For years, Las Vegas has been a top destination for people looking to buy homes. Landlords in Las Vegas make a substantial income from renting out properties in one of America’s most famous cities, right in the heart of the Nevada desert.
The number of sales in the city has been steadily rising since the beginning of 2014. Five years ago, Las Vegas saw around 5,500 transactions per month, but that has since increased to more than 9,000 in the summer of 2018. Over the same period, median sale prices rose considerably, from around $190,000 in 2014 to more than $280,000 just four years later.
The most significant changes have been at the lower end of the market. While the year-on-year growth of the highest-value properties is running at 8.1 percent, one bedroom properties at the bottom of the market have increased in price by an impressive 16.3 percent, according to data from Trulia.
For both buyers and sellers, the Las Vegas real estate market is hot. Today, the market is being driven by high demand for people not only to work in the city but live in it too.
Buyers Need Advice
Buying real estate in Las Vegas can be a challenge. Not only are prices on the rise, but so too are mortgage rates, thanks to recent action by the Federal Reserve in raising interest rates. Although rates have stabilized for now, lenders are increasing the cost of borrowing which may mean that the dizzying price rises that we saw in the years running up to 2018 might be coming to an end.
Las Vegas is a prime location. It has access to both employment and entertainment amenities. It is also a fashionable city with many different kinds of housing. Buyers need to be aware of the current trends underlying various segments of the market so that they can make an informed decision about which properties to buy. The Las Vegas real estate market is not homogenous: different sectors are performing differently. It is not, therefore, merely a case of buying a home and waiting for equity to build.
Sellers Should Make Unique Appeals To The Market
Selling a home in Las Vegas is arguably different from selling anywhere else in the country. When people come to buy a property in the city, they have certain expectations of what they should get. Sellers, therefore, need to be able to target a very specific market, especially those who already own premium or luxury homes in the city.
Renters Should Manage Their Expectations
Rental rates have increased in Las Vegas over the last few years, thanks to the surge in the overall housing market. Renters, therefore, need to think carefully about their expectations and what their budget can support before moving to the city.
To make the right decision, renters need to consider not only direct rental costs but also all of the additional bills and payments that come with renting accommodation.
Conclusion
The Las Vegas real estate market is unique. To thrive, you need both expert advice on how to manage your move, whether you’re buying, selling or renting.