Good News for Season’s Real Estate Market
Spring is set to be a great season for real estate!
Spring is bringing warmer temperatures, but that is not all that it is bringing for the Las Vegas area. Signs are pointing to a warmer sales record for existing home sales as well. The numbers are in and Las Vegas’ used home market has both rising prices and sales over the last month. This is a great sign of a healthier real estate market in general and a good season for buyers and sellers who are wanting a piece of the market.
Breaking Existing Home Sales Down
In April the median sales price of single family homes in the Southern Nevada area was $212,568, which is up 10.7 percent from last year and 3.7 percent from March. The number of homes sold last month was 2,753, which is up 5.3 over April 2014 and 1.7 percent from March. These numbers are according to the Greater Las Vegas Association of Realtors and show that buyers are having more faith in the real estate market.
Homes on the market without an offer saw an increase in April at 7,296, which is up .5 percent from March of this year and 13.6 percent from this period a year ago. Unfortunately, these numbers are due to many reasons, including over pricing and the decrease in the number of investors in the market. Ignored home listings, including these, are not good for the market, as they bring the numbers down and cause realistic expectations from homeowners.
What Can I Do?
As a seller, you want to make sure that your home is priced realistically. There are buyers out there, but they are not going to fall for a price that is not supported by the market and lenders will not lend on homes that are overpriced. While your home may have been worth the price you are asking before the housing market downturn, housing prices have adjusted according to the market and they are not worth as much as they were even 10 years ago.
As a buyer, you have to be willing to sift through the homes that are available and find the one that will fit your needs, as well as your budget. Your credit will be scrutinized more than in the past and you want to be sure that you are getting into a home which has a value that is not overinflated and that you can afford today and in the future.
Whether you are a buyer or seller, the good news is that homes are moving in the market. As long as they are priced correctly and in line with the market, then they get attention. Otherwise, they will languish on the market. A buyer just has to use a little more patience and scrutinize the offerings to be sure that they are getting what they are paying for. It should be a great year for Las Vegas real estate and for the people who live there.