What an exciting time for the real estate market in Las Vegas!!
Las Vegas is popular! People want to live here! January 2022 saw the median sales price for a single family residential home move up to $435,000. This is a 25% increase from January 2021 – $90,000 in actual dollars. Even with prices increasing, now is a great time to buy a house in Las Vegas – either to live in or to rent out as an investment. Las Vegas is still more affordable and undervalued compared to most other major metropolitan areas. Add in the favorable tax climate (no state income tax), many prospective buyers are moving their real estate dollars from higher tax locations such as California, New York, or New Jersey. This is keeping demand strong.
“Inflation” and rising prices for everything are all over the news lately. The February Consumer Price Index came in at 7.5%, showing that the prices of things like houses and rents are going up. Buyer a house and getting a mortgage right now lets you beat inflation instead of getting wiped out from it. The first way you can beat inflation eating away at your money is with a super low mortgage interest rate. You can lock in a 30 year fixed rate mortgage well below the rate of inflation meaning your locked in cost of borrowing is lower than the raising cost of everything. The second way you win is by locking in a price for a home now as inflation pushes the prices higher.
Las Vegas has seen tremendous price appreciation in the past year. Some people continue to be scared that the increases are “fake” and they have stayed on the sidelines – waiting to purchase. Those buyers who try to “time the market” by waiting for prices to fall are just sitting back watching prices move further and further away from them. In January 2022, just over 29% of the home sales in Las Vegas were paid in CASH. People aren’t betting with “the banks” money; they are putting their own hard-earned cash into their homes. That shows that the value is there. Sitting on the sidelines today is only going to make the house you should have purchased today, more expensive tomorrow.
With all this talk about the market prices going up, it’s also a great time to sell your house. Hanging on and waiting isn’t going to make you more money. While you may get a higher price for the house you sell, you will turnaround and pay more for the next house you buy. Trying to time the market doesn’t work in this case, either.
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!!
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