Las Vegas... Let's Look at Some Statistics

The GLVAR recently released 

The Southern Nevada Market Update

 Here are a few highlights...

 

Nevada Leads the Country in Population Growth

That works out to More than 5 People every Hour

Most of these People come from California 

Why are they coming to Las Vegas?

Job Growth

Nevada is #1 in the Country for Job Growth

 What kind of Jobs?

Leisure and Hospitality lead the way...

Are they Good Jobs?

Nevada is #1 in Personal Income Growth

 So Yes, Nevadans are making more Money

 So we have More People

We have More Jobs

People have More Income

But is it still a Good Time to Buy?

Nevada is #1 in the Country in Home Appreciation

House Price Index Growth

Those are State Numbers, 

What about Las Vegas Metropolitan Area?

Las Vegas is the #1 Metro in the Country 

 With Housing Prices Going Up so Fast

Are Homes in Las Vegas still Affordable

Las Vegas is still far More Affordable than in California

Or Seattle, or Denver, or Portland...

Yeah, but is Now a Good Time to Buy?

If all that Info about Las Vegas and Nevada isn't enough

 We now have the Lowest Interest Rates in the past 2 Years

 Yes... Las Vegas is a Growing Area

with a Strong Economy 

and Higher Paying Jobs 

with a Vibrant Housing Market 

at a Time when Interest Rates are LOW

If you have any questions about Buying or Selling a Home

Please give Us a Call at Anytime

702-768-4556

Prices are Going Up... Time to Take Advantage of recent price drops!

 The last time we looked at these graph, Prices were Dropping.
The Election and Rising Interest Rates slowed our rapid growth.
Now Falling Interest Rates and the Seasonal Spring Surge have prices back on the Rise.
Our Housing Market is being Energized by a Strong National Economy, 
 the Mass Exodus from California and a Our Booming Job Market. 
Both Las Vegas and Henderson have seen Strong Job Growth 
and Falling Unemployment for the past 9 consecutive years.
We expect prices to continue to Rise and surpass previous Highs.
If you are considering a move, we would suggest you do it soon.

The Perfect Storm... Now is the Time...

Now is the Time for some Good News.

Realtor.com researched and determined that the week of 

March 31st thru April 6th is the Best Week of the Year to List your Home.

Most Sellers quickly become Buyers as soon as their House is under contract.

For Buyers, Mortgage Rates have been dropping over the past month.

 If you have watched the News over the past 6 months,

you have seen that Home Prices in Las Vegas have been dropping.

That is changing Right Now.  Henderson Home prices are back on the Rise.

 Making Now a Great Time to Buy and Sell.

If you have been considering a move, Now might be a Good Time.

Please give me a call  -  Elaine 702-768-4556

Switching to more of a Buyers Market, but for how long?

I can't tell you how many times people have said to us,

"I missed  out... I should have bought a house a year ago."

Well Good News. Price are back to where they were a year ago.

Resale Home Prices are dropping and New Home Prices are on the Rise.

With this slowing of the Market, we have seen Days on Market Rise and a Growing Inventory.

Our Market is moving from a Sellers market to more of a Buyers market.

 We still anticipate the Market to Go Up with the Yearly Spring Surge in Sales.

 To those out there thinking you missed your opportunity, Now is the time to start looking.

And to those thinking about Buying New Construction, we can guide you through 

The New Home Buying process as well.

Check Out Our New Home Website HERE

Short Term Rentals - Good or Bad...

Short Term Rentals, rentals under 30 days. Are they Good or Bad?

The STR business is a $30 billion annual industry in the USA.

  An estimated 500,000 of Las Vegas' 42 million annual tourists choose STR's instead of 

hotels for their lower cost and accessibility away from crowded casino's.

 Of the 5,800 STR properties listed on VRBO and AirBnb, 

there are only 162 with legal permits or permission.

Las Vegas is the only jurisdiction in the Valley to permit short-term rentals. 

N Las Vegas, Henderson and unincorporated Clark County do not allow the rentals.

So that means over 5,500 of these STR's are illegal and unregulated.

   

Licenses cost $500 per year, and does not include the Conditional Use Verification (CUV) 

or a Special Use Permit (SUP) from the Planning Department.

They also need to adhere to any rules set by your HOA, condo board or co-op.

Permitted STR owners must provide proof of liability insurance coverage of $500,000

Owners must also collect and remit between 10.5 percent and 13.38 percent transient lodging tax.

  Weddings, birthday parties, bachelor/bachelorette parties and other special events are not allowed.

On Wednesday December 5th 2018, the Las Vegas City Council 

voted  4-3 to limit the number of new STR in Las Vegas.  

People opposed to STR claim neighbors have to deal with

party's, prostitution, drugs use, parking, loud music, and garbage in yards.

People for STR claim they are revitalizing the distressed areas near the strip.

 Claim it helps the economy and gives more options to tourists.

702-229-3500

24-hour hotline to register a complaint about a STR in your neighborhood.  

Offending homeowners can be fined $1,000 a day.

 View  Short Term Rental Application Instructions HERE

Website to Apply for a Short Term Rental License HERE

View a Map of the Registered STR HERE

Personally, our family enjoys using STR instead of Hotels when we vacation.

We enjoy the common areas that Hotels don't have like the Kitchen, Living Area and Yard.

Having a kitchen makes keeping drinks cold, breakfast and snacking easier and cheaper.

Las Vegas is a lot different. People come here for the Late Night Scene, 

24 Hour Gambling and Bars and now we have legalized marijuana. 

That's not what we do on vacation and not what I want in my neighborhood.

I'm sure the Casinos don't like loosing any revenue and had an influence on the Dec 5th vote.

For my Investor Clients considering buying a home to be used as a STR,

You would be taking a risk that soon there will be new rules and regulations to deal with. 

It doesn't seem that at this point anybody is enforcing the existing Laws, but might be soon.

The "Mother Load" of All Las Vegas Economic Statistics

The Las Vegas Global Economic Alliance has an Amazing Data Portal.

This Data Portal compiles Statistics on All Major Economic Indicators for all of Clark County.

Including Population, Labor, Unemployment, Incomes, Gaming Revenue, Tourism, Conventions, 

Housing, Airport Passengers,  and even the Number of Gallons of Gasoline Sold.

You can also Search and breakdown All of the Statistics by Township.

For people who like Statistics, this is the "Mother Load".

With all that said, I spent an hour looking at several stats and the Good News is,

almost every Economic Indicator is moving in a Positive Direction.

The few that were Down include; Existing and New Housing Closings,

Convention Attendance, Weekly Wages and Hours Worked.

Why Housing?

Rising Interest Rates and a Slowing Down from the Last 3 Years of Rapid Recovery.

 https://www.lvgea.org/data-portal/regional-overview/

Home Prices Dropping and the Market Slowing...

 Back in August we looked at these same graphs and asked,

If this is a Market Slow Down or a Seasonal Trend.

We can now see that there has definitely been a Slow Down and Home Prices are Dropping

The next question is now... Why?

 Could be a combination of any of several reasons.

Could be that anyone who has wanted to buy already has.

Or, Home prices have gone too High too Fast.  Maybe because it's an Election Year.

But probably the main reason is that Interest Rates are at a 7 Year High.

 High Interest Rates combined with Higher Home Prices 

lead to more Unaffordable Mortgage Payments.

I still think we will see the usual Rise in Prices this Spring as 

the Raider's start looking ahead to where they want to live in Las Vegas. 

Most likely in Henderson or Southern Highlands near the practice building.