Current Trends in the Mortgage Industry in Las Vegas
Potential homeowners all over Nevada from Spring Valley to Reno are all keeping an eye on the mortgage market looking for the best deal.
Besides being one of the most famous American resort metropolitan areas, the “City of Las Vegas
”, often simply called Vegas
or Sin City
for obvious reasons, is the city with the largest population in the whole state of Nevada. Well-known for its gambling opportunities, tourism, stunning sunsets, beautiful scenery, sub-tropical desert climate, and cultural diversity, Las Vegas is steadily becoming a perfect start-up place for anyone who wishes to become a landlord. Recent reports show that Nevada’s real estate market
is presently displaying a long-term stability which was completely absent during the last years. This is also the result of a significantly decreasing unemployment rate together with a constant growth in the interest of new investors nation-wide.
Growth of the Real Estate Market
According to Forbes
, the increment in house prices reached an impressive 20% during the last year due to the solid investments of several Wall Street institutions in single-family homes and their conversion into rental homes. As a result, more buyers jumped in making the prices ascend. Even if the local real estate prices are not expected to decrease anytime soon, real estate in Las Vegas still constitutes an excellent investment for anyone who can afford it. Rating agencies presently categorize the homes within its metropolitan area as undervalued as the prices are currently situated below their historical levels, so if you really wish to acquire a property in this area you should do it as soon as possible.
While the median price of a single-family home has risen to 220K USD during 2016, the median family income lingered around the $55K USD value. Looking at these two figures, one can imagine the struggle any regular family might go through when trying to save up for a new home. However, paying for your home in full is NOT the only option. While the local interest rates are still low, getting a mortgage for your desired real estate property in Las Vegas is actually a very wise financial move these days.
The Mortgage Competitive Landscape
As in the rest of the United States, the mortgage industry represents a major financial subdivision in the area of Las Vegas, Nevada. Even if the regional investors are only promoting rentals to the interested home buyers due to present market conditions, the lease-to-own option is clearly the better choice. Although the conditions needed to be fulfilled in order to become a mortgage issuer are very strict, the federal government greatly promotes mortgages for the family sector through various national programs.
Las Vegas Real Estate Market Update
While prices are certainly up from this time last year, the best deals in housing may be the ones you find this week. In the last 12 months, Las Vegas homes have appreciated 11.6 percent while in the last three years the overall appreciation was 65.4 percent. In the next coming year, home prices as well as interest rates might be even higher; just as your rent.
According to Zillow
- Properties bought in the Las Vegas housing market one year ago have appreciated by an average of $23,811, while the US average was just $12,783 over the same period.
- Properties bought in the Las Vegas housing market three years ago have appreciated by an average of $86,153, while the US average was $55,406 over the same period.
- foreclosures will play an important role that will impact home values in the next couple of years. The number of properties that received a foreclosure filing In Las Vegas is 8.1 homes foreclosed (per 10,000) which is greater than the national value of 4.2.
There is however no universal financial program. Every home buyer has a different approach to finances and each of us requires a unique solution. Whatever type of mortgage you are looking for, whether it is a low down-payment program, a FHA loan, A VA Loan, a mortgage assistance program or a jumbo loan and so forth, you are in the right place. Contact Casey Moseman, CMPS today in order to find out which are your best home-financing choices!