If you're thinking about buying a home, you'll want to make sure you're actually committed to buying a home right now. What I mean by that is, you'll want to get pre-approved by a lender and be prepared to make an offer on a house the day you look at it. If you're not ready, most likely, the house will be off the market before you put in your offer. Due to the low inventory, houses are selling quickly, sometimes within hours of being listed. Houses are receiving multiple offers and without a pre-approval letter, chances are they won't consider your offer because they don't believe you're serious.
The Las Vegas market has been hovering around 2 months of inventory, which means if all the current listings were sold at the current rate, all of the homes would be gone within 2 months. A balanced market is typically 4-6 months.
This is good news if you are wanting to sell your home since they are in such high demand, so you should be able to sell it quickly if priced correctly. While not impossible for buyers, they will have to be on their A-game and ready to go when they find the perfect home. A positive for buyers is the market encourages homeowners to sell if they've been thinking about it, which gives a buyer more to look at, they just have to be ready to submit an offer.
The chart above shows only Single Family Homes for the last 6 months. The yellow/gold bars represent the "Active" listings meaning they are on the market and accepting offers. The purple bars represent the "Pending" listings, which means they haven't closed yet, but an offer has been accepted and they are in the process.
If you're thinking about buying, feel free to call either of us and we'd be happy to help you! We can put you in touch with our lender to get you pre-approved, but you are welcome to use any lender of your choice. If you're ready to get started now, you can complete the pre-approval form here. We provide free consultations to give you an overview of our process and what to expect. We set our expectations up front to provide the best experience possible.
If you're thinking about selling, feel free to call either of us and we'd be happy to help you! If you aren't sure, we can provide a comparable market analysis to give you an idea of our suggested list price. We offer a free consultation to explain our listing process. You can also click here to see everything that goes into listing your property.
If you have any real estate questions, you are also welcome to contact either of us. We love sharing our knowledge and insights to help you make the best decision!