Whoever said you could not go back in time was not trying to buy a house in Las Vegas in the Spring of 2009.  As of April, 2009, the median price of homes was at 1998 levels - $125,000.  Home Builders Research, a local firm, estimated this figure at $130,000 - still a sharp contrast to the median price of $275,000 as recently as February, 2007.

What is pulling the prices down are foreclosures, which sell for an average $115,000 and comprised 62% of the market in April.  Without the foreclosures, the median price would hover around $145,000, per Sales Traq figures.  High-end home sales are not pulling up the averages, as these homes aren't moving.   Jumbo mortgages are hard to get these days, due to stiffer credit requirements.

Not surprisingly, the low prices have greatly reduced the foreclosure bargain homes so that right now, fewer than 15,000 remain in inventory in Greater Las Vegas.  Many more will be hitting the market after the latest round of foreclosures, but they aren't there yet.  Homes under $200,000 are in just great demand that first-time homebuyers are bidding against investors to snatch them up.

This puts first-time homebuyers in an interesting position that underscores the need for a skilled Realtor®  to be in the mix from the start when competing for homes.  In a bidding situation, many investors are coming to the table with cash in hand and with a good idea of what the home needs to be rehabbed and resold at a profit.  An inexperienced buyer might try to outbid the investor, only to find himself paying too much for a house that needs more than what he can afford to do, even with the help of a 203k loan.  A good Realtor® should be able to assist in the negotiation process and tell the buyer when to move on to another property.

If the buyer is unable to find a bargain home, the Realtor® can help him find other options still within his range of affordability and maybe within a wider scope of communities than where he was looking.  Areas like Summerlin, Green Valley, and other southwest areas attract investors who anticipate quick turnover later.  Buyers can experience the "buyer's market" climate by looking at beautiful value-priced property elsewhere in the area.

If you are looking for a Realtor® to help you grab one of these incredible 1998 priced-values, look no further than the N&Y Team.

Be assured that we will help you with your financing questions.  For the best in Las Vegas housing and the news on short sale and bank owned home opportunities, contact:

N & Y Team

Nebi Adhanom Direct: (702) 277-9922

Yonas Woldu Direct: (702) 236-8997

Fax: 702-898-9738

www.VegasRealProperty.com

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