Las Vegas Real Estate Market is on Fire!

The Las Vegas real estate market is on fire! We're seeing multiple offers on nearly every home we've listed this year. With very few exceptions, our recent listings have garnered multiple offers, often exceeding the asking price. Sellers are receiving enticing concessions, such as free lease periods, post-possession periods, and appraisal waivers.

Thinking of Selling?

If you’ve been considering putting your home on the market, now is a fantastic time. The demand is high, and buyers are eager. Even if you’re a buyer, don’t be discouraged by current interest rates or affordability concerns. The reality is that home prices are not expected to decline anytime soon. Waiting for interest rates to drop could mean paying significantly more as home prices continue to rise.

Rent vs. Sell: Making the Right Choice

We’ve noticed a trend where homeowners consider renting their current home instead of selling it when transitioning to a new property. While renting can sometimes be a good investment strategy, there are crucial factors to consider:

1. Capital Gains Tax Exemptions: If you’ve lived in your home for two of the last five years, you can sell your home without paying capital gains tax (up to $250,000 for singles and $500,000 for married couples). However, if you turn your home into a rental and sell it later, you might lose this exemption and face significant tax exposure.
2. Equity Utilization: Suppose you have $100,000 of equity in your current home. By selling, you could use this equity towards a larger down payment on your new home, reducing the amount you need to borrow at today’s rates. This could result in a much more favorable financial situation compared to borrowing an additional $100,000 at current interest rates.

These decisions can be complex, and it’s essential to consider all factors, including tax implications and financial benefits. Don’t navigate this alone—reach out to us for personalized advice and guidance. We're here to help!