LAS VEGAS, NV – According to new history data released by industry group Las Vegas Realtors (LVR) illustrating how inflation has made home ownership more costly in recent years, in 1997 the median price of an existing single-family home in Southern Nevada was $124,000, which would be the equivalent of $246,829 in today’s current market.

However, clearly showing how times have changed, the actual median price of a single-family home in Las Vegas as of July 2024 was, in reality, $480,000, which represents a 6.7 percent jump from July 2023, when that amount was $450,000.

July 2024’s median home price also shows that home values in the Las Vegas Valley are slowly but surely creeping back up to potentially meet – and perhaps even exceed – the all-time record of $482,000, which was originally set in May 2022.

Other tidbits from the data released by LVR provide additional insight into how home values have appreciated with greater and greater speed in Southern Nevada over the years- the median price in July 2000 was $140,000, but by April 2004, it had increased to $252,500.

And despite the Great Recession in the mid-2000s essentially knocking home prices in Vegas back to levels not seen since before 2001, LVR’s historical data indicates that, since 2000, home prices in the region overall have more than tripled.

One of the main factors contributing to the rapidly rising value of homes in Vegas is the fact that there is a limit currently to how much public land there is for developers to construct upon.

In fact, research firm Applied Analysis notes that in as soon as eight years, the valley could exhaust its supply unless the Bureau of Land Management – a federal agency that controls much of the land in Nevada – speeds up the process of releasing more land for housing development, a process that they have been heavily criticized for due to their lack of urgency in doing so thus far.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Situated an approximate 20-minute drive west of the Las Vegas Strip, the master-planned community of Summerlin South has been becoming one of the most in-demand neighborhoods among the growing number of affluent sports stars and celebrities who have been calling Southern Nevada home in recent years.

Summerlin South is located within the development of Summerlin – also home to the communities of Sutherland North and West – and it is situated upon a 6,200-acre plot of land that originally began construction towards the end of the 1980s. Summerlin South is comprised of six residential districts, including the Red Rock Country Club, the Willows, the Gardens, Ridgebrook, Trilogy and Siena, all with their own unique layout, style, and amenities.

While Summerlin South features the same desert climate as the rest of Las Vegas, its residents experience a slightly cooler climate overall – anywhere from 5 to 7 degrees on average, with low humidity – due to the community’s higher elevation in general, which places it approximately 3,500 feet above sea level.

The homes in Summerlin South range in price by a wide degree depending on which neighborhood you’re looking at, going anywhere from a low of $500,000 to over $20 million, with the average luxury property fetching a minimum of $1 million and up.

A plethora of high-end amenities are the name of the game in Summerlin South, whose residents enjoy access to over 150 parks, 200 miles of scenic trails, numerous top-rated golf courses, recreational facilities, and Downtown Summerlin, which is a lavish, walkable shopping and entertainment center. In addition, Summerlin South’s constituent districts have their own dedicated amenities as well, including clubhouses, golf courses, parks, gyms, upscale restaurants and tennis clubs.

As for some of the more notable residents of Summerlin South, they include Hollywood A-lister Mark Wahlberg, acclaimed singer Celine Dion, musician Carlos Santana and numerous professional athletes such as Las Vegas Raiders wide receiver Davante Adams and Major League Hall of Fame baseball player Greg Maddux.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Expanding their footprint in Southern Nevada even further, the Las Vegas Raiders NFL team recently purchased an office and warehouse building across the street from their home of Allegiant Stadium, spending approximately $10.6 million according to property records.

The Raiders had already been utilizing the 33,000 square-foot building in question – located at 5525 Polaris Avenue – after having signed a 10 year long rental agreement in 2020 with brokerage firm Colliers International. However, for undisclosed reasons, the Raiders have instead opted to purchase the property outright.

To date, the Raiders – along with team owner Mark Davis – have amassed an impressive array of real estate transactions in Southern Nevada since transplanting the team there in 2020.

Initially, the Raiders purchased over 60 acres of land near the famed Las Vegas Strip in 2017 for 77.5 million; it was there that they constructed Allegiant Stadium, their 65,000 seat, $2 billion home stadium.

