Friday, January 18, 2019

Despite a feeling of slow, market is steady.

The local real estate market felt like it slowed way down mid-summer 2018. But in reality sales chugged along with Clark County cranking out 700-800 closings a month until December, which is traditionally a quiet month for closing, yet still managed well over 600 units for the holidays.

Listings are sitting on the market a little longer and prices are settling in with modest low single digit annualized growth. This is healthy and buyers can expect a more pleasant experience for 2019. Sellers however can't be lazy like they often were in 2017-18. Buyers are a little more selective now and the expectations are higher. Sellers will need to take care of issues like repairs to significant systems. Sellers that choose to ignore these things will likely face low offers or failed sales.

The best practices of real estate never change, but during wild swings in the market they can be bent. It is always good to have a home show well. The tidy, well kept, excellent condition home with solid curb appeal will always win the day. When the market is a raging seller's market and buyers are grabbing whatever they can this rule can be bent and still result in a successful sale. But why not go for the best possible outcome? Shine it up, and get the highest price. In this near neutral market, the shiny ones sell and the dull ones sit.

There are still plenty of buyers out there, inventory has simply caught up to them. The best house wins the day, make yours the best house.

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