Las Vegas and Henderson Real Estate Market Articles

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Las Vegas Real Estate Market Continues To Rise – May 2022 Update

Homes that look like arrows to show real estate market appreciation

Real estate prices have grown exponentially

The Las Vegas real estate market continues to rise to unprecedented levels, setting a new record with a median price of $475,000 during the month of April 2022. Inventory continues to be limited, with many buyers ending up in a bidding war to see who ends up with an accepted offer. Of course, one of the biggest changes in the market over the last few months has been rising interest rates. Buyers who have been scouring the market trying to get their slice of Las Vegas real estate have noticed interest rates rise some two points, just since the end of 2021. At today’s price point, those two points are making a big impact on buyers, adding hundreds of dollars to monthly mortgage payments.

Additionally, as prices continue to rise so do down payments. Think about this, a 5% down payment that used to amount to a mere $10,000 just 4 years ago is now $23,750 on a median home. These additional costs have affected new and seasoned buyers considerably, forcing many to forgo their dream of home ownership or going in with other family members on a purchase, where they can combine incomes and down payments.

As interest continue to rise to reduce inflation, no doubt it will outprice many more buyers. While some may view this as a signal that prices will decline, the fact is, inventory continues to remain low and lending has remained restrictive, unlike the real estate crash over a decade ago. Even with interest rates rising over the last few months, the Las Vegas housing market has seen considerable increases in median sales prices. Will the market settle some? Yes, we can expect a leveling off as prices become unsustainable. However, many buyers are entering the market from other areas where real estate values are even higher, bringing cash to purchase a new property. This allows them to outbid other buyers and avoid appraisals.

What does all of this mean for Las Vegas? Even with rising home prices, as long as demand for properties exists and inventory remains limited, prices will remain strong, with some fluctuation.

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Keep rodents away from your home!

Grey rat near wooden wall on floor. Pest control.

The idea of rats or mice around your property may sound repulsive. At the same time, it may seem an unlikely encounter, especially in the desert. However, don’t let the dry desert climate fool you! Rats and mice are a common occurrence in Las Vegas! That’s right! While not everyone will encounter them, many have. And not just one or two, but a mischief of them (yes, mischief describes a group of rats!). Because Las Vegas has changed over the years from its natural, desert landscape to one that incorporates fruit trees and other edibles, it has become more common to encounter these rodents in neighborhoods all around the valley. So much so, some pest control companies are busier than ever setting up traps and sealing openings to attics and other access points in a house.

So, what can you do to mitigate rats and mice from coming into your home?

  1. Ensure your home is sealed: Walk around your home and look for access points. Are there openings below the roof line into the attic that may need a mesh screen? Do you have gaps at your garage door when its closed? Your roof may also provide an access point and have opening and gaps that can lead to a rodent entering. Remember – they are sly and will find a way.
  2. Prevent tree overhang over your roof: Rats are great climbers. They can easily use a tree branch to access your roof, find an opening and boom! – you have yourself a rat family in the attic. Keep an eye our for mature trees that are planted close the house that may have overhanging limbs over your roof. Either prune them or hire a company to cut them back.
  3. Keep the area around your home clean and free of food: Rodents will take advantage of food scraps or pet food. Keeping your yard free of these will keep them from viewing your home as a pit stop for a buffet.

Of course, if you happen to notice a rat problem, call a professional who can evaluate the situation and make necessary recommendations. The longer a rodent problem is left untreated, the more damage you will encounter and the costlier it will become to remediate.

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Looking for a Historical Home in Las Vegas? Yes, we have them!

Older style North American home possibly from the 1920’s or 30’s.

Las Vegas is renowned the world over for having the latest in technology and architecture. It’s out with the old and in with the new. This has been seen over the decades, particularly with hotel and casino’s. Spectacular demolitions of older properties on the Las Vegas strip to build bigger and fancier mega resorts. Even commercial and residential spaces over the years have had a similar fate. However, if your looking for something mid century or historical, you still have options in Las Vegas!

Did you know – there are properties for sale built prior to 1940? Even 1930! As a matter of fact, you can get a property built in 1925! There is one available for sale as of today (3/19/2021). If your looking for something more mid century, you have more options. There are a number of neighborhoods that are still recognized and popular among many that have that charm.
For example, the Huntridge neighborhood in the downtown Las Vegas area is one of them. So is the Scotch 80’s neighborhood, dating back to the 1950’s. The Scotch 80’s neighborhood has had notable figures over the years living in them, such as former mayor Oscar Goodman. All in all, there are over 200 properties within Las Vegas city limits for sale built between 1940-1970.