After that, they purchased an additional 55 acres in Henderson for approximately $6 million in 2018, where they then constructed a 300,000 square-foot practice facility and headquarters complex; however, in early 2020 they sold the complex for $191 million, only to subsequently lease it back from its new owner.

Then, in 2019, the Raiders purchased just over 17 acres of property within a mile of Allegiant for $28 million, in order to utilize it for stadium parking. 2020 saw the team buy an additional 3 acres west of the stadium for $16 million, as well as three industrial buildings next to their Henderson headquarters for over $56 million.

Davis has been buying and selling a great deal of real estate in Vegas on a personal basis as well; he has purchased both undeveloped land and a condo in the exclusive Summit Club community, only to later turn around and sell both before buying a 6.8 acre site in Henderson’s Ascaya community, where he is currently building a three-story luxury estate.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Las Vegas Raiders owner Mark Davis recently purchased three industrial buildings – one of which being the unfinished practice facility of the WNBA Las Vegas Aces – for $56 million, increasing the NFL team’s foothold in Southern Nevada even further. 

Davis purchased the three buildings, which are situated next to the Raiders’ Henderson-based headquarters, from Matter Real Estate Group.

The Aces’ 80,000-square-foot training complex is currently new, albeit unfinished, and once construction is expected to be completed in March 2023, and anticipated to include numerous amenities such as a weight room, daycare facility, player lounges, a lecture hall, and more. 

The Aces were originally purchased by Davis from MGM Resorts International in 2021, and in September 2022 the team won the WNBA Finals against the Connecticut Sun. 

The Raiders have a major real estate footprint in Las Vegas, including 60 acres of land purchased for $77.5 million in 2017 upon which their current home field – Allegiant Stadium – stands, as well as 55 acres of land in Henderson purchased in 2018, where they constructed a 300,000-square-foot practice facility and headquarters complex. 

An additional 20 acres of land adjacent to Allegiant Stadium was also purchased by the Raiders for $44 million that will mainly be used for a parking facility. 

Davis is also in the process of building a 15,000-square-foot home located within a luxury master-planned community in Henderson called Ascaya which will feature a man cave, professional kitchen, bar, steam room, library and 5,500-square-foot garage. The home is costing the Raiders owner $14 million, but currently its overall completion date is still up in the air. 

As for the aforementioned three industrial buildings that make up Davis’ most recent acquisitions, their exact intended use – aside from the Aces’ training facility – has yet to be revealed. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The housing market nationwide has been experiencing a series of hurdles and setbacks due to the ongoing inflation and rising mortgage interest rates that have been plaguing prospective homebuyers throughout 2022. However, real estate experts are noting that while Las Vegas isn’t immune to these issues, the marketplace is currently proving to be far more affordable overall than much of the country.

As 2022 soon enters into its final month, Las Vegas real estate expert Kirby Scofield stated in a recent interview that – despite the economic roadblocks that are in the way – individuals can still get a great deal in Southern Nevada if they’re willing to put in the effort, as the region features a unique set of circumstances that can prove rewarding for homebuyers.

“We have four casinos going up, two more sports teams supposedly going to be announced and thousands of jobs coming into Las Vegas, that means people are going to be moving…moving means buying and selling homes,” he said.

The factors contributing to an improving Las Vegas real estate marketplace include gradually-lowering home prices coupled with reduced competition for the current inventory; this situation, Scofield said, can provide the ability to secure a good deal on a purchase despite high interest rates on home loans, which are currently past 7 percent.

Scofield notes that buyers should be looking at homes that they can afford based on the current interest rates, but also keep in mind that the tough market is now causing sellers to offer compromises that can lower the overall money you need to sink into a deal.

In addition, Scofield also said that some first-time home buyers may qualify for a Federal Housing Administration (FHA) home loan, which would require only a three-and-a-half percent down payment.

