It’s spring, and Las Vegas is already getting hot. One area of Vegas that’s been heating up for the past few months is the real estate market. In fact, Realtor.com names Las Vegas as the number one hottest market in the United States in 2018, as reported by Fox Five Vegas. So, what’s going on, and is it time for you sell or buy?

Spring 2018 Las Vegas Real Estate Trends

There is an imbalance between people searching for homes and people selling them currently across Southern Nevada. The demand for homes is high, but the supply is low. People are looking for new homes, but the low supply is heating up a tight market.


Source- Greater Las Vegas Association of REALTORS® MLS.

To compensate for the new demand of houses, new home developments are popping up all over the valley. There is quite a mix of home types, ranging from town-homes under $200,000 to high-end luxury homes from builders like Toll Brothers, William Lyons and others. Although residential constructions workers are back building homes, it’s worth noting we are nowhere near the building levels seen before the great recession. Another trend worth noting is that mortgage rates are higher than they have been in the past few years. Although the mortgage rates are rising, they continue to remain historically low.


Rendering for Las Vegas Stadium

Finally, our growing city is again a trend worth noting. Although we were hit the hardest by the great recession, we are now seeing the biggest bounce back. With the addition of the Vegas Golden Knights, the Lights, and the Raiders coming soon, Las Vegas is primed to to keep growing as an international entertainment destination. Between now and 2020 over $10 billion in major construction projects will be coming online resulting in thousands of new primary jobs.  As a local Las Vegan it is great to be living in a growing city that has nice weather, low taxes, good commute times and homes are still relatively affordable.

Should You Sell or Buy a Home?

All of these trends are leaving you wondering if it’s a good time to buy or sell. It is a sellers market now and for the near future. Right now the the average home is on the market for just a few weeks and may see multiple offers. If you decide to sell, you will likely sell your house quickly with close or at your list price. Why? There are not that many homes to choose from, and buyers are eager to purchase. While demand remains high, sellers can continue to sell their homes for top dollar in today’s market.

If you are thinking about buying, now continues to look like a good time to buy. The current trend show home prices continuing to rise as people from high-tax states such as California look to affordable Las Vegas for their next home. Additionally, the drop in new home construction from 2009-2013 continues to impact the number of homes available for sale. The market may be tight, however, homes continue to come up for sale daily. This is why I work to keep track of the home inventory that is coming onto the market daily, so your are kept up to date with what is available. In some cases, we will know what is coming on the market before Zillow and Trulia are up to date.

It may be time to buy because your needs have changed. Additionally, you may have equity in your existing home and want to roll that over into a new home that better fits your lifestyle. Whatever your reason, whether you are ready to buy a home or sell your existing home, having a full time real estate agent ready to represent you in this fast paced market is more important than ever.

Looking to buy a home or sell your existing home?

 

It may be a seller’s market, but now is both a good time to buy and a good time to sell in Las Vegas. House prices are up, but not near the rate they were before the housing bubble popped in the late-2000s. Current indicators, changes to our Las Vegas economy and changes in other states point to Las Vegas being a good bet.

It’s taken the Las Vegas real estate market a bit longer to bounce back after the Great Recession. However, they say that those who are late to bloom will shine the brightest. And that certainly seems to be the case with Las Vegas Real Estate.

 

Featured blog image- Toll Brother’s Ironwood Community, Indigo model at The Cliffs in Summerlin

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