There are numerous types of shifts… work schedule shifts, gear shifts, gravitational shifts… but within Las Vegas Valley real estate I’ve noticed a different type of shift recently….the shift to a Buyer’s Market!
Not only am I seeing this within my day-to-day transactions, but I’m also a “Data Guy” — I watch the statistics and look at the current numbers every day. I educate myself with the current trends in real estate which in turn means that my clients have an instant edge when I represent them. A majority of this information is easily ignored by other local realtors… which is fine by me!
While there’s still a relatively low housing inventory in Southern Nevada, it’s more than double the inventory from less than a year ago. For the moment this has helped prices stabilize, after a tremendous spike in home values over the past couple of years. Homes are staying on the market a bit longer…which makes sellers nervous. Their patience is being tested while they wait for the “perfect” offer to come in.
When I’m writing up offers for my buyers I’m always “swinging for the fences” and trying to get the best deal possible, within reason. We’ll ask for closing costs contributions from the seller, a home warranty, repair allowance, and other perks to sweeten the deal for my client. These requested items were unheard of just a few months ago when multiple offers were being received on any given property.
My buyers are in control! They’re taking advantage of these (still) historically low interest rates, favorable loan programs with loosened lending rules, and patience. Buyers have the upper hand in the current market… so if you’re interested in buying Las Vegas or Henderson real estate now is the time.
Contact me today to find out how to take advantage of the new Las Vegas buyer’s market!
– Mike
Vegas Strip photo by anieto2k