Best time of year to buy a house in Las Vegas
Purchasing a house in Las Vegas is rarely an easy endeavor. You first need to find a reliable realtor in Las Vegas to help you navigate through its rapidly changing real estate market. And you need to get your funds in order so that you can take advantage of a good deal. But, to make the most out of your purchase, you need to be aware of how important timing is for Las Vegas real estate. So, with this in mind, we will explore the best time of year to buy a house in Las Vegas.
How the real estate cost fluctuates
No real estate market in the world is 100% stable. As different factors impact them, real estate markets tend to change. And with that change comes a fluctuation in real estate prices. For instance, the median home price in Nevada during winter is $275,000. But then it starts rising, peaking in the fall with $292,000.
And, if you widen your search, you will notice that these fluctuations are quite common in states like Nevada. But, before we declare winter as the best period to purchase a home in Las Vegas, let’s first explore how these fluctuations come about.
Demand vs. supply
To say that the real estate market is complicated is an understatement. Even factors like remote work can play a significant role in what the cost and availability will be. But let’s put that aside for now and focus on one of the main determining factors in the real estate economy: supply and demand.
In every industry out there, supply and demand are the key factors to cost. The bigger the supply, the lower the cost. The larger the demand, the higher the price. Now, the exciting part is how these two interplay in the Las Vegas market. Most of the Las Vegas real estate market is demand-driven. It means that the number of buyers first increases, which is then followed by an increase in supply. As the demand decreases, so does the supply.
But, there is always a latency. And this latency is precisely why the fluctuations in real estate costs happen.
The factor of house hunting
So, what drives people to increase demand during certain months? Well, you need to consider that your average buyer is a person just like any other. And, as such, they are surprisingly reluctant to spend hours on end in bad weather.
When buying a home in Las Vegas, you have to come to terms that you will spend three months house hunting on average. This means that you will spend a lot of time going from home to home, hoping to find a decent one. Of course, people are always more willing to do so in nicer weather. Summers tend to be hot in Las Vegas, which is why the buyers postpone their house hunt to late summer or fall. Furthermore, late summer and fall are prime times for moving. Even if you hire the right people to assist you with your move, harsh weather conditions should be avoided. All these factors are exactly why there is an evident spike in demand during that period. This demand, as we have mentioned before, brings a higher average cost.
Home renovations and preparations
Another aspect to consider is that staging a home for sale takes time. Most renovations start during summer, as the weather allows for faster construction. If the upgrades are minor, the house should be completely ready for the market by the end of the summer. But, if there are significant renovations to perform, there is a high chance that the home won’t be ready before the end of the fall.
This means that during fall, there are a lot of fixer-uppers for sale. And, it also means that certain homes only go for sale come winter. As a result, as the demand drops due to worsening weather, the supply increases due to finished renovations and staging. This leads to a sharp drop in cost, which is evident in the winter months.
When should you buy a house in Las Vegas?
So, with all this in mind, when should you purchase a home in Las Vegas? Well, as you might have anticipated, there is no one perfect time to buy. It all depends on your situation and how competent your realtor is.
House hunting in Las Vegas
If you are in a rush to buy a home, we suggest you should prepare properly and go house hunting during summer. This will allow you to get accustomed to the Las Vegas real estate market and recognize a decent home when you find one. The main thing is to have all the paperwork and finances taken care of before you start. That way, you can quickly react to any good opportunity. Know that the closer you get to the fall season, the harsher the competition is going to be. So, don’t let a good home slip under your nose.
If, on the other hand, you are not in a rush, we would suggest you should wait for winter. True, you may miss some good homes by not being as competitive in the fall season. But, if you can afford to wait, winter is a good time to purchase. A lot of homes that require extra renovation will become available. And, if they are properly remodeled, they will be quite a catch.
What to keep in mind while looking for a home?
The final piece of advice we have for you is to find a good real estate agent before you try to buy a house in Las Vegas. Know that there is a slim chance that you will find a decent home without one, no matter when you look. A good agent will be able to prepare you for the market and catch good opportunities as soon as they are available. Furthermore, they will be more in tune with other factors that influence the local real estate market and give you a much more precise idea of when to make your purchase.