Las Vegas / Henderson Market Update and Projections

[Robert Adams]

Feb marked 3 months in a row of the market picking up. We are seeing signs of higher demand even though rates remain high, months of inventory decreasing, multiple offers becoming very common again, and consumer confidence increasing.

We are expecting these trends to continue as the news headlines continue to shift and report much more positive market conditions. As elections get closer we will likely see consumer confidence start to become more uncertain due to the political climate and then resume again after elections are finalized.

ibuyers and hedge funds are also ramping up acquisitions which is further pushing demand and lack of affordability.

If/when the Feds do lower rates we will see a temporary improvement in affordability, however we do expect that small window to close quickly as lower rates will bring a lot of pent up demand back into the market which will push home values higher and cause affordability to worsen.

With all factors considered here in the local Las Vegas and Henderson market we are encouraging buyers to buy sooner rather than later while they can get lower prices and seller concessions and then if needed refi later when rates come down and they have more equity.