March is here, spring has sprung, and inventory is dropping! Read on to learn all the current trends happening in the Las Vegas real estate market these days.
If your home is the prettiest or the best priced home on the block, you’re not going to have a problem selling. If your home doesn’t match these criteria, then it will likely sit for a while, because interest rates are at a high of 7%. What does this mean? What people can afford now is a little bit less than what they could just a few months ago. Interest rates like these can dampen housing market activity, but people still need to move and buyers are still out there.
What if You Are a Buyer in this Market?
First off, buyers are still getting incentives from the sellers. Ask, ask, ask! In times like these, you want to be proactive about incentives and be aware of everything that can be a potential net-positive for buying a home.
If you are looking at buying at all, you need to be looking at new home construction. These builders are giving away so much stuff! In a lot of cases, you can make offers on these new construction homes. And right now, is the best time.
Incentives from new home construction include interest rates. Some of the builders are offering lower interest rates around 4.99%, where they are usually 7% when buying a resale.
Even if you are looking at the higher end, there are options available now that were never available before. Blue Heron is even offering incentives and I’ve never seen these types of incentives from a semi-custom property home builder before. These rewards are one of a kind during these times, so take advantage.
You want to focus on what you can control. The saying, “date the rate, buy the house” only works when you can afford the payment. Simply put, If you can’t afford the payment, it won’t make sense to buy the house. Connect with someone to put together a strategy for you to lock in the best payment possible. (I’m here to help!)
Why Nevada is Still a Great Place to Buy
Nevada has the lowest property tax rates in the country. If you are moving from California, New York or Chicago, and you can barely afford your property tax – Nevada’s property taxes are really good. We also have no state income tax, so this will help curb some of those home-buying costs and allow you to save more money.
Upcoming Water Series
Water conservation efforts are being put in place by the Southern Nevada Water Authority. If you have seen the bathtub ring around Lake Mead, you are probably wondering what’s going to happen with water in Nevada. I am doing a water series so that you have all of the information you need before choosing to buy a home here.
People often move to southern Nevada because they are looking for land. We still have homes here that are on well water or have water septics. It is critical that you do your due diligence and find out if your home has a well or septic; because if either of those break, you may be required to hook-up to city water and city sewer. New regulations being put in place are not going to allow you to have those closed systems any longer, to capture all of the water to be reused again in Clark County. If you have any questions, reach out to me here and I’d be happy to point you in the right direction.
What I really specialize in is getting you out of the house that isn’t working anymore and into the home for the next phase of your life. Work with me and I will help you make this transition as seamlessly as possible.