Las Vegas September 2020 Housing Market Stats/Update

Here are your Las Vegas September 2020 Housing Market Stats/Update! Currently, Las Vegas is still seeing a massive shortage in housing inventory for buyers. Sales remain strong as well as interest in the housing market. Below you will find data from the MLS as to how our market performed in September 2020.

Supply of Homes:

Currently, Las Vegas has a 2.3 month supply level of homes. This is very low going into the end of the year. Usually, I want to see at least a 3 month supply of homes which would help both buyers and sellers find a good deal. In this market with inventory being tight, it favors the seller. In August, the supply of homes was at 2.7 months. I will discuss this trend in a below paragraph. The chart to the left indicates that inventory continues to remain low and that demand is still driving the market. Interest rates per the fed will remain low for the next several years and will continue to be low until 2023. Check out CNBC’s article here for more information: https://www.cnbc.com/2020/09/16/fed-meeting-decision-interest-rates.html

Closed Sales:

4,169 sales closed in September compared to 3,744 sales in Agust. A positive difference of 425 additional sales in September. Demand still remains high as we close out the summer sales period heading into the fall sales season. This is good news for the real estate market as well as helping out our local economy even though we are still seeing the casinos struggle with getting tourism back up to numbers before Covid.

New Listings:

5,261 new listings are currently on the MLS compared to August where we had 5,368 new listings hit the market. This indicates that supply is low due to a lack of new inventory hitting the MLS and the market. New home construction inventory is also down as well. If you build a new home now, you are looking at a 6 month build out time from dirt.

Active Listings:

Currently, there are 8,180 active listings on the MLS. This includes single family homes, town homes, and condos. In August, there were 9,101 active listings a difference of 921 homes have been sold or are off the market. Once again, this is indicating that our inventory is seriously low due to huge demand.

Las Vegas September 2020 Housing Market Stats/Update-In conclusion, I believe that demand will continue to remain strong into the new year and after the elections in November. Unless investors in the stock market lose confidence in the overall economy and rebounds from Covid, Las Vegas real estate will continue to see higher than normal demands. Right now, I am still seeing a lot of out of state buyers mostly from California. If this trend continues, 2021 should be another solid and great year in Las Vegas real estate. Call me anytime if you have any questions about this blog or Las Vegas real estate in general.

Las Vegas Home Prices Continue to Rise With Lower Sales Recorded

Las Vegas Housing Market Update September 2020 — welcome to fabulous las vegas neon sign

Las Vegas Home Prices Continue to Rise With Lower Sales Recorded- The Las Vegas real estate market continues to see pricing rise as well as demand for homes. Sales did fall from 2019 numbers due to the lack of inventory. Supply of homes did drop to around 2.4 months compared to a supply of 3.9 months in August of 2019.

Currently, the average sales price is at $335,000.00 up from $330,000.00 in July. Demand is still very strong from California buyers as well as out of state buyers. Local buyers are cashing out equity and upgrading to bigger homes. Several of my clients have cashed out their smaller homes that the bought 5-10 years ago to buy a bigger home that they now can afford due to the amounts of equity they have in their smaller home. In addition, I am also seeing more first time home buyers hitting the market. With interest rates still under 3%, renters are now able to get a great mortgage deal and save a lot of money on their new mortgage payment.

Inventory and Demand:

Las Vegas Home Prices Continue to Rise With Lower Sales Recorded

Inventory still remains very low and is a concern for me. I am getting a lot of questions from buyers as to possible foreclosures hitting the market and having some type of pricing correction. Here is my response to this question. 1) Inventory is very low. 2) Demand is still very high. 3) If the supply is low and demand is high, this means that pricing will continue to go up. 4) If pricing comes down, it’s because demand is no longer there. It also means that our market would need to add another 5,000 to 10,000 units for sale in a short period of time. In 16 years of doing this business, I have NEVER seen that happen. 5) The state of Nevada still has an anti-foreclosure law on the books right now which means no bank or servicer can foreclose on a home.

