It is no secret that interest rates have spiked in the past couple weeks. How will this effect the Henderson housing market as well as other areas in southern Nevada? The good news is that inventory levels have risen and will continue to rise. This is due to some buyers being pushed to the side by the higher rates. Some by choice others simply feel 4.5% interest rates are too high. For them, I feel sorry. In a year they will be wishing they purchased with a 4.5% interest rate.
Interest rates are not expected to rise too much more but may go into the low 5% range here in the short term. For home sellers this means they will not get the huge offers over listed price and prices will not continue to rise at a crazy pace. Although, I do not foresee real estate prices coming down anytime in the near future. Henderson as well as all the Las Vegas area will see a "normal" real estate market here soon with about a 3-4 month inventory of homes on the market and buyers that can go and get the homes they want.
Regarding new construction, I do expect to see more incentives especially in the Henderson area as the home builders have become very greedy and aggressive with pricing. I don't expect them to drop prices across the board but I do think there will be some deals to be had with standing inventory.
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