Phil Nguyen Fathom Realty

Home
United States
Las Vegas, NV
Phil Nguyen Fathom Realty

Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Phil Nguyen Fathom Realty, Estate agent, Las Vegas, NV.

08/21/2024

30-year: 6.49%
15-year: 6.00%
*Mortgage rates via Mortgage News Daily
A 40-Year Mortgage?
30-year mortgages are the norm, but no rule says they can't be longer.
So, what would happen if people could buy houses with 40-year mortgages?

Monthly payments would likely lower for home-buyers.
This could mean more interest revenue for lenders.
But homeowners would be paying more over time.
Another Downside: We’d have to add another row of mortgage rates above.

Hotels Are The New Apartments
When the hotel stay is cheaper than rent, you know something is up.
One family recently moved into a hotel after losing their house - not because it was a nicer option than renting, but because it was a cheaper one.
Many hotels offer extended stays as a response to rising rents, and those hotels are attracting big investors.

08/20/2024

30-year: 6.53%
15-year: 6.13%
*Mortgage rates via Mortgage News Daily

No More “Just Looking Around”
House hunters before could tour homes with an agent for free, but that free ride could soon be ending.
The new real estate rules mean buyers have to negotiate fees with an agent before they start looking - no free lunches, and no free home tours.
Flip Side: Though less convenient, this will likely save homebuyers money.

The Harris Housing Plan
Kamala Harris wants to give first-time homebuyers a $25,000 tax credit if elected president.
Sorry Californians, this probably wouldn’t help much.
Her plan also calls for a $40 billion investment to build more housing.
According to Bloomberg, housing affordability is the No. 2 voting issue for young voters, behind inflation.

08/16/2024

30-year: 6.58%
15-year: 6.15%
*Mortgage rates via Mortgage News Daily
Falling, But Still Pretty High
Mortgage rates have been trending downward since May. So why aren’t people buying more houses yet?
Simple: They haven’t fallen far enough for many homebuyers.
Even though rates started this week at their lowest point since 2022, they’re still more than twice the level from 2020.

Why Millennials Feel Poor
Millennials can’t yet access the money tied up in their home value and 401(k).
Experts are calling this phantom wealth - the spookiest type of wealth there is.
Or in simpler terms: Feeling poor even when you are financially healthy.

08/14/2024

30-year: 6.52%
15-year: 5.98%
*Mortgage rates via Mortgage News Daily
Starter Home, Finishing Price

The price of the average U.S. starter home has risen 54% over the past five years.
That’s higher than the rise for the average home nationwide (49%).
In over 100 U.S. cities, starter homes are now selling for over $1 million, leaving potential homebuyers checking under the couch for spare change!

“People are delaying homeownership, and they're doing so because it takes longer to save up and to get on the first run of the housing ladder,” said Zillow.

The Realtor Lawsuit
Some Michigan realtors are saying that new nationwide real estate rules are illegal - so they’re suing.
Recap: The new rules would allow home buyers to negotiate broker fees instead of them being set by the realtors.
These realtors are likely worried about lower fees in the future, so they’re claiming the laws to be an antitrust violation.

08/01/2024

30-year: 6.78%
15-year: 6.29%
*Mortgage rates via Mortgage News Daily
Everything is bigger in Texas - except for the rent, apparently.
Median rent prices in Fort Worth have fallen by over 10% over the last year, with Houston, Dallas, and Austin also seeing big drops.

Why? New apartment supply in the U.S. has reached a 50-year high - and Texas is leading the building boom.

Mortgage Rates Stay Flat
If you needed a hint that the Fed was going to keep interest rates the same yesterday, you could’ve taken a look at last week’s mortgage rates.

Last week’s average 30-year mortgage rate was at 7.01% - the exact number from two weeks ago.
Many experts expect mortgage rates to fall once the Fed announces rate cuts.

07/24/2024

30-year: 6.87%
15-year: 6.32%
*Mortgage rates via Mortgage News Daily

A Buyer’s Shift
June's previously-owned home sales came in lower than expected, falling by 5.4% in June from May.
However, the number of homes for sale shot up to the highest level since May 2020.

Whose market? Experts are seeing a shift as more supply comes in:
“June, in particular, has started to show the housing market slowing down in favor of buyers,” Zillow’s chief economist said.

What’s the Median Price?
Yes, the rent (and home prices) are still too dang high.
The median price for existing homes sold (year-over-year from June 2023) was $426,900. That's 4.1% higher compared to last year, recently hitting an all-time high.
Even with more houses on the market, it's not doing much to cool prices as of June.

07/15/2024

30-year: 6.82%
15-year: 6.32%
*Mortgage rates via Mortgage News Daily
Rising: Real Estate Stocks
The real estate market may be ice cold, but real estate stocks just had their hottest day of the summer.

Stocks for real estate companies rose by 2.7% last Thursday after CPI numbers showed cooling inflation.

That raises the odds of a rate cut, which could lower mortgage rates and stimulate home buyer interest.

Biden’s New Rental Rule
A new rule will require landlords of federally-backed properties to give more advanced notice (at least 30 days) for evictions and rent hikes.

