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Fun (and not so fun) FACTS about Las Vegas Housing Market

Alysia Dewar

I am a licensed Realtor with Rooftop Realty in Henderson, NV and I help people fall in love with Southern Nevada...

I am a licensed Realtor with Rooftop Realty in Henderson, NV and I help people fall in love with Southern Nevada...

Jul 30 14 minutes read


Fun (and not so fun) facts about the Las Vegas housing market

Published June 5, 2019


Moving to any new city can bring with it an amazing amount of stress and physical exhaustion. Moving to Las Vegas, however, brings with it a whole new level of challenges. Here are four things to keep in mind if you are planning to make that move yourself (or if you lived here and haven't had to move in a number of years).

#1 - Homeowner Associations (HOAs) are a fact of life here

Love them or hate them, HOAs are prevalent here and you are well advised to make sure you know the impact this will have on your choice of where to live.

A search of the active single-family-residential listings in the Greater Las Vegas Association of REALTORS (GLVAR) Multiple Listing Service shows that more than one-third of the homes are listed as having an HOA attached. If you are not of fan, make sure you tell your agent that early on in the search process. It is a simple matter for your agent to filter those listings out, but you will be reducing your selection of possible homes significantly. If you don't have objections to buying in an HOA, before you make an offer, do your homework. Every HOA has its own rules and regulations and provides different levels of service for the fees you will have to pay. Make sure the rules are ones you can abide by and don't forget to add those costs in when figuring purchase cost and monthly payment amounts as well. While visiting the property, pay attention to the neighborhood as well. Some associations are better at enforcing the rules than others and if you are one who enjoys the structure an HOA provides, you don't want to find out they aren't good at enforcement after you make an offer.

#2 - Claustropobes may find it hard to live here

Another of the adjustments many have to make when moving here is letting go of their claustrophobic tendencies. Despite being surrounded by miles of open space, Las Vegas homes are very close together. Of the 9,696 single-family homes on the market in June, 70 percent were built on a quarter-acre or less. Active listings with lots of between 6,001 and 7,000 square feet were most numerous (1,873 out of 9,696). That's roughly seven homes per acre. The second-most-popular lot size, with 1,090 listings, was between 4,001 and 5,000 square feet (roughly 10 homes per acre). This was followed by lots of between 3,001 and 4,000 square feet (nearly 13 homes per acre) with 952 listings. Only 251 listings of the 9,696 offered, came with a lot approaching a quarter-acre and the numbers declined from there. So, if you are used to wide open spaces and not having neighbors looking down into your backyard from their second-story windows, you will either have to adjust to slightly closer quarters or increase your search time, because larger lots are not the norm here.

#3 - But it's a dry heat

Yes, Las Vegas is in the middle of a very large desert and it does get hot occasionally, but because it also has an average elevation of nearly 1,900 feet-above-sea-level, it isn't a year-round oven either. According to figures fromusclimatedata.com, July and August are the only months that the average high temperature tops 100 degrees. The average low temperature during those months is more than 20 degrees cooler, so even during summer, the nights offer some relief to those who are heat sensitive. The year-round average high temperature is a comfortable 80 degrees and with that comes an annual average 3,817 hours of sunshine. So while there will be days when you want to stay inside, by far the Las Vegas weather scene brings comfortable days and mild nights that allow for far more outdoor activities than most people realize. With Lake Mead a short 30-minute drive from the Las Vegas strip, boating and water sports take the place of hiking and biking trails during the hottest months, which all things considered, isn't a bad trade off either way. You can also take solace in the fact that it does snow occasionally in Las Vegas, like it is doing in the video below, taken Feb. 20, 2019. And even though it hit 100 degrees for the first time this year in the beginning of June, there was still snow visible from the valley floor covering the Spring Mountains to the west.

#4 - Be prepared for competition if you plan to rent

One of the biggest shocks for people new to the Las Vegas area is the difficulty people can face when they decide to rent. A highly transient renter base, combined with lower rental inventories in recent years, have meant property managers can be more selective when choosing who they rent to. Be prepared to pay the property management company or landlord between $50 and $100 per person for each application you submit. Those fees are rarely refunded even if your application isn't selected. Your real estate agent (yes, some of us help renters — at no cost to them — find and apply for rental properties) can be a huge help by checking to see if the property is still available and how many applications may have already been submitted. Typically, the first application that meets the qualifications, is the one that is accepted, so submitting an application if you are the third, fourth or fifth in line is usually a waste of money. Property managers rarely work on weekends, so submitting applications during the week is preferred when possible. By using the power of the MLS, your agent can check for additional monthly fees that might not be included in the listed price. Landlords will often require tenants to pay for gardening services, pool maintenance, monthly pet fees and some utilities, yet don't include these fees in the monthly rental amount, so make sure you know the total cost of the property before submitting an application. Finally, the fastest way to slow down an application is by failing to provide all of the required information for every adult who will be living in the home. If a property manager has to wait for you to supply additional information, another application will likely move ahead of yours and you will miss out on the property, regardless of whether you submitted your application first.

While no move is completely stress free, knowing what to expect can help make it easier. Having a knowledgeable Realtor by your side can make all the difference. If you are planning to buy, sell or rent a home in the Las Vegas area, Alysia would love to be your agent. Call her at (702) 930-8690 and let her lend a hand.

 

About the author: Tim Dewar is Alysia's husband and a longtime newspaper reporter editor. He is a communications and social media professional who writes about the Las Vegas real estate and lifestyle pieces for Alysia's website, www.yourhomeinNevada.com. You can contact Tim here.



