The buzz of good news continues to travel across the mouths of industry professionals such as real estate agents, loan officers and escrow agents who for the last 10-12 months have seen enormous decreases in activity leading to unemployment or change of professions.
The good news we're seeing is an increase in the amount of home sales of Single Family Residences. Sales rose almost 30% for the month of April 2008 as compared to the same month in 2007. Also good news to report is a fourth consecutive month of sales increases. We haven't seen an increase like this since September 2005 according to the Greater Las Vegas Associations of Realtors.
22,942 single family homes still remain on MLS, but stability is a nice result to finally see. For those still shopping the market for a great Las Vegas home buy, my opinion is that we may still see some decreasing values between now and this same time next year. Those homeowners who had 3 year Adjustables that closed in 2006 will be seeing their adjustments take place on their loan in 2009. If the value was still present, they could simply refinance. But the horrible result of this whole mess is that values are not where they need to be - especially for people who took the 100% financing option. If those homeowners cannot buy down the principle balance to refinance, then another wave of foreclosures is on the horizon. However, keep in mind activity has already picked up and if you are looking for a gem, then the gems will be the ones to go first.
My recommendation is
- get familiar with an agent and get set up on an alet system with them to keep an eye on a specific home, or a specific area. Be ready to move when the home you want is available.
- Get your documents together so you can speak with a lender - that's always the not-so-fun part of the whole process
If you are curious how to qualify for a home loan