There is much buzz about the “double dip” that we are headed towards (being reported on a national level.)
Is my fair city of Las Vegas that I sell in headed for that double dip? Well gee, I don’t have a crystal ball so I can’t say for sure.
On the eve of pulling statistics for my Las Vegas monthly real estate market reports, I can report that Las Vegas Real Estate inventory is rising and we will see a rise for the fourth consecutive month.
The Las Vegas area is still a seller’s market but inventory is rising rapidly (due to less buyer demand, not due to the “shadow inventory fairy” we hear about so often) and we are seeing a softening of prices and more seller paid concessions given with the expiration of the first time buyer’s tax credit.
I do expect Las Vegas to turn from seller market to stable market territory somewhere between November-December.
If that happens and inventory continues to rise quickly, we may see a “double dip” if the spring buying crowd doesn’t lap up some of that inventory! At this point I do not foresee a large dip in prices like we did in 2008…….but I have been wrong before!
Thnx for providing nice information about real estate.
You are welcome FL Homes