There’s a lot going on in the world and a lot of speculation on what might happen next—whether that’s concerning the stock market, the war in Ukraine, or real estate prices. We can’t see the future, but we can share the current temperature of the guard-gated real estate market in Las Vegas. In October, guard-gated sales were down 13.6% over September, while inventory stayed about the same month over month.
Every house and every situation is different, but each price range has its own microclimate—gauged by its absorption rate, which is a good measure of supply and demand. For example, there’s about a 6-month supply of homes priced between $500,000 and $750,000. That number is closer to 30 months for homes priced at $4,000,000 and above. These numbers only provide a starting point, however. If you’re looking to buy or sell in today’s market, we really need to talk on the phone—or preferably in person.
If you’re not looking to move right now but might consider it in the future, now is a great time to consider renovations if necessary. This will give you time to not only enjoy the changes for yourself, but also maximize the profits from your home sale—whenever that might be. The #1 complaint we hear from buyers all the time is: “The house is dated and needs too much work.” If you have the time and funds to make changes now, we advise you to do so. Since most of our clients want their house on the market yesterday, they usually don’t like the thought of taking a couple of weeks (or even months) to prepare it for sale.
We hope your holiday season is off to a great start, and we look forward to hearing from you soon!