In this month’s Las Vegas Market Update, we are talking about all things related to current stats in the Las Vegas market. The residential real estate inventory is at about 4,555 available homes for sale in the Las Vegas Valley right now. Interest rates are about 7% on average, and we have about a 2-month supply of homes available for sale.
The Elephant in the Room: Interest Rates
In the 1980s, interest rates for houses were upwards of 18% in Las Vegas. When you consider all the highs and the lows, the average historical interest rate is 7%, which is where we are today. The low interest rates were good while they lasted, but 7% definitely isn’t bad, especially considering the current lull in homes available in Las Vegas.
The Las Vegas Market did heat up this summer, but it’s not as hot as what we typically see during summer months when housing inventory is low. However, now that Fall is here, more homes are coming on the market for sale and buyers are beginning to have more options – which is good news.
What Should You Do in Real Estate Right Now?
If you are wondering if now is a good time to make a move, new home construction is a great opportunity if you are looking for lower interest rates. Investors can also benefit from looking at those million-dollar homes.
Holding onto a property as an investment property, because that interest rate is just too hard to let go, then this is a great time to make your move. Whether you are empty nesters or still growing your family, you can choose to sell or re-invest in that property as a rental. There are a lot of different ways to take advantage of the opportunities in this market; it is really a matter of sitting down, running the numbers, and talking through your wants (such as wanting to keep those low interest rates for as long as possible).
Don’t Wait to Start Your House Hunting Journey
The market can seem overwhelming if you don’t make a plan. When we sit down, we run through the numbers, the opportunities, and the options for your dream home and/or next housing investments. Reach out to me as you start thinking through your next luxury real estate move in Southern Nevada, and we’ll make a plan that works for you and your family.
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