Everyone that is in the real estate business knows that following the trends is essential. Predicting future values is important not only for sellers but for the buyers as well. Of course, they don’t share the same goals, on the surface, except for the fact that they both need the prices most beneficial to them. The dynamic oscillations in the market provide the opportunity for both sides to make a profit. Since Nevada is one of the fastest-growing markets in states, it’s no wonder that Las Vegas is one of the most interesting cities in the area. Especially since the nature of the city itself offers a wide selection of property for sale. LV real estate trends look very promising.
Current LV real estate trends
If you observe the growing trend for 2019, there is a great chance that it will continue in the same tempo throughout the next couple of years. This makes the last quarter of 2019 and the first quarter of 2020 almost a perfect moment to invest in the real estate business. At least, before prices go too high. That’s a very useful fact to know even for ordinary buyers who just plan to live in Las Vegas. Even though dealing with the housing market is sometimes overwhelming, you can always make it easier. Hire one of the real estate agencies and you will soon be on spot with all the necessary information. Planning a residential move or commercial move? It makes little to no difference. Because you can hire one of the reputable moving companies like triple7movers.com to do the job for you.
The changes in prices can sometimes be deceiving
The situation on the LV market shows that for the last 12 months the housing prices have been fast-growing. However, it doesn’t mean it will continue with the same tempo. Lately, there has been a significant slowdown that threatens to bring some prices down, but it’s just a temporary situation. It is a nice little pause allowing us to consolidate our lines and many people are satisfied with this. But, the prediction is that the prices are going to rise again in the second quarter of 2020. Why? Because demand for housings is showing some increased activities among people who are willing to look for the place of their dreams in LV. One piece of advice if you are among those people: relocation experts should handle your furniture so you have enough time to enjoy the city. It’s Las Vegas after all.
What will happen in 2020
Las Vegas is the world-famous destination with millions of visitors yearly. From casino gaming and exciting nightlife in the center to the beautiful natural surroundings covering the entire region. There is hardly anything LV doesn’t have. All in all, it makes LV appealing for more than a few tastes. This results in increased household demand on the market. For example, just renting in the past period forced the city to increase the number of existing homes. The conclusion, the price will continue to grow, but at a slower pace, in 2020.
Is it optimal to invest in LV real estate market?
For the moment? Yes. In the near future? Yes. After that? It is yet to be seen. There are several reasons why paying attention to LV real estate trends and investing in LV always seems like a smart move:
- Low taxes – Taxes in Nevada are low. There is no income tax, with the average property tax rate slightly under 1%. Even with all the other yearly expenses, Nevada is still among the top moving options considering taxes.
- Housing prices – even with all the latest fluctuations, housing prices remain steady and have a slow but healthy growth rate.
- Renting prices – they can be on the rise, but that’s due to the fact that the job market is always providing new opportunities for work. On the other hand, the numbers are not always showing the real picture. There is an increase in demand for affordable units, while luxury apartments remain empty. This will prevent prices from going too high. However, it won’t prevent the inflation rate increase.
What does landlord-friendly mean?
Las Vegas is a little different than other Western areas. Its real estate market is landlord-friendly. This means that those landlords have more rights when it comes to regulation of their possession than you might think. It’s easy to get evicted if they decide to do so, and a lot of regulations are on their side. Partially, this can be justified by the fact that during the peak season, a lot of people are roaming through the city. So they have to have the means to protect themselves and their property. For those who plan to invest in renting, this is very promising.
The job market in LV
Development, construction, tourism, and constant improvement is what brings a lot of opportunities for potential workers. There are many new job openings throughout the entire years, and this trend doesn’t mean to slow down. There is a couple of great projects in the plan over the next 3 years. So, if you are looking for the right moment to move to Las Vegas, now would be the time. These huge projects involve:
- Las Vegas Convention Center
- NFL Raiders Stadium
- Wynn Park
- Resort World
- Marriott 4000+ rooms
Over 10,000 workers will be needed just for these projects. Not to mention the additional openings in the entertainment industry, services, and hospitality. Even some companies from California are extending their hands toward Las Vegas due to the strict California laws. A constant increase in job offers and demand will produce additional demand for the housing market. In the long term, it will reflect positively on the real estate market.
The final words on LV real estate trends
The latest LV real estate trends show that now would be good timing to buy property in Las Vegas. It’s not that it’s going to be any worse in the future, but sooner you get your house, the more it will pay off in the future. Whether you are living there, or just selling it, or renting.