If only we had a crystal ball, we would know for sure, but here’s how things are looking for early 2016 for the Las Vegas Economy, Community and National Outlook.
Interest Rates & Home Values
We expect to see a lot of changes with interest rates, they will be on the rise. A current study shows we will likely be at 4.6% at this time next year. Rising interest rates affect affordability. With interest rates and prices trending up, it will be more challenging for some buyers to purchase a home in Las Vegas. We recommend that you purchase sooner than later, and maximize your buying power.
Las Vegas Foreclosures & Short Sales
With approximately 30% of homeowners still under water, we are seeing a decreasing trend, and expect to see this number continue to drop in the coming year.
Dave recently sat on a panel for the Appraisal Institute, and in discussions reviewed how new home construction prices are climbing and the builders are bullish in the current market. With prices in competition with resale homes in Las Vegas.
Las Vegas New Home Construction
The North West is still selling strong; with some of the best
affordability in the valley; and some of the best quality (according to
Dave). It’s no longer a secret, people have figured out that its a
great location, competition is now on the rise.
Pardee Homes just joined the other home builders in Skye Canyon on of Las Vegas’ newest Master Planned Communities. Skye Canyon was previously known as Horse Road.
Las Vegas Strip
The Las Vegas Strip is seeing some face-lifts and with the addition of the new Arena from MGM, the first in may years; we will see Grand Opening celebrations in the Spring of 2016. An increase of Las Vegas strip events around the Monte Carlo & New Your, New York Hotel & Casinos are slotted as well. There is not much of a word for the fate of the current arena.
2016 National Outlook
Terrorism & Tourism
Unfortunately as we ring in the New Year, 2016 will likely continue to have a focus on International and National terrorism with the nationally terrorism focus it could continue to effect our local economy, specifically because of tourism.
Health Care Costs Increasing
Health insurance premiums are on the rise and with Obama Care rates increasing early mid-2016, it is important to take note on how it will affect a buyers home purchase, as will influence a buyer’s affordability when they look at their budget and home purhcase options.
As a retired police officer, Dave is passionate about giving back to the service community and dedicates much of his time giving and supporting the Las Vegas Metro Police Department, Firefighters and Military at Nellis Air Force Base. Military, Fire and Law enforcement never pay a full commission when they work with the Radcliffe Group. The Radcliffe Group can assist you in your Las Vegas PCS or relocation, New Home Construction purchase, Condo and Luxury Home purchase. Specializing in helping Las Vegas and North Las Vegas homeowners sell their home for the highest market value, Dave and his team will help you yield your highest profit. Call 702-379-3401 when it is time to sell your Las Vegas, Summerlin, Centennial Hills or North Las Vegas Home.