After five years of appreciation, our market should see a bit of a slowdown. That slowdown should affect different price brackets in different ways.
What can you expect from the Las Vegas real estate market going into 2017?
Over the past five years, our market has been steadily appreciating. Looking back at the history of real estate in our country, though, five-year growth periods tend to be followed by a market correction or slowdown. I don’t expect our market to depreciate, but I do expect some kind of slowdown based on the supply and demand.
Houses listed above the $300,000 to $400,000 range should be the price bracket most directly affected by this slowdown. As the number of buyers in this area decreases, the number of sellers should increase because of the overall appreciation and a better opportunity to sell those kinds of homes. There aren’t a lot of buyers out there who can qualify for that kind of loan, so if you’re selling your home above this price bracket, I would be very aggressive with pricing it before the competition increases.
If your house is worth less than $280,000, that’s a great place to be, because that’s the maximum mortgage amount the majority of home buyers can qualify for here in Las Vegas. If you’re buying a house under $280,000, I would get very aggressive when submitting an offer, because the competition is far greater in this price bracket.
Overall, things are looking positive. As our population continues to grow, so will our real estate market. If you have any questions or are interested in buying or selling a house in this market, feel free to give me a call. I’d be happy to help!