I'm starting to see a small change in our market I believe most of it is because President Obama put a moratorium on homes and foreclosures which at one time you had three months to get out, now we have 6 months and 21 days. The purpose is to try to help people catch up on their payments.
So right now our Las Vegas inventory is very low. Many investors are buying up properties priced at 20k-70k like it was as simple as buying a burger at the drive thru. Many of my buyers are investors and the other half are referrals, current friends and previous buyers.. Everyone wants to move up into something bigger and nicer while prices are low. Here's the catch since the inventory is down most properties are having multiple offers on the properties so buyers are having a very difficult time purchasing.
Who would have thought we would be in this situation. Because our inventory is down that is driving New Home sales up. I'm taking many buyers by the new home tracts and they are picking up fabulouse deals and getting a brand new home with warranties. You don't get that when you're buying a foreclosure.
The housing market is on the positive side of sales. Let's hope it continues.
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