Last week I was working in Las Vegas. With all of the doom and gloom one hears from the media it is no surprise that I get asked a hundred question about what is going on in various markets, especially Las Vegas.
Is the market down from its peak a few years ago? Absolutely.
Is anything even selling? Absolutely!
Existing home sales for the first quarter of 2009 were up 77% over last year. The more interesting part about this is that two-thirds of them were bank owned properties.
Buyers once again realize that there are great bargains out there and are snapping them up. Partially due to the irregular amount of foreclosures, the median home price is down about 40% from its height a few years ago making home ownership and investor opportunities extremely attractive.
But don't think its because the $200,000 listed for $125,000 is going to sell for $30,000. Banks have become much better at pricing their inventory more realistically and many homes are selling OVER list price due to multiple offer situations. I have a friend that his been trying to purchase a home for his daughter for over three months, has written over 8 offers, has the ability to pay cash, and STILL has not been able to secure a deal. The homes are out there, but like fishing it takes patience a but of knowledge to cathc the right one.
Bargains exist in every market. One just needs to know where AND how to look for them. With interest rates at all time lows and first time home buyer incentives, now IS a great time to buy...
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