Cutline information:

Moving to the Las Vegas area presents some unique challenges, but also comes with many rewards, such as hiking through the statues in Bootleg Canyon in Boulder City.



Fun (and not so fun) facts about the Las Vegas housing market

Published June 5, 2019


Moving to any new city can bring with it an amazing amount of stress and physical exhaustion. Moving to Las Vegas, however, brings with it a whole new level of challenges. Here are four things to keep in mind if you are planning to make that move yourself (or if you lived here and haven't had to move in a number of years).

#1 - Homeowner Associations (HOAs) are a fact of life here

Love them or hate them, HOAs are prevalent here and you are well advised to make sure you know the impact this will have on your choice of where to live.

A search of the active single-family-residential listings in the Greater Las Vegas Association of REALTORS (GLVAR) Multiple Listing Service shows that more than one-third of the homes are listed as having an HOA attached. If you are not of fan, make sure you tell your agent that early on in the search process. It is a simple matter for your agent to filter those listings out, but you will be reducing your selection of possible homes significantly. If you don't have objections to buying in an HOA, before you make an offer, do your homework. Every HOA has its own rules and regulations and provides different levels of service for the fees you will have to pay. Make sure the rules are ones you can abide by and don't forget to add those costs in when figuring purchase cost and monthly payment amounts as well. While visiting the property, pay attention to the neighborhood as well. Some associations are better at enforcing the rules than others and if you are one who enjoys the structure an HOA provides, you don't want to find out they aren't good at enforcement after you make an offer.

#2 - Claustropobes may find it hard to live here

Another of the adjustments many have to make when moving here is letting go of their claustrophobic tendencies. Despite being surrounded by miles of open space, Las Vegas homes are very close together. Of the 9,696 single-family homes on the market in June, 70 percent were built on a quarter-acre or less. Active listings with lots of between 6,001 and 7,000 square feet were most numerous (1,873 out of 9,696). That's roughly seven homes per acre. The second-most-popular lot size, with 1,090 listings, was between 4,001 and 5,000 square feet (roughly 10 homes per acre). This was followed by lots of between 3,001 and 4,000 square feet (nearly 13 homes per acre) with 952 listings. Only 251 listings of the 9,696 offered, came with a lot approaching a quarter-acre and the numbers declined from there. So, if you are used to wide open spaces and not having neighbors looking down into your backyard from their second-story windows, you will either have to adjust to slightly closer quarters or increase your search time, because larger lots are not the norm here.

#3 - But it's a dry heat

Yes, Las Vegas is in the middle of a very large desert and it does get hot occasionally, but because it also has an average elevation of nearly 1,900 feet-above-sea-level, it isn't a year-round oven either. According to figures fromusclimatedata.com, July and August are the only months that the average high temperature tops 100 degrees. The average low temperature during those months is more than 20 degrees cooler, so even during summer, the nights offer some relief to those who are heat sensitive. The year-round average high temperature is a comfortable 80 degrees and with that comes an annual average 3,817 hours of sunshine. So while there will be days when you want to stay inside, by far the Las Vegas weather scene brings comfortable days and mild nights that allow for far more outdoor activities than most people realize. With Lake Mead a short 30-minute drive from the Las Vegas strip, boating and water sports take the place of hiking and biking trails during the hottest months, which all things considered, isn't a bad trade off either way. You can also take solace in the fact that it does snow occasionally in Las Vegas, like it is doing in the video below, taken Feb. 20, 2019. And even though it hit 100 degrees for the first time this year in the beginning of June, there was still snow visible from the valley floor covering the Spring Mountains to the west.

#4 - Be prepared for competition if you plan to rent

One of the biggest shocks for people new to the Las Vegas area is the difficulty people can face when they decide to rent. A highly transient renter base, combined with lower rental inventories in recent years, have meant property managers can be more selective when choosing who they rent to. Be prepared to pay the property management company or landlord between $50 and $100 per person for each application you submit. Those fees are rarely refunded even if your application isn't selected. Your real estate agent (yes, some of us help renters — at no cost to them — find and apply for rental properties) can be a huge help by checking to see if the property is still available and how many applications may have already been submitted. Typically, the first application that meets the qualifications, is the one that is accepted, so submitting an application if you are the third, fourth or fifth in line is usually a waste of money. Property managers rarely work on weekends, so submitting applications during the week is preferred when possible. By using the power of the MLS, your agent can check for additional monthly fees that might not be included in the listed price. Landlords will often require tenants to pay for gardening services, pool maintenance, monthly pet fees and some utilities, yet don't include these fees in the monthly rental amount, so make sure you know the total cost of the property before submitting an application. Finally, the fastest way to slow down an application is by failing to provide all of the required information for every adult who will be living in the home. If a property manager has to wait for you to supply additional information, another application will likely move ahead of yours and you will miss out on the property, regardless of whether you submitted your application first.

While no move is completely stress free, knowing what to expect can help make it easier. Having a knowledgeable Realtor by your side can make all the difference. If you are planning to buy, sell or rent a home in the Las Vegas area, Alysia would love to be your agent. Call her at (702) 930-8690 and let her lend a hand.

 

About the author: Tim Dewar is Alysia's husband and a longtime newspaper reporter editor. He is a communications and social media professional who writes about the Las Vegas real estate and lifestyle pieces for Alysia's website, www.yourhomeinNevada.com. You can contact Tim here.



Cutline information:

Moving to the Las Vegas area presents some unique challenges, but also comes with many rewards, such as hiking through the statues in Bootleg Canyon in Boulder City.


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