The real estate market in Sin City has been anything but calm lately, with prices dropping across most markets and many homes being listed for months at a time without any offers. This is not the case everywhere in the city though, as some areas have experienced an increase in activity.
Some say that this lull in activity is due to there just not being enough home buyers out there, while others believe it’s because people are staying away from debt in these times of high interest rates.
Either way, finding a house now takes longer than ever before!
Fortunately, there are ways to find your dream home in the right area, with the right price. Keep reading to learn more about them!
We will also talk about how you can avoid getting burned if you are looking to buy a property quickly. While it may be harder to do so now, we hope you still manage to pick up what you need.
Good luck out there everyone!
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It is very easy to get distracted by all the beautiful houses around you, but unfortunately, those houses may no longer be available.
There are currently more than 1,000 homes for sale in the Las Vegas market
Even with all of these properties available, there is still a very high demand for houses here. The number of homes for sale has fluctuated quite a bit over the past few years, but right now it’s at its highest level ever!
In fact, there are currently more than 1,000 homes for sale in the Las Vegas market. That’s nearly five times as many as there were back in February when only 250 listings existed.
While this seems like a lot of inventory, it can be hard to find your dream home during this period. Many people choose to stay put for one reason or another so they don’t have that much competition for their property.
That doesn’t make them any less likely to sell, though! Most homeowners who want to move will go ahead and list theirs even if there are lots of other similar houses already For his reasons, he decided not to take that step just yet.
Home prices have increased by about 10% since the start of the year
With home price growth at an end, many are wondering how the market will perform moving forward. While we can’t say for certain what will happen next, there is one thing that we know for sure – the real estate industry will not go away!
Real estate has been around long before most people think it was, with the first homes being built out of logs or stone. These dwellings were functional and beautiful, giving future generations knowledge of building fundamentals.
As our society continued to grow and technology advanced, so did the way people lived. Homes became bigger and more complex as people needed larger spaces to do things like raise a family.
Since the Great Recession, buyers have had less access to affordable loans, which has limited their ability to invest in properties. This has caused some stagnation in the market, but it hasn’t done anything else except hold back house-hunting.
In fact, even though lenders tightened their lending standards, they didn’t eliminate them completely.
Buyers should not be discouraged by the high interest rates
There is one major factor that has affected the strength of the market recently, and that is the rising cost to buy or sell a home!
The average selling price for homes in Nevada has increased dramatically over the past few years. This has made it more expensive to move, which creates a very strong barrier to entry for potential buyers.
When people do want to purchase a house, they must first find a seller who is willing to accept a lower asking price, or pay higher prices if they have to negotiate with the current owner.
This can sometimes take months, even years! During this time, there are no new renters or owners able to enter or exit the housing market, creating a stagnant situation.
So how is the real estate market in Las Vegas? It’s actually quite healthy!
There is a justifiable reason why you should not be too concerned about the state of the market at present. In fact, we believe that it is in its best shape ever! Here are some reasons as to why.
Some locations in Las Vegas have seen property values increase by as much as 30% in the last year
Although some areas of the city are experiencing strong price growth, this is not true for all parts of town! In fact, there are several neighborhoods that have seen significant downturns in value over the past twelve months.
Some properties have experienced dramatic drops in sales activity, which can be attributed to the overall lack of demand due to the depressed market. This has allowed sellers in these markets to ask higher prices, since they know they will likely get more than what their home is worth.
Furthermore, many homes in less affluent communities remain vacant or under-utilized, which decreases the perceived value of the real estate. As a result, owners may choose to list their house at a lower price, waiting for someone to come along and make a purchase.
This article will discuss which areas of the city are undergoing value declines, and what you can do if you live in one of those areas.
Home sales in Clark County have increased by about 10% since 2016
While this is not enough for a bustling market, it does show that some people are still very invested in the home buying process in the area. This includes both sellers who are looking to move up or down, as well as buyers who feel more confident in the housing market.
Since homes sold at around half of their listed price back in 2017, many homeowners are staying within their budget limit which has allowed them to pick and choose from homes within their budget.
There was also an increase in average list prices per property, showing that most owners were willing to pay more money for their house!
Overall, these numbers indicate that while there isn’t quite a boom going on like before, things aren’t completely dead either.
Home prices in the city of Las Vegas have increased by about 5% since 2016
While home price growth has slowed down, it is important to remember that we are still experiencing strong market conditions. Since the spring of 2017 when sales began rising again, average house prices in the valley area where most homes fall under the “luxury” category has risen by around 5%.
This includes the Henderson-Cathedral City area, the North Valley (Lake Nona), Summerlin, and areas close to major freeways like Desert Ridge, Sunrise, Lake Paradise, etc.
It is very difficult to find a house within your budget anywhere outside of The Grand Canyon or Greenfield Village so be prepared for expensive transportation costs if you do not live in one of these two places!
Furthermore, even though there are more houses available now than last year, they are usually much larger and/or higher up sale numbers which makes them seem less affordable. People with high income can easily buy a large house but this does not necessarily mean that people with lower incomes have the same opportunity.
There are many reasons why housing affordability is becoming increasingly limited in the valley area, some internalized and some externalized.
Home prices in the rest of the county have remained stable
While home prices in other areas of Nevada are still relatively affordable, they are staying steady at best. The average price per square foot for homes sold in Southern Nevada was $153 in October which is almost half what it was one year earlier. This means that even though there has been some growth in house prices here, overall affordability is not improving quickly.
It’s important to remember that while housing costs make up a large part of most people’s monthly budgets, they are only a portion of their yearly spending. Most households spend several thousand dollars outside of housing every month, so any savings you find within those categories will not be as substantial.
Furthermore, many parts of America remain heavily dependent on having an adequate source of income, or access to loans and credit cards, which limits how much lower household incomes can get. People with less money often have limited options when it comes to finding suitable housing.
If you’re looking to move into more expensive real estate, consider whether your budget could handle it before buying. Also, try to understand where your money would really go if you spent it on a house instead of, say, food or clothing.
Home prices in the state of Nevada have increased by about 5% since 2016
Even with this slight increase, home values are still much lower than they were back in 2006! This is due to the fact that there aren’t as many homes for sale these days.
It seems like every week we read or hear about another house going up for sale, or one hitting the market. While it may seem like all the houses go unnoticed, it actually has a lot to do with how expensive real estate is in the area.
There aren’t very many homes being built either, which is why you will find lots of empty land around the city. It can be difficult finding a house to buy or rent without doing some research first.
That is not the case anymore though, as there are now plenty of resources available to people looking to invest in property. With that said, let’s take a look at what the future looks like for the housing market in the gambling capital of America.
