Welcome to a new year and a new market update, just in time to talk about the housing market in 2023! This year, I want to get to know you better. And I want you to get to know me. Anyone else love going to the dentist? I would go more than twice a year if I could. I also love living in Las Vegas and helping my clients find their dream homes, even when the market conditions aren’t perfect.
Housing Market in 2023: Where We’re At
Going into 2023, it’s clear that the Las Vegas housing market is still a little muddy. The median home price dropped slightly last month, and inventory is also slowing down. Because we changed to a new year, something interesting also happened with the inventory numbers. On January 1st, 2023, almost 1000 home listings expired in Southern Nevada, which significantly changed the availability of homes in a day.
What all of this means for you is to think about context when looking at the numbers. The truth is that it’s still a good time to buy, and a good time to sell, it just all comes down to finding the right deal for you and your family. If you are looking to buy or sell this year, understand that there will be some wiggling around to find that deal. But that’s what I’m here to help you navigate.
Listing Strategy in a Down Market
Listing strategy is key to the housing market in 2023. If you don’t get your home sold during its first listing, it can spark lowball offers when you put it on the market the second or third time. That is why listing strategy is so important. In this month’s market update, I walk through specific examples showing the power of listing strategy. The right plan of action depends on your wants and needs as a seller, but there has to be a strategy to get the best price and ensure the right deal doesn’t fall through.
Should You Bet on Las Vegas?
I may be a little biased, but I love Las Vegas. This city is growing, business is booming, and the future is looking just as bright as the Las Vegas Strip lights these days. Forbes recently claimed that Las Vegas is not a city to bet on for housing, and I couldn’t disagree more. Prices have gone down, yes. Does that mean that prices are bad? No. It means that the market is correcting itself.
Looking at the history of the Las Vegas housing market, some might be unsure. But the housing crash of 2007-2008 looks nothing like the current housing landscape in Las Vegas. The market is down 10-15% right now, but the majority of the housing market in Las Vegas is still up when compared year over year.
If you are a buyer in this landscape, you have so much opportunity to get out there this year. Those lowball offers I mentioned above are getting accepted.
Las Vegas is always a place that I would bet on. In fact, people are still moving to Southern Nevada because you can still get more bang for your buck here than in many other parts of the country. And as long as investors are still buying, the market is still moving. Now is a great time to buy, and it is a great time to sell, depending on your circumstances.
Housing Market in 2023: What’s Coming
I don’t have a crystal ball, but I can tell you this: people move. People get married, get new jobs, have kids, downsize, upsize, and move for all sorts of reasons. People cannot always time the market, and I am here to help you get from point A to point B, no matter what the market looks like right now.
Fear sells. If we focus less on the fear that the media pushes about the housing market in 2023, and more on our numbers and what works for us, then we can make the best move regardless of the market. No matter your circumstance, buying and selling homes in this town is going to happen, and it is my job to help you make that a possibility. Even if that’s not today, I will be here when you are ready, and I would love to help you get ready.
No matter what you want to accomplish, there is a way forward. Even if it takes time, we can put a plan together a make homeownership a reality.
By the way, my favorite coffee shop is Vesta Coffee Roasters (located downtown and near Summerlin). Plus, you can buy their coffee in bulk! Yum.
Watch the entire January Market Update here.
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