Home ownership has always been a rite of passage, and in some cases, a sign of prestige, as many believe this shows they “made it.” Buying a home has never been risk-free, but owning one does have its positives. This is no different in Las Vegas where the housing market is tight.
Houses have been selling like hot cakes in Las Vegas this year, despite quarantine and social distancing from COVID 19 and the effects it’s had on the local economy. Nearly 4,000 homes were sold in July, a number that hasn’t been seen since 2017. The price for a previously owned single-family home is, on average $337,000. The national housing market was impacted by COVID 19, too, but it is quickly bouncing back much faster than anticipated.
In September of 2020, the real estate market in Las Vegas hit another all-time high with the sales of single-family homes going up by double digits. It’s an increase of 18.9 percent year over year. It’s a sellers’ market in Las Vegas now, but that doesn’t mean it isn’t the right time to buy.
Interest rates are at an all-time low, and unemployment is down to 13.2 percent from the 30 percent it was in April. Most people are back to work, despite the ongoing pandemic, and the lowered interest rates will help move people into buying a home. Interest paid on a mortgage is also tax deductible, helping new buyers for several years after purchase.
House prices continue to rise, increasing by $2,000 from August to September, a jump of 8.8 percent. Market analysis predicts real estate appreciation rates will continue to grow. Las Vegas had a 1.49 percent appreciation rate in the last quarter, which annualizes to a rate of 6.09 percent. The real estate Web site Zillow forecasts that prices will rise 4.5 percent in the next twelve months. Buyers should buy now to avoid the higher prices, but they can also be reassured their investment will continue to grow.
However, demand for housing is high right now, which, along with a tight supply of available properties, can make finding the perfect home difficult. People want to live in Nevada, and many are tired of renting and not investing in a place of their own. A good realtor such as Top Tier Realty will help navigate this and will know properties a buyer might not be able to find.
The current market in Nevada has pros and cons for both buyers and sellers, so while it’s more of a seller’s market at this time, that doesn’t mean someone shouldn’t buy a home. Research is needed. Determine what can be afforded, and work with a good realtor. With just a little work, now could be the exact right time to buy a home in Las Vegas