Why Savvy Buyers Are Moving in on Las Vegas Real Estate This Fall

Fall 2024: A Rare Window for Savvy Buyers 🍂

Fall isn’t just cooler in Las Vegas—it looks to be shaping up to be a golden opportunity for those ready to make their next move in real estate. If you’ve been waiting for the right moment, this could be one of those times that people look back on and say, “I should have jumped in.” Here’s why this season might be the perfect fit for you.

Top Reasons to Buy This Fall

1️⃣ Fewer Buyers = Less Competition

Fall is typically slower in real estate, but this year it’s even quieter. Why? Some buyers are holding off, watching election news, and hoping for rate drops. This short window of less competition is giving current buyers a unique edge—and the chance to negotiate like we've not seen in quite a while. 

2️⃣ Motivated Sellers

Homes listed in the fall? Odds are, those sellers have strong reasons to sell now instead of waiting until the busier spring season. This can work to your advantage, as these motivated sellers might be more open to reasonable offers and even some negotiating. 

3️⃣ Potential Tax Benefits Before Year-End

Planning to close by December 31? You might see some nice tax deductions, including mortgage interest and property tax benefits, giving you a little extra boost when tax season comes around.

4️⃣ Builder Incentives and Year-End Closeouts

Most builders, especially those that are publicly traded, have to move their inventory by year-end. That means Fall is prime time for buyers to find deals on new, move-in-ready homes, with perks like price cuts, design credits, or rate buy-downs. If you’re eyeing a new build, this season could offer significant savings.

5️⃣ Cooler Weather (Finally!)

After months of scorching heat, fall in Las Vegas makes house-hunting (and moving) infinitely more enjoyable. Say goodbye to sweating in 100+ degree temps—your house search just got a lot nicer! 

Bonus Reason: Get In by the Holidays 🎄

Time your move right, and you could be cozying up in your new home just in time for the holiday season!

Today’s Market Snapshot for Fellow Data Geeks 🤓

For those of us who love the numbers, here’s a quick breakdown of what’s happening in the Las Vegas real estate market:

Mortgage Rate Volatility: As of October 25, the 30-year mortgage rate sits around 6.90%, following a recent dip into the low 6% range. Rates have been unpredictable, rising and falling quickly, and buyers need to be prepared to act—just as rates can spike, they could drop just as suddenly, creating opportunities for those ready to move swiftly.

Months Supply of Inventory: Inventory sits at 3 months—typically a seller’s market level. But inventory is on the rise, which could slowly shift conditions in favor of buyers.

12-Month Change in Inventory (+36.5%): Inventory is up significantly from last year. If this trend continues, we might see a bit more breathing room for buyers, with more listings to choose from and potentially more flexible pricing. 

Median Sold Price: The median price for single-family homes is currently $479,900, up from $450,000 this time last year. After fluctuating around the $475,000-$480,000 range over recent months, prices seem to be holding steady near these elevated levels, even with increased inventory.

With rising inventory and properties lingering a bit longer on the market, there’s a noticeable trend toward a more balanced (or even cooling) market. More homes available + more time on market = better opportunities for buyers!

Long-Term Value for Families and Investors

If rates dip again, there’s a good chance we’ll see a “jackknife effect” in pricing, with demand driving prices right back up. In 2021, home values shot up by 23.9% when rates fell, and the demand in the last few years has only increased. Buying now means locking in today’s prices and avoiding the potential premiums that could hit if demand spikes again.

Our Take

Las Vegas real estate is offering something special this fall. With fewer buyers competing, more motivated sellers, and even potential tax perks, now may be your best time to secure your next home. Reach out today to explore your options and make the most of this unique market moment!