What Are the Pros and Cons to Buying in Las Vegas

 The decision to purchase a house has always come with both pros and cons, no matter where you live, so buying a home in Las Vegas is no different. It is important to make a list of both and weigh them carefully against each other to see if now is the right time. Buying a home at the wrong time can lead to disaster, especially financially, as a house is one of the biggest investments most people make.

Right now, the housing market in Las Vegas is on fire. The demand for housing is high, and the number of homes is tight. This makes it a seller’s market, and the limited number of houses for sale is definitely a con at this point. A good realtor can help navigate the market, making it much easier to find the perfect place.

Houses are appreciating at a much higher rate than expected. Average home prices in Las Vegas jumped from 335,000 in August to 337,000 in September, an increase of 8.8 percent. The real estate Web site Zillow estimates home prices will rise 4.5 percent in the next 12 months. Real estate appreciation rates being high is both a pro and a con for a buyer. With the number of homes being limited, prices will continue to rise as the buyer looks for their new home, but again, a good real estate agent can help in this matter. However, once purchased, a high appreciation rate will mean the home will be worth much more if the buyer chooses to sell in the future.

Interest rates are at an all-time low right now, another huge pro on the side of buying. A lower interest rate means more house for the money, as the monthly payments will be lower. Buyers will also be able to write off the interest on their taxes, benefiting them for years to come. The economy in Las Vegas is also improving, as unemployment has dropped from 30 percent in April to 13.2 percent in September. Both of these are important and a pro because anyone thinking of buying a house needs to be sure they can afford what they are purchasing. Nothing is a guarantee, but both of these are a good indicator.

One of the cons of home ownership is having to do all the maintenance on the home itself. While renting, the landlord is responsible for all of this, but once someone purchases a home, they are now responsible. Again, it’s important to find a home one can afford, and a great Vegas realtor will be able to find the right one.

A home is one of the biggest investments a person will make in their lifetime. Listing the pros and cons and weighing them against each other is a good way to determine if now is the right time. A real estate agent at Top Tier Realty NV can also help determine if home ownership is right for you at this time or if you should wait.