This year has been good to homebuilders, with more people wanting a home in this famous city. The Las Vegas housing market is on the rise and people from all over the country are buying. But why?
Most Las Vegas homebuyers are new to the city, looking for homes due to the area’s promising interest rates and home prices, as well as the city’s famous shows, casinos and night life. About 85 percent of buyers are using a real estate agent and the shopping process takes approximately nine to 12 months. New homebuyers plan to stay in their home for quite a while, at approximately 12 years.
Take a look at this infographic for more info.
The Most Important Qualities to Look for in a Home
• Quality of construction
• Safer neighborhood
• Better floor plans
• Low maintenance costs (time and money spent)
• Energy efficiency
New Versus Used
• 33 percent of Las Vegas-area home shoppers prefer newly built homes.
• 35 percent of Las Vegas-area home shoppers prefer used homes.
• 33 percent of Las Vegas-area home shoppers are indifferent.
Why Buy a House?
• Favorable interest rates
• Relocated to new city
• Favorable home prices
Time Frame When Searching for a New Home
• The majority of buyers (38 percent) search between 9 and 12 months.
• 13 percent of buyers spend 6 to 9 months looking for a home.
• 23 percent of Las Vegas-area homebuyers spend 3 to 6 months searching for a home.
• 3 percent of home shoppers find a home in less than 3 months.
Local Housing Stats
• The average Las Vegas home was built in 1993.
• The average Las Vegas homeowner will stay in their home for 12 years.
• Las Vegas home shoppers are 61 percent more receptive to newly built homes than the national average.