Anyone looking to buy a new home quickly comes to the realization that there is a shortage of homes for sale – a situation that isn’t going to change soon, but also one that beckons to move speedily and strategically toward homeownership.
According to a March 2022 Zillow poll, inventory levels remain at nearly a four-decade low and industry experts predict inventory won’t reach a point of correction until 2024 or 2025. By one estimate, the U.S. is currently more than 3 million homes short of the demand from would-be homebuyers.
In Las Vegas, low housing inventory continues to drive home prices upward. And, even increasing interest rates will only have minimal impact on Southern Nevada’s continued housing demand.
“We’re in a shortage of housing,” Brandon Roberts, president of the Las Vegas Realtors association recently told the Las Vegas Review Journal citing that builders can’t build fast enough to meet demand because of supply, labor and permit issues and existing homes are still selling quickly after coming on the market.
Interest rates are also expected to continue rising. By the end of 2022, experts anticipate that 30-year fixed mortgage rates could land between 4.8% and 7.0 percent and 15-year fixed mortgage rates are expected to fall between 3.9% and 6.0 percent.
Likewise, rental rates will also likely continue to increase. Rents in the Las Vegas area increased more than 20% during the first quarter of 2022 according to the Nevada State Apartment Association.
“This shortage is true in the Las Vegas condo market, as well, where there is a limited number of new residences for sale and a dearth of new construction,” said Shahn Douglas, chief marketing officer for Juhl, a loft-style, high-rise condo community in downtown Las Vegas, which is owned by DK Las Vegas.
As the last new condo community available for sale in downtown Las Vegas, sales at Juhl are a prime example of where savvy investors are putting their money. Boasting record sales in the first half of 2022, following an equally successful 2021, Juhl currently has fewer than 60 residences remaining for sale.
“The pace of Juhl’s condo sales speaks volumes about buyers being attracted to locations that offer good real estate values and solid economic fundamentals while also offering an active urban lifestyle,” added Douglas. “In fact, Juhl is the #1 selling Las Vegas condominium community in 2022 to date, a ranking that speaks volumes about the quality and lifestyle of Juhl residences.”
According to Douglas, in addition to affordability, the appeal of luxury condominium living is an almost maintenance free lifestyle with no yard work and significantly less upkeep. Furthering the experiential lifestyle, Juhl homeowners enjoy such luxury amenities as full-service concierge and on-site dry cleaning, a two-story fitness center with pool and Strip views, resort pool with cabanas, spa and fire pit, 10th floor vino deck with Strip views, co-op working lounge, alfresco movie theater, private pet walk, summer kitchens and grilling stations, 24-hour security and electric car charging stations.
With a limited number of condo-homes remaining, Juhl’s urban-inspired condos offer dozens of flexible floorplans from the low $300,000s to the high $800,000s and featuring 800 to 1,998 square feet of living space including one- and two-bedroom flats, two-story Brownstones, Penterraces, live-work and Penthouse residences.
Juhl offers low down payment and VA financing options. For more information visit Juhllv.com or call 702-816-5466.