Everyone is asking us about status of Las Vegas Foreclosure Homes; i.e. where the market is headed and issues that are impacting Las Vegas Real Estate. Here is our take on the Las Vegas Foreclosure Homes market as of early in the 4th quarter of 2009.
Las Vegas Foreclosure Homes
The overall Las Vegas Foreclosure Homes market is continuing to improve, albeit in fits and starts at times. The National Media has made Las Vegas the poster child for what’s good and bad about the national real estate market, which gets old. There is much more complexity to our market than what is being reported by the media.
Many media outlets have pictured the city as being threatened by a tidal wave of Las Vegas Foreclosures; this is far from the truth. Yes, we have a large number of foreclosures, but our banks are releasing this inventory into the market in a measured pace. Our sense is the banks certainly don’t want to impact the market negatively.
Investors Continuing to Purchase Las Vegas Foreclosure Homes
Investors from around the world are continuing to aggressively purchase Las Vegas Foreclosure Homes in the $50-200K price range. Homes in this price range are at times being snapped up with all cash offers, making it difficult at times for prospective homeowners to purchase the home they are interested in. Patience and aggressive action are the watchwords when purchasing homes in this price range.
Small plug for ourselves, we are shifting our Foreclosure Bus Tours on Saturday’s to “Investor Only Specials” (although all are welcome) and just previewing homes in the $50-150K range starting on Saturday, October 31, 2009.
State of Nevada Assists Homeowners & Las Vegas Foreclosure Homes
The state of Nevada has just announced a program earlier this month that will make $125 Million available to first time lower income home buyers here in Nevada. We think this is certainly good for people who would not ordinarily be able to qualify for ahome loand and should also help to stimulate the overall real estate market in multiple ways.
Hispanic Community Driver for Las Vegas Real Estate
Nearly half of the Nation’s 14 million Hispanic households currently rent and these numbers dovetail with the Las Vegas Market. Over 50% of Hispanic households polled by the National Association of Hispanic Realtors indicated they plan on buying a home in the next five years.
We have a large Hispanic community here in Las Vegas and we believe this vibrant community will be one of the next big waves driving growth for Las Vegas Real Estate.
Las Vegas City Center is opening in December; we think it will have a positive impact on our local economy and Las Vegas Foreclosure Homes
