We are still low on inventory in Las Vegas and Henderson!!
With few homes available, sellers will be in a strong negotiating position!!
Sellers- If you are thinking of selling, this current market is very much a seller’s market. When inventory is scarce, buyers are forced to compete over the few homes for sale. Homes are selling faster, and there are still bidding wars that drive prices up well above asking price.
In 2015 limited inventory dominated the headlines in the Las Vegas real estate industry, and that trend is continuing into this year. We currently have a 3.9-month supply of homes, and a 6-month supply represents a balanced market. Additionally, new home construction has picked up and there are quite a few areas in Henderson, Southwest and North/Northwest that have new construction. In my opinion the builders are being a little greedy with their land and making very small lots unless you pay a lot premium. Resales are still better deals in most cases.
Mortgage rates are near all time lows, these interest rates present an excellent opportunity if you’re thinking of buying!!
Buyers- In February the average mortgage rate for a 30-year FRM was just 3.65%, according to Freddie Mac’s Mortgage Survey. Despite tough market conditions, the low interest rates will impact your lower mortgage payment. It will also be easier to get financing in 2016, Fannie Mae’s survey shows that lenders expect to ease mortgage credit standards for government loans, opening the door for more buyers to get financing. If you’re thinking of buying, act sooner rather than later. As the year goes on, affordability will continue to suffer. Home Prices are expected to increase around 4%-5% this year and mortgage rates are expected to rise to around 4.5%, the longer you wait to buy, the less home you will be able to afford.
Renters- Rent prices have skyrocketed and will continue to rise, so now is the time to get in the market and buy. It’s less to own than it is to rent! I can help you obtain financing and see if you qualify for down payment assistance programs.
Looking to buy or sell? Contact me today for information on our Las Vegas/Henderson market!