My last posting was a quick note on how the market is changing here in Vegas. Pretty basic supply/demand stuff. But I think sometimes statistics alone don't translate into the clearest picture of what's really going on right this moment.
The statistical perspective is almost always looking backwards. I'v heard it said that "once you've identified the bottom, you've missed it." Now, I'm not suggesting that there is only a short window of opportunity here, but that real-life, in the trenches daily information can fine tune the picture. That can translate directly into more profits for you along the way.
If you want an excellent play-by-play of the current statistics and what they mean, read the most recent posting by Scott Meservey. He's broken the charts down in a way that many will find extremely helpful.
So how is this information playing out in real life, here on the street? Well, I must say that this is the most fluid and "alive" market I have seen here in the last 10 years. People are starting to come out of the woodwork as Price/SqFt has dropped well below what it costs to build the same home AND interest rates continue to show support in the 5% range.
And how about this...YOU CAN CASH FLOW IN RESIDENTIAL REAL ESTATE IN LAS VEGAS AGAIN!
Now add the investor pool to the mix and things start getting interesting. By the way, Fannie Mae has a Non-Owner Occ. Loan for investors right now with only 10% down at 7%. It's called HomePath and there are only about 10 lenders currently registered to do those loans. Contact me if you would like a list of those.
Considering the median price in Vegas right now is $142,000 and there are steals all over town at $100,000, you can own a cash flowing rental property for $10,000 down or even less.
HERE'S A REAL EXAMPLE OF AN INVESTMENT I CAN FIND ALL DAY LONG:
- Fannie Mae Or Freddie Mac Repo, 2br 2ba condo. - Purchase price $40,000, 10% Down Non-Owner Occupied, 7.5% interest, No appraisal and No Mortgage Insurance. - Payment including PITI and HOA = $500 - Rents all day long for $800-$900 ** That's $300-$400/month positive CASH FLOW on a $4000 investment...WOW!
Call, Text or email me for details on these properties.
Regardless of what the media's slant on things is, this market here is warming up again. Over the last 8 weeks, receiving a "Multiple Offer Notice" in response to submitting a Purchase Agreement has become expected. Go figure!
I could go on and on about the details, but here's the bottom line:
Supply has decreased significantly over the last 9 weeks, interest rates are great, prices have dropped to the point of ridiculous, and buyer's are starting to show up from everywhere with pre-qual in hand ready to go find a house.
I haven't even mentioned the $8000 up for grabs for First Time Home Buyers.
If you have been considering buying a home or investment property in Las Vegas or Henderson, come jump in the water...it's nice and warm!
Email me for a free comprehensive report of all the data from the last three years at SteveMikrut@gmail.com or call/text me at 702-630-6239.
