Las Vegas Real Estate Blog

Articles like this one: Yahoo, illustrate the investment potential in the Las Vegas real estate market today. Hundreds of foreclosures are for sale and in order to compete new home builders are offering amazing deals. Our team is selling several foreclosures a month directly from reputable banks. We have dozens listed and anyone who is qualified is able to make a solid purchase.

The best way to line up a Las Vegas home for sale is through a Las Vegas real estate agent. Agents are able to search the inventory in the area and find the best deals.

US homes for sale and that are vacant is up. That's a likely scenario in Las Vegas as well. Either people move and wait while a home sells or banks leave it empty while the home sells as a foreclosure. Reportedly:

"The Census Bureau report shows that shows that 2.9 percent of U.S. homes - excluding rental properties - were vacant and up for sale..."

Some Las Vegas home sellers are trying everything to sell homes as they retain high values. It also appears to be a national challenge. Reportedly, sellers hire Realtors, feng shui experts, etc. We've seen them make cold calls, throw in autos, trips, etc.

"In such a hypercompetitive market, you have to go way beyond what everyone else is doing - especially if you want to move your home quickly. Old standbys like slapping a fresh coat of paint on your clapboards or throwing in a complimentary plasma TV just won't cut it."

I bought a truck yesterday. The best deal was in San Diego so I flew from Las Vegas. When I arrived a kind sales rep from the dealership picked me up. While en route to their locale we talked about Las Vegas real estate. He let me know his daughter had chosen a home in a community in the north west end of town. He was very pleased to hear that the median price is down tens of thousands from a few years ago. He was even more excited to hear about the City Center Project and the number of people who will flood into the valley for work, needing housing. Even with the correction some are excited about their opportunities. We looked at a Las Vegas real estate agent web site where he could find stats and trends. He'll be watching like a hawk.

Las Vegas is awesome for golf. World-class courses dot the valley. Ample warm weather and golf culture enable residents of all levels of expertise to play.

Las Vegas real estate has grown up around these courses. Well-kept greens, water features, social status all drive owners to buy near courses. One of the best benefits of living near a golf course is that it tends to draw a certain crowd, a crowd that doesn't want trouble and who respects the area.

A story in MSNBC related about how a golf course transformed a "blighted neighborhood" into a respected community.

Talk to Las Vegas real estate agents to buy a golf property. They can find what you are looking for by using the MLS search.

Buyers across the country have found a slow, often haulted new home market. In Las Vegas, many resale homes are sold as great bargains. New home builders have had to slow their development. Many buyers under contract have had their projects put on hold while the builder awaits a shift in the market place.

"Experts say it's one of the least examined aspects of the housing downturn, and one that has struck many parts of the country, from areas like Las Vegas, which experienced rampant speculation and overbuilding, to cities where construction was more restrained such as the Jersey Shore and Philadelphia." - MSNBC

For some, now is a great time to buy real estate, especially Las Vegas real estate. Home values are poised perfectly for an upswing in appreciation. There is a demographic of people who can really score in this market. According to Yahoo:

"Dual-income customers should definitely buy a home now," says George Kaiser, vice president of banking operations for Northbrook Bank and Trust and West America Mortgage Co., its sister company. "People with assets in reserve and a credit score of at least 680 should buy as well. Anyone with a credit score less than that will have to verify their income."

In recent years many home purchasers of Las Vegas real estate were able to accomplish their goal by qualifying for a stated income loan. Many who work on the Strip do not have a job that qualifies for current loans. Homes are affordable and now would be the time to purchase. However, it's tough when there are limited types of programs that require a certain criteria. According to the RJ:

"Average casino wage and allowable debt-to-income ratios by Freddie Mac and Fannie Mae would indicate that many hospitality workers can afford the American dream they were priced out of yesterday, said Cory Frey, senior loan officer for Southern Fidelity Mortgage.

"But they're being denied that opportunity, he said, because they can no longer use so-called stated income loans, or loans based on income other than reported wages."

Buyers must be very creative. Typically, they must save up a solid down payment, maintain great credit, and look for the right program to qualify for.

Working with a qualified Las Vegas real estate agent will help considerably. If there is a way to get it done, they will find it.

Master planned Las Vegas community Aliante is nearing completion and offering considerable incentives. As the development nears its end builders are hoping to attract buyers to the stylish homes and amenities.

According to the report they are working with loan programs that aid potential buyers. Reportedly:

"An example of this can be found at The Fields by Astoria Homes, which is offering qualified buyers a $1 Move-In program through April 20 on selected homes that can be ready for move-in within 30 days or less."

The stream of ARM mortgage resets are anticipated to crest in May and June of this year. That signals that more foreclosures are on their way. Those who have avoided losing a home and who may have investment cash on hand are snagging some great opportunities.

Our Las Vegas real estate agent team has access to dozens of repos. We have seen homes sell for half of what they sold for 2 years ago. A 4 bedroom home recently sold for around $180,000. It would have sold for more than $350,000 before the credit crunch. It is expected that next year at this time that the values of homes will begin to recuperate. For someone who can sit on a great deal for a couple of years there is some projected considerable earnings.