“Shannon, I’ve been watching homes in my neighborhood, and it seems like everyone is reducing their price. Are home values starting to come down? Should I wait to sell?”
That’s a good question, and yep, I’m starting to hear similar questions a lot.
Here’s the truth: even though you’re seeing price reductions, the Vegas median home price just hit another record high.
So why are so many homes reducing their price?
Because buyers have more choices. Inventory has increased, homes are taking longer to sell (about 30 days on average), and buyers are being much more selective than they were a few years ago.
Many of the homes you see reducing their price weren’t affected by declining home values, they were priced too aggressively for today’s market.
The homes that are priced correctly from day one are still selling. The ones that aren’t often end up making price reductions before attracting a buyer.
The takeaway? Don’t assume your home’s value is declining just because you see price reductions in your neighborhood. Every neighborhood, and every home, is different.
Have you been keeping an eye on the market and homes in your area? If so, what are you been seeing?
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Las Vegas Market Snap Shot
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