Summerlin News and Information

Welcome to the blog.  We'd like to share local real estate news and helpful tips for Summerlin buyers and sellers.

Feb. 11, 2020

January 2020 Summerlin Market Report

We just published our market report for January 2020and it was an amazing month for real estate in Summerlin. With low interest rates, the trend is expected to continue into the Spring. Click here to download a PDF version of the report.

January 2020 was a great month for Summerlin home sales and set a record for “Average Sales Price” and “Price Per Square Foot” when compared to Januarys of the previous 10 years. 

Considering January is one of the slowest months for home sales traditionally and prices in January are typically some of the lowest of the year, this might indicate that home sales will remain strong going into Spring.

The supply of existing homes in Summerlin remains low with roughly a 2.5 months supply of homes which is near a 10 year low.  Homes are selling within 97% of their list price and at an average of 45-60 days on market.

Combine all these factors and it’s apparent that we’re still in a Seller’s market for most price ranges.  Given that interest rates are near a 4 year low, market trends should continue to be favorable for home sales over the next several months.  -Justin

 

January 2020 Summerlin Market Report Page 11

Summerlin January 2020 Market Report 2020

Posted in Market Reports
Oct. 30, 2019

True Food Kitchen Opens in Summerlin

True Food Kitchen SummerlinThe day finally arrived - on October 23rd True Food Kitchen opened their Summerlin location in Downtown Summerlin in the dining arroyo right below Public School 702.

This is True Food's second location in Las Vegas (also located at The Forum Shops at Caesars) and judging by the crowds the first week, it was a successful opening.

True Food Summerlin InsideIf you've never been to a True Food Kitchen, the concept is delicious dining and conscious nutrition.  The locations are casual and modern and wide open with lots of seating. They're also known for great service with friendly servers and hosts, and the Summerlin location is no exception.

The menu features all kinds of comfort food with a healthy twist and their proteins are high quality.  They feature grass fed beef, sea bass, salmon, and more.  Some of the more popular dishes include the Grass Fed Burger with Umami, the Mediterranean Chicken, the Ancient Grains Bowl, and their many pizzas and salads and our favorite, the Roasted Brussel Sprouts.

The drink menu is also impressive with a good selection of beer, cider, and wine, but there's also some wonderful mixed libations like the Ginger Margarita, and Beets by Jon.

True Food Kitchen Summerlin is open for lunch and dinner and you can get more information at the True Food website.  Check it out soon; it's worth adding to your list of Summerlin favorite places to eat.

True Food Summerlin BeerTrue Food Summerlin PizzaTrue Food Summerlin Brussel Sprouts

 

Oct. 25, 2019

What's Up Summerlin? Weekend Edition - October 25th, 2019

Spooky Events and Fun Things to do in and Around Summerlin October 25th-27th.

Vintage Market Days Urban Harvest - October 25th, 26th & 27th 10am to 5pm

Vintage Market Days is having their Urban Harvest event at Downtown Summerlin this weekend where you can expect to find art, antiques, clothing, jewelry, decor, furniture and more.  It's a unique opportunity to shop for upscale vintage and vintage inspired handcrafted goods.  It's always a great event with lots of vendors and a fun outdoor shopping experience on the lawn.  Entry fees are $10.00 on Friday or Saturday and $5.00 on Sunday.  Sunday's event ends a little earlier at 4pm.  Make sure you bring the SUV and be ready to fill it up with all the treasures you'll find.

Farmers Market at Downtown Summerlin - Every Saturday 9am to 2pm

Summerlin Farmers Market PickledEvery Saturday, the folks from Las Vegas Farmers Market LLC, put on a wonderful Farmers Market featuring local vendors and artisans with outstanding products including fresh produce, unique foods and spices, local honey, skincare, jewelry, and other handcrafted items.  You can find the Farmers Market under the Pavilion at Downtown Summerlin each Saturday and dogs are welcome so bring Fido along and enjoy walking and shopping in this wonderful warm fall weather.

