The Las Vegas Real Estate question of 2018 !
Should you sell now or wait until the stadium is built to get more money ?
It’s a great question that 8 out of 10 sellers are asking , so let’s dig deeper into this .
When you sell , will you still be living here in Vegas ? If prices do increase , so will the prices of the home you are purchasing .
What about interest rates ?
Let’s do the math here ...say you have a home today worth $400,000 and you have the ability to walk away with $200,000 , and you are going to put this as a down payment on a home worth $500,000 , this would put you at an approximate monthly payment of $2100 . IF your home value does increase , for instance another $100,000 over the next couple years , and the home you are going to purchase also increases by $100,000 .. AND interest rates go up 1 or even 2 points as well ( there has been talk of 2 interest rate hikes just in 2018 , so it’s very likely rates could increase even more ) this would bring your monthly payment to approximately $2400-$2700 per month ! When I purchased my first home 7.5 was a great rate ... this CAN happen , and likely will .
Is it worth the wait to pay more later ?
Right now in Vegas inventory is at all time lows , there are far more buyers than sellers in the market . This means multiple offers and many times , buyers paying above market value to be able to get the homes they want . If 8 of 10 sellers are waiting for the Raiders to come before listing , what will this do to inventory? There will be more inventory of higher priced homes
...and then there’s the economics ....
Who are the buyers now ? Aside from the locals , many of the buyers now are relocating from other states .. either because it’s still affordable to live in Vegas , or for jobs . There’s a huge amount of high paying construction jobs here in Vegas now , between the stadium and all of the new projects on the strip . Once everything is built and running , and everyone has already moved here , the average pay of the people actually working at the stadium is likely to be much lower . Who’s going to buy all of those high prices homes ?
Of course , I don’t own a crystal ball , however ..I do think the smartest plan of action is to sell now on the HYPE of the stadium, and you may get a better return !
Just some advice from your Vegas Native Realtor .
If your considering selling , talk to me about how we can get you the best return !
Trish Williams Team
Keller Willliams Realty
The Marketplace One