Low prices, low interest rates driving home sales across valley in (LAS VEGAS), Realtors say
Low prices, low interest rates driving
home sales across valley in (LAS
VEGAS), Realtors say
STEVE MARCUS
The housing market is picking up across the Las Vegas Valley, Realtors say.
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The Las Vegas residential real estate market continues to recover from the effects of the recession as a combination of affordable home pricesand low interest rates feeds a valleywide interest in purchasing homes.
“It’s nuts,” said one local Realtor. “The good deals are getting multiple offers on the first day.”
Another Realtor used the word “mayhem” to describe the situation, as the number of residential properties in the valley available for resale dwindles to just over 6,000, down from a recession-era high of 22,000 properties, according to numbers from the Greater Las Vegas Association of Realtors.
Low home prices and interest rates are a major driver for the increase in activity, said Realtor Nancy Tucker. As residential prices fall in line with the rental market, more investors are being lured back to Las Vegas, she said.
The low prices also create new opportunities for first-time homebuyerswho previously were priced out of the market, Tucker said.
“We’re in a fantastic market,” Tucker said. “Las Vegas is selling again.”
With the competitive, fast-paced days of Las Vegas real estate beginning to make a return, here are several factors Realtors recommend homebuyers consider when shopping.
