… are heating up the Nevada desert, according to an Associated Press report:
“In the Las Vegas area, home inventories are down nearly 10 percent since March, according to data from the Greater Las Vegas Association of Realtors. Last month, 4,702 homes were sold in southern Nevada, a record number; 74 percent were foreclosures. Las Vegas real estate agent Jonathan Abbinante said he has clients who are making three offers a day on homes they’ve never seen.”
It makes sense — Las Vegas was among several major areas that experienced tremendous (albeit inflated) home value increases during the real estate boom several years ago.
Now with a large inventory of distressed homes from which to choose and lower prices, the best foreclosure deals in and around “Sin City” are being gobbled up by speculators with cash to invest. And banks prefer cash over long-term loans because it helps balance their books quicker, squeezing first-time homebuyers out of the picture.
Indeed, it’s common for traditional buyers these days to be outbid by several different interested parties on bank-owned homes that are priced right. That goes for just about any desirable area, not just Las Vegas.
You’re best bet is to take action before it’s too late — real estate is moving despite what you may hear on the local news. And foreclosures are typically the first to go … the numbers don’t lie.
If you’re in the market for Las Vegas foreclosed homes click here. If you’re an agent who would like to sell Las Vegas foreclosed homes click here.
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