Market Is Prime For Sellers And Great For Buyers

Market Is Prime For Sellers And Great For Buyers

It's always hard to know when and if it is right for you to sell your home. To give you a good idea, here is what it looks like to sell your home during this pandemic. Right now the market is a seller's market. A sellers market is a market condition characterized by a shortage of goods available for sale, resulting in pricing power for the seller. A seller's market is a term commonly applied to the property market when low supply meets high demand. To give you a good idea last year at this time there were 8,000 homes available and on the market, this year there are about 5,200. “With demand for homes up and inventory down, the conditions are perfect for home sellers to get high prices.”

Why is there such a rush to buy? This is caused because of the lower than usual interest rates. “That just increases the demand for buyers to buy properties because their interest rate is lower therefore they can afford to buy a house under budget quoted from Fox5.” Home buyers don't want to miss out on these historically low rates. This is good for the sellers due to so much demand they are receiving multiple offers and homes are going fast. 

If you are looking to buy a home it's in your best interest to act fast! High demand and multiple offers are making pricing slowly creep up. “The median price for a home in Las Vegas is $325,000 dollars, which set a record for June. The numbers for July have not yet been released but experts say the market does not appear to be slowing down. “I expect it to go up another $5,000 or so,” said Thomas Blanchard, president of Las Vegas Realtors.” Homes buyers don't want to miss out on these interest rates. What does having a low interest rate mean? “this means homes could potentially cost tens of thousands less over the lifetime of the loan”

Works Cited

Marino, Enzo. “Housing Market in Las Vegas Primed for Sellers.” FOX5 Las Vegas, 6 Aug. 2020, www.fox5vegas.com/coronavirus/housing-market-in-las-vegas-primed-for-sellers/article_8e8b556a-d163-11ea-bbac-c39b339f6de6.html.

Sweeney, Erica. “6 Reasons Why This Is Actually the Best Time in Years To Sell a House>.” Real Estate News and Advice | Realtor.com®, Realtor.com, 9 July 2020, www.realtor.com/advice/sell/reasons-why-now-is-a-good-time-to-sell-a-house/.

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