Over time, the value of a piece of real estate will fluctuate up and down. Property values appreciate in the long term for the most part. But, in real estate there are no "sure things".
When your home appreciates you have more equity to borrow against, and you'll see a higher profit when you sell. Property values in Las Vegas rise and fall for a variety of reasons, so how can you be sure what you're investing in right now won't depreciate the day after you close? Choosing a real estate agent in Las Vegas who recognizes the factors that influence local prices is the most important thing.
The economy is believed to be the greatest factor affecting real estate appreciation. It goes without saying that mortgage rates, employment, business growth, government programs and a handful of other national factors have a definite effect on your property's worth. However, your home's value and the aspects that play the most significant role in its appreciation are specific to the local Las Vegas economy and housing market.
Location in a community - Many consumers want to live in regions with the most helpful components for households to do well, like a close proximity to schools and work. So those areas generally appreciate, or keep their value, best.
Recent sales - Your agent should provide you with facts and figures on the recent real estate sales in the areas that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices gone up or down over the last 5-10 years? Is the area considered desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good mixture of work in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing? All these play a role.
Are you looking to sell your house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.