Is Now A Good Time To Buy A House In Las Vegas?

The Las Vegas house market is quite cutthroat. As soon as houses get into the market, they get an owner. The market is this competitive since Las Vegas is second to no other. With a vibrant entertainment scene, luxurious tourist destinations, beautiful architecture, and an ever pulsing business scene, everything about Las Vegas invites you in.

The Las Vegas population cannot be described as static. More than 2.3 million people currently call the city’s metro Home, and these figures grow yearly. The ‘staycation’ life in Las Vegas makes the city an attractive market for homeowners. The process of getting yourself a home in Vegas is not complicated. After house hunting and finding your dream house, you have to make an offer and then go through inspection, appraisal, financing, and finally, become a homeowner. It is important to note that in some areas in Las Vegas, the legal fee incurred when closing a home sale is sometimes forfeited.

You might have heard about or seen the sharp increase in housing prices in Las Vegas, Nevada, in the recent past. During this time, houses were getting multiple offers, and every prospective homeowner had to be highly decisive and strategic to get a house. Currently, the housing market has started to stabilize, and it is the perfect time for strategic buyers to get into the market.

Previously, Southern Nevada and thus Nevada had an extremely high medium home value because there were inventory shortages, few people were moving out of Vegas, and an influx of buyers who made cash overs way above the asking price. This worked against first time buyers and made getting a house very difficult. However, things have cooled down a bit, and it is now easier to own a home.

Some of the best property markets include parts of Henderson (89052), Summerlin (89135), Tule Springs, and Centennial Hills. Houses in these areas are valued at prices averaging $350,000 to $450,000. While this might look like a huge figure, you should not let it discourage you from getting a house since monthly mortgage payments are low. Nevada has a mortgage rate on a fixed 30-year plan well below the national average of 3.99%; this means that a house in Vegas will save you money in the long run.

Reasons To Consider Las Vegas

Other than a low mortgage, Nevada offers low property taxes, including having one of the lowest property taxes in the country and no income taxes. If you would like to buy a residential home with houses to rent, you will be pleased to learn that with the increasing need, rent prices have continued to grow steadily by approximately 5% by the end of 2020. Houses in Las Vegas are large, with the average 2-bedroomed house measuring 971 square feet.

The pandemic has caused disruptions for businesses, adversely affecting the job market, with unemployment rates peaking at 30% by April of 2021. However, the State and, by extension, the scene at Vegas has significantly recovered, and unemployment has shot down to about 7.8%. The rebound in the local economy has indirectly affected the housing market. You will be pleased to learn that with the continued decrease in unemployment rates, the demand for housing will continue to rise. With this boom, your property values will most definitely increase.

 Luxury Homes

The Red Rock Country Club of Summerlin, Seven Hills, Macdonald Highlands, and The Fountains of Henderson are your desired destinations for luxury homeowners. These serene environments offer the best of Nevada with the added advantage of beautiful weather and a different lifestyle. The luxury homes market was never affected by the pandemic, and you are best suited to consider getting a piece of this market before it is too late.

This is the perfect time to own a house in Las Vegas. If you are interested in owning a home in one of the fastest-growing property markets, do not hesitate to call Jessica at 702-840-4415