If you haven't heard, Home Prices are Going Up.
Why? Low Inventory...
Inventory has been dropping steadily since September of last year.
Why? Fewer and fewer people are Selling.
Why? Because many of them have Mortgages with Interest Rates around 3%.
If they Sell, they have to Qualify for a New Loan at Current Market Rates near 6.5%
For most people it just doesn't make sense...
This has caused Median Home Prices in Henderson to go up 8% since January.
This has caused Median Home Prices in Las Vegas to go up 6% since January.
Meanwhile, Interest Rates have been fluctuating between 6 % - 7 %.
FYI... Had you Refinanced back in August 2021, you could have got a rate of 2.78%
So who is Buying all these Homes?
The Californians, we are still A Deal to them.
Investors. They pay CASH and they see what's happening.
Rents are going UP and Values are going Up.
It's a No Brainer...
Rents have been going up for the past 10 years.
In the past 3 years, Rents are up 36%.
Wages / Incomes haven't gone up that much.
Who should be Buying Now?
Anybody paying Rent...
Even though Prices are Rising, There isn't the "Feeding Frenzy" we had in previous years.
And most Sellers are willing to assist with Closing Costs.
The payment might be rough at first, but it is a least going towards building equity.
Mortgage Interest costs are a large Tax Write Off for Home Owners.
And down the road, you will likely be able to Refi into a lower rate.
If you don't Buy now, when Interest Rates do go Down and everyone wants to Buy,
the Feeding Frenzy is going to make it even Harder to find a Home you like...
