The real estate market here in the Las Vegas area has truly become a seller's market. What is a sellers market? A sellers market is a period in which the home seller is in the drivers seat in the selling process. That means the seller does not have to make many concessions to a buyer in order to sell his or her property. What does this mean for the buyer:
1) Multiple Offers - more offers on a single home means you are less likely to get that house.
2) Higher Prices - Over the past 30 Days, homes in Las Vegas have sold for an average of 12% over the listed price.
3) Less from Sellers - In most cases the buyers have to pay their own closing costs and the sellers are less likely to do any repairs you request. The seller's though is you, the buyer, are just lucky to get the home.
The good news is that with prices going up, many home owners are no longer under water and we are seeing fewer short sales and more "traditional" sales. Traditional meaning the seller actually makes money on the sale of the home. One thing is always constant and that is the real estate market is always changing, it never stays the same even day to day.
For more information if you are planning on buying or selling, contact me directly at 702.286.3434 or for the latest local real estate market conditions, follow me on Twitter @lvhomesbymike.
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