING ON: CONSENSUS
Dec 13 5.25%-5.50%
Jan 31 5.25%-5.50%
Mar 20 5.00%-5.25%
Probability of change from current policy:
AFTER FOMC MEETING ON: CONSENSUS
Dec 13 2.7%
Jan 31 18.3%
Mar 20 71.5%
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With gratitude,
Jordan C. Dove, ABR® SFR®
MANAGING PRINCIPAL | REALTOR®
Dove & Associates Powered by Nationwide Realty
702.767.5557 | Jordan@DoveandAssociates.com
JordanDove.com | DoveandAssociates.com
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3960 E. Patrick Ln. Ste. 204
Las Vegas, NV 89120
NV Lic. # S.0180594