Since the spring buying season will be here before you know it, it’s time to start thinking about housing. For hopeful homeowners 2018 is the year you decided you want to buy that dream home. For some, it’s the year you want to sell your home and upgrade to the one with the pool sized yard. However, if you are thinking about buying or selling you may have some concerns. Where is the Las Vegas housing market headed in 2018?
In 2017, we saw that shrinking inventory and rising demand were the key factors in escalating prices. Although Las Vegas reported one of the highest year over year gains among major metropolitan cities, experts still feel that home values are nowhere near bubble territory. As we enter the new year the unemployment rate and mortgage rates are still historically low. Although, mortgage rates are expected to rise to 5% in 2018. Realtor.com has forecasted that millennial mortgages will also rise due largely to the fact that the generation’s market share could reach 43% of home buyers.
Home prices are expected to slow and will be felt in the higher priced segments as more inventory becomes available forcing sellers to price competitively. Entry level homes will continue to see gains due to the larger number of first time home buyers that can afford them. Ultimately, if you are thinking of buying a home in 2018 and have been apprehensive about selling, the Las Vegas housing market has made a strong comeback.