It's time to own your Vegas home.
With the rising rental rates and high demand of apartments in Las Vegas, it makes one pause and ask why not just buy? There are many benefits to owning your home, with the most advantageous being equity, but appreciation is truly important as well.
Today, homeowners in the Valley are seeing their properties increase in value exponentially over their original purchase price years ago. We've all heard the joke "the best time to buy a home is three years ago", but in Las Vegas it's no laughing matter. It's absolutely true.
To what do we owe this high demand? Las Vegas is lovingly known as the 9th Island by residents (and previous locals) of Hawaii. The unbelievable affordability of Las Vegas compared to the Hawaiian Islands is astronomical. One could easily move from 1,000 sq. ft. home on the Islands to a 4,000 sq. ft. home in the Valley plus have money left over. For this reason, many are making the 9th Island their new home. This has resulted in a city rich in diversity and the generous aloha culture.
Another state making the big move to Vegas and the Valley is California. It didn't just start with the acquisition of the Raiders football team, but it certainly helped. As the new Raiders Stadium nears completion, the excitement is palpable. ABC News reported this month that over 700,000 people left the state of California last year. Again, high home prices, natural disasters, rampant homelessness and employment opportunities elsewhere lead the reasons for the departure. The Las Vegas Valley is an attractive and extremely affordable alternative.
The Valley continues to grow with new industry calling the Silver State home. A low unemployment rate and good jobs available make Las Vegas an attractive destination nationally. For months we have led the nation in population growth, to the point that new home builders had trouble keeping up with the demand. The market has shifted slightly and now benefits buyers, but even in the 4th quarter, properties are selling quickly.
So with all of this in mind, why rent? Some renters may appreciate the tax benefits, autonomy and overall cost effectiveness of home ownership, but may not feel they are credit worthy. It's important to understand that good lenders will work with potential buyers towards credit repair. It may take a bit of time, but with the right coaching, credit impaired renters can be homeowners. There is help available.
Some may not realize just how much of a savings home ownership can represent. Teachers, police officers, firefighters and other first responders may be eligible for HUD's Good Neighbor Next Door Program, which takes half off the price of select homes throughout the nation and in the Vegas Valley. Those who have served in the military may be eligible for a VA loan with special beneficial terms to purchase a home.
There are many paths to take to home ownership, and just as many benefits to match. If your dream is to be a homeowner, we can help make that dream a reality. We listen to your needs and we're here to partner in helping you to reach your goals. Start building equity today. It's time to own your home.