Burr! It’s cold in here. The recent slow down in Downtown Los Angeles loft sales is showing up in the Las Vegas Desert Market of late. Higher inventroy and longer times on the market are common in both Los Angeles and Los Vegas.
Urban real estate cools. The Desert cools faster.
Desert areas’ real estate markets drop first. DTLA just finished cooling already during the virus hysteria of 2020/2021.
Las Vegas real estate market slows. News reports point out that the inventory has doubled in Los Vegas over this time last year. Sellers are more willing to negotiate.
Las Vegas inventory is shooting up. Expect longer selling times on the market, and fewer buyers. Buyers who can be savy are likely to make a better deal.
See the full Story from Fox News in this link.
The interest rate for buying a loft is now around 6%. That means fewer buyers can qualify for the monthly payment. #interestrates #loftmortage
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Copyright © This free information provided courtesy L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association, or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. EAC22071302KT Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.