Las Vegas housing sales slowdown due to Investors’ retreat from the market

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Las Vegas housing sales slowdown due to Investors’ retreat from the market

Las Vegas housing market triggers sales slowdownReal estate reports show that investors are flipping less homes in Nevada this year. However, Nevada still is in the top percentile across the nation for flips. Home sales recorded as flips were down 5% to 10% in different categories compared to last year’s report. According to the Irvine, CA data firm, a flip is defined as any house that is sold within 12 months after purchasing.

Although the real estate industry has ever playing factors, and the median price of houses is up, most investors are seeing less opportunity to have their property sold to a qualified buyer in a short time frame. The number of homes for sale without offers has doubled from last year to roughly 8,000 according to Las Vegas Association of Realtors.

Throughout Las Vegas, listings of previously owned homes are being ignored more often, sales volume is dropping and rates are not climbing practically as quickly as a year ago. Most cash buyers are packing their bags and making their exit in the real estate market – for now at least.

With investors pulling back, the days of virtually every listing receiving an offer have come to fade away. No longer is a buyer pressured and stressed to take any home they can close on, regardless of the condition, out of fear they might not get another chance at a similar home because of the cash buyers.

The soaring, investor-fueled industry wasn’t typical, and such booms only contribute to roller-coaster rides that take a toll on actual estate agents, homeowners, potential purchasers and the community at huge, stated Heidi Kasama, GLVAR president and managing broker of Berkshire Hathaway HomeServices’ Summerlin office. In her opinion, the housing market is much better and more stable now.

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