It has been a seller’s market for quite some time in Nevada due to low housing inventory, low interest rates and lots of buyer competition. But things are quickly taking a turn, shifting the Nevada housing market toward buyers.
According to Nevada Current, the housing market is turning buyer-friendly. In March 2022, there were 2,000 homes for sale in Southern Nevada on the MLS. In June, there were 4,500 homes for sale, many of which had already undergone price cuts.
The median price of a single-family home set a new record in May at $482,000, up 25.2 percent from a year ago. But from May to March, escrow openings fell by 50 percent. The slowdown in sales and increase in housing inventory are signs that the market is starting to calm down.
If you’re planning to sell your house in Nevada, you may be working with a buyer’s market. Here’s a refresher on what you need to know.
What Is a Buyer’s Market?
A buyer’s market refers to a situation where buyers have an advantage over sellers. This happens because of an increase in supply, a decrease in demand, or both. A buyer’s market is the opposite of a seller’s market, which is where sellers have the advantage due to low inventory and high demand.
What Are the Characteristics of a Buyer’s Market?
In a real estate buyer’s market, houses tend to sit for longer before receiving an offer. They also tend to sell for less because there are no bidding wars or competition to drive up the price.
Buyers also have more room to ask for repairs, updates and credits in a buyer’s market. If you only have one offer and the buyers are asking for a credit to replace the carpeting, you may have no choice but to oblige.
How Can You Tell What Market You’re In?
To determine if you’ll be selling your Nevada house in a buyer’s market, look for these clues:
- Increased number of ‘for sale’ signs and homes listed for sale
- Properties selling for below original listing price, often with multiple price cuts
- Rising inventory levels and increasing days on market
- Population growth and job growth are trending downward
- Sellers are offering extra incentives, such as help with closing costs
Tips for Selling a House in a Buyer’s Market
If you expect to sell your house in a buyer’s market, you’ll need to be prepared for a tough market. Have your house inspected and make the necessary repairs and updates. Buyers always prefer move-in ready homes.
Utilize online marketing, but make sure your listing includes professional photos, a detailed description and a video tour. Most importantly, price your house competitively and be prepared to offer buyer incentives, such as add-ons, help with closing costs or credits to make repairs.
Sell Your House for Cash – in ANY Market!
If your Nevada house needs a lot of work, you may not be prepared to list it in a buyer’s market. Instead, consider selling your house for cash. We Buy Any Vegas House pays cash for properties in as-is condition. Because we use our own money, we cut out any third parties. There are no inspections, appraisals or realtors, and we take the house in its current condition.
Rather than taking the time and money to sell your house in a buyer’s market, consider an all-cash sale. Contact We Buy Any Vegas House for a free cash offer.