Las Vegas Foreclosures - Las Vegas Real State Market Gone Crazy
Tuesday, February 9th, 2010Las Vegas Foreclosures - The Crazy Market of Las Vegas Real State
The Las Vegas Real Estate market has gone crazy. As a buyer, after reading the news that Las Vegas is the number one city with the highest foreclosure rate, would make you think that the prices should be rock bottom. But unfortunately, the case was reversed. I recently tried to purchase a house that was recently released for sale by a bank. I was ready to purchase the property in cash for the asking price of 68,000 Dollars . I was dismay to learn that multiple offers were presented to bank for the property.
This type of bidding war is occurring on properties all over Las Vegas. It seems that the amount of foreclosure properties being released by the banks are getting less and less. The banks are creating a sellers market by holding on to their inventories in order to increase the selling price.
If you are lucky enough, you could purchase one of many properties available below replacement value.
Prices over the last two months have increased steadily in the lower priced segment, on luxury segment, prices are falling at a lower rate, which would indicate that the bottom is here and the time is finally here to buy.
If you’re a buyer,
-Accept the fact that the asking prices is not going to be your buy price. With so much competition, be ready to pay a minimum 10% premium for the house you want or possibly even more.
-Be prepared to pay in cash is at all possible. Desirable properties tend to attract all the cash buyers. If you want to compete? Have your cash ready.
-If you dont have the cash for a cash purchase. Have your documentation ready for the banks. Most banks will require you to be pre qualified with them prior to presenting them an offer.
-Use a seasoned realtor that has had a lot of experience in this type of market and also is experienced dealing with the banks.
As for myself, I’m just waiting for my next ideal house to show up in the market and I’m ready to start bidding for it.
Hopefully, my experience will help the next would be foreclosure buyer for Las Vegas luxury homes and Las Vegas bank foreclosures.
Mail this post