LAS VEGAS (KTNV) — “This is the thick of the season versus the slow season which is right around the corner in the fall.”
For more than two years, prospective home buyers have been drowning in a competitive market.
Aside from low inventory, cash offers poured in and some people were dropping thousands more than the asking price.
Now, real estate experts say things are finally cooling down.
“It’s indicating that we are heading into a market where prices will soften. Buyers will be able to negotiate better deals on homes that three months ago were very boldly listing well above neighborhood comps. Those days are on pause,” said Mark Wiley, CEO of the Mark Wiley Group, Keller Williams Southwest.
Wiley said buyer activity is going down and active listings are going up.
Another factor are mortgage rates that have now skyrocketed well above 5 percent.
“What we’re seeing in our inventory is that when we price the home for what it should sell for, we’re still getting great activity but if we continue down the path of pushing prices into that higher level, the buyer feedback is now coming back to us saying it’s a great home but not worth the price,” Wiley said.