Even if you don’t want to go that old on a house, you can get different styles in 1970/80’s built homes, which are plentiful. Many long time Las Vegas residents remember when Spring Valley was up and coming. Spring Valley has patio homes, condo’s and single family homes of all different styles. Driving through it takes you to a different time period in Las Vegas, perhaps one you remember fondly. You may even have the itch to make it your future home. If so, there are options.

So, if your looking for some history and unique style, don’t cross off Las Vegas. Just take a closer look the next time your shopping for a home and you might be surprised.

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New Developments Scheduled for 2021 In Las Vegas

Las Vegas skyline

Though it appears much of 2021 will resemble 2020 due to the COVID pandemic, higher unemployment and limitations on many businesses, certain sectors are actually booming within the valley! Real estate development is one of them. While housing is in demand and supply is low, other sectors of real estate are also moving forward – specifically new development. Here are a few we can look forward to during 2021:

NEW HOUSING DEVELOPMENTS

New home builders have been busy building new communities throughout the prior year and we expect them to continue throughout this year. With resale inventory is way below average and interest rates setting new record lows, many buyers are interested in purchasing a home. Granted, the median price of a new home in the Las Vegas valley is considerably higher than the median resale home. However, this is not deterring prospective buyers. We anticipate more new developments throughout 2021.

RESORTS WORLD

Still under construction, the new Resorts World on the north end of the Las Vegas strip is planned to open during Summer 2021. The 59 story hotel with some 3500 rooms will feature some modern tech, including a 100,000 sqft LED screen.

VIRGIN HOTEL LAS VEGAS

On the site of the former Hard Rock Hotel, Virgin Hotel – part of the Virgin group owned by Richard Branson – was expected to open January 15, 2021 but has since been delayed. Reports indicate that the current COVID situation may be to blame. However, with nearly a full year ahead of us, we anticipate the hotel to open its doors sometime this year.

These main projects do not include the many commercial, industrial and apartment developments currently under construction within Las Vegas. Other large projects were planned, however, due to the ongoing pandemic and disruption in supply chains, many have been put on hold, such as the Drew Las Vegas and MSG Sphere.

As the situation improves in the coming months, we look forward to seeing these unique projects once again move forward.

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COVID-19: Are there any changes in the real estate industry as we re-open?

As the state of Nevada looks to re-open after weeks of closure to contain the COVID-19 virus, this will not be an automatic green light to resume life as normal. There is still much work to be done and social distancing to be followed. Many Realtors have been proactive to keep their clients and customers safe, adhering to safety guidelines.  This includes Nicklin Property Management.  Here are some updates as far as re-opening guidelines as pertain to the real estate and rental industry:

1. Showings and open houses of single family residences occupied by renters is prohibited until May 30, 2020.

2. Social Distancing will still need to be practiced when interacting with the public and face masks should be worn. Employees / Agents must wear face masks when interacting with others.

3. A COVID-19 addendum is available for sales transactions that has been approved by the Nevada Real Estate Division. It gives provisions to prospective buyers who may have a sudden change in employment / income due to the Coronavirus pandemic while purchasing a home.

4. Eviction postponement is tied to Nevada’s declaration of emergency, which is set to expire May 15. Any changes to this should be announced by the Governor’s office in the very near future.

As we have seen, the situation we have seen has been very fluid and subject to change. While it is encouraging to see that certain restrictions have been lowered, we must all still show vigilance in protecting the health of others and take necessary precautions.  We look forward to business as normal in the future, however, realize that this will not happen for some time.

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How will the rental market fare during 2020?

2019 ended on a high note for real estate and the local economy in general. Here are some quick facts:

– Las Vegas unemployment rate last reported at 3.7% (bls.gov)

– Overwhelmingly positive economic growth through 2019

– Interest rates remained low throughout the year, with minor fluctuations

– Average home prices hovered around $300,000 throughout the year, reaching just under $315,000 toward the end of 2019.

– Inventory for resale and rental homes remains tight

With the economy moving in a positive direction and rental inventory remaining slim, we can expect the rental market to remain strong with moderate growth. The year 2020 is a year filled with exciting developments in Las Vegas but is not the end of the multi billion dollar investments that are planned and progressing. These investments and developments span beyond 2020. Thus, we can expect more growth in various economic sectors which will add strength to the already strong real estate market.

Contributed by Nicklin Property Management.

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What does Northwest Las Vegas offer?

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.

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