To much surprise, the COVID-19 pandemic has had a positive impact on the housing market. As families spent more time together in their homes, they realized the need for more space and accommodations. In June 2021 alone, home prices across the U.S. surged 24.8 percent year-over-year, according to Redfin.
If you’re looking to buy or sell a home in Las Vegas, you’re probably wondering how long the hot real estate market will last. Let’s explore some of the housing market predictions for the fall and whether or not we can expect another boom or crash.
A Seller’s Market Is Expected to Continue
Experts are predicting the second half of 2021 to be hard on buyers, just as it has been. There’s a shortfall in inventory and building materials are at all-time highs, so it’s causing homes to be at record highs with buyers competing with multiple bids. This has sellers feeling high and buyers feeling low.
Of course, most sellers are buyers too. They’re also working on upgrading, downsizing or relocating, so they’re facing the pressure as well. For this reason, some families are choosing to sell now for top dollar and then move in with family until the market tips in favor of the buyer.
Higher Mortgage Rates to be Expected
The 30-year fixed mortgage rate will likely rise in the second half of 2021. Fannie Mae and Freddie Mac predict that the rate will climb 20 basis points, while the National Association of Realtors says it will increase by 30 basis points. The Mortgage Bankers Association projects a higher increase of 50 basis points.
Interest rates are expected to climb because wages are growing, but experts are still expecting them to be low – under 4 percent. Not to mention, with the pandemic and uncertain economy, things keep taking one step forward, one step back, so we’re not moving ahead consistently.
Is Now the Best Time to Sell a Home in Las Vegas?
If you have an inherited property or vacant rental property in Las Vegas, now makes sense to sell your home. The Nevada housing market is in the midst of a boom and you can get top dollar for your property.
If it’s your primary residence, however, the decision is more difficult. While it’s a great time to sell, it’s hard for buyers. Working with an expert real estate agent will help, or you can choose to move in with family or rent while the market stabilizes.
Your other option is to sell your home for cash in Las Vegas. Here are the benefits to doing so:
- You can close on your home in just one week, allowing you to be an attractive buyer with no contingencies
- You’ll get an all-cash offer that can be used for a hefty down payment, making you a less risky buyer
- You don’t have to deal with any of the issues that come from selling a home – multiple bids, negotiations, inspections, appraisals, repairs, etc.
- You walk away with potentially more cash that can be used toward your new home as there are no commissions or fees, no closing costs and no repairs
The only way to know if selling your home for cash in Las Vegas is right for you is by contacting We Buy Any Vegas House! We’ll provide you with a free cash offer and you can then decide what is best for you!