Las Vegas New Home Market
Most of the new home builders are disincentivizing Realtors from being involved with new home sales. The new home market is so strong that the builders are saving money and improving their bottom line by not involving outside sales agents.
Other large markets like New York, Chicago, and Los Angeles are seeing their upper-class residents moving out of these large cities and opting for smaller, more conservative atmospheres in which to reside. Many of these individuals are entering new markets like Las Vegas with loads of cash and the excitement of being able to get more house bang for their buck. Consequently, Las Vegas and other smaller cities are seeing very strong sales and rental markets where cash is king.
It is not unusual for home offers to be 8%-10% over the asking price on an all cash no contingency situation. Some owners, when moving into a new market are choosing to rent first in order to get a lay of the land. They are basically paying a years’ worth of rent at move-in in order to in a way outbid any of the competition.
Rental Market Feeding Frenzy
In the rental market we are experiencing the same feeding frenzy. Rents have increased dramatically and still when anything under $2000 per month becomes available it is only a matter of a few hours and the property is gone.
Federal CDC Eviction Moratorium
The Federal CDC Eviction Moratorium is still in place but many of the State eviction moratoriums have been eliminated.