Housing Headwinds? Not in Vegas!
Las Vegas, Nevada (PRWEB) February 09, 2014 -- What?! Not here in sunny Las Vegas! And not by a long shot. The main problem around the big names reporting on the housing headwinds is that they were primarily gauging it by new home construction sales. The problem is that with the recent market recovery new construction can be viewed as over priced compared to resale homes thus lower newer home sales. Why would a buyer pay a much higher premium just to get the ‘new house’ smell when they can by a comparable property in close proximity for 5 digits less? This negative news of the “housing headwinds” is just now catching up with the long standing glorious housing reports we have been getting for the past 18 months.
Here is the bottom line for Vegas…
1) We ARE NOT getting a ton of inventory due to SHORT SALES. Why? Because the law wasn’t extended thus no one is in a rush to put their home on the market when they can stay in it (for free).
2) We ARE NOT getting a load of FORECLOSURES. In fact non-distressed sales accounted for 7 out of 10 closings in the past month and all reports show WEAK foreclosure activity.
3) We have QE (Quantitative Easing for those unfamiliar with the term) from the Fed tapering back. BUT that didn’t drive UP interest rates, so buyer demand will remain steady.
4) The nation’s ECONOMY had the best second-half growth last year in over a decade and the local economy in Vegas is doing well too.
5) New homes sales prices have begun to slow as there are more homes becoming available on the resale market. New home sales have increased 39 percent over the past 12 months locally.
6) MORE tools to buy with means more options for homeowner buyers (over investors) who couldn’t buy before.
7) BUT HERE IS SOMETHING FOR SELLERS! Appreciation isn’t going to get better, and if anything a seller WILL LOSE thousands over last year. Sell now and get what you can before it subsides! TAKE ADVANTAGE OF SPRINGS LAST STAND AND GET ALL YOU CAN IN 2014. Don’t be greedy because by the fall season THE BUYERS will OWN the negotiation pattern.
Cold winter weather doesn’t plague Las Vegas so we still have a HOT REAL ESTATE MARKET that is conducive to buyers and sellers alike (this time of the year we just use less air conditioning). The drop in new construction, inventory shortages and cold weather are just not a big part of our market. Housing is still in demand and so are you as a SELLER!
According to statistics based on the National average of homes sold, about 40% of homes sell within the first month of being on the market. However, houses that don't sell in the first month often remain on the market for months and months and usually don't sell until significant price adjustments have been made. There are many factors which impact how long it will take to sell your home. The condition of your home, its location, market conditions and the price are usually the most significant.
We will conduct a thorough comparative market analysis by searching the database of all homes listed or sold in your area. With this current market data, we will be able to determine what your home might sell for and how long it may take to sell if you decide to put it on the market. For a FREE Home Evaluation and Selling Time Analysis, contact Jared Jones at 702-496-5000 to take advantage of spring’s last stand and get all you can in 2014.
ABOUT JARED JONES
Jared Jones has been the #1 selling real estate agent by volume in Nevada since 2010. He is the CEO of Horizon Realty with locations in Las Vegas and Henderson, Nevada. For those who want to do a bit more research, visit http://www.JaredJonesRE.com
Anyah Ellis, [email protected], 702-419-0179, [email protected]
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