Home sales are still extremely strong in Las Vegas, say local Realtors, especially for homes under $180,000.
"Multiple offers are not uncommon," say Realtors Michelle and Paul Francis, "and having a prequalification letter is a must for the properties we have listed for sale. We also require our buyers to have one, so time is not wasted and a property they fall in love with is not snatched out from under them.
"Several excellent opportunities currently exist for luxury homes over $600,000," say the Francis team. "We currently know of several properties that are below appraised value! New home sales have decreased for 2003 due to low inventory and availability. But.... that is about to change. Several new home communities will be opening up and beginning sales in the next couple of months!
They advise, "One thing we have noticed this year that is different from last year is the decrease in the availability of bank-owned homes at prices that make them attractive to investors looking for instant equity. In fact, we've been coming across many bank-owned properties that are above the fair market value! So, just because it is a bank-owned property AKA Foreclosure, does not mean it is a good value! Make sure you consult a REALTOR not working for the bank before you search those popular foreclosure lists to get a good comparative market analysis (CMA) of any bank-owned property you are considering. We've been turning to other alternatives for our real estate investors that have been working extremely well."
Say Realtors Peter H. Griffiths and Linette Cole, "Almost 20,000 resale single family homes have sold in Las Vegas in the last 12 months. They have ranged in price from $89,000 to $3,000,000. Las Vegas is noted for its upper end properties that sit on beautifully manicured golf courses. It also has attracted developers who are building high-rise living close to the Fabulous Las Vegas Strip. Whether you want to be close to the action or would prefer to live a more solitary lifestyle..Las Vegas has it all!"
"Our market remains very strong, good appreciation, and low interest rates," says Realtor Sharon Durdel. "Thousands of newcomers choose the Las Vegas Valley each month. Developers are finding it more difficult to find land for new homes which is driving the price of resales up.
"Very few new home subdivisions in Las Vegas have standing inventory," advises Durdel. "New home buyers typically have to wait four to six months for a home to be delivered to them. Permits have not kept up with demand, resulting in low inventory and rising prices in both new and resale."
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Published: May 19, 2003
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