Hot Summer, Hot Las Vegas Real Estate
The real estate market in Las Vegas is red hot according to the numbers on Zillow. The number of houses that are on the market seem to be going down and the prices seem to be going up according to Zillow and this is a good sign. In addition, there are almost 12% fewer homes for sale in our area this year in the middle price range tier of $200,000 to $300,000 range. All of this points to good signs for the Las Vegas real estate market for the summer months.
Buyer Tips for Summer Buying
According to Jillian Batchelor, a local realtor, “June is going to be incredibly hot, we’re expecting to sell about 3,500 homes in Las Vegas.” She stresses that buyers are going to want to be sure that they are pre-approved before they start looking, as there will be competition. They will most likely look at 10 to 15 houses in their search and make 3 to 5 offers before they have one accepted. “You are easily going to have to offer 95 percent of list price if the home is in good condition to upwards of 105 percent of list price and that’s not uncommon,” said Batchelor.
How to Sell Your Home in the Las Vegas Real Estate Market
This can be a great time to see, especially if you have a home that is in that medium priced tier of $200,000 to $300,000. At this level, you can expect to get multiple offers and more money in the long run. “When you get a multiple offer situation you can come up a minimum of $10,000 but really based on the sales price I would say the good rule of thumb is 2% to 5%,” said Batchelor.
She explains that one of the homes that she had for sale in this price range in one of her most competitive areas got seven offers in the first two weeks and it will most likely close right around the asking price and this is very common. It is common to see a lot of activity and competition, and you need to be ready to make an offer and come in strong.
According to Zillow, home values have risen almost 9% over the past value to a median value of $203,700 and there are 2.1% fewer homes for sale than a year ago. Lower inventory in combination with higher wage growth and lower mortgage rates are helping home values to rise. Entry level homes, however, are seeing an inventory shortage, so some buyers are finding it difficult to find a home they can afford.
All signs are pointing to good for the summer in the Las Vegas real estate market. This means good news for both buyers and sellers alike.