Friday, November 15, 2019

Houses taking a little longer to sell

Our local resale home market remains strong but other than the sub median price market conditions are mostly neutral. In Clark County buyers seeking homes priced under $375,000 will find sellers at a slight advantage but as the price pushes north of the median price conditions quickly neutralize.

There are still plenty of buyers but resale homes are now competing with a fairly large inventory of new construction and that means buyers in the $375k plus price range have more options than they have seen in several years. Pricing seems to be holding steady at the moment but marketing times are increasing. A well priced home will sell quickly and that is an indicator that buyers are plentiful. When buyers have lots of choices however, they will be picky and that means the sellers have to be patient and wait for the buyer that falls in love with their house.

Sellers that find themselves in a contingent contract and have to sell cannot afford to try and get top dollar because top dollar will take 90 days or more to fetch unless your house is in that sub median price range that remains hot.

This is a symptom of success, the builders have rushed in to fill the demand and now we have reached a point where inventory levels are higher and in the top half of the market buyers can be a bit choosy. Builders can't afford the build a traditional detached house for much less than $350,000 these days so buyers in the entry level pricing are looking at attached housing or an older resale home. Inventory in that arena is much tighter so pricing favors sellers to some degree.

Overall our local real estate market is pretty darn healthy and that is a good thing!

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