Las Vegas and Henderson Homes and Real Estate

Homebuyers are finding it increasingly difficult to purchase foreclosured properties in Las Vegas a recent article in the Wall Street Journal reports.

"Last summer you could make good margins," said Mr. Premsrirut. At so-called trustee sales of homes in foreclosure cases, he could win with bids at around 70% of the estimated market value. Now, he says, with more bidders, homes are likely to go for 85% to 90% of resale value. After accounting for real-estate commissions, repairs and other costs, that leaves little margin for error.  (Source Wall Street Journal)

This is no suprise to many local real estate agents who have been frustrated with helping clients to buy either a primary or investment home over the past year or more.  The lack of foreclosure inventory that has come to market, along with the surging number investors both nationally and internationally, has made Las Vegas a very difficult market to compete.

Many also wonder if the so called "shadow inventory" of foreclosures will ever materialize, considering that these properties should have already been brought to market given the current shortage. 

The relative short supply of foreclosures and bidding frenzy have created a very positive side effect for homebuyers in this market.  It is now perhaps a better deal to purchase aggressively priced non-foreclosure homes.  These properties in contract to the bank owned homes typically are kept in better shape and require less maintenance prior to move in.  Even if you get a foreclosed home for 10% below market value, most often that difference is swallowed up by the cost of cleaning and fixing the home from the abuse of departing tenants.

The key thing to remember when buying real estate today:  Foreclosures and Short-Sales Are Not the Best Deals in Las Vegas today!

Posted By:

Joseph Radosta
The Natale Team
Prudential Americana

www.noplacelikehome.las.mlxchange.com
Cell: 702.845.9862