Las Vegas Real Estate Market Expert Speaks
Read this full article – the best images are towards the end.
5+ Las Vegas Developments
10,000+ Job Openings
The Las Vegas Real Estate Market for 2018 not only looks FANTASTIC, it is riding a wave that could easily continue thru 2021 regardless of what the rest of the USA is doing. Take into consideration that in 2008, Las Vegas was the hardest hit housing market in the the United States and ranked #1 for foreclosures and unemployment. We even lost over 500,000 residents who had to move. But Las Vegas reinvented itself, and by 2013 it became a dominant force on what a city does to survive and thrive. Not only that, It put into place a plan that has now in 2018 made Las Vegas #1 real estate market in US according to Realtor.com and Inman, and 10,000+ new resident workers over the next 3 years to complete over 5 of the largest projects in history.
23+ Years of Predicting The Real Estate Market
My name is William Margita, and I am a 3rd generation real estate agent whom for the last 20 years has been an active agent, speaker, coach and writer with accurately predicting the Las Vegas real estate market in all market conditions.
I am also just a regular person who gets up every day, goes to work & answers calls. My associate Ashley McCormick has been working with me for over 20+ years and together we can answer questions, debate or just let you yell at us if you don’t agree with our advise. If you have any questions or concerns, just give us a call 702-882-8240.
There is no bad real estate market. There is a time to buy, a time to sell – and a time where you can move vertically or horizontally. Right now interest rates are still at historic lows, and it is as close to perfect as you may ever see for financing. If you sell when it’s high and cash out and do a rental & then go back into the market when it’s low – you make lots of money.
For 2018-2019 you should be able to sell your current home and buy your dream home and live a great life riding on the development and growth predicted till 2020.
Las Vegas May Be the “Last Best Place” to Buy a Home
Since the last recession to current, Las Vegas is the only major city that has a huge equity margin. This means that the all time high price has not been reached, and there is historical potential for gain. Right now if you live in Denver or Dallas – it may be time to sell and rent. If you are reading this and want to know what your house is worth today by a real agent, just email us. We belong to a network or experienced nationwide agents who we can refer to meet with you face to face. Call us at 702-882-8240
This chart is an interesting piece when considering if it’s time to buy or sell.
If you live in Denver, it may be time to SELL. If you live in Las Vegas, it may be time to either sell or BUY. No market is predictable, and a lot of Las Vegas sellers have been selling as the market is the most stable in 10 years. At the same time it is a good market to buy or make a lifestyle change in Las Vegas as interest rates are historically low.
Read this full article to see everything to 2021
30% of Las Vegas home buyers come from California and simply put, You can either move to Las Vegas and enjoy life or stay in California, NY, IL, MA or any other over-priced and taxed states/cities and suffer. Las Vegas has no personal income tax, and property taxes can be up to 70% less. Las Vegas also has lots of open jobs due to 5 major expansions. Why not enjoy Las Vegas and get positioned to take advantage of the markets?
Check this site now at Numbeo.com. Just enter your current city and see if you can move to Las Vegas today and save money or get a better value.
Do your research thru sites like Numbeo.com? And we also encourage you to consulate with your tax accountant and other professionals. The most important factor is just coming to Las Vegas and seeing if you fall in love with the city.
“Las Vegas is one of the most diversified cities on the planet and is a true global village.”
Can You Move to Las Vegas Right Now
& Live a Better Life?
It is estimated that the Quarterback for the NFL Raiders is going to save or make an extra $8,700,000 just relocating to Las Vegas. With no personal income tax, Nevada residents start off with an advantage. What if you saved just $870 a year in taxes or maybe $8,700 a year? What do you pay in personal income tax? And what could you do with that money if it stayed in your bank account?
The gaming industry and mining sector allows Nevada’s this tax break. It’s just a start as we have to also maintain a value for tourist so they get a big bang for their buck. Not only are 4 & 5 star hotels among the cheapest in the nation – so is everyday living. Cost of living is the lowest among all other major cities in the USA.
What Do You Pay a Year in Property Taxes?
The average property tax on a $350,000 Home in Las Vegas is between $1,900 to 2,200. First, you have to even find a home in a major city that still has homes for $350K , but most our out-of-state buyers say they pay between $5,000 to $15,000 a year just in property taxes.
What Can I Buy In Las Vegas?
How much CASH do you have towards a new home or do you need to get financing?
Most people relocating to Las Vegas have sticker shook at how affordable housing is. Do a search against any other major city, and you will see we have the lowest prices per square footage. While not everyone has $1,000,000 Million dollars – at least in Las Vegas you can get a small mansion and live like an A-list celebrity.
Do your own search on our site for the type of home you live in now in your city. Is Las Vegas more bang for your buck? What would your lifestyle be like in a newer, nicer, bigger high-rise, condo or home in Las Vegas?
10,000+ Job Openings in Las Vegas
Development and tourism means jobs, and Las Vegas has opportunities that can not be matched in most towns anywhere in the United States. But there is a little downside in that rent prices are increasing and the fastest in the country due to people relocating for work. If you are thinking of moving to Las Vegas, sooner is better than later.
