By: Suebrett Tonic

Included here is the Las Vegas Real Estate Market Report for October 2017. The Greater Las Vegas Association of Realtors (GLVAR) reports statistics from across the valley in comparison to the previous month, previous year and gives opinions in regards to how the market may continue to appreciate or depreciate depending on various local factors. 

As expected, home prices slid downward slightly in comparison to September 2017 with a median price of $263,000 across the valley for single family homes. Historically this temporary dip is expected at this time of the year as we approach the holiday season and the end of the year. However, there is still steady demand for both buying a home and selling a home throughout October, November and December. 

Wondering About Selling Your Home During The Holiday Season? 

All of the most important factors to housing strength in Las Vegas are remaining strong with job growth, population increases, commercial & new industry growth with demand remaining high while inventory remains painfully low. The absorption rate - or amount of time it would take to sell the current available inventory - is less than 2 months. This puts us in a very strong Seller's market.

Key Housing Statistics As Of The End of October 2017         

• Median Price of Single Family Homes In Las Vegas October 2017 - $263,000
• Median Price of Condos/Townhomes in Las Vegas October 2017 - $140,000
• Active/Available Single Family Homes October 2017 - 4,795
• Active/Available Condo/Townhomes October 2017 - 770
• Total Sold Single Family Homes, Condo, Townhomes October 2017 - 3,633 

Additional market statistics on a national level can be considered by viewing the following video from Keller Williams International...

The John & Tonic Group with Keller Williams Realty Southwest is full-time real estate team with over 20 years of experience in the Las Vegas market. For additional information about buying your home, selling your home, or to search the MLS in real time The John & Tonic Group would be happy to meet with you and create a plan specific to your individual needs. 

 Many, many people are renting instead of buying simply because their credit isn’t quite good enough to buy a home.  The benefits of owning a home are obvious, not to mention the pride that comes with being a homeowner.   So it’s not that they don’t want to buy a house – they do – it’s simply that they feel like it’s a far off dream that can’t be realized anytime soon because of a few dings on their credit.

But what if it was a possibility?  And, sooner rather than later? 

Most people just don’t know the rules to the Credit Game, and if you don’t know the rules, how will you ever win?  We aren’t taught the rules in school and there is no playbook you’re given as an adult to make sure you develop bullet-proof credit.  We’re put out on the field to play with no training and no knowledge, and then punished when we don’t do something right. 

The Rules

Credit scoring is not an exact science.  It’s an arbitrary score, spit out by the bureaus based on a secret algorithm.  It is like the Terminator.  It doesn’t care about you as a person or what your situation is/was, your goals in life or whether you think it’s fair.  It holds complete rule over your life in the United States – everything these days is influenced by your credit score – getting a car loan, getting lower interest rates, getting that job you applied for or a promotion, the rates you pay for all types of insurance…  and of course, buying that home for you and your family. 

How Do You Play To Win? 

It’s simple. You have to educate yourself. Credit cards, for example…did you know that the bureaus like you to have 3-5 open credit cards on your profile?  And, that your usage of these cards will account for approximately 35% of your total credit score?  Or, that if you are carrying a balance of more than 25% of your limit, it will begin to negatively affect your score? 

It seems counter-intuitive. One would think that the less available credit you have, the better you would score. But that’s not the case. 

Of course, paying your bills on time (no payments made 30 days past the due dates) is absolutely critical, along with keeping your balances in check.  A variety of different trade lines helps as well…  they like to see a real estate mortgage to have truly optimal score.  “Pulls” on your credit can also have a negative effect, as can newly established lines of credit.  These are both temporary, but good to keep in mind.   Four years or more good payment history on credit cards and other trade lines is optimal.   

Getting Negative Marks Off Your Credit Report

Many people, when they decide to start building credit, find out that you can dispute negative items on your credit report.  Thinking they have found the magic bullet, they send a letter to the credit bureaus claiming it wasn’t their debt, just to have the item verified.  Now what? 

There are over 200 rules, laws and regulations governing how items are placed on your credit report,  to correctly and effectively dispute negative marks on your credit, you need to know these laws and how to dispute those items according to the Federal guidelines.  Doing it incorrectly can cause the bureaus to assume that the disputes are frivolous and disregard further disputes, reducing your chances of getting those negative items removed. 

Of course, they will have to fall off by law in 7 years (10 years for Bankruptcy) but who wants to wait that long?

 The game plan to excellent credit involves 2 distinct aspects.  First, getting the negative marks removed.  Get a consultation from a professional and see if you would be a candidate. 

Second, have a specific plan in place to correctly build your credit, based on what the Credit Bureaus computers want to see.  Here at Anthony the Credit Expert, part of your initial enrollment includes a lifetime membership with us, which entitles you to a Free Credit Report Review and Coaching Session every 6 months for life. 

We are your coach and here to help you win the Credit Game. For a Free 15 min consultation,click here

John Gianniosis with The John & Tonic Group at Keller Williams Realty Southwest discusses the current market inventory and how it affects your ability to purchase a home. Contact John Gianniosis at (702) 513-3322 to further discuss buying your Las Vegas home or visit http://www.vegasviphomes.com/search/a... to find your next home in real time from the MLS.

Our Preferred Business Partners for moving & storage solutions ZIPPY SHELL stopped by to meet the team and tell us a little bit about their business. They offer a truly competitive product that outshines both Pods & Pack Rat. 

We see their service as an incredible solution to decluttering your space during the listing time period, and for buyers as they move into their new home. Plus, clients of The John & Tonic Group with Keller Williams Realty Southwest enjoy a special discount. 

We're looking forward to a rewarding relationship with this dynamic company. 

For more information about Buying, Selling and Investing in Las Vegas real estate, contact The John & Tonic Group at (702) 513-3322 or visit us online at www.VegasVipHomes.com now to further discuss your options.