October 24, 2016
With Nevada’s birthday (aka Nevada Day) just around the corner, we’re admittedly a little nostalgic about the Silver State’s awesomeness. And we’re even more confident that owning a piece of the nation’s 36th state is a great idea for many Nevadans—something we know a thing or two (thousand) about.
REALTOR®Mag was kind enough to put together a short list of reasons why homeownership rocks. On the list are tax benefits, appreciation and equity, to name a few.
Though April to October has traditionally been the homebuying season, there are advantages to buying in the fall. Among them, according to Forbes.com, are less competition and weary home sellers. All of these reasons bring us back to Nevada Day and the fact that owning a piece of Nevada should be on your radar.
More Fodder: Nevada Housing Trends
In addition to the general reasons to buy a home laid out above, there’s a lot of data showing that now is a good time to become a homeowner in Nevada.
For starters, Nevada became the nation’s fastest growing state again in 2015, and southern and northern Nevada are competing for the title of fastest growing region. While growth can be good economically speaking (hello, job opportunities!), it also means that housing inventory is expected to shrink and home prices are projected to rise.
Here’s some market info for northern and southern Nevada.
According to RealtyTrac.com, Reno has:
- more than 1,400 homes currently for sale
- a median list price of $320,000 (non-distressed home)
- a median sale price of $275,000 (non-distressed home)
- a 13% home vacancy rate
The median sale price of a home in Reno has been on the rise since May 2012 according to trulia.com, and experts predict this trend to continue, especially with the influx of new jobs, thanks to companies like Tesla and Apple moving to the area. (That whole ‘supply and demand’ thing.)
Another reason why buying a home may make sense right now is that the median rent in Reno has increased from $1,450 in November 2015 to $1,600 in October 2016. That’s less than a year’s time!
According to RealtyTrac.com, Las Vegas has:
- nearly 1,700 homes currently for sale
- a median list price of $230,000 (non-distressed home)
- a median sale price of $190,000 (non-distressed home)
- a 10.1% home vacancy rate
Much like the northern part of the state, southern Nevada has seen quite the rebound in the housing market. The median sale price of a home in Las Vegas has been on the rise since early 2012 according to trulia.com, and experts predict this trend to continue. Because companies like Switch, Inc. have moved in, pouring millions of dollars and hundreds of jobs into the area, the inventory of homes is expected to decrease in the coming years, and home prices are expected to rise.
The median rent in the Las Vegas market has risen in the past year as well.
Don’t Get Spooked
As we approach Nevada Day (also Halloween), it’s time to reflect on how great we have it in the Silver State, and how you can own a piece of it. While forecasts may predict a tougher housing market in the years ahead, the market is still pretty homebuyer-friendly now. With bonus money from Home Is Possible, which helps buyers with a down payment or closing costs (on average $8,120 per household!), we’re making it even friendlier. Find a lender and get the homeownership ball rolling. Oh, and happy birthday Nevada!