Yun sheds light on housing market
There is a housing shortage nationwide and in Nevada specifically. That has been well publicized in recent months. Markets across the country and in both of Nevada’s population centers – Las Vegas and Reno – continue to see shrinkage in inventory.
Lawrence Yun, the Chief Economist for the National Association of REALTORS®, spoke on the issue Thursday when he spoke at the Region XI REALTOR® Conference hosted at The Broadmoor resort in Colorado Springs, CO. Yun said the biggest contributor to the shortage is builders are not keeping up with demand and he pointed to some key reasons.
“On ‘spec homes’, builders can find a buyer in less than three months,” Yun said. “So why aren’t the builders contributing more to the marketplace? There are not enough lots ready for construction. There is a shortage of quality labor. Lending hurdles, fewer community banks are lending to home builders, and lastly, lumber prices are rising.”
Read the full story here.
NVAR Legal: Contract Formation
REALTORS® deal with numerous types of contracts every day. The listing agreement, the purchase agreement, the independent contractor agreement, the lease, and the property management agreement are a few of the contracts realtors® use in their practice every day.
We often get questions on what elements or terms are necessary for a contract to be binding? The essential elements necessary for forming a contract are mutual assent, consideration, legal capacity, legal subject matter and a meeting of the minds. This article will discuss mutual assent.
Mutual assent begins with an offer that encompasses the agreement’s essential terms. An offer is an expression of willingness to enter into an agreement so made as to justify another person in understanding that his or her consent to that agreement is invited and will conclude it. Click here to view the complete article.
Housing crunch threatens Reno's tech boom
When a development company in Reno acquired a ranch in 2015 once owned by a casino magnate, managing partner Chip Bowlby thought homes could be quickly built on the land to help meet the demands of a historic jobs boom.
But nearly two years later, the project of 691 homes at the late Bill Harrah's Rancharrah property remains tied up in permitting, even as the inventory of homes in Reno is drying up amid soaring sales.
"We can sell everything we build," said Mr. Bowlby of Reno Land Development Co., which is selling other homes as Rancharrah awaits final approval within weeks. "It's limitless with the demand now." Read more here.
Housingwire: How could government shutdown impact mortgage process?
Lenders and homebuyers might need to prepare for potential roadblocks in the homebuying process if the government does shutdown after April 28. And according to an article in CNBC by John Schoen, government shutdowns have already created hiccups in the mortgage process in the past, with the last shutdown in October 2013 delaying about 17% of closings.
Yes, lenders handle the main decision of if a borrower gets a loan, but there are key parts of the mortgage process that rely on government workers.
So what areas of the mortgage process could be impacted? Find out here.