LAS VEGAS (KLAS) — The factors that have led to the lower rental prices are also changing the landscape for buyers in the Las Vegas valley.
Ignacio Martinez has worked as a realtor in the valley for nearly two decades. He’s seen the market fluctuate. Sometimes for the worse and sometimes for the better, which is what he would call right now.
“60% more properties are on the market right now than they were in March,” Martinez said.
The saying in real estate goes that the best day to buy a house was yesterday, but if you didn’t, it’s today. Martinez says the current conditions of the world have led to a sort of microcosm of good prices, but the door on that could close in just a month.
With interest rate changes and a major election coming up, changing times mean changing prices.
“In times of uncertainty. A lot of sellers, since they also don’t know when the shoe is going to drop on any of those, if they have a need for it, they are going to put the house out on the market, and that’s where some really good deals are,” Martinez said.
Real estate group Redfin reports that nearly 30% of home prices in Las Vegas saw price drops in September. As election day approaches, and the next Fed meeting taking place right after Martinez says that 30% may not stick around.
“Let’s say there happens to be something that makes the interest rates drop, just that much more. More buyers are going to take note and they’re going to enter the market, and what that’s going to do is it’s going to make prices rise,” Martinez said.
If you’re looking to buy, Martinez and other realtors share the same advice, find a realtor that works in your best interest.