Las Vegas real estate continues to make the headlines as we have the greatest increase in sales volume in the country, latest reports put is at 117% of last years sales mostly due to falling prices fueled by the Las Vegas foreclosure market.
In an effort to lessen the inpact of a flood of foreclosures to prices, banks are putting homes into the market slowly and protect property values and allow them to recover more from these Las Vegas foreclosures. Banks are negotiating new terms with home owners in order to find solutions before a home is foreclosed.
First time buyers are in full force buying Las Vegas real estate like what it is, on sale. The prices we're seeing are, in some cases, going for as little as 20% of what the original debt was for. Las Vegas foreclosures, Henderson foreclosures and North Las Vegas foreclosures are a very sought after item.
Buyers are presently purchasing homes, according to the Las Vegas MLS by buying them in cash representing 40% of buyers and showing that investors are reinvesting in Las Vegas Real estate buying as they come on-line. Investors are buying homes with possitive cash flow. Las Vegas real estate hasn't seen rents decline much, in fact they have not changed since November of last year and averaging 1,200 a month.
Those that are financing are finding historically attractive interest rates, new guidelines allow investors to finance up to 10 homes these allone are causing a flood of buyers and multiple offers. investors are also happy beacuse renters are everywhere as homeowners lose their homes and are forced to rent and they can no longer buy Las Vegas real estate until they recover their credit.
A total of 3,767 units of single family homes and condominiums closed last month, of that only 292 were short sales, the overwhelming focus on foreclosed properties and private sellers, yes, some homeowners still have equity.
Homes listed were sold at an average price of 98.27, and a median price of 100% indicating clearly that banks are getting their asking prices as they are pricing the homes correctly. Homes are not siting on the Las Vegas real estate market for very long as the homes are selling in an average of as little as 69 days, and a median of 40 days.
The attitude of buyers in todays market has changed dramatically as they purchase Las Vegas foreclosures, they are buying with a hold mentality, they are buying with a home in mind and not looking at the home as an ATM machine. The government tax credit of $8,000 is doing it's job by attracting first time buyers to a great buyers market, some buyers are still un-aware of the credit or don't understand how to obtain it.
