Our state has moved to the top of the moving place list based on one-way truck rental data from Penske Truck Rentals. Its high ranking shows the area’s exploding population increase since last year. Such stats are continuing to grow one moving truck at a time despite a valley-wide housing shortage in Nevada.
Nevada is a Crazy Seller’s Market
Brad Wolfe, a realtor with Life Realty, said: “It is one of the craziest seller’s markets I have ever been in.” Brad Wolfe has been a realtor for 18 years. The U.S. Census Bureau data shows Nevada’s population grew by 15% in 2020. Then to couple that with a historically low housing inventory of nearly 1,800 homes. “Then as soon as the property does come on to the market, it’s on the market for two or six days. Next, it’s under contract. Moreover, it’s a very aggressive market for the agents right now,” Wolfe has said.
Nevada is Experiencing a Single-Family Home Inventory
There has been an increase of about 3% in single-family home inventory in April, according to Las Vegas REALTORS. “Moreover the inventory is ever-so-slightly ticking up. Yet, it is not relieving any of the pressure,” said Aldo Martinez, LVR 2021 President.
Moratoriums Remain in Place
The relief valve is not possibly going to turn as long as moratoriums have remained in place. Wolfe has said. This is occurring as more companies provide work-from-home opportunities.
Tax Refugees From Another State
“There are a lot of companies moving from another Western state. Moreover, we call them tax refugees. I feel we are getting away from higher taxes. Now, they realize they can work from anywhere,” Wolfe said. Moreover, Wolfe said 38% of home buyers last year came from this other Western state. Yet buyers with equity can overbid cost-effective Las Vegas properties. “We had one that was going for 760. Then comp wise, when you look at the analysis maybe it was worth 730. Then, they got an $800,000 cash offer,” Wolfe said.
Properties are Seeing a lot of Offers
Most of the properties, without a doubt, are seeing anywhere from 10 to 40 offers. Though for sellers it’s about time and the convenience.