$UMAX The performance of the Las Vegas new housing market in 2020, and the predicted substantial increase in demand for new homes in the Las Vegas Valley in 2021, has driven the increased demand for the products of Home Foam Corporation leading to its need to move to a larger facility. In the Las Vegas Review Journal on December 24, 2020, the byline was “Las Vegas Housing Market Expected to Stay Hot in 2021″. In this article, it stated that the National Association of Realtors expected national home sales to rise 7 to 10 percent in 2021. The article went on to suggest that the Las Vegas market should outpace this national forecast and specifically states that Las Vegas has also long been a popular spot for people to move from higher-priced areas, especially Southern California. The article went on to say that: (1) home sales growth was accelerated during the pandemic as exiled office staffers work remotely and buy bigger more affordable homes in Southern Nevada; (2) the Las Vegas’ housing market was initially hit with turbulence after the pandemic upended daily life, as the valley’s sales pipeline shrank rapidly, but the real estate market recovered and is now at its most frenzied level in years; (3) new home sales by the end of 2020 may have reached the most since 2007; and (4) local home builders predict that the Las Vegas new home market will be strong in 2021 which is being mainly driven by out of state buyers, mostly Californians, which is driving the predicted increased sales in 2021 and beyond. The expected increase in new home starts in the Las Vegas market is being driven by historically low interest rates, low than normal home inventory for sale, first time home buyers, and new residents moving to the valley from high price áreas like California and New York. This is an economic trend that should last for several years to come. UMAX and Home Foam plan to take full advantage of this predicted economic growth.
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