For New Homes in Las Vegas, Demand Is Up
It may seem contradictory that in the real estate market leading the nation in foreclosed homes, where prices have fallen so dramatically that a large percentage of homeowners are underwater, new home developments can be succeeding. But in Las Vegas, they are.
Why? Because there is demand for newly-built Las Vegas homes. With prices lower than they’ve been since the early 2000s, many Las Vegas homebuyers are capitalizing on the opportunity to get a brand new house at a super-low price. Many say, “Why buy ‘used’ when I can get such a great deal on a new home”?
Some analysts say that’s bad for the Las Vegas real estate market – that we’ll never get out of the real estate funk until we deplete the excess supply of homes on the market. Indeed, there are far more homes listed for sale than there is demand for Las Vegas homes. And the laws of supply and demand tell us: prices won’t rise (not significantly anyway) until demand is greater than supply.
But there are Las Vegas neighborhoods – and certain types of Las Vegas homes (namely, new builds) – that have their own demand, unique from the broader real estate market. Roughly 25 percent of Las Vegas home sales were new builds. And that’s a good thing, because new housing developments help support the Las Vegas economy.
Buyers will find new home developments across the Las Vegas area. In Henderson, KB and Ryland Homes are developing vacant land at Horizon Ridge Parkway and Gibson into plots for more than 200 single-family homes. But they’re going about their development a bit differently this time around. Instead of a “build it and they will come” approach, many Las Vegas home builders are instead selling homes first and then building them
Buying a new Las Vegas home
One benefit of buying a new home over a resale is that you can design it just so. Upgrades, layout, décor – choose whatever best suits your needs. Another benefit: new homes come with at least a one-year top-to-bottom, inside-out builder warranty (not something you’ll typically get in a resale). And, new homes may be more energy efficient (and those savings can really add up).
A point of caution: many potential homebuyers think that buying a new home means they don’t have to hire a real estate agent – and most home builders don’t eagerly suggest otherwise. But it’s important to remember that the builder’s sales agent works for the builder – to sell you the home for the most money they can get.
Doesn’t it make sense then, to have someone on your side, working for you? (Remember, the seller pays the buyer’s agent – you won’t have to pay anything for the benefit of having an experienced real estate agent helping you through the process.) In most cases, builders require that you bring your real estate agent with you the first time you visit the sales office or model homes. So give us a call today at 702-376-7379.