Home sales LAS VEGAS

Homes in the Southern Highlands master-planned community are seen in this aerial photograph taken over Las Vegas, Nevada, U.S., on Sept. 17, 2020.

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.

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(4) comments

homesforsalevegas

Dang! You’re right- security is so important these days! We work from home so only had a Ring Doorbell but left home for one night at Christmas and a doorbell wasn’t enough. Security for your home -that is more than a device- is worth buying. I wrote a blog last week about the horror of us being robbed https://homesforsale.vegas/benefits-gated-community/ and how even when living in guard-gated communities you need additional security systems and cameras. Thanks for what you do – it makes a difference.

Kurt Grosse

Realtor

Https://HomesForSale.Vegas

GlWd

As usual, the Las Vegas Realtors get ahead of themselves by over inflating real estate here in Vegas especially, which ultimately ends in failure. There's one big bubble bust coming.

Paris

I agree 100%. Market values have gone up and average of almost 9% in just the last year. It's insane.

Paris

As always, there will be the inevitable bust. I bought my house in Henderson for $319K in May of 2019 which at the time, I thought was at the top of the market and now Redfin has it at $341K and Zillow has it at $355K. Not realistic and not sustainable.

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