Every real estate market is unique. Find an expert and look at the data. Our market(Las Vegas Area) has progressively softened up this year. The median price has stayed level for 3 months. My active listings are sitting longer. Statistically, we are in a seller's market with 3.1 months of inventory. It's feeling more neutral than that.
With all that being said, affordability is still in the pocket. I ran an analysis not long ago on the median rent vs. median mortgage payment. Within $50. Those are important numbers.
Our market rose 35% plus in 2 short years. It was undervalued due to extreme hardship. My opinion is we have found the pocket where it belongs. The market could jog either way depending multiple variables. I wouldn't be afraid to buy, in fact I'm in the market. However, I'll be patient and wait for the right deal. There is no hurry. If rates rise, the market will soften up even more and I'll make up for it in purchase price.
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Todd
Last edited by Vegas69; 09-27-2014 at 06:54 PM.
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