“Utilize that it’s currently a buyer’s market to get seller concessions to buy down the points, and pay for your closing costs and get keys for home you deserve,” he said. “More homes available in FHA limit, double than we had in inventory in January alone of every home total in Vegas.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Construction workers in Las Vegas have seen increased wages throughout last year, according to a recently-released study, but unfortunately those extra earnings have been gobbled up by the 40-year high inflation that currently holds the country in its grip, essentially negating any gains that were to be had.

The study, released by Construction Coverage, indicates that Nevada residents overall have been paying an additional $805 every month on everyday expenses, ranking the state seventh in the nation in terms of the toll inflation has taken upon it.

But construction workers – of which Las Vegas boasts approximately 7,600 – have seen the 7.1 percent pay bump that they experienced in 2021 reduced to the equivalent of just 3.4 percent when inflation is taken into account, showing that this segment of the workforce has been hit especially hard by the current economic crisis.

Throughout the heightened degree of inflation that the country has been experiencing, the Construction Coverage study illustrates that wages have struggled to keep up with the financial burden being placed upon Americans. In particular, Las Vegas has been in great need of construction laborers and inflation has not only been taking its toll upon them, but the industry as a whole – not even to mention that the prices of building materials have also skyrocketed.

Despite their importance to the industry, construction workers are among the lowest-paid segment of real estate development, with the median annual income being about $37,770; in contrast, Las Vegas construction laborers make an average of $37,500 a year, so any gains that are swallowed up by inflation are hurting these workers in the wallet more than usual.

Nevada recently ranked 28th in the country for gains in construction laborer wages, whereas Indiana and Montana had the largest increases in wages in the industry.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – As the months go by and the economy continues to improve emerging – ever-so-slowly – away from the COVID-19 pandemic, records continue to be broken on a regular basis in Las Vegas’ housing market. But according to experts, while home prices are the highest they’ve ever been in Southern Nevada, there’s at least one way that home values are still underneath their pre-recession levels.

According to local media reports, signs that the Vegas housing market is on fire can be plainly seen in the numbers, with buyers for homes in Spring Valley and Summerlin last week paying a whopping $22,000 and $75,000 over their respective asking prices. And if you don’t think that’s a sign of intense competition, let’s not forget about the Henderson home that recently sold for approximately $160,000 more than its owner had paid for it just a few short years ago.  

But while real estate records are falling by the wayside with increasing regularity as of late in Las Vegas, one way experts note values remain in question is that they are still shy of the levels achieved prior to the burst of the housing bubble in the mid-2000’s, and that’s due to inflation.

In July 2021, the median sales price of previously owned single-family homes in Vegas was an all-time high of $405,000, representing a 22.7 percent jump from the same period of time in 2020. But the previous peak of median house prices in the region was in the middle of 2006, when they reached $315,000… which, in 2021 dollars, would come to $423,834.

Experts say that factor alone illustrates a great many things about Las Vegas real estate, such as the extreme bloat of the pre-recession marketplace and how circumstances today – despite prices rising again to the point of creating affordability concerns – are far more stable overall, leading to less risk of another hosing bubble pop and subsequent financial disaster.

Many analysts predict that the current boom in Vegas will eventually level off as developers continue to construct new homes and rental properties to satisfy demand, although exactly when that will happen is anyone’s guess.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Courts in Las Vegas are steeling themselves for a massive influx of eviction cases as the eviction moratorium set by Governor Steve Sisolak finally came to an end as of May 31, with thousands of local residents who may have lost their income due to the COVID-19 pandemic shutdown facing expulsion from their homes after months of not making good on their rent, reports say.

A large number of Nevada residents have applied for rental assistance via CHAP, the county’s housing assistance program, but many have either been denied and are appealing or are still awaiting a decision on their eligibility. But regardless, no one can anticipate how large the upcoming number of evictions will be in the coming days now that the clock on the state eviction ban has run out.

Las Vegas Chief Judge Melissa Saragosa noted that it’s impossible to anticipate how many eviction cases will be filed in the upcoming weeks after over a year of landlords being forced to essentially provide free room and board for people while running their own bank accounts dry.

“It’s really hard to say,” he said. “I mean, we’re doing the best to be prepared and have the capacity to hear cases, but without knowing exactly how many cases are coming in, that’s very difficult to say.”

