Signs of Housing Recovery

Buillding New Homes - Bulldozer Tire

From Henderson to Alliante, Mountain’s Edge to Sunrise Mountain, signs of the housing market recovery are everywhere. In the commercial buildings being renovated and occupied and the new homes being built, signs are life are flourishing throughout the Las Vegas valley. Early in January two new parks broke ground in Henderson inside the master planned community of Inspirada and the previously abandoned construction saw new grading begin.

New Homes on a New Market

The master planned community of Inspirada in Henderson will look slightly different from the original plan. For starters these homes, built by Pardee Homes, KB Homes, Toll Bros, and Beazer Homes, will look much different than the original plans. Originally Inspirada planned uncommon features such as garages opening up onto a rear-facing alley, which have been changed for a more common front facing garage.

Overall, the changes mean less homes, down to 8,500 from the original 10,000 planned, and 3 completed parks prior to moving new residents in. The City of Henderson is continuing to see growth in 2014, and neighborhoods like Inspirada are just a sign of things to come. Walkable communities, continued city development, and new homes with new floor plans and new life.

Building for Demand

Post recession houses are being built as the demand for new homes continues, a much different approach than the pre recession developments that would bring up virtually overnight. Builders still hold that while demand remains healthy, buyers are having a larger challenge in acquiring loans from their banking institutions, which means that the lower-cost pre-owned housing market is more attractive to individuals unable to achieve the higher priced loans from their banks. The new home buyers are more likely to have bought their current homes during the recession or before the bubble caused housing prices to go haywire. They are able to sell their older homes for a higher rate, make money and buy a new home.

Other new Henderson, Nevada housing developments to keep an eye on in 2014 include Cadence and Park Highlands, where development was previously stalled.

Other Housing Recovery Signs

According to the Greater Las Vegas Association of Realtors, about 70 percent of used-home sales in Southern Nevada at the end of January 2014 were traditional deals between private buyers and sellers. To keep it in perspective, this number is an increase from 51 percent in 2012, and just 26 percent in 2011. This shift to traditional sales from short sales and foreclosures reflects the ongoing housing market recovery throughout Las Vegas.

Median home values also continue to rise, but we aren’t completely out of the woods yet as 40 percent of Las Vegas valley homeowners are still upside down in their mortgages, still the highest rate in the country. The recover has been steady, but remains slow as upside down homeowners wait patiently for the market to come back enough to sell of their homes without involving their banks in a short sale.

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