As we approach the middle of the year, the housing market is in a state of flux. The Federal Reserve has raised interest rates several times over the past year in an effort to curb rising inflation. For those in the market to buy a home, this could mean higher monthly mortgage payments.

However, for those looking to sell their home, the market in Southern Nevada is still favorable with low inventory, which means less competition among sellers. While historically, the inventory tends to increase during the Spring Selling Season and start to decrease around August, buyers still have an opportunity to make a strong offer and potentially secure the home they want, particularly for homes priced at $500,000 and under.

It is important to remember that buying or selling a home is a significant life decision that should be based on individual circumstances and financial situations. Attempting to time the market by waiting for prices to potentially go lower or interest rates to decrease may mean missing out on the home you want. Instead, take a step back and evaluate your financial situation, work with a knowledgeable loan officer to determine the best financing options available, and make an informed decision based on your unique circumstances.

If you are in the market for a home, consider getting pre-approved for a mortgage so you can have a better idea of what you can afford. If you are selling your home, work with a real estate agent who can help you navigate the market and provide valuable insights on pricing and marketing your home.

In the end, remember that the housing market can be unpredictable and while it is important to be aware of current trends, it is even more important to make decisions based on your own needs and goals. So, whether you are looking to buy or sell a home, take the time to evaluate your situation and make a decision that is right for you.