We continue to live in uncertain times and yet soldier on in the midst of changing social norms. While the lockdown stopped us from selling our house, loosening restrictions in certain areas of the country have become an opportune moment to put homes on the market again.
While the Las Vegas real estate market, like all other markets, has changed, it has carried on and adapted to altered circumstances. For everyone’s safety, you may have to change up the things to do before selling a house. As a real estate expert in the Las Vegas area, I’d like to assure you that it’s still the right time to sell your home right now. Allow me, Loralee, to list six reasons to sell your house now.
- Strong buyer demandThere was a lull in home selling during the early days of the lockdown. While there are still uncertainties today, buyers and sellers have become even more eager to make up for the lost time.
For buyers, it means taking advantage of the historically low mortgage rates. For sellers, it’s riding the wave of increased real estate prices in Las Vegas. Median home prices have soared to an all-time high of $330,000, Las Vegas Realtors reported.
- Less competition
There are fewer homes listed on the market because many homeowners have opted to postpone or pull their listings. Despite the situation, buyers are still determined to find their new homes, and right now, it’s a seller’s market. Take advantage of this situation by beating a timid homebuyer to the punch.
- It’s a seller’s market
Home inventory remains low, as reported by the National Association of Realtors® (NAR). There was already an insufficient supply in 2019, and the pandemic intensified the shortage. The housing inventory this June showed that it was 27% lower compared to last year.
Homes for sale are also at a “generational low” because people live in homes longer than they used to. NAR data show that Americans now remain in their homes an average of 13 years before they decide to upsize, downsize, or relocate.
There are also fewer distressed sales listed on the market, which eroded inventory. This situation can be attributed to the government’s stimulus support, such as unemployment benefits, and market forbearance.
With low inventory, market conditions are rife for a bidding war. Thus, if you choose to sell your house in Las Vegas, you could find yourself fielding multiple offers and end up selling your house for far more than your original asking price.
- The economy has shown signs of recovery
The pandemic resulted in record-high unemployment rates last March. However, numbers have staved off since then, which could indicate that the jobless are being hired or re-hired. While overall COVID-19 infection rates are on the decline, sporadic surges have not significantly dampened the employment outlook. Data from May to June show that the economy is slowly recovering and businesses are now adding jobs.
- Homebuyer needs are changing
Several companies have allowed their employees to continue working remotely, even if social restrictions have eased. This means that temporary arrangements have become permanent. And a temporary home office that needs to become permanent may require more than what the current home can provide. Thus, buyers are on the lookout for homes that can accommodate their changed needs. A dedicated home office, for example, or one that can be repurposed from bonus rooms, basements, guest rooms, or a library. And for cooped-up kids, enough yard space to run around in and shake off their cabin fever.
- Agents committed to serving you
Real estate services are considered part of essential businesses by the federal government. If you need a Realtor in Las Vegas that can give you sound home selling advice, I’ll be happy to bring my nearly 20-year professional real estate experience to help you at this time.
As a real estate expert in the Las Vegas area, I, Loralee, can provide you with helpful insights about the area, and can show you why Las Vegas living is truly something to be desired.
I have closed over 1,300 homes with buyers and sellers. I specialize in listing homes plus new and resale home purchases. I’ve also reaped my share of awards, including being the #1 Military Relocation Specialist in Southern Nevada.