They say that sometimes things have to get worse before they get better. That’s what we’re seeing in the Las Vegas home market right now.
Available homes continue to decline and the number is at a historic low, with less than 5,700 single family homes, townhomes and condominiums in the Las Vegas, Henderson and North Las Vegas areas. Where are the rest of the homes? There are actually over 21,000 ‘on the market’ in Las Vegas, and 74% of these are UNDER CONTRACT! Once under contract, you can still submit an offer on a home, but the odds of actually buying it are slim because someone else is first in line. You’re a backup offer at that point, with zero guarantee of getting the home. Do you want to write offers on these properties? Probably not.
Unfortunately, the homes that are available are causing buyers to scramble, making offers sight unseen. Multiple offers is the norm, and I mean MULTIPLE – 20, 30, 40 offers PER HOME.
My advice to buyers is simple. Stop. Breathe. Think before you make that offer.
No one ever absolutely, 100% needs to buy a home right now, this minute. Yes, you want to buy one, and you want to buy a good one, and you want to beat out Mr. Smith and be the offer that is accepted. It’s called competition, and we all love competition.
And we want to win.
Buying a home in Las Vegas is not a competition. It’s a financial and family decision that needs to be thought through. Before you write that offer on that house, be sure it makes sense for you. Don’t allow current market conditions to make you compete, and possibly settle, for something that you may not really want.
Your real estate agent should be setting you up with searches for Las Vegas homes that meet your criteria. When they come on the market, you will need to move fast. But if you don’t get your offer in, and you don’t get that house, then be patient and try again.
There will always be more homes in Las Vegas to buy. Even though there aren’t that many right now, it will change, as it always does.
Visit my Keller Williams website to search for homes. You can call or email me for more information on the current market.