Top Things Homebuyers Should Know in the Las Vegas Valley

As we reported back in June, home prices started to drop and turned towards the buyer’s favor. We saw that through the rest of July and August. However, what we’ve seen since August into September is prices beginning to stabilize. We have been staying around the $450,000 mark for median sales price.

What does this mean for homebuyers?

You still have quite a bit of options, there’s a lot of inventory on the market. But for the buyers that need a little extra help for closing costs, extended contingency deadlines, or something out of the ordinary sellers wouldn’t normally consider, you may want to consider going a little bit quicker into making a purchasing decision if the market stays as it is. The reason being is because we went from a seller’s market to a buyer’s market just overnight, and now it seems we’ve moved into the neutral range if this trend continues.

Mortgage applications

Last week, we saw mortgage applications increase for the first time in six weeks. Now this could be a one week indicator, or it may become an upwards trend. It normally takes about 30 days to see an impact on the market. If this trend continues, it means more buyers will enter the market.

What else?

We don’t expect a seller’s market to return any time in the near future. However, as more and more buyers enter the market, it does give a little more competition. But not to worry, there’s still plenty of inventory to choose from so you have a lot of options at this time.