The holidays are upon us and the Las Vegas real estate market is showing signs of increased home inventory. There is still less for sale than is needed for an overall balanced market, but home buyers do have an opportunity to purchase with a little less competition.
There are over 4,100 single family homes for sale in the 'Valley' which consists of Las Vegas, North Las Vegas and Henderson combined. Las Vegas currently has 63% of that inventory, with Henderson coming in at 25%, and North Las Vegas with just over 12%.
What kind of deals can you get right now? There are many factors involved in getting a home at a good price. They can include location, condition of the home, seller motivation, the time the home has been on the market, price point, your personal financial situation and more.
Homes priced below $400,000 are usually swooped up pretty quickly, and your chance of getting a smoking deal, or any deal, is pretty low. At $500,000 or up, properties can take longer to sell, though the market is nearly balanced up to $750,000 right now, meaning homes sit on average just below three months before selling. Once you go over that price, homes can sit for four months or longer.
With all that, the winter months do have less sales, so the numbers will change in the favor of buyers. Now is a great time to look for a home and find that motivated seller.
Most importantly is working with the right real estate professional that is following the market trends, can dig deep into the neighborhood information, and can offer you ideas on how to make an offer that gives you the best price and terms. Hint, hint!
For more information on market conditions or buying a home, please give me a call.
Happy Holidays!