The good news is that demand for Las Vegas homes jumped in March, but the bad news is that prices dropped to the lowest level since fall 2001. Bad news for sellers.
In March, 2,980 homes sold, a 30 percent increase over February and 102 percent jump over March 2008, according to the group. Bank sales accounted for three out of every four sales.
In March, $515 million worth of homes sold, a 22 percent increase over February and 14 percent increase over March 2008.
Foreclosures account for roughly 80 percent of homes sales in Las Vegas as investors have returned to the market to snap up deals.
With the high number of foreclosures plus the dropping cost of homes has created a buyer's market with bidding wars especially in homes priced between $100,000 and $250,000. It is not uncommon to see 10,15 or even 20 offers on a single bank owned home.
What this chart shows is that the banks are listing homes at prices to sell. With an $8000.00 tax credit for first time home buyers & interest rates between 4.59%-5.00% just adds rocket fuel the home buying fire.
If the house is upgraded with wood floors, granite counters, new carpet & paint, pool, large lot or gated community, it is receiving multiple offers and off the market in less than 30 DAYS!!!
Contact Stuart Shienfeld to discuss how you can take advantage of this GREAT BUYERS MARKET!!!
Sunday, April 26, 2009
Las Vegas Bank Owned Homes
The government recently approved a First Time Buyer Tax Credit, up to $8000, that does not require repayment if the borrower resides in and maintains ownership of the property for at least three years. This will help pave the way for the housing market recovery in Las Vegas says, realtor Stuart Shienfeld.
President Barack Obama’s plan calls for $75 billion to help up to 4 million at-risk homeowners. Companies that collect mortgages will be paid $1,000 for every interest rate cut to make the payment no more than 38 percent of the borrower’s income. The government will split the cost of lowering payments to 31 percent and both lenders and borrowers will be paid $1,000 a year for keeping loans current.
Mortgage Rates Drop Below 5%
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.98 percent during the week ended March 19 from 5.03 percent the prior year, marking the lowest rate since 4.96 percent in mid-January.
Experts say rates could fall further in response to the Federal Reserve’s announcement that it will add $1.2 trillion to the economy to alleviate the credit crisis.
A total of 6,388 new movers came to Nevada in January. Existing home sales experienced a 72% increase in January over the prior year with 2,737 resales, while new home closings were off 66% at 284. Resale inventory hit its lowest level since September with 20,673 properties listed, or an 8.6 month supply.
Las Vegas home sales more than doubled in February from the same month a year ago, although median home prices continue to sink as foreclosures dominate the market
With bank-owned properties accounting for about 75% of sales, foreclosures are still forcing home prices to fall, Stuart Shienfeld says
President Barack Obama’s plan calls for $75 billion to help up to 4 million at-risk homeowners. Companies that collect mortgages will be paid $1,000 for every interest rate cut to make the payment no more than 38 percent of the borrower’s income. The government will split the cost of lowering payments to 31 percent and both lenders and borrowers will be paid $1,000 a year for keeping loans current.
Mortgage Rates Drop Below 5%
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.98 percent during the week ended March 19 from 5.03 percent the prior year, marking the lowest rate since 4.96 percent in mid-January.
Experts say rates could fall further in response to the Federal Reserve’s announcement that it will add $1.2 trillion to the economy to alleviate the credit crisis.
A total of 6,388 new movers came to Nevada in January. Existing home sales experienced a 72% increase in January over the prior year with 2,737 resales, while new home closings were off 66% at 284. Resale inventory hit its lowest level since September with 20,673 properties listed, or an 8.6 month supply.
Las Vegas home sales more than doubled in February from the same month a year ago, although median home prices continue to sink as foreclosures dominate the market
With bank-owned properties accounting for about 75% of sales, foreclosures are still forcing home prices to fall, Stuart Shienfeld says
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