Prior to COVID-19, the caseload for evictions at the Las Vegas Justice Court was approximately 30,000 cases a year; however, with the vast number of anticipated cases that are expected to be filed as of June 1, that number is expected to be eclipsed very shortly, especially with the move on the part of city government to a remote eviction filing system.

“We’ve changed our model from a very in-person driven process to one that’s working online,” Saragosa said, noting that while a backlog is expected due to huge demand, extensive preparation means that it’s expected to be measured in terms of weeks and not months.

“I don’t anticipate anything even remotely close to six months!” he said. “We’re cross-training all of our legal office assistants, our legal office specialists, we’re cross-training those individuals to help us process the eviction paperwork. We also have additional courtroom space that we’re able to dedicate to hearing just evictions.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Recently, with real estate booming in Southern Nevada, investment firms in New York have been delivering an influx of capital into multiple upcoming development projects in Las Vegas, signaling a strong belief in the current and future potential of the region, reports say.

The Rio Resort and Casino was sold last month by Caesars Entertainment Corp for $516.3 million to Imperial Companies, making the latest high-profile – and high-dollar – sale of a Vegas property to a New York-based investor or group. As per the deal, Caesars will continue to function as management for the Rio for the next two years – or possibly longer – while paying $45 million in rent annually.

Prior to the mid-2000’s national recession – before housing values in Las Vegas had collapsed and multiple development projects were abandoned – many New York-based investment firms swept in and financially backed numerous construction and real estate projects, a trend that has continued to this very day with the recovery of the economy.

One of the very biggest New York investors in Las Vegas is The Blackstone Group, owned by Stephen Schwarzman. Among the Vegas-based purchases that Blackstone has made in recent years – in addition to multiple local-area apartment buildings – include the Hughes Center office park for $347 million in 2013, the Cosmopolitan for over $1.7 billion in 2014, and the World Market Center furniture showroom hall in 2017; the amount of that last acquisition has not been publicly disclosed.

Steve Witkoff, a prominent New York-based developer, purchased the Las Vegas Strip-based Fontainebleau – in an unfinished state at the time, and now called Drew Las Vegas – for $600 million in 2017, along with partners based in Florida. In addition, the Nakash family of New York, in partnership with Gindi Capital, purchased the Showcase Mall – located on the Las Vegas Strip in Paradise – for over $367 million, the deal done in two phases in 2014 and 2015. Gindi, on their own, also bought 9.5 acres of property on Las Vegas Boulevard for $172 million in 2019.

Many other deals and investments have been made by New York-based entities as well.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS – The Vegas economy continues to have its fires stoked with a renewed focus on development in recent months, centered on construction projects in the famed downtown district. With a renewed emphasis on renovating existing facilities and building new ones, hundreds of employment opportunities have been made available, and due to tight deadlines these projects impose, many jobs need to be filled quickly and often for higher-than-average wages. 

Essentially, if you’re looking to find a job and aren’t afraid of getting your hands dirty, it’s a win-win situation for all involved. Penta Building Group is currently heavily involved in the construction of the Expo at World Market Center in Vegas’ downtown region; reports estimate that at least 500 jobs are being made available in order to bring the $100 million project to life, both on-time and on-budget. Reportedly the jobs offered run the gamut from skilled tradesman such as electricians and plumbers to rank-and-file laborers, the very backbone of any construction project.

Another project in the works is a hotel dubbed Circa, owned by developer Derek Stevens and slated for construction in the valley. Currently, the project is in need of 1500 workers, and is being heralded as one of the first casinos built in the downtown Las Vegas region in decades. In addition, reports also indicate that two large apartment complexes are going to be soon erected in Las Vegas’ Symphony Park, with the twin facilities known as Aspen Heights and Southernland.

Still more jobs are up for grabs from hotels and casinos that are in the midst of giving themselves a face-lift; renovations and upgrades are happening all over the downtown area and along the Las Vegas strip in order to offer more entertainment options and amenities for the growing tourist population that visit the city on an annual basis.

