Greater Las Vegas Home Prices Dip

This is a good time to buy a property in Las Vegas as local home prices dipped last October according to the Greater Las Vegas Association of Realtors. There are more homes in the market and fewer buyers as opposed to the previous year.

There are more houses for sale in the market compared to last year

GLVAR President Chris Bishop said that the market has changed. Inventory levels are up. The condo market prices, however, have gone up again. Affordability is a major issue in Southern Nevada.

There’s a problem in finding entry-level homes that is why the prices of the condos are going up. A challenge of the members is marketing the homes for a longer time.

In January, there were 3,800 homes and by this time, it has increased by 3,000 homes totaling to 6,000 to 7,000 homes. For traditional homes, it should be 10,000 to 12,000. It’s still considered as a seller’s market.

The important thing for the agency is to be still aggressive in finding people who want to sell their homes. There are issues with appraisals because homes are overpriced. There are financing issues too. It’s the skill of the realtor that gets to help the clients with the process.

The number of inventory increases in January. Buyers would want to show the home in December because it’s the perfect time to showcase their property to family and friends when they are present for the holidays. Agents take a leave in November and December because they think that it’s a off-season for selling homes. It’s actually not. Hard work during the last months of the year will lead to great 1st quarter results.

Las Vegas homeowners are selling their houses to upgrade, downsize or relocate

As of now, GLVAR’s President Chris Bishop is getting ready for Janet Carpenter’s installation as the new president. The two of them spent a lot of time together in the board. One of the things the organization has done is that the decision syndicate is now in the hands of the broker. The decision should be in the business practice of the broker. This is to give the brokers more power, knowledge, and ability to do what they do best, which is to sell homes.