Downtown Summerlin Parade of Mischief - Every Friday and Saturday 7pm Throughout October

This is the third weekend for the Downtown Summerlin Parade of Mischief.  This is a fun event with ghoulish characters dancing in the street to some great Halloween themed music.  It's not a particularly long parade but a lot of fun and very visually entertaining.  Expect a pretty good crowd as these events typically attract and get there by 6:30 to get a decent spot.  If you plan to shoot photographs or video make sure your equipment can handle low light situations as it's dark out (after all it's a Halloween parade).  The parade will be happening every Friday and Saturday night in October at 7:00pm.

Toll Brothers Mesa Ridge Model Grand Opening - October 26th 11am to 2pm

Mesa Ridge SummerlinThe highly anticipated Mesa Ridge home models will be open this Saturday from 11am to 2pm as part of the grand opening celebration.  Toll Brothers typically has fun grand openings with food and refreshments and if this event is anything like the VIP preview a few weeks ago, there should be  quite a bit of interest.  We've previewed these models during construction and feel that they are some of Toll Brothers' most architecturally inspiring homes in Summerlin.  Of course, they have a reputation for quality and  innovation and these home in Mesa Ridge carry on with that tradition.  You can get more information about the community and RSVP for the event at the Toll Brothers website.

On the Borders of Summerlin

Ghostbusters Nights at the HallOVeen Magical Forest - October 25th & 26th at 5:30pm

HallOVeen at the Magical ForestHaunted jungle ruins have taken over HallOVeen at the Magical Forest. The spooky beings lurking within will fit right in with the attraction’s regular inhabitants – ghosts, goblins, witches, and creepy crawlies a plenty. There is also a cemetery filled with fresh jack-o-lanterns and an animatronic skeleton to read you a scary story. Interactive trees will keep you company as you make your way through the forest pathway.

All the more fun in costume, Forest-goers can also enjoy nightly entertainment, trick-or-treat stations, midway carnival games, and festive pumpkin displays, along with gifts, goodies and more at our kiosks and in the Holiday Shoppe. There are also more food and beverage options than ever before – we’re talking food trucks!

Get more information and purchase tickets at the Opportunity Village website.

 

Oct. 11, 2019

What's Up Summerlin? Weekend Edition - October 11th, 2019

Summerlin Festival of ArtsWelcome to the What's Up Summerlin? Weekend Edition!

It's early October with some great weather and of course kids everywhere are anticipating Halloween with Charlie Brown type enthusiasm.  Here's what's going on in and around Summerlin for the weekend of October 11th:

Downtown Summerlin Parade of Mischief - Every Friday and Saturday 7pm

Summerlin Parade of MischiefThis is the second weekend for the Downtown Summerlin Parade of Mischief.  This is a fun event with ghoulish characters dancing in the street to some great Halloween themed music.  It's not a particularly long parade but a lot of fun and very visually entertaining.  Expect a pretty good crowd as these events typically attract and get there by 6:30 to get a decent spot.  If you plan to shoot photographs or video make sure your equipment can handle low light situations as it's dark out (after all it's a Halloween parade).  The parade will be happening every Friday and Saturday night in October at 7:00pm.

Summerlin Festival of Arts - October 12th & 13th, 10am to 5pm

Summerlin Festival of ArtsThe Summerlin Festival of Arts returns for the 24th year with local artists featuring beautiful works of art in every genre.  You'll see amazing sculptures, photography, paintings, jewelry and some incredible abstract materials that you may not have ever thought of.  There's also some hands on art activities for kids and there will be some good food from local vendors to keep you satiated as you walk around and take in the artistic sights.  It's likely that on Saturday, the Farmer's Market will be happening at the same time under the pavilion so you can pick up some goodies while you're there.  The Festival of Arts will take place on the lawn at Downtown Summerlin.

Pumpkin Patch at Vistas Park - October 10th & 11th, 3-7pm

You still might be able to snag a pumpkin at the Vistas Park tonight after 3pm.  This was a prepaid event but you can still swing by and if there are pumpkins still available, the cost is $7 to take home your award  winning gourd to carve up into a Halloween Masterpiece.  Proof of residency is required so bring a picture ID with your Summerlin address on it.

 

On the Borders of Summerlin

Halloween Town 2019

The pumpkin patch has returned to the vacant lot next to Tivoli on South Rampart Blvd. again this year but it's much more than just pumpkins.  This mini carnival features pumpkin decorating, straw maze, kiddie rides, games and other activities.  And of course, you can pick out the family pumpkin to take home and carve for your own front porch.  Halloween Town is open weekdays from 4:00pm to 9:30pm and on weekends from 11:00am-9:30pm.