With all of this construction and the many jobs it will create, comes at a period of time where prices for real estate in downtown Las Vegas are currently on the rise. In fact, within the next 10 years, experts are predicting that real estate in the Las Vegas valley area will become some of the most valuable in all of Southern Nevada; with that being the case, many companies are now pouring development efforts – and dollars – into developing in the area while it is still relatively affordable.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Timing the market for the best possible opportunity to lock a mortgage rate on a new loan is certainly a challenge, even for the professionals. While there are several several generic interest rate trend indicators online, the difference between what’s advertised and actually attainable can be influenced at any given moment by at least 50 different variables in the market, and with each individual loan approval scenario.

Outside of the borrower’s control, the mortgage rate marketplace is a dynamic, volatile living and breathing animal. Lenders set their rates every day based on the market activities of Mortgage Bonds, also known as Mortgage Backed Securities (MBS). On volatile days, a lender might adjust their pricing anywhere from one to five times, depending on what’s taking place in the market.

Factors That Influence Mortgage Backed Securities:

1.  Inflation –

In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the price level rises, each unit of currency buys fewer goods and services; consequently, annual inflation is also an erosion in the purchasing power of money – a loss of real value in the internal medium of exchange and unit of account in the economy.

A chief measure of price inflation is the inflation rate, the annualized percentage change in a general price index (normally the Consumer Price Index) over time.

As inflation increases, or as the expectation of future inflation increases, rates will push higher.

The contrary is also true; when inflation declines, rates decrease.

Famous economist Milton Friedman said “inflation is always and everywhere a monetary phenomenon.”

Public Enemy #1 of all fixed income investments, inflation and the expectation of future inflation is a key indicator of how much investors will pay for mortgage bonds, and therefore how high or low current mortgage rates will be in the open market.

When an investor buys a bond, they receive a fixed percentage of the value of that bond as ‘coupon’ payments.

With MBS, an investor might buy a bond that pays 5.000%, which means for every $100 invested, they receive $5 in interest per year, usually divided up over 12 payments.

For the buyer of a mortgage bond, that $5 coupon payment is worth more in the first year, because it can buy more today than it can in the future, due to inflation.

When the markets read signals of increasing inflation, it tells bond investors that their future coupon payments will be less valuable by the time they receive them. So basically, this causes investors to demand higher rates for any new bonds they invest in.

2. The Federal Reserve –

As part of its 2008-2010 stimulus effort, the NY Fed spent almost all of its $1.25 TN budget buying mortgage bonds. Many believe this strategy kept mortgage rates lower over a 15 month period.

The lending environment significantly changed between 2008, when the Fed began its mortgage bond purchasing program, and early 2010 when the market was left to survive on its own.

When the MBS purchase program was announced in November 2008, mortgage bonds reacted immediately and dramatically.

But at that time, there weren’t any investors willing to take a risk in buying mortgage bonds.

The meltdown in the mortgage market and world economies lead many investors to shy away from the risks associated with MBS, which is why the Fed had to step in and basically assume the role as the sole investor of mortgage bonds.

However, loan underwriting guidelines drastically tightened up by 2010, which may create a little more confidence in the mortgage bond market.

3. Unemployment –

Decreasing unemployment will suggest that mortgage rates will rise.

Typically, higher unemployment levels tend to result in lower inflation, which makes bonds safer and permits higher bond prices.

For example, the unemployment rate in March 2010 was at 9.7%, just slightly below it’s highest mark in the current economic cycle.

Every month, the BLS releases the Nonfarm Payrolls, aka The Jobs Report, which tallies the number of jobs created or lost in the preceding month.

The previous report indicated a loss of 36,000 jobs. Not necessarily a number that will move the needle on the unemployment gauge, but some economists suggest we need about 125,000 new jobs each month just to keep pace with population growth.

So that negative 36,000 is more like -161,000 jobs short of an improving unemployment picture.

One flaw to pay attention to with unemployment rates is that the method of surveying fails to capture part-time workers who desire full-time employment, discouraged job seekers who have taken time off from searching and other would-be workers who are not considered to be part of the labor force.

4. GDP –

GDP, or Gross Domestic Product, is a measure of the economic output of the country.

