Real estate markets across the country have improved dramatically since the dark days of the so-called “Great Recession.” In general, home and commercial building values have increased considerably in many areas, and Nevada has seen its share of good fortune when it comes to the real estate market. However, as summer comes to an end, so does the traditional home-shopping season.
A recent news article mentioned that, in August of this year, real estate markets throughout the country showed signs of “buyer fatigue.” In essence, this means that the recovery of the housing market, in particular, is actually working against interest from potential buyers. As prices rise and interest rates for mortgages climb higher, buyers are getting worn down by the number of concerns that arise when it comes to one of the biggest financial transactions they will ever be a part of: buying a home.
There are external factors that are impacting buyers beyond just the rising numbers associated with the housing market, according to the recent article. Many potential home buyers these days are the so-called “millennials.” These young adults, although interested in potentially buying a home, oftentimes have another significant financial obligation to address: student loan debt.
There are many different factors that go into the relative health of the housing market, from coast to coast. Nevada has its own factors, and buyers and sellers throughout the state need to consider those factors when it comes to a potential real estate transaction. If either side has not thought everything through, there is the potential for a dispute to arise.
