If you have previously thought of selling your Nevada home may benefit from revisiting the thought. The COVID-19 pandemic has caused some people to postpone a relocation because of a job layoff or other source of income loss. Others will postpone a move due to economic uncertainty. As a consequence, those homeowners looking to sell or relocate will have less competition in the market.
From listing to closing, the average time it takes to sell a property in Nevada in 2021 will be around 81 days. That’s 46 days from the t
ime you get an offer to the time you close, plus the normal 35-day closing term.
The Nevada Housing Market
For months, the housing market in Las Vegas and other cities in Nevada has been heating up, due to low borrowing costs that have allowed buyers to lock in lower monthly payments and stretch their budgets. Sales of homes are up over last year, and prices are reaching new highs. Inventory is decreasing month after month and cannot keep up with demand.
People continue
to migrate to Nevada from higher-priced locations, particularly Southern California, putting pressure on the market. This tendency has intensified throughout the epidemic, according to industry analysts, establishing the fastest pace for house sales in the area in 14 years.
Nevada Census statistics project a population growth of 1.51% between 2020 and 2025, with a 1.46% rise in median income during the same time period. All of these reasons will result in scarcity of homes for sale, allowing single-family prices to remain stable.
Southern Nevada’s housing supply is presently at 0.5 month. This figure is much lower than what is necessary to achieve a balanced housing market. The number of months of supply is a useful indication of whether a real estate market is more favorable to buyers than sellers. A market that favors sellers often has fewer than 6 months of supply, whereas a market that supports buyers typically has more than 6 months of supply.
When is the best time to sell your home in Nevada?
We’ve gathered statistics on the best and worst months to sell your Nevada home. When is the best time to sell? When should you put your house on the market if you want to sell it quickly?
May is the greatest month to sell a property quickly in Nevada. Nevada houses posted in May took 27 days on average to sell, which is 19 days quicker than the yearly average. In terms of sale price, May is the best month to sell a property in Nevada. In May, the median sale price was $400,000, up 10.5 percent — or $38,171 — from the year before.
Selling Your Nevada Home
If you’re thinking about selling your house in Nevada, you’ll need a skilled negotiator on your side. They must understand the art of negotiation as well as the science backing achieving what you want. If you don’t, you risk losing thousands of dollars when you sell your property. Alternatively, you might turn down good bids only to have your property sit on the market month after month.
