The common thing that you keep hearing from public news is that this new NFL team is going to be the best thing that has happened to Las Vegas this decade. Everyone is ranting and raving that sales are going to go up, tourism is going to go up, and real estate is going to go up. This is all true, but people have the story wrong. It’s not going to be a spike that happens in three years, it’s happening right now and people need to start reaping the benefits of such a great market.
When you associate your home town with a sport or a team that is in your backyard it creates a since of community. Since Vegas never had a team to cheer for, there was never the feeling of unity that other cities possess. Now, not only is a NFL team making their way to Vegas, but a NHL team is also arriving November of 2017. Las Vegas and Nevada residents will finally have something to cheer over. No longer will neighbors argue whether the Colts are better than the Patriots. Instead they will sit down over a bowl of nachos and hot dogs cheering for their home team. The feeling of family will grow inside the Las Vegas area and as a result people will become more rooted. Vegas won’t just be the place people go in between jobs to work. Vegas will be the place people go to start their lives.
This sense of community and family is already starting to blossom even though the Raiders are three years away. Real estate and property management appreciation is rising and the market is in the best shape it’s been since the hit in 2007. Rentals are on the market for half the time they use to be with twice the applications and a 5 to 8 percent market analyzed increase. For homes, there is only a 1-and-a-half-month inventory on re-sell properties making it a Sellers’ market.
There is also this false idea that the sales are only going to rise in certain areas that are close to the arena. Unfortunately, you only have about half a mile of empty space before you hit the strip. There is not a lot to build on. It’s not going to be a location spike. It’s going to be a tic that occurs in every neighborhood because it’s so easy to get anywhere with our freeways. Even if you are 10 miles away from the stadium you can get there in less than 15 minutes.
Take it from a professional who has been around for 25 years. The time is now to sell your property. In three years, there’s not going to be a huge spike, just a slight 5 to 8 percent difference in sale value. If you were to put your house on the market right now you could have multiple offers within two weeks. If you’re a construction worker coming from California or Colorado that’s only going to be here for three years, consider buying while you are here and then handing it over to a great property management company that is going to take care of your property and treat you right. Don’t wait, because it is just not worth it.
Invest in selling your property now, not only so you can reap the benefits of such a great market, but so you can also invest in some season tickets and merchandise with the profits that you make.