November 2015 Las Vegas Real Estate Market Update
As 2015 winds down we are excited to announce we had another GREAT year for investing in Las Vegas real estate. With the nation appreciating around 5% annually for 2015 Las Vegas is still one of the best places in the country to invest nearly doubling the national annual appreciation rate at 10% annual appreciation for Las Vegas for 2015.
Median Home Price, Inventory, and Buyer Demand
Our median home price is now $220,000 and inventory has risen slightly since this time last year. More interestingly the sales for this time last year are up compared to this time last year. This means that even with more homes hitting the market, buyer demand has also increased and these buyers are purchasing these properties at a faster rate than last year. Our market at this point is still balanced with inventory and demand. The days of the bidding wars are gone and buyers are now able to get better deals than in recent years.
Pricing Listings Correctly
If a home is in good condition and priced correctly it will still move quickly. The over priced listings sit on the market until they have enough price reductions to get the asking price down to where it should be. The problem with this type of thinking is that often times buyers see these overpriced homes sit on the market and with price reductions over and over. Buyers begin to think that there is something wrong with the property and that is why no one wants it. They begin to think that if no one else wants it they shouldn't want it either. This is called letting the listing go stale and it is very common in todays market. Once the listing has gone stale the home will often times sell for less than what it would have sold for if it was priced correctly from the beginning.
Preparing to Buy or Sell in the Holiday Season??? or Wait until January???
If you are looking to buy, the next few months will present great opportunities while buyer demand softens for the Holiday season. With less competition buyers often times have an advantage and can find motivated sellers that are willing to sell at a discount to get properties off of their books before year end or that need the money for the Holidays. I personally love to buy in the Holiday season and I have done so for the past 3 consecutive years, in fact I just got another new property in escrow on 11/3/2015 for my personal portfolio.
If you are looking to sell, the Holidays can also work in your favor if you are patient. Many seller's do not like to show their homes during the Holiday season so often times there is less inventory available for buyers to look at therefore lowering your selling competition. Once the Holidays are over and it is January, many sellers that were holding off until the new year will then place their homes on the market which will in turn increase your selling competition. My advice is list it now and be patient. You may find a buyer that loves your home and is willing to pay your asking price while the competition is low. This does not mean you have to accept low ball offers like the ones I submit around this time of year. Rather, hold firm to your list price (assuming you have it priced correctly) and if it doesn't sell then you will be ready for the new wave of after Holiday buyers in January.
The Adams Team at Rothwell Gornt Companies wants to represent you on your next real estate transaction and show you why we are "The hardest working real estate team in Las Vegas!"