Inventory of Homes for Sale in Las Vegas Grows
The inventory of homes for sale in Las Vegas is growing as the market recovers from the real estate downturn. For years a tight inventory made it tough for many home buyers to find that right property, but market conditions are changing for the better. Home values in Las Vegas are moving higher, with many home owners experiencing better home prices as demand returns to a healthy pace.
The Las Vegas housing market ranges from multi-million dollar estates in the region’s highest-end communities to average ranch style homes. The sizzling summer heat takes its toll on everything, and that includes the structural components in housing, which is why the majority of newer homes or those built since the late 1980s are constructed with stucco and wood. Higher insulation values introduced in the 1990s helps reduce monthly air-conditioning bills during the summer months.
However, many older homes have had their insulation improved to reduce the cool air from escaping. Utility bills can be cut substantially with better insulation being installed as part of the home building or remodeling process. It’s important to have any home you might consider purchasing inspected by a certified home inspector to determine any problems it may have.
An inspector can make special recommendations for additional inspections if there’s a need to do so, including additional in-depth inspections on roofing, foundation issues and even sometimes insulation.
Near record low mortgage rates are helping to bolster the Las Vegas housing market. Rates haven’t been this low for as long as they’ve been for years, and one thing at least on mortgage rates everyone can agree on is that they are certain to increase soon. The Federal Reserve has halted its U.S. mortgage bond buying program, but as a result of other factors mortgage rates are still staying exceptionally low.
As the inventory of homes for sale in Las Vegas grows and market conditions improve, it’s hard, if not impossible to tell how much the market will be affected by higher mortgage rates. It is the million dollar question, but with lower home prices across the market than before the real estate boom it’s also easier to tell that home values have a long way to go before they out-price many home buyers.
Improving employment conditions in Las Vegas provide an economic recovery that is making headway, which translates to more consumers who will qualify to buy a home and many first time home buyers who will finally enter the marketplace.