A Quick Overview of the Las Vegas Real Estate Market
Condos near Las Vegas Strip are becoming more popular than ever as the market finally seems to be returning to some normalcy. The overall real estate market has some pros and cons for buying and selling and with property values on the rise it might be the perfect time to consider buying. The main reason to consider buying is that prices are on the rise and are at a very reasonable rate at the moment. Prices will continue to rise at a sustainable rate meaning that you will be able to sell in a few years or even less and still turn a profit. Here are some of the most important factors affecting the market today:
- Affordable Prices: Used home prices have risen 63 percent which is quite high but houses are still affordable. However you are even better off to seek condos near Las Vegas strip as these are quite under valued and you could easily own a luxury condo paying several hundred dollars less than their value per square foot.
- Affordable Borrowing Costs: Even though borrowing costs are rising they are still far lower than they have been in past years. You can easily get a 30-year mortgage that is very manageable and now is the time to strike while the iron is hot, but not untouchable. If they continue to rise they might become too high to have a mortgage that is manageable
- Generous Lenders: With a more hopeful economy you might find it easier to obtain a loan with mortgage lenders finally feeling more confident in offering loans. If you have a good credit rating and a job you should find it quite easy to find a mortgage for your home.
- Rising Rents: Another thing to consider is that rents are on the rise and rental units are hard to come by. With less units available prices are likely to continue to rise which means renting could prove to be more expensive than many of the mortgages you might acquire. As well your home purchase will be an investment whereas rent is money down the drain. It used to be rent was the affordable option, but with current prices buying makes more sense.
As you can see it might be the perfect time for you to take the plunge and purchase a home. Condos near Las Vegas strip offer the best bang for your buck as well as well appointed living in a hard to beat location.