Indy Q+A: Vegas Realtors president expects cooling housing market in 2022 – The Nevada Independent

Indy Q+A: Vegas Realtors president expects cooling housing market in 2022 – The Nevada Independent

Throughout 2021, the Las Vegas housing market experienced an unprecedented rise in home prices, seeing double-digit increases for the second year in a row.

The median sales price for a single-family home in the Las Vegas area reached a record high of $420,000 in November, up 21.7 percent from the previous year. Meanwhile, Reno’s median sales price hit $535,000 that month.

But incoming president of the Las Vegas Realtors Association Brandon Roberts expects the market to stabilize in the new year. 

“I think it’s going to be a strong market. I think it’s good for sellers that are trying to sell at this point. They’re gonna get value for a property and be able to cash out some of their equity,” Roberts said. “It’s also good for buyers. Interest rates are low. There’s great properties out there. There’s new construction stuff coming online. So there’s properties out there and just be patient.”

Still, he said home buyers, realtors, and politicians will have to continue to navigate the need for more inventory and more affordable housing.

“When we’ve got a shortage of homes for sale in the market, that obviously drives prices up,” Roberts said. “Which makes affordable housing even harder to come by and it makes it harder for a lot of people here locally … to be able to afford housing.”

Roberts has worked in the real estate industry for almost 25 years, moving to Las Vegas from Salt Lake City in 2008 and founding his own real estate and property management brokerage in 2013. Beginning in January of 2022, he will serve as the president of the Las Vegas Realtors Association, a local trade organization representing and serving more than 17,000 individuals working in the real estate industry in Southern Nevada.

Roberts spoke with The Nevada Independent about how the Las Vegas real estate market has changed since the start of the pandemic, what next year may have in store for housing and how increasing home prices may shape the future of Las Vegas.

This interview has been edited for clarity and length. Explanations of certain terms or ideas have been added in italics as needed.

How do you think future development will shape the greater Las Vegas area in the coming year? Are there any specific areas where you expect to see more development taking place or where we might expect to see more homes go on the market?

We’re seeing a lot more development in the Northwest and even in the North Vegas area. We continue to expand. I think we need it. I think we really have a housing shortage. I’m hoping we see more growth. I’d like to see some more vertical growth, too — more high-rises or more condo type projects where you’re not sprawling the city out as much. 

How do you think about the need for affordable housing? What challenges does the industry face when constructing/selling affordable housing versus newer, more luxury homes? 

We need more affordable housing projects. I know there was one approved, I believe, off Cactus and between Rainbow and Buffalo and then we’ve got about 30 or so affordable housing apartment complexes, but there’s not enough of it. 

The challenge …….

Source: https://thenevadaindependent.com/article/indy-qa-vegas-realtors-president-expects-cooling-housing-market-in-2022

Housing market