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The last several years after the housing crash were tough for home owners looking to sell their property in Las Vegas. Distressed properties put downward pressure on values and inventory ballooned, compounding the problem. The once sizzling Vegas real estate market shifted heavily in favor buyers, while sellers scrambled to compete with short sales and bank owned homes. Buyers suddenly had the luxury to be picky and lowball offers were a common occurrence.
As most of us are well aware, those days are long gone. The market shifted, sending inventory to record lows and putting once frustrated sellers in the driver's seat. While that cycle is now starting to show signs of a slow down, sellers still hold the upper hand as I write this, primarily because of low inventory.
Homes in Las Vegas and Henderson that are priced to reflect current market trends (in other words based on recent sales inside of the previous six months) sell briskly and often at full price.
Believe it or not, some buyers entering the market may be under the impression that we’re still in a rut and may also have a lax attitude in regards to taking action or making an offer. In fact I hear this quite often when I tell people I work in the real estate industry. “Wow, I wouldn't want your job right now! The market stinks.” Nothing could be further from the truth, yet misconceptions often linger.
Ironically by the time public sentiment has shifted, what they understand as the truth, has already changed yet again. That's why it's so important to work with a local Realtor who is in tune with market data and where we are headed.
If you are looking to buy a home in southern Nevada, my advice is to have all your ducks lined up and ready to go. While it may appear self-serving to warn clients not to drag their feet, it is valuable advice given the current market conditions.
A few months ago I showed a client four properties that met her criteria perfectly. One home in particular was beautiful and she agreed, taking many pictures. However she needed time to think about them, which is understandable. I warned her that at least one would be gone by midweek. Days later three of the homes were under contract and the fourth one was crossed off our list, since it was grossly overpriced based on comparable sales. This even surprised me and as you might imagine, she was very disappointed.
Likewise I advise my clients that lowball offers will go nowhere these days. In fact if the home is priced correctly I’d recommend offering as close to list price as possible. Low offers are simply unrealistic right now, even if you're a cash buyer.
Demand is still strong here in Las Vegas and inventory remains low, which means serious buyers need apply only.