The rule affects 16 million renters living in government-subsidized apartments.

Not The First: In March, the Biden Administration announced a rule limiting annual rent hikes to 10% on some low-income apartments.

06/26/2024

15-year: 6.44%
30-year: 7.03%
*Mortgage rates via Mortgage News Daily
Honey, I Shrunk The Home

It’s not just your eyes: New homes are getting smaller.

New homes built in Q1 are built to a median of 2,141 square feet, or 20% smaller than the median size of new homes built in 2015.

Why? It’s cheaper - fewer materials, less labor, less time, and less maintenance once it's built.

Zoning restrictions also play a part, with minimum lot sizes incentivizing people to build bigger homes for decades.

Now, with many cities ending those restrictions, people can build smaller homes on smaller lots.

Low Riser
Home prices are still increasing, but not as fast as they were.

The Case-Shiller home price index rose by 6.3% nationwide in April after rising by 8.3% in March.

Rising interest rates are a part of a slowing housing market, which could have helped slow the price gains:

"The rapid and sudden increase in mortgage rates in April pushed housing affordability further out of reach for many potential buyers while some who could still afford held back," said Zillow.

06/19/2024

15-year: 6.42%
30-year: 7.02%
*Mortgage rates via Mortgage News Daily

Stay For A While…
Mississippi County, Arkansas is offering up to $50,000 to both locals and out-of-towners. The only catch: You have to stay there for at least four years.

It’s part of a wave of incentives many U.S. cities are offering to attract new residents.

For example, Tulsa, Oklahoma pays $10,000 for anyone who wants to move there.

80 people have already taken up the offer in Arkansas, as remote work has allowed people to find cheaper housing in remote areas.

…But Maybe Not Here
More and more people are moving to the South - but some locals aren’t showing their Southern hospitality.

Local groups in Tennessee, North Carolina, and Georgia are turning newcomers away, passing zoning requirements to limit housing construction.

Many workers are attracted to the economic booms and low taxes in cities like Nashville and Atlanta.

The South accounted for two-thirds of U.S. job growth in 2023.

06/13/2024

15-year: 6.40%
30-year: 6.98%
*Mortgage rates via Mortgage News Daily
Mortgage Rate Volatility

A brief drop in mortgage rates caused a significant surge in demand, but it may be short-lived - according to some experts.

Mortgage applications jumped by almost 16% from the previous week, according to the Mortgage Bankers Association.

Applications to refinance a home loan increased by 28% last week compared to the week before.

Rates increased after a better-than-expected monthly employment report on Friday. Experts anticipate a decrease in mortgage applications and refinance volume this week compared to last.

Big City Problems
To live in a big city like San Francisco, you need to earn twice as much as the average American, according to Moody’s Analytics.

Despite that alarming statistic, the San Francisco area is the only major city where rent in one-bedroom apartments has decreased since 2019.

Average rent prices in San Fran:

April 2019: $2,435.
April 2024: $2,281.

That isn't the case for most metro areas - they have all seen steady increases for one-bedroom apartments since 2020.

Where has rent increased the most since 2019? Knoxville, Tennessee.

05/06/2024

15-year: 6.75%
30-year: 7.28%
*Mortgage rates via Mortgage News Daily

Closing Time

Higher interest rates and more expensive homes have made buying a new home challenging. However, one commonly overlooked expense when purchasing a home is closing costs.

What are they? The final bill can vary based on different factors. Some usual closing costs might be an application fee to process your loan, home appraisal fees, a credit reporting fee, title insurance, and an origination fee.

These costs have risen in recent years - around 20% since 2021.

A Hot Start to May
Freddie Mac's latest Primary Mortgage Market Survey was released at the end of last week.

The data indicated that the average rate on the benchmark 30-year fixed mortgage increased to 7.22% last week from 7.17% the week before.

The average rate on a 30-year loan was 6.39% a year ago.

04/23/2024

15-year: 6.85%
30-year: 7.43%
*Mortgage rates via Mortgage News Daily

Not So Luxurious
Luxury real estate prices just hit an all-time record.

Overall real estate sales fell 4% nationwide in the first quarter, but luxury sales went up by over 2%. It was the sector's strongest showing in three years.

What classifies real estate as luxury? Homes that are in the top 5% of their metro area by value, as defined by Redfin.

The median price of luxury homes hit an all-time record of $1,225,000 during the period.
Nearly half of luxury homes were bought without a mortgage (all cash deal) in the quarter.

According to Redfin, wealthy sellers are more likely to purchase with cash, so they are less concerned about refinancing from a low-rate mortgage (unlike most homeowners).

How Much Do You Need?
Bankrate's latest real estate analysis showed that Americans in 22 states need to earn at least $100,000 annually to afford a median-priced home.

Address

Las Vegas, NV
89141

Website

https://mls-client.com/5C602378, http://lasvegas.fathomrealty.com/

Alerts

Be the first to know and let us send you an email when Phil Nguyen Fathom Realty posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Phil Nguyen Fathom Realty:

Shortcuts

Featured

TORO Realty
6130 Elton
Southern Nevada Realty Group- Lori Smith
89128