Thanks for stopping by for the April Las Vegas market update! Numbers this month were consistent and, with springtime here, now is a great time to start looking for that next home in your life.
Market Update: Buyers Be Aware
I want to start the market update this month by talking about fraudulent listings. These aren’t the same thing as buyers showing fraudulent proof of funds. Fraudulent listings happen when someone attempts to claim that they own a piece of land, and they get an unsuspecting real estate agent to list that land as available for sale. Sometimes, the mistake isn’t caught until it’s almost closing time. If you are looking to buy land, ask for physical proof of land ownership and sale.
One piece of advice I’ve been giving all my buyers recently is to stop with the information overload. There is so much information these days, and if you’re looking to purchase a house, this information overload may be putting you in freeze mode. Everyone needs to live somewhere, and it’s impossible to time the market.
Let’s talk about what information you should be looking at. If you’re looking at the monthly payment, that’s awesome. But, if you’re looking at the overall price of the home, it’s easy to get overwhelmed by those numbers. Recalibrate how you’re looking at the price of the home, because most people don’t wind up living in the same house for 30 years. Instead, focus on the monthly payment and determine if you can afford that price. And know that, even if this house isn’t the dream house, it’s a step in the right direction.
If you’ve been driving around Las Vegas these days, you may notice that apartment buildings are going up all over. The truth is, we are still in an inventory shortage. Because we are dealing with higher interest rates and higher home prices, if we’re not careful, the Vegas market is heading towards a renter market. And it’s not just Las Vegas. It is the entire nation. It’s a renter nation.
But owning a home is an opportunity for wealth. Owning a home, building equity, re-investing in the next home closer to the dream, and building generational wealth at the same time are worth it. Even if you don’t land in the home of your dreams today, just getting into the market will get you so much closer to owning that dream home one day soon.
Investors are buying. And if investors are buying, it might make sense for you to be buying too. Don’t miss the boat on that generational wealth and let the fear of the unknown keep you from moving forward. Instead, reach out, and get the answers you need so you know the options you have.
Still on the Fence about Selling?
If you are still on the fence about selling, your best bet might be right now. There are advantages to doing it now, given the inventory shortage and springtime market activity. Home prices haven’t changed in months. They are stable. People are looking to buy, and the inventory is half of what it was just 4 or 5 months ago.
Watch the market update below to get the full scope on fraudulent listings, renter nation, buyer advice, and more. Reach out to me with any questions here, and follow me on Youtube to be the first to catch the next market update and the latest Las Vegas news.
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