Foreclsoure Process:

The foreclosure process in Nevada could take at least 6-8 months or longer from the period of when the State of Nevada allows foreclosures again. This means that banks and servicers will have to work with the home owner to avoid foreclosure. 6) Most people will have equity in their homes so why would you not sell your home and cash out your equity? This makes no sense to me. You would give up your home to foreclosure? The only people that would face foreclosure are the people that just recently bought a home within the past year.

In conclusion, I am not saying that the market will never come back down. I welcome some type of pricing correction to happen in the future. I cannot predict the future but I can use facts and data to see that the Las Vegas real estate market right now is strong and is helping people upgrade to new homes and it’s relocating a lot of people from other states to Las Vegas. When you buy a home, you are buying a place to live in. You are not buying a home as an investment. Investors buy into real estate with cash and then do not have to worry about a mortgage payment. They are able to make money on that home as an investment over the long term. As a buyer for a home, you are buying a home for the tax benefits, the pride of ownership as well as future equity results not short term gains.

Information Links:

Check out my foreclosure information page if you need help to avoid foreclosure. Currently, there are plenty of government programs to help you. Here is the link to that page: https://lvrealty4sale.com/how-to-avoid-foreclosure-in-las-vegas/

If you are a buyer looking to purchase a new home, check out my communities page here: https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/

Here is the Fox 5 news article about our current market conditions: https://www.fox5vegas.com/coronavirus/southern-nevada-home-prices-set-all-time-record-though-fewer-homes-sold/article_98563dfe-f29b-11ea-b857-07ebdd3a490d.html?utm_source=FOX5%20Vegnkas&utm_medium=referral&utm_campaign=Breaking%20News

How Do I Move Out Of California?

How Do I Move Out Of California? This seems to be the question that I am getting asked a lot so far this year. As someone that was born and raised in The Golden State, there seems to be a decline in quality of life, taxes, crime and of course traffic conditions. These were the reasons I left California over 17 years ago and headed to Las Vegas.

I am seeing that 40% of my clients this year are from either The Bay area or in Southern California. The biggest issue for most of the people that want to relocate seems to be affordability. Real Estate in California continues to be unaffordable for most people. Taxes are also a huge factor. I am writing this post to address the questions that I am getting a lot of. Read on and if you have other questions that I have not addressed below, feel free to call me anytime. 702-768-2552.

What is the average sales price of a home in Las Vegas?

As of August 2020, the average sales price is around $330,000.00. It will also depend on the location of the home. Summerlin and Henderson seem to be at a premium now. This means that home prices in these areas are going to be 20% higher than most of The Las Vegas Valley. If you are looking into these areas for a home, I would have a budget of at least $400,000.00 and above. If you are looking for a town home, budget around $330,000.00. Keep in mind, Las Vegas is very affordable! What you might pay for a condo in Los Angeles that’s 1,000 square feet for $600,000.00, that will get you a 2,500+ square foot home in Henderson or Summerlin with money left over!

Check out my home search page here: https://search.lvrealty4sale.com/idx/search/basic

What type of real estate market is it right now?

Due to a lack of inventory right now, I would say we are in a sellers market. This does not mean that you cannot get a great deal, it’s just going to be house specific. Right now, we have a 2 month supply of homes for 2.5 million people. Consider new home construction as well which may take 6-8 months for a new home builder to build you a home. I can help you with new home construction as well. There are still plenty of homes for sale but some homes may require work or customization.

What are your favorite areas of Las Vegas?

For me, I love Summerlin. Not only do I work here, I live here. Check out: www.summerlin.com for more information about the area. I love the area because everything is around you that you need without the traffic and congestion. Restaurants, shopping, casinos, great freeway access, outdoor activities and much more make Summerlin a family friendly part of town and just a great place to live and play. If you are a Henderson person, Henderson is also good too. It is at the valley floor meaning that it’s 1,700 feet above sea level. Summerlin is around 3,000 feet above sea level. In Henderson, it tends to be hotter, more traffic and more population.

