This is the difference between buyer’s and seller’s markets.
Are we in a buyer’s market or a seller’s market?
A buyer’s market is generally defined as one with an overabundance of inventory, lack of demand, and depreciation. That means there are too many homes, not enough buyers, and prices are decreasing. Back in 2007, we were in a buyer’s market with 29,000 houses for sale in Las Vegas and Henderson. Conversely, in a seller’s market, we have a lack of inventory, pent-up demand, and appreciation.
We’re currently in an extreme seller’s market with 1,900 properties available. We’ve been receiving multiple offers on many of our listings and closing prices well above list price. Your home could be in a neutral market or a buyer's market based in it's price and location. For houses that are priced at $3 million and up, you may be in a buyer’s market depending on inventory and demand.
If you’d like a clearer picture of where your property stands, reach out to me via phone or email. I’d be glad to create a customized report about your home’s values and statistics.