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I wanted to stop by with a quick end-of-year market update from 2016 as we head into the 2017 market.
Since 2016 was an election year, we saw a lot of clients sitting on the fence with a lot of uncertainty. Having been in the real estate business for 20 years, I can tell you that this is common during an election year. The good news is that the election is finally over, and we’ll likely see both home buyers and sellers moving forward in the market again.
Interest rates went up in December as well, and the Federal Reserve announced that they could go up three more times in 2017. Rates are artificially low right now, so it’s not a matter of if they’ll go up, it’s a matter of when. That means now could be a great time to buy a house while interest rates are still very low.
In Las Vegas, we have around 8,200 homes listed for sale and sell and close around 3,200 a month. This means we have about 2.5 months of inventory or a really good seller’s market.
If you have any questions about our market or you’re thinking about buying or selling a home, please feel free to give me a call or send me an email. I look forward to hearing from you!