Baby Boomers Move to Las Vegas
Baby boomers are moving to Las Vegas to purchase vacation homes and second properties as one of the world’s biggest vacation home market recovers. Near record low mortgage rates and lower asking prices are attracting home and luxury condo buyers from all over the world.
A mix of international visitors has been a part of Las Vegas for years with its colorful menu of entertainment and gaming. It was booming with an all time record period of low interest rates for years before the market turned, but the economy has been improving in Las Vegas for more than two years. Construction is also active again in the single family home market and along the Strip, where new condominium high rises are under construction.
These days Las Vegas’ vacation real estate market is showing all sorts of signs of a strong recovery as baby boomers move to Las Vegas by the droves, but the market isn’t booming like it was in the past. Home and condo prices aren’t rising at double-digit annual rates. Values are rising but at more realistic rates, which should be good for the local economy.
In a survey conducted during the real estate boom, a large majority of baby boomers said they wanted a second home or condo before anything else as an investment vehicle. As the Las Vegas real estate market recovers, that same sort of wisdom is returning as boomers turn out to shop for condos and homes in growing numbers.
Warm desert summers and a high quality of life attract millions of visitors to Vegas each year. When it’s too hot, finding a pool to cool off in isn’t too much of a reach in most places throughout Sin City. Dozens of condo developments come with over-sized relaxing pools to take a dip and plenty of homes are available with pools in their own backyards.
Baby boomers clearly want a better quality of life. New property owners and tourists are flocking to this world wide renown resort destination, which demonstrates the long term demand for property in the Las Vegas Valley. Property sales, which had flattened, picked up going into the summer market and then slowed when the Fall season arrived, which is typical for most of the U.S.
Condos and homes on the market come in two forms in today’s changing market. There are the owners who price their properties too high and are generally ignored by the buying public, and those properties for sale that are priced either at market value or priced below market. It’s not difficult to guess which places are selling and which are sitting on the market. When you’re looking for Las Vegas condos or homes for sale feel free to contact us to help. We’ll do everything we can to show you the best Las Vegas has to offer.