Right Now is The Perfect Time to Buy a Luxury Home in Las VegasNews Home
With long-term mortgage rates as low as they are, right now is the perfect time to buy a luxury home in Las Vegas. Currently, rates are around 3.3% for a 30-year FHA loan. Last year, rates were hovering at about 4.7%. While prices are still increasing nationally, they aren’t growing as quickly as they were during the previous few years.
Pricing Statistics to Consider
According to the S&P CoreLogic Case-Shiller national pricing guide, housing prices increased by 3.1% annually in June. This was lower than the 3.3% gain reported in May. Along with this, the 10-City Composite annual rise was 1.8%, which was down from 2.2% in May. The 20-City Composite report showed something similar. For that report, the increase was 2.1% annually, and this was down from 2.4% for the month prior.
A Boost from Dropping Mortgage Rates
While Tampa, Phoenix, and Las Vegas reported the highest yearly gains among 20 different cities, prices are likely to increase more due to dropping mortgage rates. The average rate for a 30-year mortgage is a full percentage point lower than it was last year. When mortgage rates are this low, consumers have more buying power. This causes prices to rise, including luxury homes in Las Vegas.
A Good Time to Buy
Home prices tend to be at their best toward the end of the year. The reason for this is that the current inventory has likely been available for a while, and sellers are more willing to negotiate. Also, with interest rates as low as they are, it’s an excellent time to buy. Depending on the price of your home, when a mortgage percentage rate is a full point lower, your house payment can be $100 less per month than it would be at a higher rate.
The Las Vegas housing market is hot right now due to a recent population increase. Also, the economy in the area has seen an improvement, making it easier for people to invest in homes. If you buy a home in Las Vegas, it will likely be a good investment. According to reports, the area’s real estate market has appreciated by 9% during the last year. The median home value is around $273,900, which is a bit above the national average. Along with this, home values have increased by 1.8% over the last year, making it an excellent time to get your luxury home.
MacDonald Highlands is one of Las Vegas’s premier luxury communities. Living here provides many benefits, including access to the DragonRidge Country Club, which features a top golf course with countless amenities. Not only does the community offer the kind of facilities that improve the quality of your life, but you can also buy a custom home to get everything that you want in a residence.