Episode 22 French Workbench- Forget Everything You Read: Buying A Home Is Not For Suckers

There seems to be no stopping the soaring existing home prices in the Las Vegas area. The median sale price for a home in Las Vegas rocketed to $382,000 in March, another new all-time record, according to the Las Vegas Realtors trade group. The figure represented a 14% jump from March 2020 and a month-over-month increase of 2% from February’s median price of $382,000. “At the rate we’re going, we could see even greater gains in home prices and sales next month, since the housing market stalled briefly before roaring back. “In addition, reports for the National Association of Realtors show homeowners are staying longer in their homes.” Research from the National Association of Realtors has shown that homeowners are staying in their residences two to four years longer than in the recent past, which, he said, could be partly attributed to lower-than-normal interest rates. The Las Vegas housing market bottomed out in 2012 after the Great Recession, when the median price of an existing home dipped to $118,000. At that time, the Las Vegas housing market was one of the most depressed in the United States. The housing market has been on fire this year with record-low mortgage rates and a sudden wave of relocations made possible by remote work. Meanwhile, home prices have pushed new boundaries as buyer demand continues to surge. As we near the end of 2020, here’s a look at the expectations of real estate experts for 2021. We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels. While we expect mortgage rates to tick up gradually, sales and price growth will be propelled by still strong demand, a recovering economy, and still low mortgage rates. High buyer demand and still-lagging supply will keep prices growing, but at a slower pace than 2020 as buyers contend with mortgage rate and price increases that create affordability challenges. https://youtu.be/1aO5_Ft6Gyw : Here Are The Newest And Best Locations To Buy A Home In Overpriced Las Vegas. https://youtu.be