Las Vegas Housing Market Stabilizes As Investors Slow Down
Las Vegas, NV, November 5, 2014 (Newswire.com) - After the housing market crash of 2007, investors were the main factor in helping the market stabilize. As more homes were being sold to investors, the prices steadily rose. Now the prices are starting to become a little pricey which has caused investors to back out.
The lack of investors in the Las Vegas housing market has caused the sales of homes to rapidly slow down. Investors were so quick to stop purchasing homes that some questioned whether the market was going to fall again.
Investors are not only slowing down in Las Vegas. According to the Case-Shiller indices, national home prices were up five percent on a year-to-year basis.
Less investors actually makes the housing market more appealing to first time buyers. Without steep competition, the average home buyer can actually afford a new home.
This leads the housing market to appear uninteresting, but really it has finally become completely stable.
No competition to buy the homes also means that the homes will be in better shape. Sellers before were so quick to take an offer that homes were being neglected.
Home buyers can expect prices to stop rising for the time being. This makes it so more people will be in the ideal position to purchase a new home.
The president of the Greater Las Vegas Association of Realtors stated that the market is stable and doesn’t want to see those extremes any time in the near future.
For more information about housing market trends in Las Vegas, contact John Stevenson Real Estate at 702.274.4606. Visit the website at www.johnstevensonrealestate.com or in person at 8363 W. Sunset Road, Suite 100, Las Vegas, NV 89113.