Henderson has approximately 320,000 people where Summerlin has around 180,000 people. Henderson is closer to the airport and is in the flight path. When you come out here, ask me to drive you around both places so that you can make a logical choice as to where you would like to live. Be sure to visit: www.lvrealty4sale.com and check out my community pages for more information about all of the great areas here in Las Vegas! Check out The City of Henderson’s website for more information: https://www.cityofhenderson.com/

Las Vegas Strip at night — **Aerial view of The Las Vegas strip in nevada**

What is it like to live in Las Vegas?

It’s like night and day from Los Angeles. I grew up in LA during the 80’s. What a great time to be a teenager! After I got out of High School, things changed. More traffic, more smog and my quality of life got worse. Las Vegas has been a totally different place to live. First off, I have a great career that I could never have in LA. I have everything that I ever had in LA minus the traffic, the taxes, the smog, the higher cost of living! Las Vegas allows me to play on The Strip if I want to, go see an NHL or NFL game, it allows me to travel from one part of town to the other in under 30 minutes. Las Vegas is very family friendly! From outdoor activities like hiking, parks, trails, off roading, skiing, casinos (of course) world class restaurants if you are a foodie like me. Explore new places, do new things. It gives you the freedom to enjoy yourself and your new quality of life. I’m not in a rush to get some where like I was in LA. I don’t spend hours a day in bumper to bumper traffic.

How long will it take us to find a home?

Great question! It can take 20 mintues or a few months. It just depends on our timing and whats available. Make sure that you have your finances in place first before we start looking for a home. A proof of funds letter if you are paying cash or a pre-approval letter if you are financing your purchase. This helps me put in an offer right away without any delays. Escrow usually is around 30-35 days for financing and with a cash transaction I can usually close within 2 weeks.

What if I need to sell my current home in California?

Call me ASAP. From San Diego to San Francisco, I have plenty of partner agents that are licsened in California and can help you get the best offer on your home. I am only licensed in Nevada. In fact, I have several Realtors that I have worked with for over 12 years now that will do a great job for you!

In conclusion, I can help you with that hard question: How Do I Move Out Of California? If this is something you have been thinking about doing and have put it off, now is the time to act. Call my today, let’s chat. Let me share my experiences of leaving California after living there for 30 years of my life. Also, I can tell you how things are in Las Vegas and how I can give you some information and guidance for your new life in Las Vegas! It’s easier than you think. Call today and let’s chat!

Redpoint Summerlin and Repoint Square Summerlin Update 9-2020

As we see more progress develop in Redpoint Summerlin and Redpoint Summerlin Square, I thought of providing updates as to model construction and when some of these communities will start to open. Please see below for information on specific developments. Redpoint Summerlin and Repoint Square Summerlin Update 9-2020 has plenty of infomation for you below.

Pulte Carmel Cliff

Pulte has started to grade the northeast corner of Far Hills and Sky Vista. Their community is called Carmel Cliff at Redpoint Summerlin. There will be 4 two story homes so far to chose from. Square footage starts around 2,851 and goes up to 4,577. Pricing has not been established yet. You can check out there web site here: https://www.pulte.com/homes/nevada/las-vegas/las-vegas/carmel-cliff-210613

Taylor Morrison ( Formerly William Lyons)

Savannah at Redpoint Summerlin by William Lyons (Taylor Morrison)

Taylor Morrison is building an all single story home community called Savannah. There will be 170 lots available with pricing starting around $550,000.00. 3 car garages will be available. Models are currently under construction and will have 4 model homes to preview. There will be 7 different home types that will be offered at Savannah Redpoint Summerlin. Models should open by the end of the year. Check out their web site here: https://www.taylormorrison.com/nv/las-vegas/las-vegas/savannah-in-summerlin

