Las Vegas Home Sales for June of
2009 surpass previous Record
Ahhh… the memories of June of 2004. Homes selling in one day, Realtors® and their buyers scrambling to get offers in without even seeing the homes and the start of skyrocketing appreciation rates.
Put that offer in above list price to get it with no contingencies and don’t you dare ask for Too much from the sellers. These are some of the exact same things we’ve been seeing for the past couple of months (except more often then not we are dealing with banks/lenders) …. It can be quite frustrating for Las Vegas Home buyers.
It was recently confirmed by the Greater Las Vegas Association of Realtors® and reported in the Las Vegas Review Journal that Las Vegas home resales for June of 2009 broke the sales numbers of June of 2004 that you can read here.
Something to note from the Article:
He said sales numbers would have been higher if banks had not placed a voluntary moratorium on foreclosures last year. The market should welcome the backlog of bank-owned homes that are expected to be coming soon.
Yes… there are a number of Bank Owned Homes in Las Vegas sitting on the sidelines that are not up for sale yet. Nobody seems to be able to come up with an exact number yet but I’ve heard it’s several thousand. Due to the backlog created from the foreclosure moratoriums that were in place, there are a number of bank owned homes in the process of being put up for sale. What’s interesting to note is how much of an effect this is creating on prices since the dwindling supply of Las Vegas homes that are available for sale is creating more of an urgency for buyers to buy and even bid up the prices in competing for the Las Vegas bank owned homes that are available for sale.
I’ve come across some situations in bidding wars where I really have to wonder if the other buyers had any idea that there were several more bank owned homes coming soon to the same neighborhood. Unless the banks plan on keeping them forever… they will eventually be up for sale.
Getting the Las Vegas Home you Want
Whatever happens with the Las Vegas Bank owned homes sitting on the sidelines for right now… prices are cheap and in many cases, it’s cheaper to buy then rent which is enough of a reason to buy. My suggestion to my buyers has been to pick the area you want to buy and don’t chase everything across all over Las Vegas. Working with one Las Vegas real estate agent that has access to the Las Vegas MLS and knows how to set up the automatic searches for you is the best way to go so you can concentrate on the area you want to own in and learn all about it.
If you are searching around and you don’t have this set up for you yet… you can visit my Las Vegas Real Estate Buyers page and fill out the information on that form to start it up.
Until then… Happy Searching!
Paul Francis, CRS
Prudential Americana Group – Realtors®
Las Vegas Real Estate
702.592.3058
