Thursday, November 15, 2018

What is ACTUALLY Happening in Our Local Market?

What is ACTUALLY Happening in Our Market?

Don't Let the Media Fool You, Be Educated...
Written by Jenna Wynand

You have probably seen and heard TV, Media, Real Estate Agents, Lenders, friends or family saying "Oh, the real estate marketing is shifting!!" or maybe "Real Estate is dropping fast!". Well, I am here to tell you that indeed the market IS shifting, but ever so slightly. When we really examine the county statistics for Clark County, this "HUGE" so called shift, is actually quite small. 

Once people start chattering and seeing a few price drops the news travels fast, especially since the market was inflated and getting very expensive. The true reality is that the shift we are seeing is somewhat common for the time of year, but also that it is quite minimal. 

The price changes increased by 3% in July and then adjusted down 2.2% in September and 1.5% in October. When we look at the average house price in Clark County in 2017 being $363,200 the price changes of the past 3 months only results in a $2,543 change. What people are failing to see and take advantage of is interest rates. The change in interest rates has a longer impact than price. 

Right now the interest rates are still low. Are they higher than 2015? Well yes, but historically a 5% interest rate is very low. 

Don't get tricked by media and sucked into the price of the home. Think about the long term interest rate effect on payment rather than a few thousand dollars on the house. Yes the market is shifting and interest rates are changing slightly, but this is nothing to panic over. 

Be educated and informed. If you have questions about our market, real estate, your home value, or really just want to ask questions out of curiosity I am here to help.