LAS VEGAS, NV – Experts are reporting this week that mortgage rates – which have been skyrocketing since the new year after hitting historic lows during the COVID-19 pandemic – have unexpectedly dropped, giving beleaguered prospective homebuyers a modicum of leverage but also signaling potential bad news for state of the U.S. economy. The average rate of a 30-year fixed mortgage, which was 5.81 percent one week ago, dropped this week to 5.70 percent. While that decrease will give some homebuyers some breathing room in terms of interest on a home loan, it also signals just how much rates have climbed,…
LAS VEGAS, NV – During the depths of the COVID-19 pandemic the housing market unexpectedly started to boom, propelled by record-low interest rates on home mortgages and buyers enticed by acquiring homes with cheap money. But as demand continued to increase, home prices began to swell, with buyers taking solace in the fact that interest rates nonetheless remained very affordable. Unfortunately, this is no longer the case, as an attempt to lower out-of-control inflation and prevent a potential recession, the Federal Reserve has begun increasing their interest rates. This, sadly, has correspondingly caused a significant jump in the cost of…
Increasing Home Mortgage Interest Rates Causes Slowdown in Home Sales, But All Not Bleak Experts Say
LAS VEGAS, NV – Following the Federal Reserve’s hike of 75 basis points to its key benchmark rate in an attempt to lower crippling inflation gripping the United States and head off a possible recession, interest rates for home mortgages have been steadily increasing after having hit record lows during the COVID-19 pandemic; that factor, combined with inflation and skyrocketing home prices, have caused a recent slowdown in home sales nationally. The current interest rate on a standard 30-year fixed-rate mortgage hit an average of 5.78 percent this week; this is up from 5.23 percent just last week, and a big increase…
LAS VEGAS, NV – With inflation still hurting most Americans in the wallet and prices in the housing market skyrocketing nationwide, a new report indicates that among the major metro cities where costs are increasing the most, Las Vegas is now currently ranked number two in terms of rising rents, leading to concerns over affordability despite signs that the market may be starting to stabilize. Among the 15 major metros covered in the report where rents are rising the fastest, residents of the Las Vegas-Henderson-Paradise area are experiencing one of the highest percentage rent increases from pre-pandemic 2019 to 2022, as per…
LAS VEGAS, NV – With the luxury home market in Las Vegas going strong and showing no signs of slowing down as affluent residents from neighboring states continue to transplant themselves into the region, the number of $1 million and higher homes sales in Southern Nevada in the month of March has set an all-time record. According to reports, there were an incredible 196 homes in Las Vegas with an asking price of $1 million and higher sold in March, with the priciest being a residence in Summerlin that sold for $11.4 million and featured a $35,000 tub in its master…
LAS VEGAS, NV – A growing number of homebuyers in the Southern Nevada region are paying for their purchases in cold, hard cash as opposed to taking out mortgages, a recent report says, which could be fueled by several factors, including investment and the arrival of affluent transplants from neighboring states. The Las Vegas Realtors group report released last Wednesday indicates that 32 percent of all property transactions that took place during March 2022 – which includes existing homes, condominiums and townhomes – were paid for in full with cash, which is an increase of 8 percent over the same period of…
LAS VEGAS, NV – In an attempt to address the ongoing need for affordable housing options for Las Vegas’ senior population, two developers based out of Denver, Colorado are finalizing plans to develop a new senior-living facility in Southern Nevada, with the groundbreaking planned for the very near future. MorningStar Senior Living and Confluent Senior are planning on developing a new project located near the intersection of Alta Drive and Hualapai Way – dubbed MorningStar at The Canyons – which will be comprised of a new 196,000 square-foot building with 168 apartment units spread out over four stories. The units will…
LAS VEGAS, NV – Recently, a Canadian real estate developer preformed a ceremonial groundbreaking on an upcoming Las Vegas-based warehouse project that, upon completion, will come in at over 250,000 square feet in size. Ryan Beedie, who regularly travels to and spends time in Vegas – estimates that he’s been to the city as many as 200 times and counting – which influenced his decision to develop his very first-ever U.S. based project there, he said. Last Monday, Beedie broke ground on the upcoming Pioneer Business Center, a two-building warehouse complex in the southwest valley that, upon completion which is expected by…
LAS VEGAS, NV – According to the S&P CoreLogic Case-Shiller index recently released by S&P Dow Jones Indices, home prices in the Las Vegas real estate marketplace are rising at levels that are currently outpacing the United States average, and this is not the first instance of this occurring, experts say. The prices of homes in Southern Nevada, from November 2020 to November 2021, increased 25.7 percent, compared to a 18.8 percent year-over-year increase for the country as a whole during the same period of time, the report revealed, which examined 20 major metro areas, all of which recorded annual price…
LAS VEGAS, NV – Jade, a new 287-unit luxury apartment complex located near the Rio in the Las Vegas Valley, has recently sold for an incredible price, once again highlighting the strong desire that landlords and property management firms are expressing for rental units in Southern Nevada. Ideal Capital Group, a real estate firm based out of Clovis, California, reported that they have acquired Jade for $124.5 million from developer Jonathan Fore last month; the sale price represents approximately $433,798 per unit, which experts say is much, much higher than average for an apartment complex in the Las Vegas Valley. Jade,…
LAS VEGAS, NV – The Las Vegas luxury real estate market continues to be fueled in no small part by California residents leaving their home state in droves – mainly due to excessive taxes, high cost-of-living concerns, and draconian COVID-19 restrictions – in favor of Las Vegas’ Henderson and Summerlin communities, both of which have been favored heavily by recent out-of-state transplants. In contrast to their native California, Las Vegas offers everything individuals who are fleeing the Golden State could want, including lower taxes, secure high-end communities, breathtaking views – both scenic, and of the city of Las Vegas itself –…
LAS VEGAS, NV – Last year, no segment of Las Vegas’ real estate market exploded quite like the luxury market, and experts are anticipating even greater heights in 2022. In 2021, the market skyrocketed, with an increase in the number of sales of many expensive properties – including those costing millions – being driven by residents of neighboring states transplanting themselves to Southern Nevada during the era of COVID-19. Records indicate that 1,686 sales of homes costing at least $1 million or more were made throughout 2021, as compared to 825 in 2020 and 596 in 2019. And that just covers…
