At the beginning of the year there was a burst of home sales before the lock down. Then many real estate agents and home sellers across the country that panicked when the Covid-10 pandemic lock down occurred. Throughout this however, in the Las Vegas and Henderson Nevada real estate market, home inventory was at an all-time low which kept home prices higher then average. The median price of last month’s sales was $315,000, up 1.6 percent from April and 5 percent year-over-year.
It is understandable that sales were down in May. We were not allowed to conduct open houses. We could show homes while following safety procedures, however some resident homeowners were concerned about having people in their homes and some homes were temporally delisted. Also, unemployment was at an all-time high which effected mortgage income requirements.
Now for the good news. People are getting back to work. People are moving here in droves, especially from California. More people will be working from home. Interest rates are low. And housing prices are steadily rising.
If you are thinking about listing your home, due to low inventory and steady pricing, now is a great time to buy. Home buyers can’t sit around hoping for price reductions and they want to take advantage of the low interest rates. Now is the time to sell.
If you are a buyer, prices are rising and all indicators show mortgage rates are going to start rising with our rebounding economy.
Las Vegas and Henderson are hot markets and I would like to help you take advantage of this whether you want to buy or sell a home. Please reach out to me for more information.