Our Las Vegas Housing for Investors analysis covers a good bit of ground, no pun intended. Right now the hottest segment of the Las Vegas Real Estate Market are Las Vegas Homes in the $50-150K range. But, anticipate some headwind via multiple offers in this price range and be patient.
Las Vegas Housing for Investors
Pricing for Las Vegas Homes remained mostly flat for November 2009 based on the Greater Las Vegas Association of Realtors report just released this week. The actual number of Las Vegas Homes sold was 3,843 versus 4,385, with some seasonality impacting these numbers. But, if you look back a year ago we had sales of 2,757 Las Vegas Homes; quite a difference in these numbers.
Las Vegas Foreclosures and Short Sales Driving the Market
Approximately 60-80% of all of our homes sold here in Las Vegas were either a Las Vegas Foreclosure or a Las Vegas Short Sale. Meaning, for most Las Vegas Housing Investors you/we have to deal with banks, which can be a bit time consuming in terms of getting an offer accepted. Although we think recent prodding from the Obama Administration and actual Legislation which forces financial institutions to response to an offer within ten days will help to alleviate some of the delays.
Las Vegas Home Inventory
We are down to a 2.7 month supply of Las Vegas homes and we don’t see this figure changing significantly moving forward. Again, this is constraining some aspects of the Las Vegas Real Estate Market – investors don’t have a lot of inventory to look at. Our advice is to move quickly when you see a home that you are interested in investing in, as there are probably others looking over your shoulder!
Fixing Up a Las Vegas Home
There is more “opportunity” in some Las Vegas Foreclosure Homes that may have some cosmetic damage or problems that need to be addressed prior to renting or resale. Many investors are not interested in purchasing a home and then putting more funds into it; so, you may want to take a harder look at homes with some damages, requiring repair.
We have a great team of contractors that we have worked with for years that can assist you and probably save you money over the long haul. Las Vegas Housing for Investors Home for Sale for $148K:
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