Ep #26 French Workbench - Buying new construction home process With No Appraisal Contingency

Las Vegas Realtors are reporting this week that the median price of existing single-family homes sold in Southern Nevada during May 2021 was $385,000. That tops the all-time record set in April. May's median home price is up 22.2% from $315,000 one year ago. The median price of local condos and townhomes sold in May was $205,000. That's up 10.8% from $185,000 in May of 2020. LVR reported a total of 4,100 existing local homes, condos and townhomes sold during May. Compared to the same time last year, May sales were up 87.3% for homes and up 144.9% for condos and townhomes. So far this year, local home sales are on pace to exceed last year's total. While more homes are selling compared to last year, he said the number of sales have started declining on a month-to-month basis. The local housing market hit its post-recession bottom in early 2012. Since then, it has experienced steady year-over-year growth. Since the pandemic started, Martinez said the local housing market has been more in line with national trends, with home sales and prices "exceeding expectations." He attributes much of this recent price growth to a shortage of homes available for sale, strong demand and historically low mortgage interest rates. During May, LVR reported that 30.9% of all local property sales were purchased with cash. That's up from 14.5% one year ago, when the housing market was reeling from the onset of the pandemic. However, that's still well below the March 2013 cash buyer peak of 59.5%. With eviction and foreclosure bans still in place, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.7% of all existing local property sales in May. That compares to 1.5% of all sales one year ago, 2.0% of all sales two years ago, 2.6% three years ago and 6.8% four years ago. Martinez suggested that these percentages may rise slightly when government moratoriums are lifted. https://youtu.be/TXcGgXZYfqg- Hiring a Home Inspector with