The Las Vegas luxury market has been absolutely on fire the past 6-8 weeks. Does this make it a good time to sell your Las Vegas luxury home? For some, it sure does! We have a confluence of factors all colliding at the same time that is driving up both demand and prices. Interest rates are at all-time lows. See this link for the latest interest rates www.bankrate.com. Californians are flocking to Las Vegas as their state continues to raise income taxes and regulations. The recent fires have others fleeing to the Silver State. Buyers from large, dense cities, especially Chicago and New York are also relocating to our beautiful city. And with the new normal being remote work, many buyers from the Bay Area as well as just about anywhere across America are choosing Las Vegas as their new home for its affordable housing, excellent weather, zero income tax rate and easy in and out travel. I also see that many buyers are placing a great value on what is in their home, such as a home office, gym or movie theater. While all this is going on, inventory is at an all-time low. There has not been enough homes built since the great recession to keep up with today’s demand. With high land prices, tight labor and increased material prices, builders have been hesitant to build without having an actual buyer. Developers have remained cautious with their memories still recalling the devastation of the great recession. All this has produced quite a bonanza. I see the results first hand. I will have my best closing month ever in October 2020. I have sold luxury home in Las Vegas without even having to place them on the market, a rare event. Here is a Las Vegas luxury home I sold for $6,725,000 without having to place it on the market, 48 Painted Feather Way.
Does this make it the Best Time To Sell Your Las Vegas Luxury Home?
If you have a plan for your next residence then it probably does. Now is a great time to downsize, upsize, move closer to your kids schools, closer to your work or head for your favorite retirement destination (which might be Las Vegas!). There has never been a better time to make quality of life number one and take advantage of a market top. If you are unsure where you want to go next, then further thought is required. You could lease your next home and wait for the perfect opportunity to arise. You could purchase a lot and build that dream home you have always wanted. One thing that usually rings true is that after a boom there is usually a bust. Good markets can’t stay hot forever. So, in conclusion, I would whole heartily agree that today is a very, very Good Time To Sell Your Las Vegas Luxury Home! If you would like to discuss your unique needs please feel free to contact me for a no obligation consultation.