Friday, May 3, 2024

Looks like Spring will Perk up the Market

Both buyers and sellers seem to be coming around a bit. We are seeing a nice Spring bump with new listings popping up on the MLS. Buyers also seem to be getting excited as well. I do not foresee any crazy rampage of buying but Clark County might be able to see 500-600 closings a month this summer which is pretty decent.

New home builders seem to be dialing back on larger developments. New Homes are hard to build at or below the local median and current rates have cut the number of eligible buyers. Fewer new homes competing with resale homes will help sellers with a softer landing on price should we see a resurgence in inventory levels.

According to the latest news reports the NAR's settlement offer is likely to be approved and will create some changes in the disclosures as well as changes in the way property is listed.  Buyers may find it a little more difficult than before but should be prepared for a new approach when working with an agent. 

It remains important for buyers to be represented by a professional agent that will negotiate on their behalf and separate from the seller's interests. Buyers will have to sign an agency agreement before an agent can show them property. Keep in mind this is all going to be mandated by law and according to the courts it is an effort to protect buyers.

Contact your trusted agent for more details on these upcoming legal changes in the real estate industry.


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