Las Vegas housing market market November 2009

The market in Las Vegas is showing great signs of recovery in spite of a large number of foreclosure filings. For more specific information, please contact Felipe Crook from Prudential Americana Group at 1-866-589-1646

As the housing market continues its slow economic recovery, properties in Las Vegas are selling quickly. In fact, they are selling so quickly and with multiple offers that the tables are starting to turn more to a seller's market. What?!?! Let me clarify this for you. In my opinion, a seller's market happens when the amount of housing inventory is low and the amount of buyers is higher. When a seller gets to choose between 5 to 10 different offers, that is a seller's market. When buyers can't ask for as many concession such as closing costs, that is a seller's market. Now, prices haven't been this good in Las Vegas in YEARS, so in that respect it's a great time to buy. What I have been incorporating with my clients is looking at brand new homes. I'm shocked that builders are still building anything, but what I'm finding right now are some really well price new homes. Many of my clients are opting for this route to home ownership. No hassles with the banks and multiple offers, the property condition is fantastic, the builder is offering a bumper to bumper warranty for the first year, and in most cases a 10 year structural warranty, AND in many cases you can still customize the home to your tastes. Granted, you aren't going to get rock bottom prices, but the benefits out weigh a lot of the hassles. Here are the stats for our local market:

October Home Sales in Las Vegas and Henderson:

4328 Properties close in October.
688 were Short Sales or nearly 16%
2793 were bank owned properties or 64%
843 were traditional sellers or 20%

Foreclosures continue to mount as our unemployment rises. Below is a graph of the most active foreclosure zip codes in Las Vegas:

Las Vegas Foreclosures by zip code

There are wonderful deals still available in Las Vegas and now that the tax credit has been extended and expanded to existing home owners, PLUS historically low interest rates, now is the time to buy in Las Vegas. If you'd like to start your own FREE search for properties, start below. You can also get notified of any new properties that come on the market, and save your favorites too. If you would like to discuss your real estate needs, please call me toll free at 1-866-589-1646.

Felipe Crook Prudential Americana Group Realtors Las Vegas NV 89117

http://www.lasvegasluxurypropertieslink.com/00A0CD