If you want to buy a house right now or purchase a commercial space for your business, you will have to be patient. The nation’s housing market – Clark County included – is incredibly tight. And now, mortgage rates that have hovered near record lows for the last several years are rising. This week, mortgage rates have soared to over 4% for conventional loans – the highest they have been since before the pandemic. Not to mention, prices for new homes and buildings are at all-time highs, and with little selection, the market is not likely to cool anytime soon.
A Look at Clark County’s Commercial Market
Despite the ups and downs that the pandemic has thrown at businesses everywhere, the commercial real estate market in Clark County remains strong. Adam Roselli, Vice President and Managing Broker for Fuller Group CRE says, “We are experiencing a higher-than-normal volume of sales across all disciplines and the pricing for all product is selling at faster-than-inflationary rates. Leasing activity is also strong with vacancy rates lower and rental rates higher than at most any point in our recent history. There is a strong appetite for development with limited product available and a growing and expanding population pushing demand.”
He believes that increasing interest rates will eventually slow things down, especially as people tighten their budgets and cut spending. But that may take a while.
“Development and sales of owner-occupied commercial real estate will…
