According to Zillow’s 2015 forecast, Las Vegas is listed among the top 5 best housing markets for first-time buyers. So what makes our city so first-time buyer friendly?
It’s no secret that the Las Vegas market took a huge hit following the recession. Housing prices in the valley took a drastic crash in comparison to the 2006 pricing peak, and recovery didn’t happen quickly. While Las Vegas home prices have been steadily rising as conditions improve, housing here is still very affordable compared to many other parts of the country.
In addition, the median income in the area is considerably high in relation to the median home price. Median home prices in 2006 peaked at $315,000 and are currently hovering around $200,000. In 2013, the median income for the area was reported as $51,057, meaning homebuyers can get more house for their buck when buying in Las Vegas.
Interest rates are low
Mortgage rates are a bargain right now. We’ve been seeing historical lows since the financial crisis experienced in 2008. According to an article featured on The Mortgage Reports on December 15, 2014, rates are the lowest they’ve been in 19 months. While industry experts predict rates will rise in 2015, most agree we’ve got several months before we see any real change and the increase will be gradual.
Home values are increasing
Currently, the Las Vegas housing market offers unique conditions to homebuyers. Buyers have the opportunity to find a nice home that’s affordableand steadily increasing in value. With interest rates as low as they are, this combination can make for a pretty wise investment.
While we’re not quite at a “balanced market” in terms of inventory, there are homes to choose from – both new and pre-owned. Over the past few years, investors were taking advantage of the too-good-to-be-true housing prices, snapping up properties with full cash offers left and right. As prices rise, investors have started to ease off, giving more opportunity for first time homebuyers to get in on a good deal.
As our local market continues to improve, the real estate industry in Las Vegas is stabilizing, becoming an attractive career option. If you are considering a career as a real estate agent in Las Vegas, contact Elite Realty to learn more about what we have to offer. Whether you are a new agent entering the field, or a seasoned agent ready to make a change, we would love to hear from you!