According to the Department of Employment, Training and Rehabilitation’s (DETR) March 2018 economic report, Nevada added 3,500 jobs bringing employment to a record high of 1,373,700. Headline unemployment in March remained constant at 4.9 percent.
DETR’s report also noted that in the fourth quarter of 2017, personal income in Nevada reached $136 billion, up 6.4 percent from a year ago. (Some degree of increase in this metric has been ongoing in 30 of the past 31 quarters.) Nevada’s average personal income growth has exceeded that of the U.S. average for 14 of the past 16 quarters, with income gains in the state averaging 5.1 percent, compared to 3.5 percent in the U.S.
Cost to BUY vs RENT in Las Vegas
Being that, you can still buy a nice home from $300,000 and up in Las Vegas as say compared to San Francisco where the average priced home is over $1,4 Million. There are few markets left like Las Vegas in the United States and a solid reason why “Flipping Las Vegas” and many other real estate investing shows are made here.
Not only it is more financially smart to buy a home in Las Vegas today than rent, the timing is in line with the lowest interest rates in history. I remember when 7-9% home loans were considered amazing. Today the rates are half of that, and buyers can take advantage of a very unique time in home financing history.
As of mid year 2018 the average 30-year fixed mortgage rate is 4.58%. 15-year fixed mortgage rates increased to 4.02%.
Las Vegas home prices are predicted to go up from 6-7% over the next year. Being that, this is not higher than other financial investment vehicles , one can easily decide to sell their current home and buy vertically or horizontally for the next year if they are looking to downsize or finally splurge on a dream home. The interest rate is a huge determining factor, and if you need financing then speak to your lender or contact us and we can recommend a few local lenders for you to interview.
*this article does not intent to make any investing advise, guarantees or predictions in terms of sec violations. It is an overview of the information available today on the current real estate market in Las Vegas.
5 Hugh Projects Driving Las Vegas Jobs Market
The 1st factor is construction development as Las Vegas has an estimated over $10 Billion dollars in construction over the next 3-year. The 2nd factor is the 10,000+ jobs opening in which Las Vegas needs people to relocate and fill those positions. The NFL Stadium and Convention Center are being partially funded from tourist resort fees – so they have pretty much a guarantee in place of completion regardless of economy changes. That means those 2 projects have some form of stability for jobs and completion by 2020.
- NFL Raiders Stadium
- Las Vegas Convention Center
- Resorts World
- Wynn Park
- Marriott 4000+ rooms
#1 Las Vegas Raiders Stadium
Construction costs will amount to more than $1.3 billion for the upcoming Las Vegas stadium that will be home to what are currently the Oakland Raiders, according to official figures released by the Las Vegas Stadium Authority this week. The stadium, to be equipped with 65,000 seats.
The Raiders are chipping in the most with a total contribution of $850 million, while a public subsidy of $750 million, approved in late 2016 by Nevada lawmakers, will cover most of the remainder. The NFL is providing $200 million in financing.
According to a separate Nevada report, a NFL team in Las Vegas could bring 400,000 additional people to the city annually and generate $620 million in annual economic activity. Some of that would come from increased sports betting volume at local casinos. The state estimates than an additional 700,000 hotel stays citywide will result from the stadium.
#2 Las Vegas Convention Center Expansion
The contract is the next step toward building a 600,000-square-foot state-of-the-art exhibition hall on land now used as a parking lot northwest of the current convention center. It’s part of the LVCVA’s $1.4 billion convention center expansion and renovation program.
The new exhibition hall would be open by January 2021, and renovations to the existing halls would be completed by 2023.
#3 Resorts World Casino
Resorts World Las Vegas is a casino and resort currently under construction on the Las Vegas Strip in Winchester, Nevada, United States, planned to open in 2020. It is owned and operated by Genting Group. The estimated cost is about US$ 7.2 billion.
The $7.2 billion project will include:
4 hotel towers with a total of 6,583 hotel rooms
175,000-square-foot (16,300 m2) casino
Rooftop sky park and observation deck
Ice skating rink
Indoor water park
#4 Steve Wynn’s Paradise Park and New Hotel Casino
Wynn West will connect to the Beach Club outside Encore and Wynn Las Vegas via an “air conditioned umbilical hallway” that will run over the boulevard, Wynn said. Wynn said he has already built the necessary infrastructure outside the Beach Club because he knew he would eventually buy the plot that stood barren a decade.
“I am going to get those buildings up as fast as I can because I want to
capture more of the absolutely inevitable visitor and tourist traffic that
Las Vegas will experience in the next 15 to 20 years,” Wynn
#5 Marriott to Complete 4000+ Mega Hotel Resort
Marriott International, the largest hotel company in the world, plans to turn it into a 4,000-room resort and casino called The Drew Las Vegas.
“The Drew Las Vegas will become a landmark property for Marriott International,” said Tony Capuano, executive vice president and global chief development officer of Marriott International. “The resort will give our more than 100 million loyalty members the chance to enjoy our brand of hospitality in one of the most exciting and popular cities in the world, whether the visit is for a convention or a leisure trip.”
If you are serious about buying or selling in Las Vegas – contact our team today. Our team leaders have over 20+ years experience, and we can guide you in all your real estate needs.
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