Nevada Real Estate Highlights
The Nevada Housing Jackpot
By Wendy Croix
With a 4.5 percent increase in the number of housing units last year, Nevada has the highest housing growth rate in the nation.
That's a good thing, since the state population is mushrooming as well. Clark county (the Las Vegas metro area) alone gained 35,000 unitsthe third highest housing growth in the nationto shelter a population that's grown a breath-taking 20% between 2000 and 2004.
The Las Vegas Resale Market
In spite of the building boom, a booming population of home buyers (7,000 a month!) has created a serious lack of inventory in Vegas. As a result, Vegas owners find their home equity skyrocketing, along with the other economic indicators. The resale market is hot, and home prices are headed through the roof. In fact, land prices have neared $1,000,000 per acre in the fastest-growing areas, according to local real estate agents.
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Know When to Hold 'Em
The Mortgage Bankers Association foresees a slight downturn in the markets in 2006-2007, and a slight raise in interest rates as well. Vegas owners who want to hold onto their homes should consider refinancing. Vegas owners who refinance can hit the jackpots of lower interest and lower payments.
Cashing In Without Selling
Owners with no intentions of selling their Las Vegas homes can still cash in on the Vegas boom. With so much newfound home equity, an owner can take out a home equity line of credit and finance some remodeling. In that market, popular remodels like adding baths and bedrooms or updating and enlarging kitchens usually pay for themselves, in price if the owner sells, and in pleasure if the owner stays put.