Halloween Town 2019Halloween TownHalloween Town

Aug. 7, 2019

Down Payment Requirements for Summerlin

How Much Do You Know About Down Payments? | MyKCM

How Much Do You Know About Down Payments?

Whether you’ve owned a home before, or you’re ready to jump into homeownership for the first time, there are always a lot of questions swirling around about what is truly required for a down payment, and how to best source down payment assistance. Let’s tackle these two today.

1. How much do you really need for a down payment?

There is a long-standing misconception about down payment requirements. A survey from Fannie Mae shows only 17% of consumers know the minimum options are actually between 1 – 5% of the purchase price and 40% don’t know how much they need at all.How Much Do You Know About Down Payments? | MyKCM

There are many mortgage loans available that require as little as 3% down for first-time buyers, and some ask for only 3.5% down from repeat buyers. There are even loans available for Veterans that provide 0% down payment options too.

 

We’ve mentioned recently that you don’t need to come up with a 20% down payment to buy, and we’ve also shared how quickly you can save for a 3% or 10% down payment, depending on where you live. If you’re planning to put down just 3%, the research shows it may be possible in most states to have enough saved for a down payment in less than a year. That puts homeownership in a much closer reach for many potential buyers, maybe even you!

However, the higher cost of homes in Summerlin may mean that you'll need a larger down payment with some loan programs that have loan limits so make sure you discuss your options with a local lender who knows the Summerlin market

2. How can I get help with my down payment?

Regardless of the loans available, many buyers still need assistance with a down payment. The great news is, there are a lot of ways to tap into down payment assistance options. Here are just a couple of them:

Assistance from Family Members

The National Association of Realtors (NAR) said, “a third of recent first-time buyers received down payment assistance from family members.” They also mentioned, “the average net worth of those aged 75 and over stands at $264,800…They just might offer the boost the next generation needs to become homeowners.

That means one of the ways to find help with a down payment is to accept a gift from a family member. If this is an option for you, make sure you talk to your loan officer before you accept the money, to ensure you document the process the way it is required by your loan. This way, it will be received properly and you can still potentially qualify.

Down Payment Assistance Programs

The reality is, not everyone has a loved one or a family member who can provide help with a down payment. There are, however, more than 2,500 down payment assistance programs available (by local areas like city, county, or neighborhood), and some of them are even specifically for first-time buyers.

The gap, as mentioned in the same survey, is “only 23% of consumers are familiar with low down payment programs.”

That’s why it is so important to get familiar with these options by doing your homework before you plan to buy a Summerlin home. Determine what is available in the neighborhood you ultimately want to live, so you have all the details you need to take advantage of the down payment assistance option that is best for your family.

Bottom Line

If buying a Summerlin home is one of your long-term goals, you may be able to get there sooner than you think by tapping into one of the many down payment assistance programs available.  Check with a lender today and let us know if you need recommendations for a good local lender.

Justin Bevins
Pulse Realty Group
702-483-1848

 

Posted in Buying a Home
Aug. 2, 2019

Reasons to Buy a Summerlin Home in 2019

3 Powerful Reasons to Buy a Home Now | MyKCM

3 Powerful Reasons to Buy a Home Now

Whether you are a first-time buyer or looking to move up to the Summerlin home of your dreams, now is a great time to purchase. Here are three major reasons to buy today.

1. Affordability

Many people focus solely on price when talking about home affordability. Since home prices have appreciated throughout the past year, they assume homes are less affordable. However, affordability is determined by three components:

  • Price
  • Wages
  • Mortgage Interest Rate

Prices are up, but so are wages – and interest rates have recently dropped dramatically (see #2 below). As a result, the National Association of Realtors’ (NAR) latest Affordability Index report revealed that homes are MORE affordable throughout the country today than they were a year ago.

“All four regions saw an increase in affordability from a year ago. The South had the biggest gain in affordability of 6.9%, followed by the West with a gain of 6.0%. The Midwest had an increase of 5.8%, followed by the Northeast with the smallest gain of 1.8%.”

