January 8, 2007
Kenneth Lowman, Broker/Owner of Luxury Homes of Las Vegas, a realty company specializing in the sales of high-end custom homes believes now may be the best time to purchase a luxury home in Las Vegas. “Interest rates remain low, there is a good selection of quality homes and the prices are more realistic than anytime in the past two years. History may show that 2007 was the best time ever to purchase in Las Vegas,” noted Lowman.
With the market rising so fast in 2004 and 2005 Buyers rarely had time to shop and choose the home that really suited their needs. Now they can take some time to look for the right home. “In Spring 2004 there were only 294 homes available for sale over $1,000,000. Now there are over 500. This gives today’s Buyer some great choices on a wide variety of product types.”
Interest rates have gradually declined and are again at 12 month lows. Most 30 year fixed rate mortgages are at or below 6%. “In 2004 we saw 40 year lows for mortgage rates. We are not that much above those numbers and we are still well below what was just a few short years ago considered inexpensive borrowing costs,” Lowman noted. “I don’t foresee rates staying this low forever.”
The rampant price increases of 2004 and 2005 are also a thing of the past. Home prices may have slipped in some areas, but now appear to be holding steady according to Lowman. “Especially in well established neighborhoods where inventory hasn’t risen much, the prices remain steady. Pricing is about supply and demand. Supply has risen; however, Las Vegas continues to attract 6,000 to 7,000 new residents each year. These people need homes to live in.” In other words, we still have a steady demand for homes in Las Vegas . This will continue as the Baby Boomers reaching retirement age start their demographic migration to the Southwest. These Baby Boomers want a great city like Las Vegas with good climate, 24 hour entertainment, great dining and shopping and an easy place to travel in and out of.
“Two to three years from now you will not see the kind of choices we have on the market today. Interest rate may be higher and prices will eventually begin to appreciate again,” summarized Lowman.
Kenneth Lowman has specialized in the marketing and sale of Luxury Homes in Las Vegas for twelve years. Over the past three years he has had in excess of $110 million in luxury home sales. He attributes his success to a high level of quality, quantity and spirit of real estate service to each one of his clients. Plus, he surrounds himself with a professional staff that has the same positive and motivated attitude he does. Lowman’s background includes a college degree in Industrial Engineering and recognition as the #1 ERA Agent in the World in 1993. He has owned his own company for over seven years and can be reached at 702-216-HOME or by email at klowman@luxuryhomeslv.com.
