While the temperature outside may be cooling down, our real estate market is still hot! The median sales price of single family homes in Southern Nevada for October 2021 was $410,000. That is over a 20% increase from the prior year.
As we have mentioned since early 2021, the monthly gains we are seeing in the appreciation of home values is built on a very solid foundation. 29.12% of the purchases in October 2021 were made in cash. That’s just about 1% more than the prior month. When buyers use their own money, not the monopoly money provided by a bank, they are much more confident in the stability and value.
Whether you are looking for a house to live in or one to rent out, now is the time to make your move and get into contract. The conditions keeping prices on the upward trend aren’t changing. Interest rates for most loan programs are incredibly low and there are more buyers coming into the market than there are available houses for sale. There is currently about 1.1 months worth of houses available for sale. HINT: That means demand continues to be strong.
With the strong appreciation in prices over the past year, those sitting on the sidelines trying to “save” money towards their home purchase are chasing an ever-moving target. One truly can’t save money fast enough. For the typical house in town, a 5% downpayment is $3,250 more now than is was in January 2021. The monthly payment on the median priced house in town is approximately $277 more per month now than it was in January 2021. The same exact house will cost you more to get into initially and more each month now compared to 10 months ago. With the pricing trends continuing on their path onward and upward, we expect the next 6 to 9 months to be line line with the past 6 to 9 months. Let us help you get into the market so you can benefit from the appreciation and let your house work for you.
Our team is committed to helping craft a custom solution to your unique situation. Together, we will help you find your path to homeownership. Building wealth through real estate is possible! We are here to take you on that journey.
Lets meet to get started! We want to make sure you are truly ready to buy when you are “ready to buy.”
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!!