I am getting a lot of questions from both buyers and sellers right now asking how the Las Vegas real estate market is and what the future holds?
It’s a hard thing to try and look into the future right now with all of the uncertain things going on right now in our country. Below is information and ideas about our current situation and Las Vegas Real Estate:
What I can tell you is this:
- Las Vegas real estate Inventory is at an all time low.
- Pricing has not fallen or dropped that much.
- Demand for homes from buyers still remains high.
- Our MLS shows 8,891 homes, condos and town homes are currently for sale as of 4/4/2020.
- A normal buyers market usually has over 12,000 units for sale, 8,891 is below that number.
- When people chose to stay in their homes and not pay their mortgages for 6 months or a year, inventory will still remain low and pricing may stay up if there is enough demand from buyers.
- The Federal Government and The State of Nevada have created programs to either waive house payments, stop the foreclosure process or ease up on new loans. All of this could make new loans hard to get.
- If these programs continue for a year or less, there is really no incentives for someone to sell their home even if they have equity or not. This could damage our housing market the longer the recovery takes.
Do you have job security right now? Can afford to buy a home? If inventory does not grow, your chances of home ownership remain low due to lack of inventory. If you are thinking of waiting until next year, what happens if there are fewer homes and pricing has gone up due to demand?
You are buying a home to live in. Homes are not going to make you rich unless you buy them for cash and have long term renters in place. A home should be looked at as a place you own.
There are also tax incentives for people that are using a loan to purchase their home. Ask your CPA about how you can write off interest payments on your loan. That could be a huge benefit for you every April.
Let’s have a conversation about this. We are a nation that seems to always fight and come back strong. I hope everyone stays safe and well. Call me anytime if you have any real estate questions.
I will be having weekly updates on our market. Check back here weekly at: www.lvrealty4sale.com