Just when you think things in Las Vegas Real Estate can’t get any craizer, you see this happening…. February Home Prices in Las Vegas Set a New Record. Inventory contiunes to remain low and demand continues to remain higher than expected for this time of year.
The average sales price here in Las Vegas grew to $355,000.00. Inventory numbers continued to see a record down fall. 1,677 homes remained on the marker without an offer in February. 2,767 homes sold in the month of February. This number was up 2.9% from the 12.3% seen in January. Currently, we are dealing with a 14 day supply of homes for a population of 2.5 million.
Redpoint Summerlin In this crazy market, I am seeing people willing to pay over list price. I personally think that is a horrible idea and it’s setting up a buyer for failure. In my 17 year career as a full time Realtor here in Las Vegas, I have never had a client over pay a homes value just to get a home. Do you go to a car dealer and tell the salesperson that you will give them $20,000.00 above the MSRP? No, you do not. So, why is it ok to do that with a home? In this market, there are not the kinds of deals we have seen in years past. The seller(s) have all of the control as to how they will accept or reject your offer. Count on being in a multiple offer situation. See my thoughts below as to how you can get the advantage in this market without over paying for a home…
If you are a cash buyer, you have a decent advantage against someone that will finance their home purchase. If you are like most buyers out there, you are financing. Here are some simple steps to getting the home of you dreams without over paying the listed price:
Also talk to your Realtor. Explain your financial situation, talk about the future and your future financial needs. Planning all of this out to make a successful home purchase starts by explaining all aspects of this market. Call me today for a free consultation. 702-768-2552.