If getting serious about trading rent for the opportunity to build equity in a home is on your list of New Year resolutions, read this: there is no better time to buy in Las Vegas than right now. The city continues to earn high marks as a great place to live, and it continues to land top spots on lists compiled by real estate gurus and agencies that monitor real estate markets nationwide. Just this month, United Van Lines released its 42nd annual national movers study, which shows Nevada is the 4th most popular state in the country where people are relocating.
The city’s high marks are for good reason: Las Vegas still boasts affordable home prices, especially relative to other markets like California; Nevada has low property taxes; the state has no income and capital gains taxes; the weather is moderate; and this IS Las Vegas! There is no shortage of things to do, see, enjoy, explore and experience here.
And while homebuying may be new to many Millennials, they are entering the market like never before, many choosing high-rise condominium living over single-family homes to minimize home maintenance, better accommodate travel and a more experiential lifestyle, and enjoy access to a vibrant, urban lifestyle.
According to Danielle Hale, chief economist for Realtor.com, Millennials will continue to make up the largest segment of buyers in 2019, accounting for 45% of mortgages, compared to 17% of Boomers, and 37% of Gen Xers.
“While first-time buyers will struggle next year, older Millennial move-up buyers will have more options in the mid-to upper-tier price point and will make up the majority of Millennials who close in 2019,” said Hale. “Looking forward, 2020 is expected to be the peak Millennial home buying year with the largest cohort of millennials turning 30 years old. Millennials are also likely to make up the largest share of home buyers for the next decade as their housing needs adjust over time.”
While single-family home prices may be nearing pre-recession pricing, condos remain well below that mark and are a bargain compared to places like California; making Las Vegas highly desirable for “economic refugees” seeking an improved quality of life. Since the last recession, the Las Vegas real estate market has grown to be one of the strongest in the country and will continue to grow.
Las Vegas is an economic powerhouse with record high employment and a thriving economy. Add to that all the excitement created by professional sports, and you’ve got a winning combination.
Who didn’t love the “Cinderella” story of the National Hockey League’s Vegas Golden Knights that took the city by storm last year when the team made it to the Stanley Cup finals during its inaugural year, turning desert dwellers into diehard hockey fans? Who wasn’t inspired by the WNBA Las Vegas Aces and its No. 1 draft pick and WNBA 2018 Rookie of the Year, A’ja Wilson, who set the bar high and the court on fire each game day? And who isn’t jazzed about the Raiders coming to Las Vegas in 2020 when the team’s $1.8 billion NFL Las Vegas Stadium is completed?
With market stability in control and a thriving local economy, Las Vegas still offers many great values in the local market for both single-family and multi-family housing. Plus, with interest rates on the rise, now is the time to make that real estate investment. Buy Las Vegas now and check off one of your long-standing New Year resolutions: build your future by building equity in a home!