Recently the Las Vegas market has appreciated at 6.4% annually, one of the highest rates in the nation.

2. Mortgage Interest Rates

Mortgage rates have dropped almost a full point after heading toward 5% last fall and early winter. Currently, they are below 4%.
3 Powerful Reasons to Buy a Home Now | MyKCMAdditionally, Fannie Mae recently predicted the average rate for a 30-year fixed mortgage will be 3.7% in the second half of 2019. That compares to a 4.4% average rate in the first quarter and 4% in the second quarter.

With mortgage rates remaining near historic lows, Fannie Mae and others have increased their forecasts for housing appreciation for the rest of the year. If home price gains are about to re-accelerate, buying now rather than later makes financial sense.

3. Increase Family Wealth

Homeownership has always been recognized as a sensational way to build long-term family wealth. A new report by ATTOM Data Solutions reveals:

“U.S. homeowners who sold in the second quarter of 2019 realized an average home price gain since purchase of $67,500, up from an average gain of $57,706 in Q1 2019 and up from an average gain of $60,100 in Q2 2018. The average home seller gain of $67,500 in Q2 2019 represented an average 33.9 percent return as a percentage of original purchase price.”

The longer you delay purchasing a Summerlin home, the longer you are waiting to put the power of home equity to work for you.

Bottom Line

With affordability increasing, mortgage rates decreasing, and home values about to re-accelerate, it may be time to make a move. Let’s get together to determine if buying now makes sense for your family.

Justin Bevins
Pulse Realty Group
702-483-1848

Posted in Buying a Home
Aug. 1, 2019

Mid 2019 Housing Market Outlook

Mid-Year Housing Market Update: Three Things to Know Today | MyKCM

Housing Market Update: Three Things to Know Today

Shifting trends and industry-leading research are pointing toward some valuable projections about the status of the housing market for the rest of the year.

Recently it was reported that Southern Nevada home prices were up 6.4% one of the highest rates of appreciation in the nation

If you’re thinking of buying or selling in Summerlin or the Greater Las Vegas Valley, or if you just want to know what experts are saying is on the horizon, here are the top three things to put on your radar as we head into the coming months:

  1. Home prices are appreciating at a more normal rate: Home prices have been appreciating for about ten years now. Experts at the Home Price Expectation Survey, Mortgage Bankers Association, Freddie Mac, and Fannie Mae are forecasting continued growth throughout the next year, although it should be leveling-off to normal appreciation (3.6%), as we move into 2020.
  2. Interest rates are low: Over the past 30 years, the average mortgage rate in the United States has been 8.27%, and rates even peaked as high as 18% in the 1980s. Today, at 3.81%, the rate is considerably lower than the historical 30-year average. Although experts predict it may climb into the low 4% range in the near future, that’s still remarkably lower than our running average, suggesting a great time to get more for your money over the life of your loan.
  3. An impending recession does not mean there will be a housing crash: Although expert research studies such as those found in the Duke Survey of American CFOs and the National Association of Business Economics, are pointing toward a recession beginning within the next 18 months, a potential recession isn’t expected to be driven by the housing industry. That means we likely won’t experience a devastating housing crash like the country felt in 2008. Expert financial analyst Morgan Housel tweeted:

“An interesting thing is the widespread assumption that the next recession will be as bad as 2008. Natural to think that way, but, statistically, highly unlikely. Could be over before you realized it began.”

In fact, during 3 of the 5 last U.S. recessions, housing prices actually appreciated:Mid-Year Housing Market Update: Three Things to Know Today | MyKCM

Bottom Line

With prices appreciating and low interest rates available, it’s a perfect time to buy or sell a home in Summerlin. Let’s get together to discuss how you can take the next step in the exciting journey of homeownership.

Justin Bevins
Pulse Realty Group
702-483-1848

 

Posted in Real Estate News
July 1, 2019

Is Summer 2019 the Best Time to Finally Sell Your Summerlin Home

5 Reasons to Sell Your House This Summer | MyKCM

5 Reasons to Sell Your House This Summer

Here are 5 compelling reasons listing your Summerlin home for sale this summer makes sense.

1. Demand Is Strong

The latest Buyer Traffic Index  from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other for the same home.

