LAS VEGAS (FOX5) — The Las Vegas housing market has shifted in favor of buyers, with sellers facing longer wait times and buyers receiving significant discounts and incentives.
Jake Siazon bought his first home in September after a couple of months of searching. Despite the challenges of high interest rates, he found a property that worked for him and his girlfriend.
“The interest rate is so high right now, and trying to find a house that has a low interest rate so I won’t be paying such a high mortgage,” Siazon said.
Siazon said he was not well-prepared for the home-buying process initially.
“I actually had the help of a realtor. They ended up helping me out a lot throughout the whole thing,” Siazon said.
Market conditions favor buyers
William Crawford, a Las Vegas realtor for about two years, said current market conditions heavily favor buyers.
“They’re getting discounts on their prices. If you look at new constructions, they’re sometimes offering up to 6% in closing costs. That’s a lot of money if you’re spending $500,000. Average home price is, you know, between $450,000 to $480,000,” Crawford said.
Crawford said there is no shortage of options for buyers, which requires sellers to adjust their expectations.
“Even if you have a house that sets you apart, you could be sitting for 45 to 60 days, which, as long as you have that expectation, is okay. You’ll end up finding a buyer. It only takes one to buy the house,” Crawford said.
Potential market shift ahead
Crawford believes the market could shift back toward sellers in 2026, particularly with Federal Reserve Chair Jerome Powell’s term ending in May.
“We may see a big interest rate drop, if that were to happen, which maybe 20, 30% chance. But if that does happen, things will really then jump back up and skyrocket because at the end of the day, it’s all about affordability,” Crawford said.
“When people can afford the homes, prices start to tick back up slowly. When they can’t, maybe right now, some people are losing jobs, then affordability starts to go down. Now there aren’t as many buyers to look for.”
Affordability is an ever-growing hurdle, especially in Las Vegas.
Siazon, who grew up in the valley, acknowledged how much his hometown has changed over the years.
“We have a football team now, which is so crazy. We’ve brought even more people to Vegas,” Siazon said.
“Over the course of the past few years, it just seems like all the prices are going up. I’m pretty sure that’s everywhere else in the country, but here it’s a noticeable change.”
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