The Current Las Vegas Housing Market
Last month, Nevada saw the fewest foreclosures its residents have experienced since August of 2006. However, there was an increase in issued default notices, suggesting that the state may soon see another wave of foreclosures. While the first 6 months of 2014 saw roughly half the foreclosures seen in Nevada a year ago, the state is still ranked fifth in the nation for foreclosures
Nevada’s ever-changing foreclosure laws may cause confusion and delay in the foreclosure process. However, as banks have taken greater strides to accelerate the Las Vegas foreclosure process, more bank-owned homes have been made available for sale.
New home sales are also seeing a reduction in price. Because Las Vegas has recently experienced a spike in home sales, overconfident builders began raising the prices of their homes and offering fewer or no incentives. As sales have dropped, builders have been forced to once again reduce their prices.
6 Month Projection
A rise in Las Vegas foreclosures is expected over the next year. As banks are becoming increasingly aggressive in expediting the foreclosure process, more foreclosed homes will be available for sale. By the end of the year, Las Vegas is projected to see 2,000 foreclosure notices per month.
With nearly 37 percent of its home sales consisting of Las Vegas short sales or the selling of bank-owned properties, Las Vegas led all United States metropolitan areas in selling short sale homes and foreclosures in May. Nationwide, approximately 14 percent of home sales involve short sales or foreclosures.
While there are a wide range of homes to choose from, many of them very reasonably priced, it is important to move quickly when you find a home that suits your budget and lifestyle. Homes that are in good condition and affordably priced tend to sell quickly.
Las Vegas Is The Perfect Buyers’ Market
While the housing market is suffering, buyers have an opportunity to purchase the Las Vegas home of their dreams at a price they can afford. While the process can be a little difficult to navigate, homes that are owned by a bank can usually be bought at a highly competitive price.
In addition to this, new homes can also be found at greatly reduced prices. Because new constructions temporarily saw an increase in sales, builders began raising new home prices and offering little or no perks. When the Las Vegas housing market fell into another slump, builders were forced to reduce home prices. In many developments, incentives such as free upgrades are offered.
The Ballen Group is Here to Help
Whether you are buying or selling a home in Las Vegas, trust the experts at The Ballen Group. With experience in helping buyers purchase foreclosed and Las Vegas short sale homes, the Ballen Group is the team you need to help you navigate the difficult process of purchasing a bank-owned home. With resources to help you find a bank-owned property that will fit your budget and lifestyle, you can ensure that your home buying process will go as smoothly as possible.
The Ballen Group office can be reached at 702-604-7739.
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