Your Q4 Las Vegas Market Update
As we near the end of 2018, we’re shifting into a more balanced market. This is good news for both buyers and sellers.
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What’s the latest news from our fourth quarter Las Vegas market?
With interest rates rising and the holiday season in full swing, activity has slowed down recently. There’s no need to panic, though—we’re still seeing a lot of sales. Although conditions still slightly favor sellers, we’re moving toward more of a balanced market.
This is good news if you’re a buyer. You have more homes to choose from and more negotiating power. Not only that, but more and more homes (especially in the lower price ranges) are staying on the market for longer periods of time.
If you’re a seller, there are still plenty of buyers out there looking to buy homes, but now, you need to be more mindful of how comparable homes relate to your property and price yours accordingly.
Although rates are rising, I’ve heard recent news that indicates that the Federal Reserve may not raise them as aggressively in the near future as they have been.
Overall, this shift into a balanced market is good for buyers and sellers, and our local economy remains very strong. Even with all the factors I just mentioned, we expect prices to continue to rise here in Las Vegas into next year—just not as quickly as they have been.
If you have any other questions about our Las Vegas market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to speak to you.