Richmond American Moro Rock

Moro Rock started selling at the end of May and they are now 40% sold. Town homes start around $312,000.00 for around 1,500 square feet. There are two models to chose from: The Chicago or The Boston. Both plans will have a 2 car garage and have 3 bedrooms. They will expand this community next door to their current location due to high demand. Check out their web page here: https://www.richmondamerican.com/nevada/las-vegas-new-homes/las-vegas/moro-rock

Woodside Homes Cyrstal Canyon and Obsidian

Woodisde Homes currently is building models for Crystal Canyon. So far there are 4 models being built. 2 single story homes and 2 two story homes. Lot sizes look small. Pricing has not been set as of this post. No additional information is available.

Toll Brothers Acadia Ridge

No new things to chat about here. Acadia Ridge is still being graded right now. No additional information has been posted on their web site. You can check out there page here: https://www.tollbrothers.com/luxury-homes-for-sale/Nevada/Acadia-Ridge

Be sure to call me today (702-768-2552) and find out how to get your $2,000.00 buyer incentive on any home in Summerlin over $350,000.00. Check out this page to register for the incentive: https://lvrealty4sale.com/redpoint-summerlin-contact-page/

Las Vegas Short Sales and Foreclosures

With everything that is going on right now I wanted to address a topic that keeps coming up: Las Vegas Short Sales and Foreclosures. I am hearing from people and seeing news reports that missed loan payments are on the rise. What does that mean for the housing market? What does this mean overall? First off, try not to panic. Second, there is GOOD NEWS! Most people that bought their homes within the past 5 years have nothing to worry about at this time. Unless you bought your home in the past year, most people in Las Vegas have equity in their homes and can sell now and make a nice profit. Demand for homes and a small inventory will help us get out of this Covid mess. This is not 2008.

Selling your home, cashing out your equity:

Instead of facing foreclosure due to a lost job, try selling your home or ask me to do a Comparative Market Analysis FREE OF CHARGE to see what your home is currently worth. You may have some equity in your home which means you can cash out now, find temporary housing until you get back to normal. Once you find a new job in the same field you were in, more than likely you can get a new home as long as your credit is still good. Remember, you will still need to qualify for a new home.

No equity, do I need to short sale my home?

If you are under water in your current home, you can short sale your home. This means that the lender is willing to allow you to sell your home under it’s current value. Example: when you bought your home for $400,000.00 1 year ago and let’s say you have lost money on it and it’s only worth $350,000.00 the “short” amount is $50,000.00. This short amount is considered a capitol gain and you may have tax consequences. Please seek a tax specialist or CPA to respond to that question.

In Nevada, you can be foreclosed upon after a NOD (Notice of Default) has been filed and you have missed several payments. Usually 3 missed payments will trigger the NOD to be filled. Those payments do not have to be in a row, they can be at any time.

In my experience of doing short sales since 2006, most servicers and banks will not foreclose on you right away. In the state of Nevada there is a 90 day “cool down period” once the servicer or bank files an NOD against your home. Then, they have to either try and auction the home or it reverts back to them as an REO (Real Estate Owned property). The entire process can take at least 6-8 months if not longer from the first missed payment. Keep in mind, each person’s situation is different and time frames can be different. This is the average time frame I have seen when I deal with Las Vegas Short Sales and Foreclosures.

Our Current Housing Market:

As of this post August 12, 2020, our Las Vegas real estate housing market is strong. We are in a sellers market. There is huge demand from buyers outside of Nevada. Invetory is very low with a 2.5 month supply of homes. (Nationwide we are seeing a massive housing inventory shortage.) A normal buyers market would be over 4 months of supply.

Interest rates are at an all time low which is also driving demand from current renters that are tired of renting and want the benefits of owning their own home. Interest rates should remain low until 2022 according to the FED. New home construction is also on the rise as well. Most home builders will quote you a 6-8 month build out from dirt for a new home. This time frame is based on a labor shortage.

