As you likely know, Las Vegas has been one of the most volatile real estate markets in the country over the last few years. Between 2007 and 2011, in many parts of Las Vegas, home values fell 50%...or more! But, things are changing. For the better. Since early 2012, home values in Las Vegas have seen a steady increase, helping many buyers recover some of the value which was lost during the economic downturn. In fact, the National Association of Realtors recently released figures indicating that home values in Las Vegas are up 30% year over year. Now, there are some unusual contributing factors to the seemingly meteoric rise in prices...the already depressed prices in the market, tremendous investor interest in the market, the relatively low cost of borrowing and restricted inventory. All of that being said, the market has started to normalize somewhat. We are seeing that inventories are rising and price increases are starting to moderate. All of this is actually a great thing for those who are interested in purchasing a property in Las Vegas. Prices continue to be lower than what many consider to be “market value”, and they are certainly lower than they were at the peak of the market 5 or so years ago. Mortgage rates, while higher than they were a year ago, are still at historic lows, allowing those who are purchasing a home to afford more house for their money. Rising inventories are allowing those in the market the opportunity to have more of a choice in the properties they view, and make an offer on, without the feeding frenzy that was perpetuated by the real estate investors.
Now is a great time to buy or sell a property. Interest is up. Prices are up. Go to my website to find out more information.
Have a great day!
