The time of the year in which you purchase your home in Las Vegas can affect the sales price, meaning certain times of the year are better for buyers than others. Home buyers might be surprised by how much of an impact it can have on prices and formulating a plan, with the help of a good real estate agent, can ensure you buy your home at just the right time.
The time of the year can also help determine how many homes are on the market for you to choose from. A direct relationship exists between sales prices and the number of houses on the market, so a buyer can expect to see less houses on the market when prices are low. If price is most important to you, this is the time to shop. If selection is more important, wait until prices rise a little, so more homes are on the market.
In Nevada, the median sales price of homes can fluctuate by $27,000 based on the month. The real estate market in Las Vegas is booming right now, and while it’s more of a sellers’ market, an experienced realtor can help navigate it so you can get the best home for your money.
Most of the country sees an increase in home prices in the spring, but the hot spring and summer weather in Las Vegas pushes it back to fall when temperatures are cooler and make house hunting more comfortable. When the leaves fall, Las Vegas sees its peak real estate season.
In January, house prices average around $267,000 in January, but this raises to $294,000 in September. To get the best deal, purchase early in the year, but if you want the most options to choose from, purchasing in September should be your goal. Median sales prices for the seasons are as follows: winter $275,000, spring $282,667, summer $289,667, and fall $294,000.
Right now, the housing market in Las Vegas is on fire. The demand for housing is high, and the number of homes is tight. This makes it a seller’s market, and the limited number of houses for sale is definitely a con at this point. A good realtor can help navigate the market, making it much easier to find the perfect place.
Houses are appreciating at a much higher rate than expected. It is currently estimated that home prices will rise 4.5 percent in the next 12 months. Real estate appreciation rates being high is both a pro and a con for a buyer. With the number of homes being limited, prices will continue to rise as the buyer looks for their new home, but again, a good real estate agent can help in this matter.
Fall 2020 could be the perfect time to sell your new home. Interest rates are at an all-time low right now, another huge pro on the side of buying. A lower interest rate means more house for the money, as the monthly payments will be lower. Buyers will also be able to write off the interest on their taxes, benefiting them for years to come. The economy in Las Vegas is also improving, as unemployment has dropped from 30 percent in April to 13.2 percent in September. Top Tier Realty is a great place to start for all of your home buying and selling needs.