LAS VEGAS (KLAS) — If you are looking for a new home now may be a good time to start the search.
According to the Las Vegas Realtors, the current housing market appears to be balanced.
“Buyers are actually in a better position now because prices have stabilized and in some cases have gone down more,” Lee Barrett, President of the Las Vegas Realtors explained.
He’s been in the business for 45 years and added that the housing market has started to correct itself.
“It’s what we call a balanced market. It doesn’t favor the seller and doesn’t favor the buyer. It’s actually a really good market for all people because it doesn’t favor either party,” he said.
When compared to last year home prices are down 2%, the number of houses on the market is up almost 200%, and the number of days houses are staying on the market is almost 90 days compared to less than 60 in 2022.
The tough news for buyers is the average interest rate according to Bankrate is 6.8 percent versus 3% last year.
“The one variable is always interest rates. If you have a lower price and you had to pay a little bit higher interest rate then when interest rates go back down you can take the opportunity to refinance and get that lower interest rate,” Barrett added.
As for sellers, the best advice is to sell when it’s right for you at this point.
There will be an increase in buyers on the market come late spring.
For buyers, it is highly encouraged to get preapproved for a loan and don’t forget about the closing costs.