There are varying opinions out there concerning whether we are starting to see real estate markets improve. Some are saying that the reduced inventory of homes in many markets across the US is helping to bring home values closer to their historic norms. I cannot comment on other markets in the US, but it is pretty safe to say that it is no longer a buyer’s market here in Nevada. Though there are those who would tell you otherwise, I can attest to the fact that homes in Nevada are selling faster and for closer to asking price than they have in years. Maybe this is just a temporary spike in sales and dip in inventory, but for more than a year now, home sales have been increasing every month. Sure, there are those who will remain cautious and wait a little longer before trusting that this upward trend will continue, but from where I stand it is clear that we reached rock-bottom not too long ago and that we are now on our way back to a historical norm.
Lowballing, or making ridiculously low offers on a home, makes no sense anymore. Most real estate markets across the nation are showing signs of recovery and Nevada, which was one of the states that led us into our housing crisis a few years ago, is now leading us out of it. While many home sellers in Nevada had to price their homes competitively and accept some very low offers on their homes a year ago, they are now able to raise their asking prices and hold out for the highest bidder.
Many agree that it is first-time homebuyers who are driving existing home sales. Hopefully, lenders will continue to make it possible for those who want to purchase homes to do so. If those who want to buy are able to continue to receive financing, it really won’t be long now before we are back to where we should be in terms of the inventory of homes for sale.
