People always ask me, “Is it a buyer’s or a seller’s market?”
Well, for the time being, it is definitely a seller’s market. Why is this the case? It is simple supply and demand.
Builders are racing to create enough inventory to support buyer demand, which is putting a lot of pressure on the residential market. And multiple offer situations have become increasingly common.
Just last week my team and I put two properties on the market that received multiple offers just hours after being listed. We even received a few cash offers.
Beyond the increased likelihood of multiple offer situations, our current low supply is also causing double-digit increases in real estate values.
A normal market here in Las Vegas would have between four to five months’ worth of inventory, meaning today’s one to two months of supply is critically low.
Another significant factor driving today’s market is rising interest rates. Many buyers who previously had no plans to make a move have changed their minds and are now speaking to lenders. If you’re a buyer, this is an important step, as it will give you insight into how much you can qualify for before beginning your search.
With all of these conditions in mind, sellers should be aware of their currently advantageous position in the market. Today’s sellers are in the driver’s seat. If your home is priced right and is in good condition, it is likely that your listing could attract a bidding war. Now is truly a great time to list.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.