Las Vegas home prices dropped again in June from $305,000. in June 2007  to $225,000. in June of 2008 according to the Greater Las Vegas Association of Realtors. There are a large number of factors driving the Las Vegas Real estate market but one of the primary culprits is our large number of Las Vegas Foreclosures, which are continuing to flood into the market and impacting our Las Vegas home prices.

On a positive note, first time home buyers and investors are getting some incredible deals on our real estate - we are also starting to see a large number of second home buyers move into the market as well. Las Vegas Foreclosures and Las Vegas Short Sales are clearly getting the attention of investors and speculators who are purchasing homes again.

If you are a Buyer:

1) You are getting much more home for your money.

2) Banks and Lenders are in some cases paying your closing costs.

3) Interest rates are still at all time lows.

4) Now is the time to find an affordable home.

If you are a Seller:

1) You may want to sit on the sidelines so you don’t have to compete with all of the Las Vegas Foreclosures.

2) Banks and lenders are in some cases driving down prices in your neighborhood.

3) The rental market is very strong and you can opt for renting out a home, rather than selling in this foreclosure-driven market.

Finally, the month’s supply of Las Vegas Homes has declined to 10.5 months, which is the lowest since December 2006 - this is a positive sign for Las Vegas home prices!  Please visit our web site to look at some great deals we have on Las Vegas Homes!

Filed under: Best Foreclosure Buys, LAS VEGAS MARKET