The Las Vegas housing market has seen a steady increase in prices, mainly due to cash investors. House inventories are down – nearly 24% when compared to last year – which means that there will be more offers on each house that goes up for sale. The increase is particularly apparent among the properties priced at over $120,000.
According to Realtors association President Kolleen Kelley, “There tends to be somewhat of a bidding war on nice properties. Investors are outbidding each other and not getting appraisals.”
This is great news if you are looking to sell your higher-end home, no matter what the job market may look like. It may also mean that you won’t have to settle for a short sale. You might just get your asking price, or more.
Southern Nevada, in particular, has been seeing increases in home prices steadily for six months. While they are still lower than last year, this slow but steady increase is a good trend. Foreclosure sales are dropping, as well – both in the hardest-hit areas of Nevada and the nation as a whole. This good news means that the market is starting to move in a better direction. (3)
A skilled realtor familiar with the local market is your best ally in this somewhat unpredictable market. If you are looking to sell or buy, make sure your realtor is someone who knows the area and who you can trust to do the footwork.