The Raiders moving to Las Vegas: What impact will it have on the housing market?
From the perspective of an outsider, Las Vegas conjures up the image of a city that is all about sprawling casinos and hotels. But this is going to change soon.
With the Raiders gaining approval to relocate to Las Vegas, the city will be a hot destination for football fans. Sporting stars will be born here and savored in every household. Nail-biting matches will become part of the city’s legacy. The potential site of the new $1.9-billion, 65,000-square-foot stadium near Russell Road and I-15 freeway will give Las Vegas a new identity and it will have a great deal of impact on its reputation in many ways. Most people are asking, will the Raiders have an Impact on the Las Vegas housing market? Some enthusiasts are even going to the extent of predicting that the Raiders Stadium will hold the same importance for Las Vegas as Hollywood does for Los Angeles.
While the scope of impact is a highly discussed topic these days, the Las Vegas real estate industry is abuzz with speculations. What impact will the Raiders relocation have on the Las Vegas housing market? Will the Raiders have an impact on the Las Vegas Housing Market? Will it lead to fans relocating to the city? Will home prices go up?
Well, the early results are already out. Many real estate agents and MLS data have reported that the number of inquiries for potential home buyers has increased tremendously since the announcement of the NFL team moving to Las Vegas.
Las Vegas housing market at a glance and the “Raiders effect”
Behind the glittering façade of the title ‘The Entertainment Capital of The World’, Las Vegas has gone through its own ups and downs as far as the housing market is concerned. The 2007-08 housing crash had a substantial impact, leaving thousands of homeowners underwater. The market has rebounded in the recent years with a lot of real estate developments presenting people with affordable housing options.
While homeowners are enjoying equity that their properties are now building, the prospect of the Raiders moving to the city will further fuel the demand. The housing inventory in the city is currently in good shape, but most real estate agents agree on the fact that there will be a shortage of affordable housing by the time the stadium is finished. People from California, Nevada, Oakland and many other states will buy properties, particularly in neighborhoods close to the Las Vegas Raiders Stadium and the strip. These people will be regular home buyers looking to purchase primary residences as well as investors hoping to build equity amid an atmosphere of the media frenzy around the Raiders. Investors will try to make money by turning homes into short term rentals to accommodate the crowd of fans coming to watch NFL matches.
The prospect of The Raiders moving to the city will also lure ‘tyre-kickers’ into taking the plunge. Tyre-kickers are basically people who look at properties but don’t buy one. The temptation will now become irresistible to even these types of potential buyers.
A herd of people are expected to follow the Raiders to Las Vegas, which will increase the demand for both short-term and long-term housing.
If you have been planning to buy a property in Sin City, this is probably the best time to make the move. The market may come to a saturation point by the time the stadium is finished.
People in the sports industry are already speculating how the relocation of an NFL team can lead to the city making a bid for an NBA team in the future. If this happens, the housing prices will skyrocket.
The move will affect every aspect of the city’s economy positively. An increase in jobs and population will indirectly spur the housing market.
So the question is, will the Raiders have an impact on the Las Vegas housing market? The answer is YES, in a very positive way.
In a tough, competitive market like this, you need a REALTOR® who knows how to negotiate and get the home you love, contact me today to get the outstanding representation you need and to help you find the best deal out there!