Silverado Ranch Real Estate Market is on Fire

The Silverado Ranch real estate market is on fire.  It remains one of the hottest areas in Las Vegas.  While there has been an increase in the number of homes for sale in Las Vegas, Silverado Ranch has not.  The multiple offers continue to come in hot and heavy in the 89123 and 89183 zip codes in Las Vegas.  Homes are averaging near or over $100 per square foot now and most home sellers are no longer under water. 

Several people have asked me if the market will stop or reverse since interest rates have risen.  The easy answer is, no.  Remember a few years ago when 6% interest rate on a mortgage was great?  While rates are no longer in the 3% range, the low 4% range is still historically low.  Some buyers will get pushed out but most will be thankful to simply get a home.  Prices of homes will not continue to increase as rapidly as they have over the past 6 months.  In many parts of Las Vegas we are already seeing a slowing of increases and the number of offers being put on a home when it hits the market.

Thinking of selling?  The Silverado Ranch real estate market is on fire but won't be forever, contact me to sell for the highest price possible now.

Interest Rates Affecting Real Estate

How are interest rates affecting real estate in the Silverado Ranch area of Las Vegas?  The recent increases in interest rates are putting some home buyers on the side lines as they are pushed out of the market or simply feel rates will come back down.  I suspect these individuals will be disappointed in a year when rates are between 5%-6%. 

For home sellers, this is still a great time to sell.  There are still plenty of willing and able buyers and inventory of homes remains low although inventories have risen by about 20% in the past 3 weeks.  While home prices will continue to rise, it will be at a much slower pace for the remainder of the year than it has been.

Thinking of selling?  Contact me for a current home evaluation.