If you need assistance, please call 702-476-0060

The Las Vegas Housing Market

Friday, June 25, 2021   /   by Ken Couture

The Las Vegas Housing Market

The Las Vegas Housing Market.JPG
Like many other real estate markets around the U.S., realtors in Las Vegas see a new element in play among many home buyers and sellers, “FOMO.”

“It’s ‘fear of missing out,’” said a realtor in Las Vegas. According to him, FOMO is occurring in the current housing market when emotions begin driving big financial decisions.

With housing prices soaring, many homeowners are developing a fear of missing out, thinking there may never be a better time to cash out. For home buyers, FOMO can be costly, as they try to top numerous competing offers.

“The fear of missing out,” she said, “anxiety and the stress that these buyers are going through, is that they're making offers before they're even seeing properties. I mean, sight unseen, they're doing anything and everything they can, just to have a shot.”

And, FOMO can become counterproductive for buyers and sellers. Many buyers deal with growing tired of repeated let-downs after getting out-bid on numerous homes.

For sellers, “they can still get a little too greedy and when they overpriced properties to the degree that it's just beyond sensical anymore,”she said. “Those properties could still sit on the market and get stigmatized.”

Her advice for buyers, go in strong with your mortgage money to cover the appraised value of the property, and have additional cash on hand to cover the difference between market value, which is the actual amount you’ll pay for the house.

“That’s hard for a lot of buyers to wrap their head around. The fact that, well, if it only appraises for this much, why would I pay this much?” she said. “Well, you’re gonna have to pay this much if you want to be a homeowner, because there are a lot of other buyers out there with FOMO that you know are willing to throw an extra $25,000 on it so they know that they have a home to go home to at the end of the night.”
 

Follow us on:

FB: Ken Couture Realty Your Home Sold Guaranteed

IG: @kencouturerealtylv

Twitter: Ken Couture

Pinterest: Ken Couture

LinkedIn: Ken Couture Your Home Sold Guaranteed

 

Contact us at:

Ken@CoutureRealtyLV.com

702-476-0060

Couture Realty
Ken Couture
8367 W Flamingo Rd Suite 101
Las Vegas, NV 89147
702-476-0060

UP5DB701E1507748.jpgThe data relating to real estate for sale on this web site comes in part from the INTERNET DATA EXCHANGE Program of the Greater Las Vegas Association of REALTORS® MLS. Real estate listings held by brokerage firms other than this site owner are marked with the IDX logo. The information being provided is for the consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. GLVAR MLS deems information reliable but not guaranteed. Copyright 2022 of the Greater Las Vegas Association of REALTORS® MLS. All rights reserved.
This site powered by CINC: www.cincpro.com