Statistics from GLVAR, (Greater Las Vegas Association of Realtors).
FACT
« The Las Vegas housing market average price of new listings increased + 9.8% from March to April 2009
« Average price of homes sold is $166,196 -3.9% from March to April 2009
« Number of homes on the market 15,414 as of 5-11-09
« Number of homes on the market 14,935 as of 5-19-09
« Number of homes in escrow 11,488 ready to close. 5-11-09
« Number of homes in escrow 12,057 ready to close 5-19-09
« Number of homes closed in March was +78% above last year.
« Almost to the house every home I show has multiple offers on it.
You make the call; rents average $1200 a month in Las Vegas for a 3 bedroom place.
A mortgage on $166,000 is somewhere around $850 depending on your situation before taxes and insurance.
If foreclosures continue to flood the market but are being bought as fast as they are listed we will soon absorb the entire inventory, stabilize the market and begin to increase. The advantage right now is selection, once inventory goes down, good properties will command a premium.
It’s a great time to buy!
A note from a lender
In addition to the $8000 credit for 1st time home buyers there are some good programs available such as $100 down HUD homes, 1/2 priced homes for teachers, police and firefighters, 10% down investment loans WITHOUT mortgage insurance, and, of course, VA with zero down and FHA with 3.5% down.
We are even hearing some rumblings that some sort of "stated income" loan may be coming back, and one bank has reduced the minimum credit score to 580.
Investors can now own up to 10 financed properties.
I am available to answer any of your questions, just drop me a note.