Las Vegas Short Sales and Foreclosures are less than 3% of the market right now which is good news, proving our housing market is stable.

Experience Matters!

As a Las Vegas Short Sales and Foreclosure Specialist, I have shorted over $550,000,000.00 dollars since 2006. I have a 99% success rate in dealing with all of my short sales. I was one of the first Realtors here in Las Vegas to start doing short sales. I have also taught other Realtors in Las Vegas how to complete them and correctly manage them for their clients.

It is my job to make sure that you are getting the best resolution for your situation. In all of my cases, I make sure that you are no longer responsible for the outstanding debt and that you get a “Full Release Letter” from the bank of servicer making sure you can walk away and start over. Starting over with a clear plan of action is what I strive for with all of my clients. Call me today at: 702-768-2552 for more information on completing a short sale.

Be sure to check out my short sale page: https://lvrealty4sale.com/las-vegas-short-sales/

Las Vegas home prices continue to rise

Las Vegas home prices continue to rise according to The Las Vegas Association of Realtors and a Fox 5 Las Vegas news report. According to the article and the association, buying a home right now means paying at least $330,000.00 as the median sales price once again sets a new record. Last month, prices were around $315,000.00 as the median sales price. Now with higher demand, low interest rates and a shrinking inventory, buyers are paying top dollar. We are now in a full out sellers market.

Article link:

https://www.fox5vegas.com/news/local/southern-nevada-home-prices-remain-high-despite-coronavirus-pandemic/article_ed1ec174-d7e0-11ea-9279-f7de45c43f45.html?utm_source=FOX5%20Vegas&utm_medium=referral&utm_campaign=Breaking%20News

Current Inventory Levels:

Inventory levels have now dropped to a low 2.5 month supply for 2.5 million Clark County residents. The numbers are not good if you are in the market to buy a new home. I usually do not want to put addidtional pressure on my buyers but, if you find something you like, you need to act on it. Las Vegas home prices continue to rise due to demand. It’s really that simple. Will we see home prices double? I doubt that. I think at some point next year we may see things cool down some what. Demand from out of state buyers is fueling this craze. I am seeing a lot of California buyers and east coast buyers as well.

Active Inventory Numbers:

Currently, there are only 8,390 units of homes, town homes and condos for sale in Clark County. These numbers continue to get lower as demand over the summer time surges. Summer months are usually the most active in Las Vegas real estate. New home construction is also seeing a huge demand coming from buyers. The average wait time to build an new home from dirt is usually 6-8 months depending on the building and their work force. There is also a huge labor shortage right now in the construction industry in Las Vegas. All of these factors will come into play as demand continues to surge.

In closing, Las Vegas home prices continue to rise due to demand. If you are in the market to buy a new home or sell your current home to cash out your current equity, now is the time to call me. Let’s chat about the market and what your real estate goals are.

Taylor Morrison Savannah at Redpoint Summerlin Starts Construction

Taylor Morrison Savannah at Redpoint Summerlin Starts Construction-read below for more information.

Taylor Morrison Savannah at Redpoint Summerlin Starts Construction…Currently, there are 4 single story model homes that are being built. There will be 170 lots in this community. Pricing will start around $550,000.00 and go up to $650,000.00. These prices are for the base of models and do not include options and additional features. Pricing may change. Be sure to check out my Redpoint Summerlin page for more information:

https://lvrealty4sale.com/community/redpoint-summerlin-village/

Their website for Savannah can be found here:

https://www.taylormorrison.com/nv/las-vegas/las-vegas/savannah

Here is a video of the model homes that are currently under construction:

Square Footage:

Square footage will start around 1,900 all the way up to 2,500 square feet. 3 car garages will be included in some of the homes as well as a multi gen feature too. 3 and 4 bedrooms will be available in these homes.

