The Las Vegas real estate market captivates and intrigues us, in part because it’s never boring! Right now, the market enjoys the confluence of continued strong demand, job creation and business diversification. Those who proclaim that prices will fall simply because mortgage interest rates have risen are ignoring the ongoing contribution of job creation and economic diversification.
Collaborators Darin Marques, founder of the Darin Marques Group at Huntington Ellis, and Heidi Carlsen, home staging expert with Stately Home Staging, have their fingers on the direct pulse of Southern Nevada luxury real estate and understand just what helps sell these properties to high-earning individuals. The answer lies in the presentation. These two partnering experts weigh in on the key elements of home staging and what it means for both the Realtor and designer standpoint.
There are multiple factors that go into having the ideal at-home setup such as understanding how much space you need, the location in the home, whether to incorporate a digital element, the aesthetics of the space, and even soundproofing.
As the rates begin approaching pre-pandemic levels, they are still going to remain within a record-low margin. Southern Nevada’s 30-year fixed mortgage rate is currently averaging 5.1 percent. The 15-year fixed mortgage rate is averaging 4.2 percent and the five-year adjustable-rate mortgage (ARM) is averaging 3.5 percent. Compared to 15 to 20 years ago, we were seeing rates as high as 8 percent to 10 percent.
As the rates begin approaching pre-pandemic levels, they are still going to remain within a record-low margin. Southern Nevada’s 30-year fixed mortgage rate is currently averaging 5.1 percent. The 15-year fixed mortgage rate is averaging 4.2 percent and the five-year adjustable-rate mortgage (ARM) is averaging 3.5 percent. Compared to 15 to 20 years ago, we were seeing rates as high as 8 percent to 10 percent.
As for prices, I again do not expect much to change. Resale closing price appreciation may soften slightly, but basic supply and demand again points to more of the same. With new homes, dramatic increases in land and material costs will mean that price appreciation in that sector will continue and builders and buyers will have to continue to adapt.
Despite the many challenges we have faced in the last few years and uncertainty from recent global geopolitical events, I don’t anticipate the demand decreasing. In fact, I anticipate the market outlook will look pretty similar to last month’s and will remain stable over the next few months.
We are in the heart of a historic time for our local luxury market. There were more homes sold over $5 million in 2021 than any other year in our history. Forty-six homes sold over $5 million in 2021, marking a nearly 60 percent jump from 2020 alone.
The coming year brings many opportunities and challenges for master-planned communities. The housing market is still strong and there is demand for new housing.
A report released Wednesday by Las Vegas Realtors shows local home prices are still climbing, even as sales are down from the same time last year.
What will rising interest rates mean to you if you are considering purchasing a home or doing a cash-out refinance loan?
Renewed interest is revitalizing some of our older luxury communities, such as Spanish Trail, Canyon Gate, The Fountains and areas in the historic district.
Through an initiative called Operation HOME! a coalition of agencies is assisting people experiencing homelessness with rental assistance and supportive services. A key component to the success of the program is the need to secure ongoing partnerships with property partners, like homeowners, property managers, investors and developers to access affordable vacant units quickly.
Now, that cryptocurrencies are entering the mainstream in financial portfolios, the floodgates have opened! I’ve had more conversations about digital wallet transfers than ever before, just in the first two months of 2022.
While you have probably heard a wide range of methods that industry professionals use to foresee a market downturn, the most accurate predictor of market behavior that I have seen in my nearly two decades of selling homes is months’ supply.
