Las Vegas, NV, January 02, 2016 --(PR.com
)-- At the close of 2015, the Las Vegas real estate market is seeing steady numbers. For once in a very long time, resale prices have been stable for the last 5 months and following the national real estate market median price. For the past several years Las Vegas has had some of the highest foreclosure and short sale rates in the nation. With this instability, high percentages of distressed real estate listings, and an abundant supply of Las Vegas real estate for sale, prices hit rock bottom. According to the Las Vegas association of Realtors, this steep decline in the housing market is at an end.
In 2015, interest rates were extremely low, which made it much more possible for residents to purchase homes in Las Vegas, Boulder City, and Henderson. The low interest rates were one major factor in helping the Las Vegas real estate market to gain stability. Higher demand was another factor as many companies were hiring or relocating to Las Vegas, which brought many to Las Vegas for work. As Las Vegas has much lower prices than many other parts of the United States, many of those who move here for work find they can quickly afford to purchase a home.
Though there are still foreclosures and short sales in Las Vegas, there has been a decline in the percentage of distressed listings. The decline of distressed properties shows that the market is healing and gaining speed. Homes are reaching the value they had before the real estate market crash and many homeowners who purchased their home during the decline gained equity in their home this year because their home is now worth more than what they had paid for it.
Thanks to many contributing factors, the median home price had risen 9% from November 2014 to November 2015. Currently the valley’s median real estate listing price for houses is $220,000. This is the price that has not changed for months. This median real estate listing price was just a few hundred more than the United State’s average real estate listing price for single family homes. Due to the rising prices, 2015 saw a major decline in investors from the beginning of the year to the end of the year. This is an indication that the market is more stable and that there aren’t as many homes that are “dirt cheap.”
What this means for 2016 is that home prices are expected to stay steady. In some areas home prices are expected to rise just under 10%. This also means that if residents are looking to purchase a home, the sooner the better as prices are not expected to decline within the next year. Because the housing market is more steady, it is expected that interest rates will rise again and have already begun to increase. Higher interest rates may deter many residents looking to purchase a home, again now is the time to purchase as not only will the prices of homes for sale in Las Vegas rise in 2016, but the interest rates as well. Because it is so well known that interest rates are rising, many experts project that 2016 will see a very strong start as many buyers will act now in order to not miss out on their opportunity to get a low interest rate and lower home price.
2016 is expected to be a great year for sellers. Though the demand for housing may shrink due to the rising interest rates, prices are steadily increasing. Another huge benefit to Las Vegas home sellers is that the job market in Las Vegas is expected to grow as many companies continue to move to the area. An increasing population means an increasing demand for housing and will help the home values increase as demand increases. Many of these new residents come to the Las Vegas Valley after school is out for the summer as to not disturb their children’s school year or they graduate and get a job soon after. This significantly increases demand for housing in May, June, and July and the first half of August. Many who have the opportunity to wait to sell their home during the busy months should still contact their local Las Vegas real estate agent now to establish a game plan for selling their home.
The Klinger Group was started and is owned by Anna and Michael Klinger. The Klingers have been Henderson real estate agents for 14 years and Michael recently opened his own brokerage, Nevada Desert Realty, which opened in Henderson 89002 this year. Located at 40 E Horizon Ridge Parkway, their office number is 702-509-1446.