Las Vegas, NV Real Estate
The higher the demand, the higher the prices.
Homes "in escrow" are listings that've already accepted offers. We typically have 40-50% of the market in escrow translating to roughly 10% growth a year. This year the median sales price has already seen 17% growth. Following the demand will tell you whether or not you can expect that growth to be beyond marginal.
What would I do if I knew which way the market where trending?
Ask higher than comparable sales, maybe lower. Offer lower than the asking price, maybe higher. I'd have peace of mind knowing I'm making informed decisions.
The median is the middle number out of a particular set of data.
There are as many homes sold above the median as there are below.
What does it mean for me, as a homeowner, when it goes up? Increased property value means you might be able to sell and upgrade. Or, you've probably built enough equity to purchase a 2nd home, rent one out, and start building generational wealth.
What does it mean for me, as a renter, when it goes up? Higher rents may be on the horizon. Renters should get on the path to homeownership, get a fixed-rate mortgage, and start building equity
How are prices going up amidst a pandemic? High demand, low inventory, and low interest rates.
Thinking about new construction?
- The builder incorporates commission for the buyer's representation in to the base price of each home.
- The base price stays the same whether the buyer has representation or not.
- The on-site agent can not represent the homebuyer as they owe their "fiduciary responsibility" to the homebuilder.
- There's very little in life that's worse than paying for something you didn't get.
- Pick a Realtor®, such as myself, before touring.
I suggest hiring a certified new home inspector for the walkthrough. Inspectors often find more items in new homes than in re-sale homes. Call me when it's time to sell. We get an average of 1.6% more for our homeowners than our closest competitor.
**increases in value will vary by location. Call me for a free CMA (comparative market analysis).
Mike Bounce, REALTOR®