How has MacDonald Highlands real estate changed over the last year and as a result of the pandemic? What is the market like right now?
The MacDonald Highlands real estate market has been on fire since the pandemic. Many experts had predicted it would crash as it did during the Great Recession. On the contrary, the Las Vegas real estate market, especially the luxury sector in MacDonald Highlands, is in the midst of a boom. Even during these challenging times, MacDonald Highlands properties are selling at record prices, and this trend will continue in 2021.
How much has demand for MacDonald Highlands real estate increased over the last year? How much has inventory changed?
Currently, the demand is very high. However, the inventory is at an all-time low. Our current home supply in both MacDonald Highlands and throughout Las Vegas is at only 1.0 months, which is down significantly from a normal balanced six-month market supply. The MacDonald Highlands real estate market remains strong and skewed to sellers due to a growing population and stabilizing economy, creating this imbalance in supply and demand.
Where are transplants coming from for the most part?
California’s loss is Nevada’s gain. The demand for homes is also increasing as people continue to flock to Las Vegas from higher-tax states, higher-priced areas, like California, especially Southern California.
California tax refugees are flooding into Las Vegas, finding homes to be an outright bargain compared to a comparable property where they are coming from.
Las Vegas is one of the cheaper metropolitan areas in the United States, and it is a fraction of the cost of living in California on nearly every front. That is why we see so many Californians moving to Vegas and the luxury buyers flocking to MacDonald Highlands.
Since the pandemic, the luxury home market has expanded almost ten-fold as buyers are moving from California to take advantage of Las Vegas’ low cost of living. Even the most expensive custom home in MacDonald Highlands is found to be a bargain for these out-of-state buyers.
We are also starting to see people that originally by-passed Las Vegas to move to Phoenix-Scottsdale, AZ for tax reasons pivot to now domicile in Vegas now that Arizona state income tax just rose from 5% to 8+% percent.
How do you expect MacDonald Highlands real estate to perform in 2021? What trends do you see continuing?
MacDonald Highlands, real estate market, will continue to perform exceptionally well in 2021, particularly in our custom home market. As new residents arrive daily and bringing millions of dollars in equity from the sale of their homes in more expensive housing markets, MacDonald Highlands luxury homes are setting some records for both the amount and the values of properties sold in the luxury category. I think his surge will continue throughout not only 2021 but 2022.
In your experience, what are people looking for when moving to MacDonald Highlands? Extra space? Outdoor living?
Besides Location, Location & Location
- Space & Privacy
- Modern Architectural Design
- Indoor & Outdoor Open Floor Plans with
- Gorgeous Outdoor Living Spaces
- Stylized Office, Gym and Movie Theater/Game Room c More Garages
- A chic architectural Pool and Spa is always a requirement in sizzling Vegas
Are people moving to MacDonald Highlands in response to any corporate relocation announcements? Is there increased employment opportunity in moving here?
Every job-killing regulation in California is driving businesses to Nevada, taking jobs with them. This explains why future job growth for the next ten years in Vegas is expected to be nearly 40%, well over the 33% expected for the nation as a whole. A growing supply of jobs will also keep propelling the demand for MacDonald Highlands real estate.
What are the perks to living in MacDonald Highlands, are there financial benefits for residents?
Nevada is the ultimate, low tax locale- There is no state income tax!
Nevada’s property tax rates are also among the lowest in the U.S. The state’s average effective property tax rate is just 0.69%, which is below the national average of just over 1%.
Nevada homeowners are also protected from steep increases in property tax bills by Nevada’s property tax abatement law, limiting annual increases in property tax bills to a maximum of 3% for homeowners.
Even if home values increase by 10%, property taxes will increase by no more than 3%. The property’s taxable value is calculated as the land’s cash value (the amount the land alone would sell for on the market) and the replacement cost of all buildings minus depreciation of 1.5% per year since construction. The assessed value is equal to 35% of that taxable value. Thus, if the County Assessor determines your home’s taxable value is $100,000, your assessed value will be $35,000. Tax rates apply to that amount.
My advice for MacDonald Highlands Buyers and Sellers right now.
For MacDonald Highlands sellers, it is a great time to sell. Motivated buyers are looking for houses for sale, and you are not competing with as many property owners. Many sellers have chosen to back out amid this pandemic. As more and more buyers enter the market, the prices will increase due to tight supply.
For MacDonald Highlands buyers, the mortgage rates are the lowest ever, so they should take advantage of scooping up more expensive houses by locking in lower monthly payments. Lower rates can help buyers stretch their budgets for higher-end deals that otherwise are taken away by seasoned investors in the bidding wars. Overall, it is a win-win scenario for both sellers and buyers, and it is still a great time to buy in MacDonald Highlands.
Kristen Routh-Silberman, Realtor MacDonald Highlands Master Listing Agent
Synergy Sotheby’s International Realty
Inside DragonRidge Country Club, Next to the Pro Shop 552 S. Stephanie Street
Henderson, NV 89012