Penske Truck Rental Ranks Las Vegas #2 Destination to Move to! Are you thinking about relocating to Las Vegas? A brand new article that I found on yahoo.com stats that moving company Penske Truck Rentals stated that in 2022, Las Vegas was their second most popular destination to move to. Houston, Texas came in as number 1. With the amount of buyers that I have seen from California and Washington State in the past year, this does not surprise me. I am glad to see that Las Vegas is this popular once again as a moving destination. Thinking of moving to Summerlin, Henderson or Las Vegas?
Here’s a link to the yahoo article: https://finance.yahoo.com/news/penske-truck-rental-announces-2022-130000360.html
That’s a great question. First off, our housing inventory is still a huge concern. We are currently below normal inventory levels for single family homes. We should be at around 10,000 single family homes for a normal market. 12,000 to 14,000 homes in a buyers market. Now due to lack of inventory people that currently want to buy a new home have a huge problem. If you already live here, you cannot find another home to move into due to demand from out of state buyers. Plenty of people are relocating to Las Vegas.
Also, finance buyers are having affordability issues because of high interest rates. The other problem I see now is what would make someone sell their current home? That will be based on a death in the family, a divorce, or relocation out of state. There are no longer a lot of issues facing home sellers like we used to see in the past. Now, most Las Vegas residents are considering a remodel orjsut staying put.
New home construction is being more resposible rather than building hundreds of homes, they are building based on buyers contracting them to build or they will only build a hand full of spec homes for sale. We are also seeing builders not buying as much land as they used to due to higher land costs and a lack of land to purchase.
The bottom line is we are in a decling inventory market which may get worse before it gets better. The banks are also not foreclosing on homes that have not made house payments in a long time too. This is also contributing to a lack of inventory. If a bank were to forclose on a home now, it would take anywhere from 9 months to 12 months for that home to be put on the MLS and the open real estate market.
I think it’s a brite one. Why? People are still coming here for tourism, we are now getting an MLB professional baseball team and our valley continues to grow and prosper. We see more tech companies coming into the city, medical research, gaming, pro sports and much more are calling Las Vegas home. We also plan for the growth as well. We are improving our freeways, and creating new parts of the city to keep up with demand. Housing will slowly gain inventory but expect the next few years for the housing market to continue to have low inventory numbers.
Summerlin continues to grow as well as Henderson and part of the northwest too. Summerlin as a master planned community continues to grow for the next 15-20 years. Be sure to check out my community pages for more information about Summerlin or Henderson.
If you have any questions about relocating to Las Vegas, please contact me anytime. I relocated from Los Angeles in 2003 and I know how to help you make a smart move to Las Vegas, Summerlin or Henderson. 702-768-2552.