3 SEASONAL Home Buying and Selling TIPS in Las Vegas
Are you trying to figure out the best time to buy a home in Las Vegas? You’re not alone. Today, we’re going to break down the Las Vegas real estate calendar to help you plan your purchase.
First off, let’s talk about the overall market here in Las Vegas. Over the past few years, we’ve seen consistent growth. Our market crashed in 2007 and bottomed out in 2010. Since then, home prices have been on the rise over the last 15 years, and demand remains strong. But like any market, it’s not always predictable—it fluctuates throughout the year.
One thing to keep in mind is how much the market can change from season to season. Timing really matters in real estate, and it’s something you want to consider if you’re thinking about making a move.
Let’s dive into the spring buying season, which is typically the busiest time of year for real estate in Las Vegas. Our market tends to follow the same trends as most real estate markets. Demand picks up around the end of February and middle of March. During spring, you’ll notice a lot more homes hitting the market. This means as a buyer, you’ll have more options to choose from
But, while the higher inventory is a big advantage, there’s a flip side. Spring also brings out more buyers, and that means more competition. It’s not uncommon for homes to receive multiple offers, which can drive prices up. If you’re planning to buy in the spring, be prepared for the possibility of bidding wars. Sometimes, I will see where a home has been on the market for several months and then the market picks up in spring and suddenly there are multiple offers.
For example, just last spring, I worked with a client who fell in love with a home, only to find out five other buyers were just as interested, and the home had a bidding war. Luckily, we came in strong, and my clients got the home.
So, is spring the best time to buy? It depends on your priorities. If having more choices is important to you and you’re ready to face some competition, spring might be the perfect time. But if you’re looking for a potentially better deal, you might want to consider other seasons when the market isn’t as hot.
So how is the Las Vegas Summer market? Well, it is hot! Yes, I do mean temperature and demand!
As the kids are out of school many families find summer is the best time to move. Specifically, if moving here from out of state or for families looking to move their kids into a specific school zone. We did so years ago moving our sons into Henderson so we would be zoned for Coronado High School.
But there are challenges of the summer market. The extreme heat can be a deterrent for some buyers, making home viewings less appealing. If you’re planning to tour homes in July or August, be prepared for triple-digit temperatures.
The heat can slow things down a bit. Fewer people are out and about, which means less competition compared to spring. Also, many families and real estate agents are busy with summer break and vacations. Homes may sit on the market a bit longer, and the urgency that we see in spring starts to fade.
So, is summer a good time to buy? If you’re looking for more negotiating power and are okay with the slower pace, summer could be a great opportunity. Just make sure to stay hydrated and plan your home tours wisely!
Fall is my favorite time of the year. The leaves start to change, and the temperatures begin to drop, the Las Vegas real estate market enters a new phase—the fall buying season. Fall is a unique time in the Las Vegas real estate market. Fall is generally September and October. Having been in the business for over 28 years, I have had October be the best month of the year many times. Meaning many homes have gone into contract in September so I have more closings in October than any other time of the year. As the summer heat cools, we will still see strong demand in September. Fall can be a great time to buy or sell in Las Vegas. The demand from Summer will often continue through fall and many of the homes go into escrow.
But, as with any season, there are some downsides to consider. In the fall, you’ll notice fewer new listings coming onto the market. Many of the homes available might be leftovers from the summer, which means they could have been sitting for a while. It’s important to carefully assess these properties to ensure they meet your needs and aren’t priced too high.
While fewer new listings might mean less choice, it also gives you an opportunity to find hidden gems that others might have overlooked. Just be sure to do your due diligence and work with an agent who can help you spot any potential issues.
So, is fall the right time to buy? If you’re looking for less competition and are open to negotiating, it could be the perfect season for you. Just be mindful of the limited inventory and be thorough in your search.
Winter is the slowest season for real estate in Las Vegas, but that can work in your favor. One of the biggest advantages of buying in the winter is the lack of competition. During the holidays, I have both Buyer and Seller clients tell me they want to hold off during the holidays. Starting in November, clients will tell me to call them after the new year to discuss buying and selling.
The sellers that are on the market during the holidays generally need to sell and may have a time frame to close by the end of the year. This can mean more negotiability from a seller and a good opportunity for buyers.
Fewer homes are listed during winter, which means you’ll have fewer options to choose from. And let’s be honest, some of the homes that remain on the market might be there because they are overpriced or have issues that have turned off other buyers.
So, is winter the right time to buy? If you’re looking for the least competition and are ready to negotiate with motivated sellers, winter could be a fantastic opportunity. Just keep in mind there is limited inventory and be sure to do your homework.
Understanding the seasonal dynamics of the Las Vegas real estate market can greatly enhance your buying or selling strategy. Spring and summer are the peak seasons, with high inventory levels and vibrant market activity. However, these seasons also bring fierce competition and potentially higher prices. In contrast, fall and winter offer unique opportunities for negotiation and securing better deals, though with fewer listings and, at times, properties that have lingered on the market.
Ultimately, the best time to buy isn’t about perfectly timing the market but rather aligning your purchase with your personal and financial readiness. Each season has its pros and cons, but staying informed and adaptable is key. By tailoring your approach to the current market conditions and working with a knowledgeable agent, you can successfully navigate the Las Vegas real estate market and achieve your real estate goals, no matter the season.
