Steady Climb Welcomed In Real Estate Market

By MAGGIE MCMURRAY

Moapa Valley Progress

The real estate market in Moapa Valley is alive, well, and stronger than ever as it continues its 8 year climb. Since the dark days of the real estate crash, the regional market has been on a long and slow recovery. But the pace of the market seems to be quickening according to local real estate professionals.
Moapa Valley real estate agents and brokers report that they are enjoying the return of a hot market this spring. There are approximately 45 single family homes and 20 manufactured homes currently listed for sale in the small Moapa Valley community. Of course, in a market this hot, those in the real estate business remind that this number changes on a daily basis. Homes are selling very quickly these days, the real estate agents say. Most go within 30 days. Those that are in the median range, and priced right, are often selling within a week.

Local real estate professionals attribute the rise in sales and demand to many factors. But they all agree that much of the rise is due to an influx of people looking at Moapa Valley for retirement and recreation. In addition, the experts cite returning credit ratings of the many people who lost homes about 8 years ago when the housing market crashed as a contributing factor to the rise in housing demand.

According to Clea Whitney, of McKesson Real Estate in Overton, market values bottomed out around 2013, when home prices dropped to the same level they had been in 1988. But with the return of good credit status, many people are once again buying homes and market values are once again climbing.
“We’re doing a slow climb right now,” Whitney said. “Rates are up a little and it is a really healthy market.”

Foremost Realty broker, Janet Marshall, agreed. “It is a hot market this spring,” she said. “People are coming to the valley, falling in love with this community, and making it their home. I am just happy I can be part of that experience.”
The good thing is that the health in the market seems to be well balanced and healthy for both sides of the real estate transaction, Marshall said.
“You can’t really say it is a buyers’ market or a sellers’ market,” Marshall said. “I really think both buyers and sellers are happy with what’s happening right now.”

Marshall said things are moving quick and the turnover in homes is very fast. This is especially true for homes that are newly coming on the market right now, and that are priced right. Marshall said she has recently had two homes sell within a week.

Jay Hills of Falcon Ridge Realty also agrees that things are moving fast in real estate. Hills is one of few local real estate professionals who also manages rentals. He says that now is a great time for people who buy a new house to hold onto their old one for a few years as a rental.

The rental market in Moapa Valley is extremely tight right now because rentals are in such short supply, Hills said. In fact, he currently only has two rental properties available at the moment and their current tenants have not even moved out yet. Nevertheless, Hills is certain that both will be under contract once again within a week.
“There is a shortage of rentals right now so that really works well for the homeowners,” Hills said. “There are several prospective tenants for each rental so we can be picky about who we put in there, which is really good for the owners.”

Hills attributes the hot rental market to two factors. “Due to rising prices, people who bought investment properties to rent are selling,” he said. “At the same time, buyers who have been waiting for their credit to improve have been buying, which makes for fewer rentals.”

Hills also said that recently he has noticed a big influx in tourism in Moapa Valley with the rise in popularity of ATV’s and the trail system at Logandale trails. He feels that this is causing more people to look at Moapa Valley as a retirement option. Because of this, Hills says that he is anticipated that the market will continue it’s upward climb.
“Home prices are going to go up in the next few years as demand continues to rise,” he said. “It’s a great time to hold on to houses and market them as rentals for a few years because there is such a shortage of housing at the moment.”

Regardless of whether you’re looking to buy, sell, or rent, there is no shortage of people in Moapa Valley that can help you fulfill your real estate goals.