Understanding Las Vegas home prices
Property prices are continually changing. Home values appreciate in the long term usually. But, of course, in real estate there are no “sure things.”
When your house appreciates you have more equity to borrow against, and you’ll see a higher profit when you sell. There are various reasons why property values in Las Vegas rise and fall. So, how will you be sure what you’re purchasing today will appreciate over time? The most important factor is that you pick a REALTOR® in Las Vegas who is familiar with the factors that affect local prices.
The economy is thought to be the major factor affecting real estate appreciation. It goes without saying that there are a lot of factors on a national level that adjust your property’s value: unemployment, interest rates, consumer confidence, and more. However, your house’s value and the things that play the most significant role in its appreciation are specific to the local Las Vegas economy and housing market.
Access to services – Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is important to a lot of us and will greatly influence home values. So those communities usually appreciate, or hold their value consistently, year to year.
The latest home sales – You should receive figures on the recent real estate sales in the neighborhoods that you’d like to live in from your agent. You’ll need to learn data like time on market and listing price as opposed to selling price.
Appreciation history – Have house prices increased or decreased over the last 5-10 years? Is the neighborhood thought of as desirable because of its location or affordability?
The local economy – Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice mix of business in an area, or does it depend on just one industry? Is the mix of commercial and residential zoning changing? Each of these items plays a part.