You’ve probably heard by now that Las Vegas is a seller’s market. At the time this article was published in March 2022, there was only one month of inventory on the market. To be considered a buyer’s market, there must be at least 6 months of inventory.
If you’re planning on selling your Las Vegas house in the near future, it’s important to get a pulse on the current market conditions. Let’s explore the differences between a buyer’s market and a seller’s market and what causes these markets to happen.
Las Vegas Buyer’s Market vs Seller’s Market
The type of housing market depends on supply and demand. In a buyer’s market, there are more properties on the market than there are buyers. This means less competition, lower house prices and the potential for more contingencies. Buyers know they have the upper hand and may squeeze more out of eager sellers.
On the flip side, a seller’s market occurs when there are more buyers than there are homes. Therefore, sellers are able to price their homes higher and forgo contingencies, as these make the buyer more risky. In a seller’s market, the seller usually receives multiple offers, and they compare them on a certain date and time and pick the best.
Why Do Housing Markets Fluctuate?
Housing markets fluctuate based on several factors:
- Job growth or decline in the area
- Number of new homes being built
- Demographic shifts – are there lots of young families buying homes?
- Increase in people moving to the area
Why Is Las Vegas a Seller’s Market?
While some areas may stay relatively the same, larger cities like Las Vegas are always in flux. Right now, Las Vegas is a seller’s market, and it has been this way for a while. There are more people looking for homes than there are people selling them. This is happening for a couple of reasons.
First, more people are moving to Las Vegas because it’s a great place to retire and raise a family. The cost of living is reasonable, there’s no state income tax and there are plenty of recreational activities nearby, such as the Grand Canyon, Bryce Canyon and Disneyland. Overall, Nevada offers a pretty good quality of life!
Second, interest rates are low, so many people are still house hunting. They can lock in low rates that will remain the same for the life of the loan, saving tens of thousands of dollars! Lastly, the pandemic has encouraged more people to move because they are spending more time at home. As things like remote work, online learning and telehealth remain, many families need a bigger space.
Whether it’s a buyer’s market or a seller’s market, We Buy Any Vegas House will buy your property for an attractive cash offer. We have no contingencies, no commissions or fees and no closing costs. It’s a quick and simple transaction between you and our home buyers. Contact us today for your free cash offer.