So what's happening in the Las Vegas Real Estate Market?
Good question... In an attempt to lower Inflation,
the "Federal Reserve Bank" has Raised Interest Rates.
Interest Rates are now near 7%, a 21 year high!
This is definitely making it harder for first time buyers.
Home Owners with 3% Mortgage Loans are waiting to sell,
because then they would have to qualify for a new 7% loan.
This is causing a Shortage of available Inventory.
Normally Low Inventory would cause Prices to Rise,
but over the last couple of weeks, Prices have begun to trend downward.
This is likely a Seasonal Trend that happens every year.
Last Year we talked about the 3 I's
Inventory, Interest Rates & Inflation.
This Year we have another, Investors.
A majority of our recent Sales have been to Investors.
Investors still see Las Vegas Home Prices as a deal.
Especially when compared to California Prices.
There are many factors to think about when trying to predict
what will happen to Las Vegas Homes values.
Some of the issues we hear about are;
- Inventory, Inflation, Interest rates & Investors
- Concerns of a potential Recession
- the upcoming Political Election
New Home Builders have to deal with
- Energy and Labor Costs
- Material Shortages and Supply Chain Issues
It seems no matter what issues arise in the short term,
in the long run Home Values continue to rise.
If you are thinking about buying or selling,
please reach out to us.
