Las Vegas and Henderson Rental Housing Market Articles

Northwest Las Vegas has become a popular area to live in over the last 30 years, with tremendous growth over the last 20. What makes it unique? A few reasons.

Northwest Las Vegas is the one of the closest areas to Mount Charleston and Lee Canyon, known for its hiking and even skiing among bristle cone pine and aspen trees. The area is unique in how close it is to the desert valley – about a 20 – 30 minute drive from the northwest part of the Las Vegas valley. Many outdoor enthusiasts enjoy the proximity to the mountains and all it has to offer.
Additionally, the Northwest is close to Floyd Lamb State Park, which features vast green spaces and ponds, walking trails and fishing. The northwest in general has many parks and green spaces that many enjoy against the backdrop of the Spring Mountains.

Beyond this, the Northwest has seen much growth. A variety of housing, shopping and dining has taken hold, allowing for the area to grow and prosper. The area has two main hospitals, Mountain View and Centennial Hills. New developments currently in progress, such as Skye Canyon, allow residents to be within a very short distance to the Mount Charleston area, making it an attractive area to settle down. The Northwest is also home to many custom and semi-custom residences, allowing buyers to find a home with a large lot more easily.  New schools have also been developed to accommodate the growth along with new freeway interchanges and lane expansions to accommodate additional residents.

This development along with the natural beauty has become a popular area for many to call home. The drive to the strip and downtown is still reasonable and an available Ride and Share system exists that takes folks from the Northwest to the downtown area.

These amenities, reasonable cost of living and others continue to make the Northwest a desirable place to live!

Contributed by Nicklin Property Management.

The Southwest Las Vegas valley has been a popular destination for many years. Spring Valley, an original staple of the southwest, was developed more than 40 years ago through a variety of builders and featured many different types of homes, condos, town homes and apartments. A nice variety of parks were also incorporated in the planning stages. It was and is a popular destination due to its close proximity to the strip.

Beyond Spring Valley, the Southwest Las Vegas valley has a variety of residential properties, shopping and dining options and parks. The southwest has been a popular spot for builders over the last 10 years, with many new subdivisions which has led to commercial and even industrial development. The area has come to life with newer developments such as IKEA and Wet N Wild and the plan for multi-use entertainment and commercial venues has added an attractive appeal to the area.

The southwest is also close to most major freeways, such as the I-215 and I-15, allowing for a faster commute to most other areas of the city. Due to the population increase over the last several years, the city has also taken initiative to install new parks.

Today, the Southwest has momentum with even more appealing projects planned, such as a recently approved three story gym close to IKEA. As more amenities are added along with beautiful new communities, the Southwest will continue to thrive and be desirable place for people to call home.

Contributed by Nicklin Property Management.

Green Valley has been dubbed the very first master planned community in the Las Vegas valley, with planning beginning during the early 1970’s. It is comprised off various neighborhoods, or sub associations in the city of Henderson. To this day, it continues to attract both seasoned and new residents and investors. What does Green Valley offer? Here are the top 3 things:

1. The District and Green Valley Ranch Hotel and Spa: A pivotal feature of Green Valley, this hotel and casino offers high end shopping, dining, theater and entertainment. Additionally, the hotel is part of what is known as the district, a semi-downtown of Green Valley where residents and visitors can walk around and enjoy store front gazing and dining. It’s the perfect spot as a resident to enjoy a number of amenities without having to travel more than 10 minutes.

2. Housing options: Green Valley has a number of different housing options, from single family homes to town homes and apartment communities. Many homes in Green Valley were built in the 1980s and 90s, so they are in well established communities. Price points vary as well, so there are a number of options if you are interested in making Green Valley home.

3. Green space: Green Valley has plenty of green space, from tree lined streets to beautiful parks. If you enjoy the outdoors, there are also plenty of walking trails within Green Valley and various open areas. These are well maintained through the master association and various sub communities.
Many investors have also benefited from the master plan aspect, seeing rents rise considerably over the last few years. Homeowners have enjoyed steady price appreciation and demand when looking to sell.

So, if your looking for a home in Henderson and the amenities of Green Valley sound appealing, be sure to contact your Realtor. Or contact Nicklin at 702-755-5131. Be sure to stay tuned as we continue to explore Las Vegas.

Contributed by Nicklin Property Management.

It seems that whether you are a long time resident or brand new to Las Vegas, Summerlin comes up consistently as a desirable location. Many search it out as their place to call home. What makes Summerlin a top contender among new residents and natives to live in? Here are 3 top reasons:

1. Location: Nestled at the base of the spring mountains, Summerlin has attractive views and is close to many popular outdoor recreational activities. Red Rock Canyon, for example, is just a few short minutes away and is popular for bicyclists, hikers and rock climbers. Mount Charleston, within a 30 minute drive, is the ideal spot for those wanting to take in bristle cone pines, aspen trees and enjoy the snow during winter. Within Summerlin itself are many well maintained parks that offer space for relaxation.

2. Shopping: Downtown Summerlin offers many popular shopping options, from department stores, grocery, fast food and more, adding to the convenience. The area is developed to be modern and well maintained. Close by is the City National Arena, the practice facility of the Vegas Golden Knights, and a popular area for families to visit. Next door is the Red Rock Station Hotel and Casino, which has a bowling alley, movie theater and other recreational options.

