While reports may be buzzing with news of a buyer’s market, what’s occurring in the local market is much more layered and complicated. Every hyperlocal market has exceptional opportunities that are not the same nationwide. The Thomas Group of Las Vegas probes this issue.
“Some have heard of the saying ‘all real estate is local.’ In its most simple terms, this means that if your aunt Bettie from Boca sells her house in three days with multiple offers, that doesn’t mean the same thing will happen to your home in Las Vegas. You’re in a different state. But what about when we start looking even more locally? If your friend in Henderson sold their home fast with multiple offers and you’re in Southern Highlands should the same thing happen to you?” asks The Thomas Group of Las Vegas.
In the real estate world, one of the metrics professionals use to judge the level of demand in a location is through understanding the months of inventory in any area. Typically, a market that is balanced and neither favors the buyer nor the seller will have six months of inventory. Less than six months favors the seller, and over six months favors the buyer.
This is now a critical factor that buyers and sellers need to consider in the Las Vegas valley as some communities have slipped into heavily favoring the buyer with 9+ months of Inventory in Skye Canyon and 18+ months in Lone Mountain. On the other hand, places such as Green Valley Ranch are still heavily favoring the sellers with only two months of inventory.
This is why it’s crucial to work with a professional if people are buying or selling a property in today’s market, according to The Thomas Group of Las Vegas. The way individuals write an offer or price and market their home will dictate whether they get an accepted contract or not.
Those who want to check out the complete list of months of inventory for Las Vegas and Henderson communities may send an email or a direct message to the team. Others who wish to learn more about The Thomas Group of Las Vegas or schedule a free consultation may visit www.thethomasgrouplv.com for more information. Or for monthly updates on the Las Vegas area, visit their popular YouTube channel.
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