Making the Most of the 2016 Las Vegas Real Estate Market
Whether you are looking to buy or sell a home in Las Vegas, you can expect to deal with much the same market as we had in 2015. The only difference may be the increase in the number of houses that are for sale. The local valuations have been at a stable level over the last few months, but the inventory has been lower. Local professionals say that the valuations and the number of single family homes available are expected to increase in 2016.
The Las Vegas real estate market holds a lot of promise in 2016, if you know where to look!
Condo and Townhouse Market
The same is expected in the condo and townhouse market as well. This market may be one that most people do not pay as much attention to, but it has repercussions on the entire market. People who can’t afford a single family home have an option for ownership that will allow them to grow equity and then move up to a single family home in the future.
Foreclosures and Short Sales
Las Vegas is known for being one of the areas with the most underwater loans, but the attention on distressed property sales has eased somewhat. These homes only account for about 14 percent of the total sales and this is much less than the 50 percent level it was at during the economic downturn. Las Vegas has worked through most of the foreclosures and short sales, although there are still default notices being filed.
Making the Most of the Vegas Market
The key to making the most of the Las Vegas market is research. Whether you are buying or selling, you want to be sure that you understand the market and how to use it to your advantage. This means pricing, as well as timing for making offers and selling. While patience may not be your thing, you can really make a big difference in your selling or buying if you are willing to wait until you can get the best deal or price.
A real estate professional will be able to help you in your journey to selling or buying a home. They understand the market and know how to work WITH it to help you reach your goals.