The Las Vegas Valley is facing a severe housing crisis with a shortage of over 78,000 affordable rental units for low-income renters. Various stakeholders and government officials acknowledge the problem and are taking action. The proximity to California's high purchasing power has inflated real estate prices in Nevada. Efforts to address the crisis include government funds and initiatives, but...
Real Estate
Rates are rising: To fight inflation, the Fed raised rates in 2023, causing mortgage rates to climb above 7%. Expert predictions vary: Some see rates staying high in 2024 with a gradual decline, while others predict Fed cuts later in 2024 and 2025....
Assumable mortgages require down payments as low as 15%. A new feature offers purchasing homes with a 2% mortgage rate....
The median price of existing single-family homes in Southern Nevada rose to $475,000 in June, up 7.7% from last year. Condos and townhomes also saw an increase, reaching a median price of $295,000, up 7.3% from a year ago. Despite a national sales decline, Southern Nevada's housing market is performing well, with more homes available for sale. In June, 4,114 homes and 1,367 condos/townhomes were...
Nevada's housing market is expected to see significant growth by 2030, with avg home prices reaching $1M. This growth is concerning because wages are only projected to rise a meager 2.1% by 2030....
Typically, 5-6% of the home's sale price is split between buyer's and seller's agents. Traditionally, the seller pays both agents from the sale proceeds, not out-of-pocket for the buyer....
A new study by the Harvard Joint Center on Housing Studies reveals that homeownership is becoming more difficult, with a 47% increase in median home prices since 2020 compared to a 20% rise in median income. Clark County now requires a household income of $143,000 to afford a median-priced home of over $460,000. In Los Angeles, an income of over $250,000 is needed to afford a median home price of...
Acceptance of stable interest rates drives homebuying trends in 2024. Waiting for lower rates may mean renters are building equity for landlords....
Living wage for a family of four: $95,755 Ranked 35th least expensive state for families....
Clark County is focusing on enforcing short-term rental regulations, with 289 citations issued so far in 2024 compared to 348 in 2023. Homeowners are frustrated with the lengthy licensing process, leading some to continue renting without a license. Airbnb plans to crack down on potential party homes by using an automated reservation assessment process. Continue to full article...