Model Homes:

According to my sources, the model homes should be ready and open in fall 2020. More information will be passed on once I receive it. Right now, these are the first model homes to be in the stud phase of construction in Redpoint Summerlin. Several other builders will be breaking ground, or are under construction right now. By the end of the year, Redpoint Summerlin should be up and running with plenty of choices for home buyers.

The Area and the new village:

Redpoint Summerlin and Redpoint Square Summerlin are Summerlin’s 2 newest villages that make up Summerlin. Both communities will focus on town homes, and single family homes. A massive vareity will be on full display in these 2 new villages. The goal is to connect these 2 villages to the Summerlin Parkway and the 215 beltway. Close to Downtown Summerlin, casinos, restaurants, recreation areas and much more! This is going to be an amazing addition to Summerlin!

Incentives:

The builders represent themselves. They do not represent your best interests. As a full time Summerlin Realtor since 2004, my job is to represent your best interests. Contact me today and ask me about my $2,000.00 incentive if you use me as your Summerlin area Realtor. Right now I am offering this incentive on all homes priced above $350,000.00 in Summerlin. Call me today for more information-702-768-2552.

Redpoint Summerlin and Redpoint Square Summerlin

Redpoint Summerlin and Redpoint Square Summerlin are Summerlin’s two newest communities! Ground breaking has already begun on this massive new area of Summerlin. This area is right off of the 215 and Far Hills Ave. Close to Downtown Summerlin and great freeway access.

The Area:

Redpoint Summerlin and Redpoint Square Summerlin will have a combination of single family homes and town homes. The area is trying to attract home owners that want or need variety for their lifestyle. If you are looking for single story homes or town homes, these two villages will have it all! Future plans show that Desert Foothills will connect into the Summerlin Parkway. Other plans for the area include parks, trails and much more! Commerical development looks like it will be just north of Summerlin Parkway or inside of Redpoint Square. This is not confirmed as of the date of this blog.

Drive Tour of The Area:

The Builders:

Confirmed so far include:

KB Home will have “Ascent” townhomes from 1,448 square feet to 1,890 square feet. Models should be open in December 2020. Pricing has not be set at this time. This subdivision is across the street from the new Summerlin Command Police Station for LVMPD.

Woodside Homes will have “Obsidian” in Redpoint Square. This subdivision will have 2 story and 3 story homes starting from 1,357 to 1,854 square feet. There will be 5 floor plans to chose from. At this time there is no pricing available.

Woodside Homes will also have “Crystal Canyon” in Redpoint. Homes in this subdivision will be one story and two story. Square footage will be from 1,650 square feet all the way up to 2,400 square feet.

Woodside Homes Crystal Canyon Models are currently under construction:

Richmond American will have “Moro Bay” townhomes in Repoint Summerlin. Pricing starts in the low $300,000.00’s. You can pruchase their townhomes now. Square footage is around 1,500 square feet for both the Boston and Chicago Models. Delivery of the town homes is on track for December 2020.

Moro Bay Models are under construction:

Taylor Morrison (Formerly William Lyons) will be building an entire single story home community called “Savannah”. Square footage starts around 1,981 square feet and will go up to 2,574 square feet. Pricing and additional information is currently not available. Construction on the utilities as well as lot divisions are already under way.

Taylor Morrison’s Models are under construction:

Toll Brothers will have “Acadia Ridge” single story homes with a second level option. Square footage will start around 2,002 square feet up to 3,155 square feet. Pricing and other information has not been released yet.

Additional Information:

Lennar at some point will also have some type of community located in Redpoint Summerlin or Redpoint Square Summerlin. No additional information except a building permit has been seen in the area.

For more information about this community, please contact me anytime. As a Summerlin Realtor and resident, I am usually the first to know about new projects in the area. Call me today at: 702-768-2552 for more information and incentives.