High levels of GDP growth may signal increasing mortgage rates.

The Federal Reserve slashes short-term rates when GDP slows to encourage people and business to borrow money.

When GDP gets too hot, there might be too much money floating around, and inflation usually picks up.

So high GDP ratings warn the market that interest rates will rise to keep inflation concerns in balance.

Spiking GDP with flat/increasing unemployment begs some questions.

There are two major indicators that help provide more context:

1. Increases to worker productivity – employers are getting more work out of their current employees to avoid hiring new ones

2. Surges in inventory cycles – when the economy first started contracting, manufacturing slowed down to cut costs, and sales were made by liquidating inventory.

This is like a roller coaster cresting a hill, where one part of the train is going up, the other down. Eventually, the other side catches up, inventories are rebuilt by manufacturing more than is being sold. Both surges can throw off periodic reports of GDP.

5. Geopolitics –

Unforeseen events related to global conflict, political events, and natural disasters will tend to lower mortgage relates.

Anything that the markets didn’t see coming causes uncertainty and panic. And when markets panic, money generally moves to stable investments (bonds), which brings rates lower.

Mortgage bonds pick up some of that momentum.

Acts of terrorism, tsunami’s, earthquakes, and recent sovereign debt crises (Dubai, Greece) are all examples.

…..

Putting It All Together:

Economic data is reported daily, and some items have a greater tendency to be of concern to the market for mortgage rates.

If you are involved in a real estate financing transaction, it’s helpful to be aware of these influences, or to rely upon the advice of a mortgage professional who is already dialed in.

_________________________________

Related Mortgage Rate Articles:

• Mortgage Rate Overview
• What’s The Difference Between APR and Note Rate?
• How Are Mortgage Rates Determined?
• How Do Mortgage Rates Move When The Fed Lowers Rates?
• 8 Questions Your Lender Should Answer About Mortgage Rates

LAS VEGAS, NV – One of the major hot-button topics that may affect the outcome of the 2024 presidential election on Tuesday is said to be the housing crisis currently plaguing the Las Vegas Valley – and the affordability concerns that are driving it – due to a growing lack of land available for new development, experts say.

According to John Tuman, Executive Associate Dean of the College of Liberal Arts and Professor of Political Science at University of Nevada, Las Vegas (UNLV), Latinos, who make up a rapidly-growing demographic in Nevada – 30 percent of residents currently identify as such, with the group estimated to contribute 20 percent of the state’s total votes in the upcoming election – have expressed concern inflation, rent, and housing affordability, with those factors said to be influencing their voting.

Normally, Latinos tend overall to vote Democrat, but recent polls indicate that former President Donald Trump has been making progress with this demographic while campaigning this year as opposed to his opponent, current Vice-President Kamala Harris, Tuman said.

There’s been a lot of debate about whether or not Trump has made inroads with Latinos nationally,” he said. “I think there is evidence that he has, but it’s very sensitive to the states that you’re looking at. Latinos as a group are not monolithic and the demographic composition of different Latino population varies across different states. And so I always try to caution, not to generalize for example from what we’re seeing in Florida or even in South Texas to Nevada.”

However, affordability concerns when it comes to housing isn’t confined to Latinos, Tuman said; indeed, people from all walks of life are expressing the same fears, with the recent number of Californians fleeing the high taxes in their home state for the lower cost of living in Nevada subsequently eating up housing inventory and driving up prices as a result.

We’ve had an influx of people from California who took equity out of their homes and then have driven up new home prices and also existing home prices in different parts of the Las Vegas metropolitan area,” Tuman said.

In addition, research suggests that in as soon as eight years, the valley could exhaust its supply of land for development unless the Bureau of Land Management – a federal agency that controls much of the land in Nevada – speeds up the process of releasing more land for housing construction, a process that they have been heavily criticized for due to their lack of urgency in doing so thus far.

The stance of both candidates on this topic this Tuesday represents a yet another huge factor when it comes to influencing the votes of Southern Nevada residents, with both stating they are in favor of releasing more federal land in the state for housing development.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.