Real Estate professionals in Las Vegas always advice their investors to have a diversified portfolio in order to protect themselves from the volatile nature of the market. If you are planning on a Real estate investment in Las Vegas then you need to buy a property that would fit in with your investment goals.
If you closely observe the market in Las Vegas, you will be pleased to note that the city is fast gaining stability and normalcy. If Las Vegas was the poster child for real estate bust in 2010, it is going to be more than that for hosting significant investment opportunities in the year, 2016. The city’s simulation is probably due to the huge inflow of both foreign and domestic investment. The change that improved Las Vegan real estate came in during 2014 and is expected to continue to bring in cash purchases as well. Cash purchases were low during the 4th quarter 2014, but things are expected to pick later in 2016. When compared to the rest of the state in the country, Las Vegas does hold a great advantage in the home appreciation rate because one-year appreciation rates for homes in Las Vegas stood at 12%, when the country itself registered a national rate of 4.9%.
It is true that every investment carries a certain amount of risk, when its real estate, you need to plan your steps carefully, as thousands of dollars are at stake. The appreciation rates are expected to outperform the national average in the next year as well.
Real estate investment in Las Vegas would be a great move because the returns and equity gains have been tremendous; growing past $100,000. While painting the rosy picture of Las Vegas, it would also be advisable note that there are plenty of foreclosure homes also available for sale.
Las Vegas homes are affordable
It all looks good for a person looking to make profit in real estate investment in Las Vegas. The median price of a home currently listed in Las Vegas is $238,214. The home prices are affordable, the appreciation rates excellent and returns, encouraging. While the home values are increasing, they still have more room to grow and can easily compete with the prices in metro cities.
Development of new houses in Las Vegas
The new housing construction is also booming in Las Vegas. New residential projects are happening, with several residential redevelopment projects in tow as well. The level of construction in Las Vegas is actually much higher than the long-term average and single family housing permits have risen to 10%. The national average is 10.6%.
The economy
The local economy in Las Vegas is also doing quite well. The unemployment rates in the city are quite low when compared to the national average. The job growth is also pretty strong in the city, Nevada being the 11th in the nation for registering a steady job growth during the period 2009-2015.Much of this job growth has been seen in the construction industry.