Did you know, according to the U.S. Census Bureau, the housing market in the States has grown by over 28.1% since its downward spiral in 2006? The fact is the rebound of sales of newly built homes, custom homes, and bank owned homes presents a perfect opportunity for those of us looking for a new place to live. Las Vegas is experiencing its own booming economy. 8 News Now Las Vegas reports that the area has shown recent job growth of 4.1%. Sin City is an exciting place to live. If you are considering purchasing one of many Las Vegas homes for sale, here are three things to know.
- Supply is Low and Demand is High
- Cheaper to Own Than Rent
- Current Interest Rates Are Low
With the booming economy of Las Vegas, demand for homes is at an all time high. As Linda Strasberg points out in “Can You Handle The Truth About Buying Real Estate in Las Vegas Today?”, because demand is high and supply so low prices naturally skyrocket. What can you do? She recommends either you pay in cash to help facilitate a deal or you turn to a builder for your Las Vegas home sales. Builders can cut down on the competition and give you the exact house you want. As Diana Olick of Realty Check points out, the fact that people are turning to home builders is actually a powerful driver of the Vegas economy.
According to Jed Kolko of Trulia Trends, purchasing a home instead of renting one is 45% cheaper. He notes that in many places monthly home costs are as much as 61% cheaper than monthly rentals in metropolitan areas like Las Vegas. You can improve the affordability of Las vegas homes for sale by making sure that they are built to energy efficiency standards and are well kept in order to reduce home improvement costs. You can find great deals on Las Vegas foreclosed homes for sale, but you should keep an eye on what the owning institution has done to maintain the place or your actual cost will skyrocket quickly. If you pay attention, you will save money hand over fist by buying versus renting.
Gary Gately of Money Morning writes that rates for thirty year mortgages are at all time lows at 4%. This coupled with the fact that the initial purchasing cost is still quite low, although rising, equals improved consumer confidence in the market. Why wouldn’t that be the case? According to eRate, mortgage interest rates were at 6.77% this time in 2006. The difference of almost three percent means home hunters can buy with a greater feeling that they will be able to handle the financial burden over time.
There is no doubt that Las Vegas has made a huge economic comeback. The cities vibrant culture coupled with its increasing availability of jobs and affordability of housing makes it a perfect place for families to settle. When looking for Las Vegas homes for sale, keep these things in mind to get the absolute best deal.