Nevada has shown some promising signs in the housing market over the past year. Those with an investment in southern Nevada will have seen their property price rise by 7 percent, and those with condominiums and town houses enjoyed almost half this growth. This is, as we will see below, excellent news for investors seeking out effective real estate management in Las Vegas.
A report issued by the Greater Las Vegas Association of Realtors (GLVAR) shows that house prices and house sales have risen in southern Nevada (when compared to one year ago), even though housing supply in the same region remains stagnant.
For example, the average price of a home in southern Nevada in March of this year was $220,000, in contrast to $205,000 one year ago. The average price of condominiums and town houses has risen, too – up almost 3 percent since the same time last year.
What the report says
The current GLVAR president, Scott Beaudry, reported to the World Property Journal that “the local housing market continues to be as stable as it has been in many years”, going on to describe the limitations of today’s news – namely the notable restriction in housing supply.
Beaudry argues that this restriction in housing supply may be the causal factor in buffering house prices. The GLVAR report that the number of local homes and condominiums sold in March 2016 was 3,488, compared to a relatively modest showing of 3,358 homes last year.
The GLVAR also reported that almost 28 percent of all properties sold in March were purchased with cash – which is down from 32.5 percent last year. This is a promising direction, not least when one thinks about the high of 60 percent in February 2013.
Opportunities for investors
With rising property prices, there are ever greater opportunities for landlords and investors alike.
For example, rents may be adjusted, or rooms may be rented out. This can extract a solid income for any investor, but this can only be achieved through effective real estate management.
Property management should not be considered a cost, but rather as an opportunity. It’s a service that covers everything from maintenance and tenant selection, to legal matters – such as eviction proceedings – and rent collection. It is a total solution that streamlines costs.
This is why investors turn to property management – firms that offer full-service real estate management that take the burden off the shoulders of the investor. If you’d like to learn more about property management services, check out this page for more information.