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Is This a Good Time to Sell Your Home in Las Vegas?

Teresa McCormick May 27, 2024

As 2024 progresses, the Las Vegas housing market showcases a robust environment for sellers. This period is marked by a combination of rising property values, strategic market timing, and favorable economic conditions. Today we are going to take a comprehensive look at why selling your home in Las Vegas now could be particularly advantageous.

Optimal Selling Season

The best time for selling properties in Las Vegas spans from March through June. This season aligns with increased buyer activity, fueled by favorable weather and the conclusion of the school year, which facilitates relocations. Properties listed during these months, especially in June, have historically fetched higher sale prices due to peak demand.

Market Dynamics and Inventory

The Las Vegas real estate market is currently experiencing a low inventory of homes, which has created a seller's market. With fewer homes available, there is increased competition among buyers, which can drive up sale prices and reduce the time homes stay on the market. This scarcity also means that homes listed now can stand out more easily, attracting more attention and potential bids 

Economic Forecast and Interest Rates

People are always regurgitating what they hear about the national housing market and equating it to the Las Vegas Market. Las Vegas is different from the majority of markets across the country. The economic outlook for Las Vegas remains strong, supported by a robust job market and the city's appeal as a top tourist destination. These factors contribute to a steady demand for housing. Additionally, interest rates are expected to drop in 2024, enhancing buyer affordability. This combination makes the current market particularly ripe for achieving favorable sale conditions 

Growth and Investment Potential

Las Vegas continues to attract significant interest from both residents and investors due to its dynamic economy and lifestyle offerings. The ongoing growth in population and the continuous influx of tourists bolster the demand for housing, making it a great time for homeowners to capitalize on their investments. Properties are moving quickly, with many going to pending status shortly after listing, reflecting the high demand and fast-paced market.

Sellers who need to buy another property

Common sense would have you thinking that waiting for the interest rates to lower is the best plan of action. But is it? For sellers who need to buy another property, entering the market before it heats up into bidding wars can offer significant advantages. Buying a home before competition peaks means potentially securing a property at a more favorable price and under less stressful conditions. And I get it. A lower interest rate reduces the lifetime cost of the loan and typically results in lower monthly mortgage payments. But, we have limited inventory here in Vegas and as soon as the interest rate drops you are going to see a significant amount  of buyers in the market place which in turn is going to drive the prices up. When we start having bidding wars, prices can exceed the home's appraised value, which complicates financing and may lead to higher out-of-pocket costs for buyers. Early entry into the market allows buyers to negotiate better terms and possibly include contingencies that protect their interests, such as inspections and financing approvals. Buyer were giving up most of those contingencies just to get a house, during the Covid years. Making a purchase before bidding wars start can also provide more options in choosing the right home without the pressure of having to act quickly to outbid other buyers. This strategic timing ensures a smoother transaction and could result in substantial financial savings, making it an optimal approach for those transitioning from selling to buying. The good news is there are a lot of lenders that are offering no lender cost refi’s.  You can refinance your mortgage later when rates fall, potentially reducing the long-term costs significantly. If you are selling your home to purchase a new home, higher initial down payment can mitigate the impact of high interest rates.

Conclusion

Selling your home in Las Vegas in 2024 offers numerous advantages. From optimal selling seasons and low inventory levels to favorable economic conditions and high buyer demand, all signs point to this being an excellent time to maximize your real estate investment. Homeowners considering the sale of their property should act promptly, leveraging these conditions for the best possible outcomes.

Every situation is different. If you are thinking about buying or selling, reach out to us. We'd love to help.

 


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