LAS VEGAS (KLAS) — As Nevada’s population continues to boom, so is our housing market. Especially here in southern Nevada. The area is enticing a lot of investors.
“All of our clients live in other states or countries,” said Eric Fernwood, Fernwood Real Estate Investment Group.
Fernwood and Cleo Li are the owners of Fernwood Real Estate Investment Group.
“We are actually seeing a lot more interest,” Li said.
With more people moving to Las Vegas, low taxes, and an economy that is becoming more diverse, investors are interested in seeing their money grow in southern Nevada.
“There is a combination of factors,” Fernwood said. “One has to do with the pro-business laws, and the next one is we are almost guaranteed to have property prices increase due to the limited amount of land that is still available for development.”
From finding the property to fixing it up, the Fernwood Group helps people with every part of investing.
Over the past year, home prices went up, but Las Vegas also saw rent go up, which is something real estate investors like to see.
“The attraction of Las Vegas is the cash flow and the appreciation,” Li said.
With a small supply of homes on the market, investors have to act quickly, just like people looking for primary homes.
“You don’t have three days to make an offer, you have to do it in two days, or you are just not going to have a chance,” Fernwood said.
Fernwood and Li believe Las Vegas will continue to be popular for investors after the pandemic as the population continues to grow.
“In fact, the property managers we work with they mention they have more out of town tenants applying to vacant properties than local people,” Li said.
Typically the Fernwood Group works with 10 to 15 clients at a time; all of them live in other states.
Side Note: According to real estate experts, the Las Vegas apartment market is also staying strong, with rising rents and lower vacancy rates. The Nevada State Apartment Association says rents are rising as demand continues to grow, especially with people moving here from out of state.
The average cost of an apartment is close to $1,200 a month.