The recession battered the economy of Las Vegas and crippled its real estate market. The gloom that hangs over real estate in the country is thicker and more pervasive in Vegas, the leader in foreclosures for 59 months in a row according to RealtyTrac.
There are more homes than buyers and banks and homeowners are slapping bargain barrel prices onto their properties. A luxurious, well-situated home that sold for $375,000 in 2006 has plummeted in price to $131,000.
Investors are already salivating at the prices, with companies based in locales as distant as China scooping up multiple properties.
However, savvy local residents can take advantage of the market as well. The city is cluttered with more than 11,000 bank-owned homes and 80% of them are empty and deteriorating. These homes are begging for new owners and if being a homeowner is your goal there’s almost no better market to buy in.
There are so many properties to choose from that it’s important to take your time in deciding which one is right for you. Many of the empty houses have not been properly cared for and are sitting in various states of disrepair.
If you’re looking for a traditional mortgage, give us a call at Premier Mortgage Lending. We can help you identify your borrowing potential and guide you through the process.
If you’re unsure if the traditional route will work in your case because you’ve suffered a foreclosure or short sale, don’t give up. You still have options, and we still care about helping you. The median existing-home price fell to $110,000 in October, down 7.6% from last year according to the Las Vegas based Home Builders Research. The city needs homebuyers and you deserve a second chance at becoming one.
The “Another Chance” home loan program allows prospective buyers to purchase a home through a privately funded loan. Give us a call at (702) 485-6600 or visit www.AnotherChanceNevada.com for more information.