You may, like many others, be wondering how New Construction is affecting the real estate market in Las Vegas. It seems that everywhere you turn, new homes are being built. Many of us are wondering if the demand for homes in the Las Vegas valley can keep up with the rate of new homes being built, and how this will affect the value of existing homes.
Inventory (# Homes For Sale)
What does it mean?
Throughout last year resale homes continued to sell at a higher rate than new construction. However, the median price for new homes was approximately 35% higher than resale. Both new and resale saw an increase in values, but resale was about 12% vs. new at about 7%.
How do you decide between new construction or resale? There are pros and cons to each and the best choice for you depends on many factors, including budget, timing, and personal tastes. You may also consider how your home will appreciate over the next several years. This will differ depending on your decision to purchase new or resale.
What does it mean for your home’s value? Will new construction negatively affect the price of your home? Perhaps, but perhaps not. The best way to find out, is to have a professional home financial analysis for your property. Our team of experts is available, at no cost to you, to evaluate the market in your neighborhood and provide you with a valuation of your home.
Whether you are planning to buy or sell, or just want to keep a pulse on your local market, give us a call today to schedule your free consultation. We look forward to helping you!