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Should You Take A Second Look At Older Homes and Neighborhoods In Las Vegas?
Dated: August 9 2021
The current pace of price hikes and shrinking inventory in Las Vegas is expected to cool somewhat as more sellers enter the market. But given the current combination of pent-up demand, low interest rates and a booming stock market, buyers looking to get into Las Vegas probably won’t benefit from playing the waiting game.
Move-in-ready homes with modern finishes are perennially in high demand, but particularly so during the course of the pandemic, which has seen buyers less interested in a renovation project than in a safe haven in which they can take up residence immediately.
For Las Vegas buyers willing to look beyond brand new developments, there are still spacious homes available that can be purchased without having to outbid dozens of other buyers.
Las Vegas has embraced desert contemporary style, and that stuff is flying off the shelves, but the older Tuscan-style homes in areas like Southern Highlands, South Shore and Spanish Trail are sitting a little longer and have a lower price point.
Where else are buyers looking to buy?
Henderson, an area 16 miles outside of Las Vegas with a high number of older properties, was the ZIP code with the highest number of price reductions on listings in June, according to realtor.com. In spite of the reductions, the median listing price in Henderson in June was $499,000, up 21.1% year-over-year.
Reality is we’re still at historic lows of inventory.
The thing that’s hardest to find is a home that’s something you want and are excited about, so when you find that, you should go for it. Call me today and we will find it, and lock it in contract! Now is the time to go for it!
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