What to expect as Las Vegas homebuyers in 2017
Last year there was a rise the in the home prices in Las Vegas and real estate experts predicted that there would be modest gains for buyers. However, housing is still affordable in several areas of Las Vegas and yes, it will vary from neighborhood to neighborhood, but on an average, the mortgage rates are also going to rise. In 2016, the market was pretty strong for the home sellers because there was a buying spree on all kinds of homes. Here are some other things that are going to be easier for Las Vegas homebuyers in 2017:
Getting home loans would be easier
As the mortgage rates are going up, it would be easier for Las Vegas home buyers to get mortgages. When the rates rise, the lenders would have to look for homeowners instead of the other way round and this will make them easier to get. When there are few buyers the lenders will have to compete in the market and gain new buyers and owners looking to refinance.
Homeownership rates will continue to decline
It is true that the homeownership rates have been falling for some time, and it will continue to fall this year too.Foreclosures are also predicted. The homeownership rates will continue to fall below 65% and this is the first of its kind since 1995.
Real estate prices will be higher
The population in Las Vegas is rising and with it comes the demand for real estate. The demand for homes also rising as teens entering adulthood are leaving their parent’s houses and looking to live on their own.
People looking to buy homes as investment
The number of people seeking an investment in Las Vegas real estate is definitely down, but there are still some looking to hold houses for an extended term with the hope for better returns in the future.
The problem of rising home prices has caused homeowners carrying underwater mortgages to reclaim their equity status during the last part of 2016. This year, the number of such homeowners will be fewer still.
Price rise only at a substantial rate
This year more homeowners are expected to achieve home equity. That being the case, they will either sell their houses or even downsize them.