The Las Vegas Real Estate market has had a lot of ups and downs in the recent past. We were number one for foreclosures and short sales but now we are number one for the hottest real estate market to look forward to this year!
The economy is up and people are working again, so they are ready to spend money. 2017 was the 3rd best year for real estate sales in Las Vegas and it is predicted that this year will be even better.
The one thing to look at though is that supply is limited but demand is high. What this means, especially for first time buyers, you might have to put offers on several homes before you get the one you want. Bidding wars could be the norm and there will be competition. In order to be prepared for this kind of situation, make sure you have an experienced agent. They will be able to give you sound advice and help you negotiate deals that you might have a hard time knowing what to do.
Another thing to do it make sure you have your preapproval letter. Real estate agents and mortgage lenders that have worked together in the past are a great team to look for. They can get you the paperwork you need and move the process around quickly so you’re prepared to put in an offer when the situation presents itself. When a seller sees you are already approved and ready with an offer, they can look in your favor.
This is also great news for sellers! It is definitely a sellers market so if you’ve been thinking about listing your home, now it a great time. Again, make sure you have a great real estate agent on your side that can help sell your home at a competitive price to the right buyer.
People may be worried that we are heading into another housing bubble because of rising home prices. We are optimistic we have seen the worst of it. Things are just getting better and Las Vegas is a great place to live!
If you’re ready to get started on your real estate journey, please contact us at America’s Choice Realty to find the realtor that is right for you. (702) 685-6531