February 2020 Las Vegas/Henderson Real Estate Market Update
Hey everyone it's Corey Toushin over at LIFE Realty. I hope everyone's doing great today. It's February 25th, 2020. We're almost at March already and can't believe it. Spring is approaching and I'm literally just going to sit and talk to you today about what's happening in the Las Vegas Henderson market and the market overall nationwide, and we're just going to go through a few very important subjects.
We're going to go through home supply, what's currently on the market. We're going to go over interest rates, why they're currently so low, and why they continue to drop and what it's really going to take to be successful in this marketplace. Either obtaining property or selling property for top dollar. I'm not going to go over any fancy statistics today. I'm just going to really talk in general about what's going on. If you have any questions about what we're discussing, feel free to reach out to me anytime via email, phone, text, or my website and more information on that to come.
So let's first talk about home supply. How many homes are on the market? Well, right now, single-family detached homes, we have about 4,300 currently on the market. To give you some context where we were last February as far as supply, we had almost double the amount of homes on the market. We were kind of flirting on the edge of it being a buyers market last year, but this year is totally different. Again, similar to 2018 we're in a very, very heavy seller's market. Most homes that are popping on the market are selling fast. A lot of them are selling with multiple offers. Again, even over list price.
And we see buyers having similar behaviors to a couple years ago where they're waiving appraisal contingencies, even inspections to some degree. So it's a really really hot market. You might ask what's driving demand to create such a market? Well, interest rates have a lot to do with that. Interest rates continue to drop, right now there for a 30-year fixed conventional mortgage they're averaging in the mid to low 3%, which is crazy to think how cheap that is to borrow money to purchase a home. What's driving rates in such a high demand market to continue to drop is the global threat of the Coronavirus. I'm not going to talk much about the coronavirus today because I'm not the most educated on it, but I do know that the impact of interest rates recently have been in reaction to that.
The next thing I want to talk about is what's going to make you successful, in my experience, as a buyer in this marketplace. So, being a buyer in this marketplace because we're seeing homes sell so fast, with multiple offers, what I'm advising my clients to do when they're out shopping is, if you find something that you like, even if you're not 100% on it, be ready to act fast - you're going to have plenty of competition in the marketplace. I'm also advising them to be aggressive with their offers, write clean offers, and not complicate too many things, because we just need to make sure that their offers are being seen above all the other offers that are potentially on the table. I'm also telling my buyers to be prepared to find a property that might be in the right location for you, which might meet the needs that you have as a family, whether that be school zoning, number of bedrooms, baths square footage, amenities, and be prepared to look for something that might not be completely turnkey. Knowing that you could potentially buy that for a lower price and then upgrade the house as you would see fit to customize to your needs. For homes like that that need updating that need work, there are also loan options on a financing side which will essentially give you more funds to be able to remodel after closing. For more information on that, please reach out to me.
For my sellers, what I'm advising them to be successful in this marketplace is to still price your home realistically. Even though homes are flying off the shelf right now with multiple offers, buyers will still be able to pick up if your homes are grossly overpriced. So, have a realistic approach to setting your price for your house. And you know going through similar homes that have sold around you and making sure that you're not grossly over pricing your house to price you out of the market.
So that's just a little bit of insight. If you have any questions, like I said, reach out to me anytime via text, email, cell phone or on my website. Hope everyone's having a great early spring, and we'll see you next month. Take care.