As shown in the graph below, home prices in the "hottest markets" have climbed substantially in the past year, with Nevada leading the pack at 24.9%. According to Case Shiller, the national average was a 13% climb, and stiff competition from these rising prices has created stiff competition for buyers seeking homes in booming urban markets.
RealtyTrac stated that 35% of all February offers were made in all-cash (a notable 30% increase from the year prior). Paired with the fact that new home construction is still well below normal levels, closing deals in this low-inventory market is tough if you aren't an all-cash buyer. This may also be a smart time to sell if you're an investor with rentals in the LV valley - contact us for a personal consultation!
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