Lenders throughout the US and here in Las Vegas are clearly slashing prices on homes (dramatically!) to generate interest in Las Vegas Foreclosures. It’s clearly working!

Sales of Foreclosures and other types of “distressed homes” like Short Sale and REO Bank Owned homes are making up the majority of our sales here in Las Vegas. We believe this percentage may be in 50% range or more as of June 2008.

As an example of the numbers we are seeing, lenders are pricing homes at the $175K range for a home that may have sold 1-2 years ago for $350K. These price drops are generating multiple offers for one house and banks are starting to selectively pick buyers with solid financing and/or the ability to pay in cash.

Las Vegas is dissimilar from other major markets in CA, FL or other states. We have become a lifestyle destination for millions of people around the world and many want to relocate here, buy a second home and/or invest in our local real estate market.

The market is extremely dynamic and has become a competitive and deal driven; i.e. great deals are increasing the demand for our Foreclosure Inventory. Gloom and doom are diminishing rapidly into the rear view mirror – hang on to your laptops baby, Las Vegas is coming back!!

Filed under: LAS VEGAS MARKET