Over the last few years Nevada real estate market has improved quite a lot. With that come real estate market trends. You will see that current trends indicate that Nevada is closer to long-term stability as that’s what it was lacking a few years ago. Many foreign and domestic investors are interested in the Nevada real estate market which is great for this area.
Rising prices in the Nevada real estate market
The median home price in Nevada is $203,000 which is $14,000 less than the national average. But the prices are only going up so if you were thinking about investing your money in a Nevada real estate property, this is the perfect time for relocation. 2017 and 2018 were the years when the home prices jumped by 10%. 2019 has a slower pace. This year’s home prices will jump by only 1%. Why is the difference so big? Well, this year more people are interested in mortgages. This affects home prices. Another thing that affects home prices is the overall economic uncertainty.
Like we already mentioned above, mortgage interest is rising. Experts say that it has been over seven years since mortgage interest was this high. For you as a buyer, higher mortgage interest doesn’t mean a lot but it sure does make things easier. The best thing you can do if you are interested in a mortgage is going for a 15-year fixed-rate mortgage. These are the best ones for home buyers as you will know exactly what your payment will be.
And if you are a home seller, this mortgage interest means that the home you are selling will probably stay on the listings a bit longer than you expected and you will receive fewer options. Mortgages are serious and big investments so not many people want to participate in that trend. To sell your home easier, it is best to partner up with a real estate agent rather than do it alone. And have in mind that most home buyers are families with children and Millennials, and Nevada isn’t one of the best places for families in the US.
Who are the homebuyers?
2019 is the year where most homebuyers are Millenials and families with children. Millenials household income has increased to $88,200 and now they want to participate in homebuying. Which is good for them. But if you are a home seller in the Nevada real estate market this might not be such good news for you. Millennials are interested in cities by the coasts, both west, and east. What they don’t realize is that Nevada is a great place for them. There are plenty of job and business opportunities. What they do is request a moving estimate in advance. Moving to Nevada isn’t cheap so it makes them believe that life in Nevada is expensive too.
What can you do to appeal to homebuyers in Nevada?
Millennials are searching for homes online. Make sure you have a listing on a popular website. Write all the information that is useful, don’t leave the bad things behind. Millennials appreciate honesty and by being honest, your listing will interest more people. But make sure you fix all the bad things about the home you are trying to sell. Millennials don’t care too much about the size of the home. They care more about the quality. Do some light repairments that will boost the home you are trying to sell. Modernize it. Millennials love smart homes. So adding a security system is a big plus and will boost the value of the home too. Location of the home is very important for them too. If they have everything they need around, they are more likely to buy that home. So when you are writing the listing for the home, make sure you write down the nearest malls, shops, schools, clubs, etc. Doing this will make them want to hire the best movers in Nevada Triple 7 Movers Las Vegas immediately and schedule their move.
Smart homes sell faster
Whether we are talking about the Nevada real estate market or any other state’s market, smart homes are always a good idea. Making the home you are trying to sell into a smart home will not only boost its value but will also make it more appealing. Like we said, homebuyers this year are mostly young families with children and Millennials. Families with children want to live in a safe home that is functional. A security system is the number one thing on their list of needs as home insurance is very expensive. When you have a family you want only the best. Families nowadays live very busy lives so being able to check the temperature of your home from work is amazing. Especially when you live in Nevada where it can get very hot. This might be a big investment for you but it will get your home off the market much quicker.
Modernize the home you are trying to sell.
Even though the home prices are rising a little, there is a lot of buyers on the Nevada real estate market. But the things they are looking for are not like they were before. Remember our tips if you are a home seller this year. The money you put in will come back as the value of your home will boost. The only thing left to say to both buyers and seller is good luck.