What’s up, California? 63% of your state’s millenials say they are considering leaving the Golden State. Could it be because they can buy a typical $630,000 LA home for $300,000 in Las Vegas? These numbers represent the median home prices for Los Angeles and Las Vegas today.
The answer is – pretty much so. Many millennials in California feel home ownership is out of their reach due to the high cost of housing, and are beginning to question whether the higher salaries are a reasonable trade-off. Of course, there are other factors than home price, such as California’s state sales tax, that are putting a home for their family out of their reach. There is even more disparity in the luxury home market, where a buyer might pay 2 to 3 times as much.
(O’Bannon Estate courtesy of GLVAR MLS ; Offered for $10.5 Million according to ABC News 13 Las Vegas)
How’s the Market? Inventory has been steady, hovering around 8000 homes for sale for the past 5 months. Home prices in Southern Nevada are up 9.2 percent year-over-year, but you can expect to see appreciation grow at a slower rate. Sales are picking up after a slow December, but buyers shouldn’t see multiple offer situations any time soon.
Interest rates hit a 12-month low today. It’s a great day to buy that move-up home – plenty of inventory means less competition for your dream home, and rates are hovering around the very low 4% range. With fewer buyers out shopping, it’s a good time to sell and put your money in that move-up home. And while you’re at it, pick up a few rental homes. You can thank me later.
(Mortgage rates as of 2/14/2019 according to Bankrate.com)
Speaking of the Market. With dozens of new marijuana licensees looking for a location before their licenses expire, there is a demand for suitable dispensary locations. I’m looking for a building in the City of Las Vegas for a client – shoot me an email or text if you have a commercial property larger than 2200 s/f that you need to sell. Dispensaries must be located at least 300 feet from the nearest school, church, park or other public facility. My colleague listed a 15,000 s/f building in the County suitable for a dispensary and a cultivation or production facility.
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