It’s a seller’s market, is it smart to buy a home now?
Normally I would say no BUT in Las Vegas right now the answer is YES!!!
Before you label me as a crazy nut follow me here for just a few minutes… Let me begin with Las Vegas being a “sellers market.” When I hear people say that I wish I had enough time to explain why that is not entirely true… You can’t put a huge “sellers market” blanket over the entire Las Vegas/Henderson valley because there are certain sub-markets and certain price ranges where its not really a sellers market. For example, homes that are not located inside exclusive master planned communities and priced between $400-900k are not flying off the market! They are taking 6-12 months in some cases and sometimes longer.
Over all I would consider the “sellers market” to be homes priced between $100-350k that are in either fair to good condition. As always the old adage location, location, location still plays a major part in all of this and always will. If I was to list a $300k single story turn-key home in Summerlin, I would have 10 offers within 24 hours and most would be over list with buyers waiving their appraisal contingencies. Where does the part about it being a good time to buy come in?
I am speaking to a lot of buyers who are on the fence because its a “sellers market” and they feel like if they wait for it to become a buyers market it will be in their best interest. I also have been hearing about there being some “bubble” that is about to bust. Well there is no bubble that is going to burst and while all these buyers wait around for the market to turn, they are going to be upset when the home values continue to rise and rise and rise year after year. Right along with the values rising, interest rates will also be rising. Yes I understand Vegas has low inventory – the entire nation is having the same problem by the way – and we are in a bit of a sellers market, but waiting to buy will only hurt you in my opinion unless you want to wait around for the next dip in the market 4-5 years from now…
Now is the time to jump in and get back to being a home owner or if its your first time call me and let me show you all the wonderful programs there is to help you get into a new home…. Call Daryl B Hanna at firstname.lastname@example.org