Las Vegas Mortgage Call Casey Moseman 702-271-1274

Personal and Professional Service to Get the Best Loan for you

Foreclosures Creating Lively Las Vegas Home Market

One's misfortune is another's gain when it comes to home buying in Las Vegas these days.  Foreclosure homes, of which there is no shortage, are being snapped up by eager buyers.  New homes can't compete with the bargain pricing, and there's a great selection, with new inventory still flowing in to replace the sold homes.

In an article titled Foreclosure Sales Boost Las Vegas Market, tells us that  June existing home sales were made up of 70% foreclosure properties.  Though down over 40% from a year ago, June's median sales price held steady, as it has for a couple of months, possibly indicating a stabilization of the foreclosure market price-wise.

The real estate research company providing this data, MDA Dataquick, states that the inventory is still building though, as nearly 3600 houses and condos were lost to foreclosure in June.  This was a spike that will keep the inventory pipeline full for a while, but there seems to be a great demand developing to offset the supply increase.  Buyers are sensing a possible turn-around in the market, and they're doing the research to locate the homes most likely to be at the front of any future price appreciation trends.

Couple this bargain purchase opportunity with historically low interest rates and government stimulus activities, and we have a lively Las Vegas real estate market right now.  There is money available for financing, and we have the resources to help buyers to locate the best loan products for their situations and credit history.  The June spike in foreclosures is creating a late summer opportunity to select from homes in all areas at prices we haven't seen in many years.

%d bloggers like this: