‘Tis the season to be … moving? Absolutely. Sure, we have all heard that spring and summer are the best times to sell your home, but those are industry averages, not necessarily how deals go down in the desert. If a prime piece of Las Vegas real estate is on your holiday wish list, keep reading. There are advantages to house hunting while humming “Deck The Halls.”
It’s Las Vegas; we make the rules here. That’s the first difference in Las Vegas real estate and the rest of the world’s statistics. Las Vegas is, after all, an oasis, and that means we are a destination, not just an address. Visitors converge on the city en masse, and that does not slow down during the winter. If you’ve been here during convention season, you know what I mean.
Buying Las Vegas Real Estate in the Winter
If you’re planning a move to Las Vegas, don’t let the calendar dictate your buying schedule.
Relocation or business move can occur at any time during the year. Relocation is one of the most frequent winter buyer’s tales that comes across my desk. Corporations are moving to or expanding their presence in Las Vegas all the time. Commercial real estate has been a segment of the Las Vegas real estate market with significant growth in the last year. Tech companies are moving here from California to take advantage of tax benefits, and employees are moving along with them.
Corporations will use the incentive to write off moving expenses prior to the December 31 cut-off date for a reason to pick up shop during the winter. If you work for one such company, guess what? You get to write off moving expenses right along with your employer.
The timing of winter moves coincides with holiday time off. Use the holiday work schedule to pack and unpack, and settle in before heading back to the office. Or if you are the Decision Making Unit for the corporation, the year-end slowdown is a great time to change the company’s address with minimal disruption.
For some people, the decision to move or buy is a New Year’s resolution. This goal is much less stressful than trying to find a parking spot at the gym during the month of January.
The players have ponied up to the table. Sellers are willing to sell and buyers ready to buy. Let’s get down to business with parties who are prepared to negotiate and close the deal. This tendency to attract willing participants can cut weeks or months from the process leading up to the closing table.
The real advantage of winter in Las Vegas is walking around without the strains of summer heat or the frigid temperatures found in most cities during the winter months. The average temperature in Las Vegas during December is 58 degrees. Plus, the city’s walkability index has increased over the past few years, take advantage of the improvements.
An interesting bit of information regarding improvements:
Grocery stores like Whole Foods and Trader Joes are expanding. These retail anchor stores bring property appreciations along with convenience. So for folks looking at Summerlin, an increase in property values is on the horizon.
A few overlooked benefits of buying in the winter include:
There are fewer foreclosures in the Las Vegas real estate inventory. Cash buyers tend to drop out when foreclosures decline, so winter buyers face less competition from investors.
Your real estate agent, that’s me, will have more time to dedicate to you.
All systems are a go as far as home inspections, heating units, pool equipment, window leaks, drainage features of the home are all on display during the winter.
Your inspector doesn’t have to guess on the functionality of any major appliance or HVAC unit.
Heated pools are waiting for holiday relaxation post move.
If this is your vacation home, interest on a mortgage is deductible on second homes.
Builder incentives to get the property off their inventory books.
Moving companies have space on their schedules.
If you’re expecting a year-end bonus, living in Las Vegas could increase the take-home value of that chunk of money thanks to no state income tax.
Short sales, homeowners who owe more than the property is worth, present buying opportunities in the winter. Short sales can include luxury homes.
Ready to Make Las Vegas your Winter Wonderland?
The best reason to buy Las Vegas real estate in the winter months is because you are ready to buy. Whatever the reason we are here to help