What’s Happening With Las Vegas Prices?

Going over the possibilities of where prices could end up this year.

What's going on with Las Vegas real estate prices this summer? Are they going to crash? Today we’ll talk about what I think will happen to prices.

1. List price versus sales price. List prices are coming down, not sales prices. When the media talks about prices, they mean list prices. Sales prices are actually still going up.

2. Condition matters again. Last year, any house could come on the market at a higher price than previous sales, no matter the condition. Buyers are now looking for top-quality before they offer the best price.

3. Fair market value matters again. Buyers want houses to appraise because they don't want to overpay. The price appreciation we've seen recently has caused buyers to slow down.

"There will likely be points in the market with more price flexibility and opportunity."

What does this all mean for you? Sellers who are in a must-sell situation will have to be a lot more flexible on price. More flexible sellers and lower prices mean that some buyers will get great deals. However, what happens if this big price crash that some are predicting doesn't happen? Rates coming down will cause prices to rise again, and it could push some buyers on hold back into buy mode.

For the next few months, there will likely be points in the market with more price flexibility and opportunity. We can help you find them. If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.