With everything that is going on in the world right now, how is the Las Vegas real estate market? Great Question! Here is my response:
Right now Las Vegas Realtors Association MLS is reporting 8,981 units for sale. This means that there are 8,981 single family homes, town homes and condos for sale right now. With 2.5 million people in The Las Vegas Valley, that’s not a lot of properties for sale.
Is it a buyers market or is it a sellers market? That is a tough question to ask and respond to but here is my response. First, it depends on the home that you want and if the seller(s) really need to sell. If the home has been on the markert longer than 90 days, I think a buyer can get a good deal if the seller accepts the offer. If a home is brand new on the market, the seller(s) may want to wait things out and see if our national economy picks up.
Right now the good news is that pricing has not come down a lot due to the virus and job loss situation. If people are able to stay in their homes due to a forbearance situation with their servicer or lender, then the housing shortage in Las Vegas will continue.
The best advice I can give to a buyer(s) is this: If you have job security right now and if you know that financially you can survive, then it’s a good time to be a buyer. If you can stay in your new home, pay your mortgage for the next 4-5 years then YES it’s a good time to be abuyer. If your job is on the line, please do not consider buying a home right now. Wait things out.
Call me anytime at: 702-768-2552 with your questions and be sure to check out my blog page for other sources of information!