LAS VEGAS (FOX5) –
Realtor.com named Las Vegas the number one real estate market in the country for 2018. The site based its criteria on the price and amount of existing homes, new home construction, and local economic trends.
“We’ve been number one a lot in the last 15 years but this one list we finally want to be on, you remember we were number one for foreclosures and short sales but now were the number 1 hottest market to look forward to,” said Greater Las Vegas Association of Realtors President, Chris Bishop.
Homes across the valley are flying off the market.
2017 was the 3rd best year for real estate sales in the Valley and realtors predict this year will be even better.
Bishop said it’s a great time to live and own a home in Las Vegas.
“People are back to work, they’re spending money the economy here is fantastic the nightlife is great, everywhere you go in Southern Nevada there is development happening,” he said.
Experts believe the hot housing market means demand is high, but supply is limited.
“Low inventory is going to be the biggest issue that buyers are going to have in 2018 so if you’re out to buy that first time home you may have to offer on a few houses to get the one you want,” he said.
Bishop said buyers will most likely face competition when they make an offer to find a good agent and be prepared.
“You’re gonna want to make sure you have your approval letter in place, know how you’re going to pay for the property if you’re getting a loan do you understand the loan program, the more likely you are to get presented in a good light to the seller,” he said.
It is a seller’s market so if you’re thinking about listing your home now is a great time.
“Now buyers are out there just wanting to get into a property and so if you have that home and it’s available you’ve got a lot of it done”
Home prices are rising, but does that mean we’re heading toward another housing bubble?
Realtors like Tim Kelly Kiernan believe the market tends to go up and down they’re optimistic we’ve already seen the worst of it.
“I don’t think what happened in 2008 will ever happen again a lot of that had to do with the mortgages and poorly written mortgages. I don’t think the bubble will happen ever again in our lifetime I don’t see it happening,” he said.
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Written by Faith Tanner