As a listing real estate agent having sold over 800 homes since 1998, I don’t need statistics to show me we are in a strong seller’s market in the Las Vegas Valley. As of late, many of my listings have gone under contract within 3 days of going live in the MLS. Granted this is do in part to the strategic marketing we do for our new real estate listings, however other agents in our brokerage are seeing the same trend.
We are getting a higher than average number of inquiries from people who want to move here from California. Also mortgage rates are as low as they have ever been. Even though Covid has but a lot of people out of work in the valley, companies and residents from other states are moving here.
Buoyed by low borrowing costs, “a wave of eager would-be homebuyers poured into the market” around the U.S. in November, “further stoking the competition for homes that has been red-hot since the late spring,” Matthew Speakman, economist with listing site Zillow, said in a statement.
Locally, the housing market ended 2020 with a surge of sales. Buyers picked up more than 3,300 single-family homes on the resale market last month, up 26.7 percent from December 2019, trade association Las Vegas Realtors reported.
Nationally, Sales of newly built homes rose in December to a seasonally-adjusted annual rate of 842,000 in December, the Census Bureau reported Thursday. That represents around a 15 percent increase compared with a year ago. It is 1.6 percent above the downwardly-revised pace of 829,000 in November. Economists polled by Econoday had forecast home sales rising t0 an annual pace. of 875,000.
New home construction in the Vegas Valley has risen at an even greater rate and plots are selling out quickly because we are at the lowest inventory of existing homes for sale that I can ever remember.
If you are a buyer, now is the time. Rates are at an all-time low and sellers are eager to sell in this market. However this is a sellers market with the low inventory, and if you are interested in putting your home are the market, my 23 years of experience and my aggressive marketing system will move your home quickly.