When the final real estate market figures for 2015 were tallied in Las Vegas, a remarkable thing was discovered: Every zip code in the urban Las Vegas valley reported a price gain in median value over 2014.
That’s huge news – especially in a city hit so hard in the aftermath of the economic collapse. Many so-called “experts” said it wasn’t possible. Many said Las Vegas would never recover. (Seriously – “never” – direct from the Wall Street Journal.)
And yet, here we are – with Las Vegas ranked as the top state in the U.S. with a four-year value jump of nearly 75 percent. That’s not to say every homeowner in the city has fared so well, of course. Some who bought at the height of the boom prior to the housing crisis are still suffering negative equity. Unfortunate as that is, it was to be expected for a city hit as hard as we were.
“But the fact is that for those who bought real estate in Las Vegas since 2012, their homes have and continue to appreciate,” comments Rick Piette, owner of Premier Mortgage Lending. “And that is a trend that will only help those still working towards recovery – as a rise in the median value of homes is a rise for them, too.
In addition, there are several other good reasons for potential buyers to “get off the fence” and make their move into homeownership here in Las Vegas, such as:
1. Credit is becoming move available to consumers. Thanks to more and better lending models, along with renewed confidence in the U.S. housing market, more lenders are easing mortgage loan standards and issuing loan approvals.
2. Interest rates remain at near-record lows. Traditional 30-year mortgage loans remain at rates lower than 4%. That’s a figure that even our parents would have been thrilled to receive when they bought their first home. (In 1965, the average interest rate was 5.83%.)
3. Unemployment continues to drop. From a high of over 13% in 2008 to its current 6.2%, jobs are coming back to Nevada. In fact, Nevada ranked 11th in the nation for job growth from 2009 to 2015.
4. Housing in Las Vegas is poised for a strong season. Employment, income, and population are all on the rise, and analysts agree, ”Las Vegas real estate is in about the best shape it’s been in for a decade.”
According to Piette, “All of these reasons – when added to the emotional and psychological benefits of owning a home – mean that for those who have been waiting for “the perfect moment” to buy a home in Las Vegas – now is that time.
“But be smart about the entire process. Find the right Realtor® – then do your homework to make sure you find the best mortgage lender, too,” he adds. “Mortgage loans are no longer ‘one-size-fits-all’ like they used to be. There’s a huge difference between how loans are made between banks, mortgage banks, and mortgage brokers – and it’s a difference that can cost buyers who don’t know what to look for thousands of dollars out of their pocket.
“So shop around, compare interest rates, pay attention to the fees – and you’ll save money. That’s what we tell all of our clients at Premier Mortgage. And most of the time, they come back to tell us “You were right. Let’s do this.” It’s a good feeling.”
To find out more about what to ask prospective lenders, visit Premier’s www.KnowBeforeYouOwe.com website and view the quick educational videos that make it easy to understand how to shop for a loan. We’re pretty sure you’ll be glad you did,” confirms Piette.
Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.