Realtors In Las Vegas Nevada - Condominiums have been the underdogs of the Las Vegas real estate market for years. That started to change in 2019, although there was a bit of a drop in 2020 due to COVID. But today, with homes appreciating at an unprecedented rate, condos remain popular and affordable for many.
The total value of local apartment and townhouse real estate transactions tracked by the Multiple Listing Service in December was more than $221 million, according to the latest Las Vegas broker report. Compared to a year ago, the total sales value in December increased by 38.5 percent, and the median sales price by 30.1 percent.
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With the continued migration of buyers from California, the single-family home market remains tight, condos remain a popular choice among many segments of homebuyers, including price-conscious millennial buyers. from the single home market and secondary home buyers looking for a part time home or investment property.
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There's no doubt that 2021 has been a wild and interesting ride for homebuyers. And I think in 2022, homebuyers will see the new year as a new opportunity to make their home dreams come true - whether it's a luxury condo or a single-family home. Here are some trends to watch for in 2022:
Rates will go up, although we are not sure when or how high they will go up. Homebuyers are starting to feel the pressure and this creates a sense of urgency. They have already reached out to buyers who want to buy before the Fed starts raising interest rates.
By the end of 2022, Fannie Mae predicts interest rates will reach 3.4 percent, while Redfin's model predicts 3.6 percent. The Mortgage Bankers Association predicts that the average 30-year fixed mortgage rate will reach 4 percent by the end of 2022. Over 30 years, this adds an additional $90,000 to the $500,000 fixed interest. mortgage.
This year could be the year of the millennial homebuyer, with 45 million millennials poised to make the move. Condominiums that sometimes offer lower prices can be a good buying opportunity. The demand for first home buyers keeps the market competitive. Among the market drivers pushing millennials toward home buying are rising rents, which are expected to increase by 7.1 percent, along with continued job flexibility that will allow this segment in particular to expand their home search parameters to cheaper cities like Las. Vegas without sacrificing an energy-intensive and innovative lifestyle.
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Both young and older buyers often prefer the experiential living that condos offer due to their low maintenance, lack of yard work and often smaller, less maintenance-intensive areas.
As for the wildcard trend, I found it interesting that Zillow predicts that millennials are increasingly interested in buying what are traditionally considered “second homes” before investing in their primary residence. It's not a trend we've started to see yet, but I really hope this client pops up soon. For this group of first-time buyers, owning a home 'part-time' may help them build equity in the meantime.
Speaking of millennials' influence on real estate, this generation is the first digital-native homebuying segment that expects on-demand solutions — on their phones — resulting in an easy buying experience. According to a recent Zillow survey, 39 percent of millennials said they would be willing to buy a home entirely online, as did 36 percent of Gen-Zers. Only 19 percent of Gen-Xers and 7 percent of Boomers said they would be comfortable. There's no doubt that millennials, with Gen-Zers close behind, are changing the home buying process.
With climate risk data now available on real estate sites like Redfin.com and natural disasters and extreme weather events becoming more common, I expect homebuyers to consider climate change in their home buying decisions.
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Those concerned about climate-related risks, such as floods and fires, also think about the impact on insurance costs or the mortgage rate set by their lender.
Additionally, homebuyers are beginning to seriously consider a state's climate change policy in their purchasing decision. In 2021, the Nevada State Legislature led the way in addressing the challenges of climate change.
The new laws show that Nevada is serious about climate regulation and recognizes the need to preserve and protect our environment and natural resources.
As of 2019, approximately 25 percent of home buyers in DC Las Vegas are from California. Some made the permanent move to Nevada and were able to buy with cash from the sale of their California home, while others bought second homes. In 2022, I see the migration to California continuing, especially if California implements the proposed wealth tax and other cost of living increases.
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For those of us who call Las Vegas home, there is no better place to live, raise a family, work and of course play! We are truly an extraordinary city that only gets better.
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Lee K. Barrett was elected president of Las Vegas Realtors in 2023. The former Las Vegas real estate agent was also the president of the association in 2004. There is no person who has been president of the association for two different times in the last 20 years.
Local home prices flattened last month, with more homes selling and fewer people changing hands than a year ago.
Nevada Realtors' Chris Bishop Explains Rules For Buying, Selling Homes In Pandemic
Commercial Alliance Las Vegas and Las Vegas Realtors are partnering with other local real estate organizations to support the Nevada Partnership for Homeless Youth.
Local home prices continue to fall, with more homes for sale and less than a year ago. That's what a recent report from Las Vegas Realtors says.
Commercial Alliance Las Vegas is holding a one-on-one class on February 17, offering an "Introduction to Commercial Leasing" for those working in or considering a career in the commercial real estate industry.
Skye Canyon's annual Fit Fest is scheduled for March 4th. From runners to beginners to those who want to walk with family and friends, they will find the right road race for them.
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Coldwell Banker Premier Realty partnered with Las Vegas Realtors to host a holiday sock drive at all three campuses to benefit the Nevada Partnership for Homeless Youth.
Southern Nevada's housing market ended the year with home prices regaining all the space they achieved in 2022. So says a recent report from Las Vegas Realtors.
Nevada HAND hosted a hiring event at its new community, Decatur Commons Senior, 450 S. Decatur Blvd. in November. Only 10 of the 480 new apartments are available until we close.
They expect more "normal" market conditions this year. Las Vegas startup helps clients buy homes, one month in Las Vegas, US housing market starts slowly in Las Vegas, USA. Las Vegas home sales rose sharply in February. The 2023 Housing Market: Balancing the Extremes Las Vegas realtors Alese Morrow and Michele Sullivan star in the new reality TV show, "Selling Summerlin." Show executive producer Tai Savet of Ouse Media Group helped create VH1's real estate reality show Love & Listings (Ouse Media Group).
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Las Vegas real estate agents Alese Morrow and Michele Sullivan will star in an upcoming reality TV series called "Selling Summerlin." The show's release date and where it will air has yet to be determined. (Old Media Group)
Ouse Media Group Las Vegas writer Buck Wargo talks with Las Vegas luxury realtors Alese Morrow and Michele Sullivan about the upcoming reality TV show, "Selling Summerlin." The program assesses the real estate agent's business dealings, personal life, as well as their family members and clients.
Ouse Media Group Las Vegas real estate agents Alese Morrow and Michele Sullivan film the reality TV show "Selling Summerlin" at a luxury home in The Ridges, a master-planned community.
Ouse Media Group Las Vegas writer Buck Wargo talks with Las Vegas luxury realtors Alese Morrow and Michele Sullivan about the upcoming reality TV show, "Selling Summerlin." (Old Media Group)
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Ouse Media Group's California resident Tai Savet is the executive producer of "Selling Summerlin." He helped create VH1's real estate reality show, "Love & Listings." (Old Media Group)
Ouse Media Group "Selling Summerlin" Executive Producer Tai Savet is working on a luxury home shoot for Ouse Media Group that will be featured on the Las Vegas luxury real estate reality TV show.
Ouse Media Group's Las Vegas luxury real estate agent Michele Sullivan will appear on the real estate reality show "Selling Summerlin."
Two Las Vegas real estate agents will star in a new reality television series about the valley's luxury real estate market.
The Median Sales Price For Homes In Las Vegas And Henderson Has Jumped To Over $400,000
"Selling Summerlin," from the creators of VH1's "Love & Listings" real estate reality show,
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