What’s Up With Real Estate in Las Vegas?

real estate in las vegas

The Las Vegas real estate market has been experiencing some major fluctuations in recent years. If you’re a real estate investor, or simply someone looking to buy or sell a home, then you may be wondering what’s going on. It’s clear that a lot of the homebuilding and renovation market has taken a turn for the worse, but there’s still room for long-term rental and rehab properties.

Homebuilding market took a “fast turn the other way”

One of the hottest housing markets in the country, Las Vegas, cooled off dramatically in late 2018. In fact, a year-over-year analysis of home sales by a trade association reveals that pending sales dropped a staggering 65 percent. This is the quickest turnaround in years, according to the head of the Las Vegas Realtors trade group. Fortunately, this lull is expected to continue through the end of the year. However, industry experts expect a muted housing market for the year ahead.

The lull was in large part thanks to the Federal Reserve’s efforts to fight inflation, which raised interest rates for the first time in more than a decade. While this isn’t exactly the most pleasant development, the rise in mortgage rates also spurred a rush of incentives from builders. Besides, this is one of the only times in the past two decades that a 30-year mortgage rate has topped 7 percent.

Top Tier Realty has a variety of homes for sale in Las Vegas

If you are looking for a home in Las Vegas, then you might want to consider Top Tier Realty. We are a competent and experienced firm that is prepared to help you find your dream home. Trust us to help you navigate through the Las Vegas Real Estate Market. We know all of the ins and outs of Las Vegas real estate and are here to ensure you get the best deals. Contact us today!