HOW'S THE MARKET? SHOULD YOU BUY NOW?

  Welcome to the Las Vegas Market Watch which is all about Las Vegas.  This is  your gateway to exclusive insights into our market. You will find expert perspectives in the world of this dynamic city of Las Vegas. 

The chart above forecasts that owning real estate shall continue to be a good investment.

With all of this data, remember it's a good time to buy as real estate is forecasted to continue to increase in value.

Here are 3 decisions to consider when you start your journey. 

BUYER DECISIONS:

Here is help for you if you are in the market to purchase a home.  You will need to understand what you can afford, where you want to buy, and is it the right time to buy.  Information really shines when it comes to buyer strategy:

  When To Buy

  How Fast To Move

  And How Much To Offer

WHEN TO BUY.

The first step is to evaluate where you are in the annual cycle.

We can pull up the three-year median price chart and look at the rhythm of the market.  What we know is that Las Vegas isn’t as seasonal sensitive as other parts of the country.

When prices and competition are higher, like when interest rates go down, you may pay a premium or having to make multiple offers.

Also, we will look at median list price, price reductions and DOM in your location.

If prices are dropping and DOM is moving up, for example, now might be a good time to buy. 

HOW FAST TO MOVE.

We will keep an eye on the Days On Market (DOM) in your price range and/or location.

This will let us understand how fast you may need to move once you are ready to make an offer.

If it’s the peak buying season and properties are moving quickly, we need to move fast.

If DOM is flat or increasing, we may have some breathing room.

We can also look at the new listing vs. absorbed count to understand the velocity of the market and gauge demand. 

HOW MUCH TO OFFER.

 The new listing vs. absorbed count is also a helpful stat for when you’re pricing the offer.

If the absorbed number is more than the new listings, there’s a lot of demand, then you will have to offer a little bit more.

We can use my charts to negotiate, particularly if you want to come in with a lower offer.

With data in hand, we will be able to show the seller and listing agent exactly how you came to the price you did, based on real market data. Helps you avoid hurting the seller’s feelings too!

By educating you, the buyer, on the rhythm of the market and what to expect given the current market dynamics, you’ll be set up to make the right offer at the right time, and move quickly and decisively when needed.

PLEASE CONTACT ME WITH ANY QUESTIONS CLICK HERE TO CONTACT ME

CLICK HERE TO CHECK OUT ALL THE HOMES AVAILABLE NOW IN THE GREATER LAS VEGAS AREA.

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GLOSSARY OF TERMS AND ABBREVIATIONS

Median List Price is highly correlated with eventual sales price and a leading indicator of home values. ​

Median Price of New Listings is an early indicator of home values trending forward. ​

Inventory count indicates the number of homes for sale and can provide early indicators of sellers returning to the market. ​

Median/Average Days on Market (DOM) measures transaction velocity and can indicate market strength or softness.

Market Action Index (MAI) provides a snapshot of supply and demand and overall market competitiveness. ​

SOURCES

https://www.goldmansachs.com/intelligence/pages/us-home-prices-forecast-to-climb-as-mortgage-rates-fall-in-2024.html

https://img03.en25.com/Web/MortgageBankersAssociation/%7B3a3cfcd7-a920-4329-8953-167a89666546%7D_Mortgage_Finance_Forecast_Apr_2024.pdf

https://www.zillow.com/research/home-value-sales-forecast-33822/

https://www.fanniemae.com/media/50986/display

https://www.freddiemac.com/research/forecast/20240418-economic-growth-moderated-labor-market-robust

https://pulsenomics.com/surveys/