The Las Vegas Knights are winning. Las Vegas is home to the Super Bowl in 2024. Major League Baseball is coming too. Sharing a quick update on the real estate market below.
The market slowed starting last summer 2022. The slower pace nearly came to a stop at the end of 2022. Since the start of the new year reports highlighting home price stabilization, lower interest rates, increased loan applications and renewed builder confidence have been surfacing. At this time, distressed properties are at record lows and unemployment is at a 50 year low. Inflation is showing signs of cooling. The stock market is up. Vulnerable mismanaged and poorly regulated banks are falling down. Big strong banks are picking up depositors and market share. Sales are up month over month for the quarter. Buyer demand continues with 5 out of 8 buyers relocating here from California.
Buyer’s tastes and preferences are becoming more discerning. Turnkey move-in-ready homes are competed for with cash and finance buyers. Finance buyers are getting more prepared to expedite their timelines and cash buyers are waiving contingencies. Financed homebuyers have grown to accept the interest rate climate.
Inventory Availability, Quality & Condition;
I see buyers pulling back on the options they are given with the historically low inventory and that of relatively poor quality and condition. Days past are those whereby sellers could come on the market and simply wait for market conditions to carry them to the terms of an acceptable sale when condition was poor and price was high from the start.
From a buyer’s point of view;
Selling season is here. Buyers are coming and they will find themselves competing again for those excellently presented homes often landing on the seller’s listing price and at times above it with waived contingencies. The best homes don’t wait for buyers. The best buyers are ready to strike and take action on the best homes when they enter the market.
From a seller’s point of view;
If a seller’s property comes on the market with little to no effort in its presentation to the buyer community it will have trouble getting attention, offers and a closed escrow without adjusting the price. Seller’s choosing not to prepare their home for sale are paying the price with increased carrying costs, higher days on market, lower sales prices, more concessions and more headaches. Property owners selling in today’s market who are experiencing fewer headaches, shorter days on market and higher prices are undoubtedly working with experienced and wise REALTOR broker representation.
I can help you sell your home when the time comes. I am here when you need me. I am such a wise and experienced REALTOR broker, if I may say so myself! 😉
Hope this message finds you well.
Broker License #146172 NRED
The real estate market remains active. I’m in the field everyday previewing property, studying prices and reading the reports. Text, call or email any questions you have about the market, your home value and or what it means to sell or buy in today’s market. I have answers.
702.274.8872 Mobile Number
Jimmy Foster sells, buys and builds property representing—above all else—the best interest of his clients. He specializes in luxury residential real estate, raw undeveloped land and buyer representation. For more information please call or text Jimmy at 702.274.8872 or email him at jimmy(at)jimmyfoster(dotted)com