LAS VEGAS (FOX5) -- The housing market in Las Vegas is sizzling and the demand for homes is skyrocketing, yet the inventory remains low.
Interest rates have increased, but are still significantly low. Realtors say people moving from California have kept the Las Vegas housing market very active.
With homes in high demand, realtors and home buyers are contending with multiple offers.
“I recently just had a home in Green Valley hit the market. And we received no less than eight offers,” said realtor Alexandria Pearl.
According to realtors across the valley, one the best ways for homebuyers to close on their dream home with so much competition is to get pre-approved and present an approval letter when making an offer, which tells a seller you’re ready to buy.
Realtors say buyers may have to come in at asking price or above when it comes to very desirable homes. Some realtors say you may want to consider waiving an appraisal contingency.
People from California are willing to pay more than a home is appraised for, which can be a deal killer for some. Realtors say Californians are moving to Southern Nevada where home prices and property taxes are much less.
One Las Vegas realtor suggested a personal letter to close the deal.
"having a personal letter from the buyer to the seller. Writing something, how nice they kept their home. Make some kind of personal connection with them. Talk about the buyer's family, where they're moving from, what they thought of the home as soon as they walked in,” said realtor Allen Zeller.
Other realtors say you may even want to include family photos in your letter.
Agents attribute the booming Las Vegas market to people moving from neighboring states. While people from California are buying homes, Arizona transplants are showing interest in luxury homes.