3. Housing: There are plenty of housing options within Summerlin. Whether you are looking for a townhome, condominium, single family home or apartment, Summerlin has variety. After all, over 100,000 people call Summerlin home! Many communities feature pools and parks and living within Summerlin gives you access to Summerlin resident amenities.

Of course, there are many other reasons that people decide on living in Summerlin. Over the next few weeks we will explore various other areas of the city and what draws people to those locations. Finding your home is key – and each person has their preference. So, stay tuned!

Contributed by Nicklin Property Management.

Saving for a mortgage down payment is one of the most difficult endeavors for the average individual or family. While some can find lending options at 0% down, most have to put at least 3% down (typically for a FHA loan) with many having to put down 5% (for a conventional loan). Those are bare minimum down payments. If you are looking to reduce your monthly payment even more so, a 10 – 20% down payment is typically needed.

With the average price of a home above $300,000 in the Las Vegas area, this can mean having $9,000 or more ready to be placed as a down payment. How can you save this money within a reasonable amount of time?

In one simple way: discipline. You have to discipline yourself to save money. This means cutting back on non essential items, finding cheaper options and being frugal. If your goal is to own a home of your own, this is how to do it. Here is an example.

If you are able to save $5.00 per day by cutting back on ordering coffee and eating out, this equals a total of $35 per week! (7 days per week). It may not seem like much. But over the course of a year that equals $1820.00. Over the course of 5 years – $9100.00. If you end up during that time gaining bonuses from work or other income sources, be frugal with those! You can easily add to the money you save already.

Consider also this: Doubling the amount you save to $10 can help you save $9100.00 in half the time, helping you buy your home much sooner.  Or, over the course of 5 years, you may end up with close to $20,000!  Keep in mind that a higher down payment reduces your monthly payment by reducing not only how much you finance – the principal – but also PMI (Private mortgage insurance), which is typically assessed when someone makes a down payment under 20%.  If you are able to put 20% down, typically you can eliminate PMI all together and save even more!

Afterward, weigh the cost of what kind of a home you will want to buy. Make sure you are comfortable with the monthly payment – even if you qualify for it! The goal is to make sure you don’t over extend yourself.

In this way, you can make solid plans for your financial future.

Contributed by Nicklin Property Management.

There is no shortage of online platforms for real estate, such as Zillow or Redfin. These platforms don’t just offer to list your home for rent or sale but they give you estimated values for both. Many homeowners will glance at these and either be over the top excited or, well, disappointed. They will use the figures presented as the basis for their important decisions. What should you know about the values you see?

The values you see are based on certain data – prior sales or rental properties that have leased that are now compared against your home – based on information that is public record. While the information may not be entirely incorrect, there are things to keep in mind before you base an important decision such as renting or selling your home on the information you see.

MARKET CHANGES
An appreciating market may not be reflected in an online platform. A sudden appreciation in real estate values, both sale and rental, may not be taken into consideration in the data that is presented. Remember, online platforms use data and averages. So, it is not uncommon for a market to change quickly and an online platform not keep up. This could leave you short changed, especially when there is demand and buyers are willing to pay more than what perhaps comparable properties are selling for. A Realtor can help you determine which direction a market is heading and what a strong competitive price would be.

The same is true if a market is cooling off. In that situation, you may decide to wait until the market appreciates again. Realistic numbers based on real conditions is key to help you make the best decision possible.

UPGRADES
Property values, both sales and rentals, are affected by the upgrades and improvements a homeowner makes. These may not be reflected in an online platform and undervalue your home. The opposite is true as well. If a property is in need of updating and repairs, the value presented may be more than what the property can sell or rent for. Having a specialist to help you take into consideration your circumstances and property can help you make the best decision possible.
All in all, the human touch in real estate is still a necessity. Be sure to rely on the experts in the field to help you make the best decision possible with your most expensive investment.

Contributed by Nicklin Property Management.

The Las Vegas real estate market has been the talk of many homeowner’s and investors for a long time. The uniqueness of the city itself dazzles many and the recovery of the market continues to draw attention. As a matter of fact, the Greater Las Vegas Association of Realtors recently stated that Septembers average home price reached $310,000, just $5,000 short of the peak during 2006. What is on the horizon, as we head into 2020?

Though prices inched up, the market has slowed down. More homes are available on the market with no offers and buyers are finding more room to negotiate. After years of steady appreciation, the market has stabilized. This will allow buyers to gain some traction. For first time home buyers, this is no doubt relief, as they will hope to find a home without the same competition as months and years prior.

However, not to be understated is that there is still demand for housing. Investors are looking for opportunities. And new home builders are continuing to expand with new communities, such as a new multi builder community in northwest Las Vegas. Interest rates are still low as well, contributing to an interest from buyers.

With sales price appreciation came rental rate appreciation as well over the last few year, and so the reason investors are interested in the market. Rental property owners are finding that their properties are leasing for substantially higher rates than in years prior and many existing and new investors want to capitalize on a more stable market and higher rental rate returns.

Homes below $300,000 are still in demand since they fall into the affordability range of most buyers. Those properties we expect will continue to be in demand throughout 2020. Though we do expect the market to stabilize more and even see prices pull back some, we anticipate there to be strong demand for housing.

Contributed by Nicklin Property Management.