Are you considering selling your home in Las Vegas? If so, now is a great time to list your property. According to the Las Vegas Realtors trade association, June saw 88.6% of single-family homes sold within 30 days or less, compared to 86.9% in May. Las Vegas home prices are expected to continue to rise, indicating that the area will remain a popular choice for housing. Additionally, mortgage interest rates have been increasing, with the average 30-year fixed-rate mortgage now at 5.27%. The Las Vegas real estate market is one of the most sought-after in the country, and it has been heavily impacted by the current trends. The employment rate in Las Vegas has been fluctuating between half a point and a point above the national unemployment rate, and the current home inventory would only last 1.35 months if there were no new homes on the market. Downtown Las Vegas is a popular area due to its proximity to casinos and hotels, but housing is scarce there. Real estate investors may be interested in Las Vegas due to its historical and current trends. Carson City's unemployment rates and those in the Las Vegas-Paradise Metropolitan Statistical Area (MSA) have remained steady throughout the month. Despite home prices reaching new heights, the market remains attractive for residential real estate investors. The influx of people and businesses moving to Las Vegas has prompted local legislators and government agencies to prepare for another population boom. The only downside is that buyers and investors who are now buying in overvalued markets are paying near-peak prices and may be stuck for an extended period before seeing a return on their investments. First-time buyers are struggling to enter the market, while experienced homeowners are buying second homes. Ultimately, determining when is the “right time” to sell your home is subjective and depends on your individual goals and circumstances. However, with Las Vegas home prices continuing to rise and mortgage interest rates increasing, now may be an ideal time to list your property for sale.
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