Optimistic news in Las Vegas real estate market Episode #216

Hello! Welcome to Todd Miller TV. I wanted to share a couple things that I read today online about new home buying. And when I say new home I mean people buying homes. So the first on is that they did a poll of people and 20% of them stated they were gonna buy a house this year. So traditionally every year, 5% of all people buy a house. That’s the sort of running number. That’s about what we experienced last year in Las Vegas. 20%, I don’t really think of people are gonna buy homes. I think 20% of people would like to buy a house in the next year and sometimes people say they are but it takes them a couple years to do that. So I just, that to me is very optimistic of 20% are looking to buy. I think the reason of doing it is ’cause they were just analysis of affordability was a 30year high. So you got affordability of 30year high. Economy starts to come back. Jobs are starting to comeback. So I think this is a great time for people that are looking to buy, it’s kinda hard to go wrong right now. Especially after what happened to the last few years. 2nd thing that I read was really interesting. This really sort of caught me. It surprised me a little bit. ‘Cause statistically, 25% of all people state that their just lifetime runners. They’re never gonna own a home and that’s just sort of this running thing but the last time they polled renters 85% of them (this is across the nation) 85% of renters stated, someday they wanted to own a home. And I just think that’s just incredible that if you know, 85% of renters were converted to home owners, our ownership percentage in the country be about 90% ’cause we already have about 55 or 60% of people were living in a house are owners of it, the rest are all investors. So I just thought that was very interesting. We’ve had the opportunity here in the last month to help 2 people who’ve never bought a house into a house for the first time. Kinda take up to the process and that’s kind of exciting for me to see that happen especially you know, since affordability is still low and people are buying a house and their monthly payment on the house is much less than they were paying in the rent. So I thought that was pretty cool. Anyway, So 85% number I think is very intriguing. It’s something I’m definitely gonna be you know, moving forward talking to investors who were buying houses. I think it’s a good number for them to know because there’s a huge opportunity I think to just/to groom that renter into buying the house in some point in the future and even of that person can’t qualify for a Loan sometimes you know, owner financing might be something that people start looking at and start doing but I think, Lending requirements and lending limits are gonna lift a little bit and be easier. So anyway, I just want to share those 2 things. The reason is because that stuff is called optimism. And when you have optimism, you tend to have things are getting better. So people/if you ask people 3 years it would be bad, bad, bad. But if you’re asking people now they’re optimistic. So what that means to be is that’s a leading indicator for what’s gonna happen in the future; which is wwhy a lot of you have called me and said you wanna start buying investment properties and it’s fine. There’s still deals. We can still make it happen. But I just wanted to share that because we see this thing and then you know, you’re gonna be watching this in 6 months and I’m gonna say same things I said 6 months ago: Home prices will be more in Las Vegas in 6 months than they were today. And if you go back on my blogs 6 months ago and everybody was saying that the market was gonna tank and it was gonna be bad again all this REO’s Shadow inventories, blah blah blah, that actually home prices are gonna drop. So I predict, based on all this I’ve heard and what we’re seeing everyday, we have 6 more months atleast, home prices are gonna keep going up. Who knows after that? I don’t know. I don’t know I don’t predict long term but I just know right now, it’s great! And I’m very excited to be helping people buy investments homes and managing them and everything. So anyway, though t I would share that with you, a little insight maybe. That is my update for today and hope to see you on another video. Thanks!