February Update

Just in case you missed it: Please click the link below to read the article that I had the honor of writing for the Las Vegas Review Journal.

https://www.reviewjournal.com/homes/homes-columns/real-estate-insights/getting-tougher-to-buy-a-home-in-las-vegas-2520571/

I had to triple check the statistics today. Not many options for buyers as demand remains high and inventory extremely low.

I question if the higher interest rates will help with our low inventory problem? I don’t know but, it’s finally happening. Mortgage rates recently rose above 4% for the first time since 2019. Expectations are that this will help slow demand, inventory will increase and housing prices will at least cool down.

The theory is higher mortgage rates mean higher monthly payments, which fewer buyers can afford, which means less demand and lower home prices.

In January, Las Vegas hit yet another median home sales price record.  It’ll be interesting to see what effect higher interest rates play on the market. As of right now, everyone one wants to own a piece of Las Vegas, and for good reason.