Rise in Las Vegas homebuyers backing out; realtor cites financial concerns, more market choices
LAS VEGAS (KLAS) — More homebuyers are backing out of contracts in Las Vegas, according to a recent study, so 8 News Now spoke with a real estate agent about what the trend means for the housing market.
Jillian Batchelor, Southern Nevada realtor and owner of the Batchelor Hanna Group, walked 8 News Now through one of her latest listings in the northwest valley Thursday.
It is one of thousands on the market in Las Vegas, a city where real estate is ever-changing.
'All of this is just an adjustment to probably maybe equalize the playing field,' Batchelor said of the market. 'Maybe a little bit more.'
In the past few years, Southern Nevada has seen interest rates and home prices creep up. Now, according to a recent Redfin study, many buyers are backing out of deals.
Approximately 56,000 home purchase agreements were cancelled in April across the United States, according to Redfin economists. That is the second-highest rate on record, only followed by April 2020.
Las Vegas ranks eighth in the country for buyer backouts, listed several points above the national average.
'We're seeing about 14,15 percent of the homes going under contract cancel in today's market,' Batchelor said.
She told 8 News Now there are a variety of reasons behind the sudden increase.
The first is financial. Many prospective buyers can't manage a final approval, while others change their mind when they see the final estimated payment, including interest, taxes, and homeowners' association fees.
This is especially prudent with other concerns over economic instability, according to Batchelor.
'Groceries have been high, gas has been high, utilities have been high,' she said. 'So buyers are more payment conscious or payment savvy than they really ever have been.'
The second catalyst is more choices, she continued. As the market swings to benefit buyers instead of sellers, those purchasing have more power.
'Buyer goes under contract,' she said. 'And all of a sudden a week later they see, 'oh there's five more homes available in that neighborhood, this one might be nicer, this one might have more upgrades.''
While this all may seem unsettling, housing changes aren't unusual, especially locally, according to Batchelor.
She encourages anyone buying or selling to do the right research and always know what to expect.
Redfin economists predict some relief later in the year, with the median home price expected to fall slightly, according to another recent study.
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