Where is Las Vegas headed in 2014?
With interest rates on the rise and the housing market's price increase, you could be wondering if it is still the right time to buy a home in Las Vegas or if you missed your chance to affordable homeownership.
These statistics should help you become more aware of our current market and allow you to make a more concise decision.
Las Vegas Housing Market statistics:
So, how is Las Vegas' housing market doing? According to CNN, housing prices are expected to moderate in 2014.
The biggest change happened in 2012-2013, where home prices rose a staggering average of about 30% in Las Vegas!
Las Vegas-Paradise, NV Metropolitan Statistical
Forecast change: third quarter, 2013 - third quarter, 2014
+5.4%
Forecast change: third quarter, 2014 - third quarter, 2015
+5.4%
Median Family Income
(Second quarter 2013)
$57,300
Median Home Price
(Third quarter 2013)
$214,000
Change in Home Prices
(From Third quarter 2012 through Third quarter 2013)
+29.6%
Worst 1-Year Home Price Change
(1980-2013)
-33.3%
(2008:Q4 )
Forecast as of January, 2014, courtesy of CoreLogic.
Interest rates:
Interest rates have been on the rise for the past few months. Should this be a reason not to buy?
To put it in perspective, if you had bought a house in the 80's, your interest rate would have been between 12-18%!. In the 90's about 7-8% on average. Some of these numbers are more than triple than the US average today!
This shows interest rates are definitely still low relative to different decades in US history.
Down Payment Assistance
There are several Down Payment Assistance programs in Las Vegas, so not having enough funds to close should not keep you from achieving your goals. These initiatives' main mission is to stabilize our neighborhoods and help you achieve the dream of homeownership. These programs can offer:
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Down Payment Assistance
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Closing Costs Assistance
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Principal Reduction
So, is it a good time to buy?
The opportunity to buy a home in Las Vegas is still at our grasp. Home prices are still low compared to previous years and the low interest rates still allow us to become home owners and have an affordable mortgage. Whether you are a savvy investor or a first time home buyer, the oportunity of affordable housing is still at our grasp.
Call us at 702-542-8884 for a free consultation.