Investors continue to find Las Vegas attractive despite rising house prices
LAS VEGAS (KLAS) – As Nevada’s population continues to climb, so does our housing market. Especially here in southern Nevada. The region attracts a lot of investors.
“All of our clients live in other states or countries,” said Eric Fernwood, Fernwood Real Estate Investment Group.
Fernwood and Cleo Li are the owners of Fernwood Real Estate Investment Group.
“We’re actually seeing a lot more interest,” Li said.
With more people moving to Las Vegas, low taxes and an increasingly diverse economy, investors want to see their money grow in southern Nevada.
“There is a combination of factors,” Fernwood said. “One is on pro-business laws, and the next is that we are almost assured that house prices will rise due to the limited amount of land still available for development.
From property search to repair, The Fernwood Group helps people with all aspects of investing.
Over the past year, home prices have gone up, but Las Vegas has also seen rents rise, which real estate investors love to see.
“The attraction of Las Vegas is cash flow and appreciation,” Li said.
With a small number of homes on the market, investors need to act quickly, as do those looking for a primary residence.
“You don’t have three days to bid, you have to do it in two days, or you’re just not going to stand a chance,” Fernwood said.
Fernwood and Li believe Las Vegas will continue to be popular for investors after the pandemic as the population continues to grow.
“In fact, the property managers we work with mention that they have more out of town tenants applying for vacant properties than locals,” Li said.
Typically, the Fernwood Group works with 10 to 15 clients at a time; all live in other states.
Side note: According to real estate experts, the Las Vegas apartment market also remains strong, with rising rents and lower vacancy rates. The Nevada State Apartment Association says rents are rising as demand continues to grow, especially with people coming from out of state.
The average cost of an apartment is around $ 12,000 per month.