Henderson, Nevada Voted Best City For First Time Home Buyers

Henderson, Nevada Voted Best City For First Time Home Buyers according to www.wallethub.com. The article takes in several different factors: Affordability, Quality of Life, and Overal Real Estate Market Conditions. The study is based on 300 U.S. Cities. Las Vegas came in 7th on this list and North Las Vegas came in 8th. The Las Vegas Valley continues to dominate real estate headlines.

Check out my Henderson real estate page here: https://lvrealty4sale.com/community/henderson-real-estate/

Best Places Chart:

Henderson, Nevada has seen massive growth in the past few years. Companies like FedEx, Google, The Raiders and The Vegas Golden Knights having offices and facilities in the city.

Costco and other retailers have also moved into the area creating more retail demand from residents in Henderson, Nevada.

In addition, demand for housing continues to help grow Henderson and The Las Vegas Valley. In recent months, the amount of California buyers I have as clients has gone up .

Henderson’s Growth and Potential:

As demand continues for Henderson, The City of Henderson has been planning things out for the future. The West Henderson Development Plan is pretty impressive and looks out towards 2050. The plan shows a huge growth and demand placed on the city. The Inspirda Henderson growth plan can be seen here: https://www.cityofhenderson.com/community-development/land-use-plans/west-henderson-land-use-plan-update.

As a result of huge demand, expect Henderson to continue to grow and prosper. Look for new reatilers, jobs, restaurants and much more! The Vegas Golden Knights now have an AHL team in Henderson. The Silver Knights are looking to build their own arena near The District. Once built, it will be a great attraction for the area.

In closing, Henderson, Nevada Voted Best City For First Time Home Buyers is an article based on numerous data and factors. Henderson is a place to check out if you are a first time home buyer, relocating from another state or area. Therefore, chosing a Realtor that has sold in Henderson is key to your real estate success. I have been selling and listing homes in Henderson since 2004. Call me today so that I can help you find your perfect Henderson Home.

Las Vegas Home Prices Set a New Record For June 2020

Las Vegas Home Prices Set a New Record For June 2020 coming in at $325,000.00 as the average sales price. This figure is acording to Tom Blanchard President of Las Vegas Realtors Association. Inventory remains very low at a 2 month supply of homes for a population of 2.5 million people here in Clark County.

Sales however have been cut in half due to Covid-19 but the real estate market in Las Vegas reamins strong. Demand for homes comes as interest rates remain at all time low levels. Buyers think that their buying power and affordability make it a strong case to buy a new home.

Pricing Up from June 2019

Prices compared this time from June 2019 indicate that overall prices are up 6.9%. With strong demand, and low inventory most homes being sold will be in a sellers market. This means sellers are getting to get top dollar for their homes or close to it.

Is now a time to sell or buy? That will depend on your specific needs for real estate here in Las Vegas.

Las Vegas Home Prices Set a New Record For June 2020 indicates that our market is strong, people are able to afford a new home. As the economy picks up, more demand will be seen here in Las Vegas for homes.

What Does This Mean For Buyers?

If you are on the fence waiting out the market to buy a new home, you may want to rethink this. Therefore, If demand continues to rise and supply continues to shrink, pricing will continue to go up. This will make it harder to find a home within your budget. If you can afford to buy a home and pay for it for the next 3 years, now is the time to buy. In addition to this, if you have job security now is the time to buy. If you are concerned about your job, do not buy.

What Does This Mean For Sellers?

If you have been waiting to sell your home, take advantage of the low inventory market. Now may be the time to sell your home. Getting top dollar for your home depends on demand and market conditions. If you need help selling your home, call me today. I can provide you with a free market analysis and show you how I can help you get top dollar for your home.

Check out the Fox 5 article here: https://www.fox5vegas.com/coronavirus/southern-nevada-home-prices-set-record-though-fewer-homes-sold-amid-pandemic/article_55fe5eba-c04f-11ea-a779-c749ef0c9ac3.html