Whether you are considering buying or selling a home in the Las Vegas valley, now is an opportune time to make the move (literally). Local market, economic, and political conditions have come together to make either buying or selling a home a great opportunity.
NOW is the time to BUY
The biggest reason to consider buying a home now is the low level of housing inventory. Simply put, housing inventory is calculated in a way that tells us how long it would take for the houses that are currently on the market to sell. A balanced market is considered to have 6 months of inventory. Dave Tina, the Greater Las Vegas Association of Realtors President, discusses Las Vegas housing in this article, and says that currently the Las Vegas market has less than three months of housing inventory.
Not only is current inventory tight, but it will get even tighter as the traditionally busy summer months begin. Moving.com says, “11 to 13 percent of all moves occur during summer months as compared to eight percent or less during the other months of the year”. If you buy a home NOW, you will be reducing the chance of battling a tight market with fewer houses and more buyers (supply + demand), and you will also be avoiding the busy and potentially pricey summer moving season.
Buying a home now can also be financially beneficial. As the summer months approach and supply is reduced, home prices are expected to go up. Also, it makes good fiscal sense to purchase before interest rates are raised again. Via USA Today “Increasing inflation, continued gains in the labor market and the Fed’s intentions for further rate increases — all three will keep pushing mortgage rates up this year,”.
In short, here are the compelling reasons to buy a Las Vegas home NOW:
- Convenience- Avoid competition of other (summer) buyers, moving resources will be more readily available.
- Financial- Lower home prices, lower interest rates, avoid bidding wars, lower moving costs.
NOW is the time to prepare to SELL
The biggest reason to consider preparing your home to sell now is the expected continued reduction of housing inventory during the late spring and summer months. As supply + demand applies and buyers have fewer choices, home sellers will see the benefits. Low inventory will mean competition- the demand for homes will be higher which will not only drive prices higher, but can also create bidding situations and reduce the home’s time on the market.
CBS.com quotes, “NAR’s most recent survey of “days on market” shows that the time it takes to sell a house has fallen by 28 percent, from 69 days in January 2015 to 50 days in January 2017…”. The article continues to state that homes, by midyear, may only be on the market an average of 30 days!
The buyers interested in your home will not only be motivated by the competitive market, but will feel the press to purchase a home before interest rates rise again. And, logistically summer is a great time to move. The number of real estate transactions around the country increase each year during the late spring and summer months as families race to make a change before the new school year starts, or decide to down-size after children have gone away to college.
If you begin preparing your home to sell now, you will be ready to enter the market at the most beneficial time. We have a great blog post that discusses easy steps to begin this process.
In short, here are the compelling reasons to prepare to sell your Las Vegas home NOW:
- Convenience- motivated and competitive buyers interested in your home, potentially fewer days on the market.
- Financial- potentially fewer days on the market, bidding situations that may lead to a higher selling price.
Whether you are a buyer or a seller, NOW is the time for us to discuss your situation. Call Shawn M. Preston at 702.350.2289. Don’t miss he opportunity to take advantage of this great market!
Preston Group is here to guide our clients through the process of completing a real estate transaction. We have over 12 years experience in the Las Vegas real estate market, and do a majority of our business through referral and return business. That time in the business has also allowed us to gather an impressive lists of business partners and vendors that we are happy to share with you. Call Shawn M. Preston at 702.350.2289.
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