The Las Vegas housing market continues to defy gravity, reaching new highs in August, and it all comes down to supply and demand.
Despite the COVID-19 pandemic and economic shutdown, home sales remain red hot, leading to some of the lowest inventory levels in recent memory.
According to Las Vegas Realtors, there were fewer than 4,700 homes without pending offers on the market at the beginning of September.
According to LVR President, Tom Blanchard, the available property is in such short demand, “if you see it, buy it immediately.”
Blanchard cites several reasons for the low inventory. First, new home construction slowed to a crawl during the great recession, but people haven’t stopped moving to the Las Vegas area. “There is a migration from the cities to more of a suburban area like this,” Blanchard said, “and we are a great value when you look at us across the United States.”
As for buyers and sellers, Blanchard says each has advantages right now. “If you’re a buyer and you’re qualified, and your realtor gives you some values on the property, and it’s priced correctly, buy it,” said Blanchard.
Buyers are also enjoying record low-interest rates.
“If you’re a seller,” he said, “you’re going to be able to get your house sold quickly.”
And, quite likely, at your asking price or better.
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