Las Vegas median price has reached a new record of $385,000. Wondering why home prices are going up? It’s as simple as supply and demand. High buyer demand paired with low housing inventory means natural price appreciation.
Here in Las Vegas, we currently have less than a one-month supply of available homes for sale. A balanced market is traditionally a six-month supply of available homes for sale.
If you have questions about today’s market trends and what they could mean for you, message us for answers.
For generations, the process of buying and selling a home never really changed. A homeowner would try to estimate the market value of their house, then tack on a little extra to give themselves some negotiating room. That figure would become the listing price. Buyers would then try to determine how much less than the full price they could offer and still get the home. As a result, the listing price was generally the ceiling of the negotiation. The actual sales price would almost always be somewhat lower than what was listed. It was unthinkable to pay more than what the seller was asking.
Today is different.
The record-low supply of homes for sale coupled with very strong buyer demand is leading to a rise in bidding wars on many homes. Because of this, homes today often sell for more than the list price. In some cases, they sell for a lot more.
According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR):
“For every listing there are 5.1 offers. Half of the homes are being sold above list price.”
You may need to change the way you look at the asking price of a home.
In this market, you likely can’t shop for a home with the former approach of negotiating to a lower price.
Due to the low supply of houses for sale, many homes are now being offered in an auction-like atmosphere in which the highest...
Even though mortgage rates remain near record lows, they are gradually rising just enough that experts see a light on the horizon for buyers who have struggled with fierce competition in today’s housing market. If you’ve been planning to buy a home, Message us today so we can start planning your next move as the market changes.
Congratulations to our Seller for the sale of her three bedroom, 2.5 bath home in the Traccia community in Summerlin located in southwest Las Vegas. This home had multiple offers and sold for $445,000 after just 3 days on the market.