Real estate prices in Las Vegas over the last few quarters have been dropping steadily even while brand new luxury housing is hitting the market. The number of homes for sale that remained unsold doubled in late 2018, yet the city keeps growing with new transplants moving in from places like California and Seattle. Right now, there is a lull in pricing. This is the ideal market for real estate investors to swoop in and buy swaths of houses at while providing great sale prices.
As has been the status quo for years, renters remain locked out of the housing market because new housing developments tend to be luxury homes rather than more affordable housing. Because the government owns most of the desert surrounding Las Vegas, the expansion of city limits is constrained. If new housing developments are to be built, the Nevada Congressional delegation must as the Federal Bureau of Land Management for permission. It can take years or even decades for the federal government to respond to requests for more land. Older homes are often refurbished and improved rather than left in a state of decline. As a result, Las Vegas is one of the best-kept cities in the nation.
Owning property in Las Vegas is an apartment renters dream come true. Nearly 20% of Las Vegas residents are renters. Rent prices are on the rise and have nearly doubled from $900 in 2008 to $1,300 today. That’s a strong indication that good jobs have returned. Affordable homes are snatched up quickly while luxury apartment sit vacant longer. This means, as a Las Vegas homeowner, you can list your home for sale at your desired price and more than likely get what you’re asking for. If you’re looking to sell your home in Las Vegas more quickly, you can go online and enter your homes information and receive a cash purchase offer from an iBuyer company.
The Nevada property tax rate is only .77% and county property taxes almost always hover around .25%. Count on paying a little less than 1% in income taxes after buying a home in Nevada. There are buyers out there right now. While home prices might be in a slight lull in comparison to early 2018, they will likely be lower soon. The stock market is showing signs of slowing down, so this is a great time to sell your house in Las Vegas.
While home values are rising sluggishly in 2020, they are nevertheless still rising. This kind of growth is healthy rather than inflated. A 3.2% growth rate is sustainable long-term whereas double-digit growth is unnatural and weak. Most of the growth is coming from the luxury home markets, meaning wealthy employers are snatching up new luxury Las Vegas real estate. This is good because these buyers bring jobs with them.
The $300,000 average price tag for homes is propped up by tax refugees fleeing California’s high rates. 30% of homebuyers are California transplants. A home in Las Vegas costs half of what a home in Las Angeles. Las Vegas is one of the most affordable cities to buy a home in the United States.
The best part about selling a house in Las Vegas now is securing a healthy return on your investment rather than losing out on the highest possible return on your investment. We’re headed into an economic recession. Now is the time to sell before values drop any further.