Rising property value, declines in consumer debt and increasing employment growth are giving potential, but hesitant, buyers the confidence to plunge into homeownership. The demanding growth for 2014 continues to increase and has spiked new construction projects and home improvements.
For the first time in many years, Las Vegas developers are interested in the Southwest part of the Las Vegas Valley to build new homes and businesses. On January 16th the Bureau of Land Management released land to be auctioned to developers who have been waiting for this turnaround in the market for years! There hasn’t been an auction like this since 2007. When the economy and housing market took a turn in 2008, the demand for new land nearly disappeared.
There were 440 acres for sale and 160 sold with the largest sell being 20 acres at 2.1 million dollars. All of the land purchased will be used for new homes and stores. With this kind of eagerness in developers it is only appropriate to assume the economy is finally turning around.
Times are changing once again and it is exciting to see the homebuyer interest in Las Vegas. It looks to be another period of recovery for the housing market in Las Vegas, but overall growth should increase throughout the year with better job growth, more sales, more homes constructed and prices going up.
For additional information or to schedule an appointment for mortgage prequalification, call Premier Mortgage Lending at 485-6600 or visitwww.AnotherChanceNevada.com
Premier Mortgage Lending, NMLS #393282, is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.