Welcome to the New Normal
Prices have stabilized. The median purchase price for single family homes has been just over $400k for the most recent 3 months. Demand for houses in Las Vegas is showing no sign of slowing down. Even with higher purchase prices, housing in Las Vegas is still more affordable than other areas in our region of the country. The National Association of Realtors reports that the Western Region has a median sales price of $571,000.
How far a dollar goes on a rental home has dramatically dropped in the past year. In September 2020, there were 912 houses that leased for less than $2,000 month. We saw 562 houses lease for less than $2,000 in September 2021. On the market today, there are only 288 available houses for less than $2,000 per month.
With interest rates for a typical mortgage at or below 3.00%, it is often times less expensive to buy than to rent. Many people don’t realize that a mortgage for the typical home in Las Vegas is around $2,000. Why pay rent for a home when you can own it for the same amount!!
Over the past 6 months, we have seen the percentage of buyer’s paying CASH increase from 23% up to 30% in August. It settled down a bit in September to 28.34%. The cash buyers are telling the rest of us that the “value” is there. There is a huge difference between spending YOUR money and spending the BANK’s money.
As the percentage of CASH buyers softens, those buyers using the banks money have been able to purchase in increasing numbers. For the first time in several months, the number of first-time homebuyers and Veterans getting the keys to their next home increased in September. This is a win for the typical home buyer.
This is the new normal. Welcome to the party.Call or text today at 702-843-6733 to chat how you can take advantage of the historically low interest rates to get into this amazing market!!