By B.K. Delaney
The unemployment rate in Las Vegas has been on the decline for some time, while the job market continues to increase creating an overwhelming demand for housing and no question that the real estate market in this desert locale is red-hot.
But one question does remain. As inflation continues, it still a sellers’ market in Vegas or is the tide shifting to be a buyers’ advantage as more homes flood the market?
Some claim a strong sellers’ market with sellers’ getting a multitude of offers on their properties, as well as homes selling above their listing price, as buyers enter bidding wars for the home of their dreams. Inflation also has an affect with increasing home values and the competitive local market, makes for a good selling environment.
But inflation has its affect on both the selling aspects of real estate market, and the buying.
People who were thinking about previously waiting to sell are becoming increasingly concerned that they won’t be able to afford housing in the same price range they once could and are upping the ante and selling sooner than planned. Thus creating a shift in the market.
As the market is starting to stabilize, there have not only been more than a few price cuts in the housing listings but also almost double the amount of listings available. Good news to those looking to buy.
With supply chain issues and rising costs of building materials, new home constructions are decreasing and the market is seeing once hopeful home builders turn to home buying instead.
Experts say, home values are high and interest rates are still at a historic low in comparison, making this a good time to be a home buyer.
If you are looking for that special place to call home, don’t wait for inflation to continue, strike while the iron it hot, and be open to adjusting your expectations and pricing points to get that home you’ve always wanted.
Whether you are considering buying or selling your home in 2022, remember there’s no magic formula. While timing is important, it’s not everything.
Do Your Research
No matter if you want to sell your existing home or buy a new one, it is important to do your research.
If you are interested in buying, attend open inspections and take the time to find out more about the property you are interested in, don’t just take it at face value. Talk to multiple lenders to get the best rate possible and above all else review your budget to ensure it is the right time for you.
If you are a potential seller, research the area you live in to see what similar homes are selling for, what have they sold for in previous years, and how much equity do you have built up in your home now? Just because it may be a good time to sell, depending on your situation, it could be better to wait, especially if you will struggle to afford the next purchase.
Whether you are a potential buyer or a seller, by doing the necessary research you can limit or mitigate poor real estate decisions overall.