Las Vegas Homes For Sale – Prepare For This…

Las Vegas Homes For Sale – Prepare For This… Currently, there is a tug of war happening in the overall real estate market between buyers and sellers. This is especially evident regarding many Las Vegas homes for sale. Higher mortgage rates are decreasing buyer demand but also is preventing sellers from selling into higher rates. Buyers need to prepare for this as we go through 2023. While inventory of Las Vegas homes for sale has gone down recently, the overall real estate market could be headed for more downside later this year. Interest rates are likely to stay elevated and likely to go up if the Fed stays the course and raise again at the next meeting. The amount of Las Vegas homes for sale is still up approximately 200% from this time last year and could likely increase if we get another rate hike further diminishing the buyer pool. Many real estate experts and companies are predicting home prices to decline anywhere from 5-10% by the end of 2023. The Las Vegas homes for sale in this current market reflect prices that are lower by nearly 12% from peak prices of last year. If you are thinking of buying, you may want to consider being a bit more patient before buying one of the thousands of Las Vegas homes for sale as higher rates could lower home prices more as we go through 2023.

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Jerry Abbott – REALTOR®
NV License # S.0183274
Summit Properties
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📲 Email: jerry@jerryabbottrealty.com

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