Times are tough, especially in the housing market. However, if you are in the market to buy a home or investment property, now is the time to take advantage of the low Las Vegas home prices and deals that you can get on foreclosures and short sales.
While foreclosure sales this spring accounted for one third of all homes sold, Nevada foreclosure sales accounted for a whopping two thirds of all real estate transactions – that’s two out of three houses in foreclosure. These foreclosed homes sold for an average of 21 percent less than the prices that typical homes sold.
Home prices have continued to decline in Las Vegas into the summer as well. In July, SalesTraq reported that real estate-owned sales had a median price of $97,050 and short sales had a median price of $117,500.
RealtyTrac reported that bank-owned homes sold for 40 percent less than the average price of homes; up from 36 percent from the previous quarter and 34 percent from the same quarter one year ago.
This means lower home prices and more negotiating power to you when buying a home.
When looking at short sales homes, foreclosures or bank owned homes, be sure to take into account if they are distressed properties. Although typically priced at a big discount they may need major repairs and lower prices for other homes in the neighborhood.
Take advantage of Las Vegas home prices while you can. I am Yonas Woldu, and I can help you find the perfect home or investment property in Las Vegas - or anywhere in Clark County. For the personalized attention, you want with selling or buying property in Las Vegas, Green Valley, or other areas of Clark County, contact me today. I am committed to working with you; I will do the legwork, finding the perfect investment property for you. As investment in Las Vegas property continues to gain attractiveness, you will find that I am dedicated to helping you in every way possible.