Las Vegas Homes For Sale - Catastrophe!

Las Vegas Homes For Sale - Catastrophe! With sustained higher interest rates and banks now failing, the real estate market is going to feel these effects soon. More specifically, the amount of Las Vegas homes for sale has decreased slightly as buyers face more challenges due to higher mortgage rates. The aggregate mortgage rate is over 7% which is a catastrophe for many home buyers as high inflation still persists. Many companies and people are predicting at least another 5-10% downturn in real estate prices for 2023. Las Vegas homes for sale have decreased approximately 15% or more from the peak prices of last year. The inventory for Las Vegas homes for sale potentially can increase as home buyers struggle to qualify with increasing mortgage rates. There will continue to be thousands of Las Vegas homes for sale at lower prices compared to last year although higher mortgage rates unfortunately now creates more affordability issues. There are still many Las Vegas homes for sale by homeowners offered at overinflated prices that can potentially be negotiated down or have been reduced. If you're looking to buy one of the many Las Vegas homes for sale, it might be a wise option to be patient and wait for even lower prices to come to offset increasing interest rates.

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Jerry Abbott
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Summit Properties
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