There are statistics showing a slight increase in sale price over past few months. This is due to the lack of inventory. People have been waiting patiently for the market to improve before they sell their home but people may be misled into waiting longer and longer. The lack of willingness to sell or the lack of ability due to underwater mortgages is tipping the market into a short term sellers market. Anyone who needs to sell in the next 12 months should be considering doing so as soon as possible to take advantage of the lack of inventory. We have seen some property get as many as 10 offers the first week on the market because there is such a small number of houses for sale in the city and surrounding areas.
The circumstances are not likely to lead to a sustained increase in home prices in Las Vegas, however. What is driving prices up now is the fact that so many people are on the sidelines waiting for market improvement before they list their home for sale. There is not enough selection for all the available buyers.
Cash offers and offers above list price made by people who lost out on other homes due to higher bids, have added upward pressure prices. This window, that could help sellers get their home sold quickly at a slightly higher price, will likely close as soon as home owners see a price gain. As more and more homes hit the market while their owners hope to capitalize on the price trend, the market will soften again as supply begins to exceed demand. The result will again be more stagnating prices.
We will continue to see large numbers of short sales in Las Vegas and we will continue to see high volumes of bank owned homes being sold. The people that need to sell in the next 12 months should be actively considering getting a head start on the process and take advantage of this window that may lead to a faster and more lucrative sale.
Chris LaHaie Realtor
List with Chris Prudential Americana Group, Las Vegas, NV email@example.com