Many local and national are projecting a potential doomsday scenario when/as a new wave of foreclosures is expected to reach the market here in Las Vegas - as banks lift their moratorium that was extended from late spring of this year until May. There are estimates about the size of this bank owned home inventory, but no one has the exact numbers.
We can’t “speak” for the country as a whole, but we have some perspective on the Las Vegas real estate market that is different from much of the media. We are seeing multiple offers on many homes and the winning offer in many cases is above the asking price.
We are also taking consumers and investors out on repeat foreclosure bus tours after they have put offers in on homes. This leads us to believe that additional inventory might help our local market.
We are not real estate market analysts and our perspective reflects a narrow view of the market. But, to summarize, this additional inventory of homes could help to stimulate more sales of Las Vegas real estate and not be as negative as much of our media believes.
