Buying or selling a home in Las Vegas is a big decision. One factor to consider is the current conditions in the Las Vegas housing market. The conditions of the market will dictate every aspect of your real estate transaction from the price of the home to how long it will take to sell.
Knowing whether you are in a buyer’s or seller’s market will allow you to make an informed decision as to whether to buy or sell at this time or wait until the market changes. Because the market fluctuates, it’s important to have updated information in 2023.
Below we explore the conditions of the Las Vegas housing market in 2023 and give you all the information you need to make your real estate transaction a success.
What’s a Buyer’s Market Versus a Seller’s Market in the Las Vegas Housing Market?
Understanding the difference between a buyer’s market and a seller’s market is crucial when buying or selling a home.
A buyer’s market has conditions that favor the homebuyer. This includes low demand and high supply of homes. Houses tend to sell more slowly and for more modest sums. Also, the homebuyer has the upper hand and is able to negotiate for a better price and terms.
A seller’s market, on the other hand, favors the home seller. This means that the demand for homes for sale is high, while the supply of homes is relatively low. Homes sell quickly and at higher prices than in a buyer’s market. In a seller’s market, it’s the home seller that has the upper hand in negotiations.
Is Las Vegas a Buyer’s Market or a Seller’s Market?
As of the end of 2022, Las Vegas was a neutral market. However, as we begin 2023, the market is beginning to trend towards a seller’s market.
What does this mean for you? A neutral market means just that – it neither favors the homebuyer over the home seller or vice versa. Both parties have an equal opportunity to get the best deal with great terms. Supply is adequate for the demand and homes sell in a typical amount of time.
In a neutral market, negotiation is key since neither party has the upper hand. An experienced realtor can help you negotiate for the deal and terms you want.
As the market moves to a seller’s market, expect the number of homes available for sale to dwindle and the price on these homes to increase. In a seller’s market, the homes tend to sell quickly so acting fast is key.
Regardless of the type of market, your friends at Your Home Sold Guaranteed - Couture Realty Team have the experience and knowledge to make your transaction a win.
Buying or Selling a House in Las Vegas
Whether you are buying or selling a house in the Las Vegas housing market, having an expert realtor by your side can save you time and money. With just a quick call to (702) 476-0060 you can begin the process of buying or selling your home with the best realtor team in Las Vegas. You can also get started by completing the form below for more information.
Don’t wait until the housing market fluctuates to conditions that will adversely affect your sale or purchase – get started with Your Home Sold Guaranteed - Couture Realty Team today.