The past 12 to 18 months have given the Las Vegas region a 35 percent average sales price increase in homes sold or on the market. Some areas experienced an increase of as much as 50 percent. Not all areas had such dramatic increases and the large increases of the recent past are definitely corrective. Since home values have mostly recovered, corrective increases have stopped and leveled off to an average price increase of about 12 percent per year.
Many people considering home ownership in Las Vegas are asking our Batchelor Group team members if a home purchase is a smart idea now or if waiting and saving more money for a down payment would be better.
Currently, the Las Vegas Metropolitan region boasts over 7,000 homes for sale with an average of 3500 homes sold per month. These numbers mean that if 3500 more homes are not put on the market in the next month, Las Vegas will run out of available homes to buy within two months. Obviously, more homes will be put on the market, but these numbers tell us that it is getting more competitive for home buyers.
Those who plan to stay in Las Vegas and can afford it should buy a home now. The average increase in home prices for Las Vegas is expected to stay at around 1 percent per month or 12 percent per year in the near future. The 12 percent annual increase on a 200,000 dollar home is 2,000 dollars per month of value. Even if you can save 2,000 dollars per month, waiting to buy this home will cost you 2,000 per month in lost appreciation.
New home builders appreciate the loyal and trusting relationships shared by home buyers and individual Realtors. To help with successful sales to qualified buyers, builders are offering extraordinary incentives of appliances and upgrades to prospective buyers through their Realtors. Make sure you bring your Realtor if you are considering a visit to a brand-new home community.
Low-interest rates and affordable prices are conditions that tell us that now is the right time to buy a home in Las Vegas. Call 702-823-3801 or visit us online at www.lasvegas1realestate.com for a private consultation about a home buying process that works for you.