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Real Estate Agent's Insight: Insights for Buyers and Sellers in Spring 2024 - Henderson Nevada Edition

2024.3.22

by: Carrie Lu

Spring is here. Each year transactions in the housing market increase from March to August. These six months are considered the best time for the home sellers to sell their homes. We are seeing multiple showings and multiple offers.

For home buyers in Henderson and surrounding areas, it can be a very challenging time. Even with increased interest rates, nothing is stopping the motivated home buyers from buying their next home.

On an average home priced at $450,000, the estimated monthly payment is $3000 including mortgage and interest.

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We have searched for homes from $350,000 in Sun City Summerlin to $1,300,000 for a lakefront home in the Desert Shores. There are multiple offers and homes are selling on day 3 or day 4 when priced right. For my home buyers, it averages three offers on three different properties to have one offer accepted by the seller. Once a home is newly listed it is important to take immediate action. If the home buyer is not ready to see a home for one week or more than the chance of the home being available dramatically go down.

On the most recent home I placed under contract, my buyers and I were at the newly listed home on day one. We were the first to place an offer on a Friday night giving seller until Monday at 5pm to respond to our offer. By Tuesday morning our offer was accepted at full price even though we competed with a total of four offers received. Welcome to 2024. This is how the market will remain for the next six month despite the interest rate in the 6’s. Right now the interest rate is 6.75% according to Prosperity Lending.

In Henderson and surrounding area, land is increasingly expensive. Vacant land one acre in size can sell anywhere from $200,000 to $500,000 depending on the location. After acquiring land, more money is allocated to build a home. Another $300,000 is the estimated cost to build a single family home. When home buyers are frustrated with multiple offers and bidding wars, several will ask to look for vacant land and build a custom home. There are many options in finding the next home or moving out of a larger home to a smaller one. Contact me at Signature Real Estate Group to uncover your options. 

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