This is especially true in Summerlin, where we've seen continued appreciation and price gains for the last several years and available home inventory still remains relatively low - both characteristics of a Seller's market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in most of the country, there are not enough homes for sale to satisfy the number of buyers.

Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire to move, as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners are granted the freedom to move.

Many Summerlin homeowners were reluctant to list their home over the last couple of years for fear that they would not find a home to move in to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you to decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. Buyers know exactly what they can afford before home shopping. This makes the entire selling process much faster and simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 43 days. (Last numbers available.)

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has created a buyer’s market. This means that if you are planning on selling a Summerlin starter or trade-up home, it will sell quickly, AND you’ll be able to find a premium home to call your own!

According to CoreLogic, prices are projected to appreciate by 4.8% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your Summerlin home on the market. Perhaps the time has come for you and your family to start living the life you desire.

If we can help answer any questions or provide an equity analysis of your current home, please get in touch.

Justin Bevins
Pulse Realty Group
702-483-1848

Posted in Selling a Home
June 27, 2019

Summerlin Home Inspections - What to Expect

Know What to Expect at Your Home Inspection | MyKCM

Know what to expect at your home inspection

So you made an offer and it was accepted. Now, your next task is to have your future Summerlin home inspected prior to closing. Agents oftentimes make your offer contingent on a clean home inspection.

This contingency allows you to renegotiate the price you paid for the home, ask the sellers to cover repairs, or in some cases, to walk away. Your agent can advise you on the best course of action once the report is filed.

Think of the home inspection as an affordable insurance policy to keep you from buying a money pit.

How to Choose an Inspector

Your agent will most likely have a short list of inspectors that they have worked with in the past that they can recommend to you. HGTV recommends that you consider the following five areas when choosing the right home inspector for you:

1. Qualifications – find out what’s included in your inspection and if the age or location of your home may warrant specific certifications or specialties.

2. Sample Reports – ask for a sample inspection report so you can review how thoroughly they will be inspecting your dream home. In most cases, the more detailed the report, the better.

3. References – do your homework – ask for phone numbers and names of past clients who you can call to ask about their experiences.

4. Memberships – Not all inspectors belong to a national or state association of home inspectors, and membership in one of these groups should not be the only way to evaluate your choice. Membership in one of these organizations often means that continued training and education are provided.

5. Errors & Omission Insurance – Find out what the liability of the inspector or inspection company is once the inspection is over. The inspector is only human, after all, and it is possible that they might have missed something they should have seen.

Ask your inspector if it’s okay for you to tag along during the inspection or come towards the end of the inspection for a walk-through. That way they can point out anything that should be addressed or fixed.

Don’t be surprised to see your inspector climbing on the roof or crawling around in the attic and on the floors. The job of the inspector is to protect your investment and find any issues with the home, including but not limited to: the roof, plumbing, electrical components, appliances, heating & air conditioning systems, ventilation, windows, the fireplace and chimney, the foundation, and so much more!

Bottom Line

They say, ‘ignorance is bliss,’ but not when investing your hard-earned money into a home of your own. Work with a professional who you can trust to give you the most information possible about your new home so that you can make the most educated decision about your purchase.

Posted in Buying a Home
June 26, 2019

Want to Make a Move to Summerlin? Get Pre-Approved.

Stop Wondering What Your Budget Is & Get Pre-Approved! | MyKCM

Stop wondering what your budget is & get pre-approved!

I often see buyers delay getting pre-approved for a mortgage to buy a home in Summerlin.  As you might know Summerlin homes are often at higher price points than other parts of Las Vegas.  For many buyers trying to move into Summerlin the pre-approval process is daunting, but it's necessary to know what you can really afford.

In many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show that you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are not in an incredibly competitive market, understanding your budget will give you the confidence of knowing whether or not your Summerlin dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local Summerlin real estate professional is that many have relationships with local lenders who will be able to help you through this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

  1. Capacity: Your current and future ability to make your payments
  2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
  3. Collateral: The home, or type of home, that you would like to purchase
  4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show Summerlin home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential homebuyers overestimate the down payment and credit scores necessary to qualify for a mortgage. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so today.  Getting the home you want in Summerlin may be easier than you think.

Let us know if we can help.

Justin Bevins
Pulse Realty Group
702-483-1848

Posted in Buying a Home