This market still needs listings. Anyone thinking about selling their home should be advised that the market is saturated with buyers struggling to find and secure a property to buy.
I don't believe that we have so much an unusual number of buyers, in fact recent trends are beginning to clip the number of eligible buyers through higher prices and higher interest rates. But inventory is so tight pressure remains on the market. We truly have a supply side problem and it appears homeowners seem inclined to stay put and keep their homes.
It is quite unusual to have such favorable conditions for sellers and yet sellers are not bringing properties to market. Sellers seem content to sit on their property. Of course it won't take a huge number of properties to get this market in balance so their truly is a narrow window of opportunity for sellers to capitalize on these conditions. Right now a seller that lists a property for sale in the under $500k price range here in Clark County, will likely see a quick series of offers with favorable terms for the seller. Once sellers start bringing more property to market, this sellers favor will quickly diminish into a more neutral market with a near equal number of buyers and sellers.
If interest rates do begin an upward trend that seems to have already started at the end of last year, then this market could transition from sellers to neutral and ultimately become a mild buyer's market.
Now is a great time to list property.
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