What causes Las Vegas home prices to fluctuate?Real estate prices are continually changing. Generally, home values appreciate over the long term. But, of course, in real estate there are no guarantees.
When your house appreciates you have a greater asset to borrow against, and you'll realize a better profit when you sell. There is a variety of reasons why property values in Las Vegas vary. So, how will you be sure when you are selling, that you will get the highest and best value for your property? The most important part is that you go with a Team of experienced real estate agents in Las Vegas who understands the factors that affect local prices.
Many are convinced that the economy is the greatest factor impacting real estate appreciation. Obviously, interest rates, employment, job growth, government programs and numerous other national determinants have a noticeable effect on your home's worth. But the most important factors that figure your home's value are specific to the local Las Vegas & Henderson economies and residential market data.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values. So when it comes to retaining their value, these areas usually appreciate much more reliably than areas lacking key features.
Real estate sales trends - How long do homes typically stay up for sale before closing? Are sellers having to discount much? Some information can often be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have property prices gone up or down? Does location or affordability affect how desirable the area is thought of as?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice mixture of business in an area, or does it rely on just one industry? Is the blend of commercial and residential development changing? Each of these items plays a role.
Knowing the factors that impact your property's worth is important. Click here to get an evaluation of your house's value. Call Lauren at (702) 236-8364 or e-mail us if you have any questions at all. We'd love to hear from you.