BRE License# 30252
What is the Las Vegas Market Like?
With Foreclosures in Vegas at an all-time high, the inventory has risen to a level where supply has outstripped demand. The old law of supply and demand in this case means that with inventories so high, the prices are ridiculously low. So low that even Builders can't compete. Welcome to the best Buyer’s market in over 2 decades!
So, there is Good news, Bad news, and Great news. The Bad News is that for anyone who bought in 2005 and 2006 at the height of the feeding frenzy, you are probably under water. However, if you are part of this group, there is potentially some good news and we can help. There is Great news for anyone who is interested in buying a home either to live in or as an investment. Prices of homes in the Las Vegas Valley are at their lowest since in the early 1990s, making homes so affordable, the sales rate is at a 2 year high.
This brings us to an interesting intersection. Because Prices are so amazingly affordable today, investors and Buyers who only a few years ago were shut out of the market by the excessively overpriced homes are now flooding into the market and picking up these bargains at a break neck pace, making 2010 the 3rd busiest year on record for Las Vegas. And 2011 shows no signs of slowing. The result is that it is not unusual to see anywhere from 3 to 10 offers on new listings within 48 hours of hitting the market. This has had the effect of causing homes to sell for anywhere from 5 to 20% above list. The prices are still phenomenal, but a buyer should not expect to buy a home for significantly under list. Still, the prices are 50 to 70% less than the peak of 2006, 2007.
Sign up for our Daily Top 10 Foreclosure Hot Sheet below, and you will begin to receive at no obligation a free list of the best deals in the Las Vegas, Henderson area. If you have more specific needs, let us know, and we will prepare a customized Foreclosure Hot Sheet just for you. If you are just curious about what kind of bargains there are, this is a great way to start.
If you are ready to start looking, simply email of call us. We can talk about your home buying and/or selling plans. Call Steve Matthews on his cell phone (702-491-HOME (4663)) or send us an email (Info@foreclosurelasvegas.com); we'll set up a time to meet that is easy and convenient for you.
We look forward to working with you!
Steve Matthews, CSP, SFR, GRI
P.S. If you're not ready to meet in person, please tour my website. I'm sure you'll find the resources here useful and helpful. Enjoy!
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