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What does this information mean for buyers and sellers as a whole? Buyers will have more control over the transaction, including pricing decisions. Sellers should consider acting now to earn top dollar.
Recently, many clients have inquired about market conditions in Las Vegas. Today, I’ll answer the top five most frequently asked questions.
Is this a buyer’s or seller’s market? Currently, there are over 9,000 listings. This is normal, but since we’re in January, the market tends to be slower for sellers. That’s why now it favors buyers.
What does inventory look like? It’s on the rise right now compared to this time last year. However, we’re still experiencing a housing shortage overall. This is great for sellers because less competition can help them get the price they want.
How does the current inventory affect values in our area? Inventory is low right now but that will change in the spring. As the spring selling season heats up and more homes start selling, expect more inventory and competition from sellers to attract more buyers. This could cause prices to stabilize.
What do interest rates look like? In December, the Fed increased rates and they’re expected to do so again this year. If you’re thinking about buying or selling, consider doing it now.
What does this information mean for buyers and sellers as a whole? Buyers will have more control over the transaction, including pricing decisions. Sellers should consider acting now to earn top dollar.
If you have any real estate questions, please contact me by phone or email today! I’d be happy to answer your questions and serve your real estate needs!
