Why NOW is the Time to Buy a Las Vegas Home
If you have picked up a newspaper or search online, you have undoubtedly noticed that the housing market has been picking up in strength over the past couple of years. For this reason, now is the time to buy a Las Vegas home, whether it is the home of your dreams or an investment opportunity. If you are unsure as to whether or not to buy a Las Vegas home, consider the following four factors.
Interest Rates Matter
What makes purchasing a home so good right now is that the interest rates continue to be low. making it all the more enticing to buy a home now. The economic forecasts are predicting an increase in interest rates in the near future which will make it more difficult and more expensive to buy a home. In the past, interest rates have been above 10% for buyers who have good credit and even worse for those whose credit is not as good.
Understanding Home Prices
You may think that since home prices continue to rise that you have missed out on finding a good deal and making money; however, this is not completely true. There is still time to find that great home and start building equity. Although prices are not at the bottom like a few years ago, in the long run the higher prices of today will seem like nothing. By purchasing a home now you will be able to build equity and start saving money.
The Rise of Rent
As a renter you are forced to pay what the owner wants you to pay; year after year this number can go up. When you own your own home, you are able to lock in the price that you will be paying each month for the next 15-30 years. Owning a home also means that you will be building equity as each month passes instead of throwing your money away paying someone else’s mortgage.
Availability Problems
As time continues to pass what is available continues to get less and less. This goes for both buying and renting. This lack of availability can create bigger problems down the road as both the prices of homes and the cost of renting a home will increase.
With the real estate market working the way that it is, now is the time to buy a Las Vegas home. As long as you find a home that you love, you should take advantage of the low interest rates and avoid rising rental costs and start building your home’s equity today.