Over the past few years, the Las Vegas housing market has seen a lot of changes. Since the pandemic, the pricing of real estate soared with home prices up between 20% to 30% in some areas, due to an increase in demand. But recently things have started to shift and are showing signs of a more balanced housing market, which has led many prospective homebuyers and sellers to question what the future holds.
Whether you’re a first-time homebuyer wondering if it’s the right time to jump into the market or contemplating the idea of selling your home, Stacy has taken the time to answer some of the top questions about real estate.
How has the real estate market changed?
The market we’re coming out of was unique and unsustainable. Now we’re returning to a more normalized market. Fortunately, sellers in Las Vegas are still able to benefit from a huge rate of appreciation. The more motivated sellers are considering price adjustments for a faster sale. We’re seeing things switch from a seller’s market to a buyer’s market. Previously, there was more competition with homes receiving multiple offers, not contingent upon appraisal and properties being bought in “as-is condition.” Now, properties that people thought would sell quickly are not going as fast. Buyers are being more thoughtful, and there’s more of an opportunity for them to get more credits during negotiations. Now buyers are more empowered and can have greater confidence in the property they’re purchasing.
Is now a good time to buy or sell a home?
Rental rates have skyrocketed in the area, and being a homeowner offers enormous tax deductions and benefits not available to renters. We’re seeing a more level playing field between buyers and sellers. If someone wants or needs to buy a home, they should do it. If someone wants or needs to sell, it’s the right time to capture that equity gained over the last five to 10 years.
What sets the Las Vegas real estate market apart from the rest?
The No. 1 draw is location. Who wouldn’t want to live in Southern Nevada if they could have the weather, entertainment and beautiful terrain that we do? We are an experience-driven community with the beautiful Red Rock Conservatory and Lee Canyon, not to mention shopping, dining, entertainment and two major league sports franchises. The Summerlin area also has an amazing lifestyle built around a vast number of amenities, the finest academics and its own “Downtown.” Compared to the neighboring state California, we take the quality of life to a different level. All due to a lower cost of living.
Why is it important to work with a good real estate agent and what do you offer?
It’s very important that people choose an experienced professional to represent them. You need someone that you resonate with who has the ability to negotiate for you with your best interests in mind. This is a relationship business. Stacy Sheeley has relationships with her past clients, other agents, lenders and service providers so in the end our clients have a powerhouse of professionals behind them. When we’re representing you in a transaction, we can put you at the top of any competitive list.
With interest rates right now, there is more of a challenge with obtaining loans. We’re here to educate our clients and work through all of the challenges together. We’re real estate all-stars and have been through these housing market cycles before, so we’re not afraid. We know how to navigate to achieve the desired end results and make our clients’ dreams come true. It’s our goal that all parties are protected, represented, and walk away happy. Just enjoy the journey and trust the professionals that are taking you through the process — it’s what we do and love.
Do you have any tips for Sellers?
Today, smart homes, energy-efficient upgrades, water-wise landscaping and sustainable upgrades will be getting lots of attention. These are easy fixes that homeowners can manage and will offer great returns. Also, with our inside home stager we are prepared to help with home preparation to set your home at the top of any competition.
Do you have any tips for Buyers?
Buyers should make sure their credit and finances are in order and have their pre-approval letters ready to go. Find an agent that you have a good relationship with who understands what your main criteria is. Remember that it’s a journey and nothing happens overnight. It’s about being excited — the right home will eventually be yours.