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Las Vegas Housing Market Overview
Heuser Homes would like to offer a professional insider view of the current Las Vegas real estate market as it remains financially one of the most compelling markets in the United States to buy real estate today. The Las Vegas real estate market has tons of cash investors buying as they realize the great investment opportunity for monthly cash flow and the upside appreciation potential into the future, which offers a great overall return on investment (ROI). Las Vegas over corrected to the downside creating fire sale prices which grabbed savvy investors attention all over the world. In turn these investors are buying homes with cash in nearly 40-50% of all transactions month after month. In 2012 a staggering 91% of homes listed for sale in Las Vegas sold in the Multiple Listing Service (MLS) vs. 65% on average during the previous 3 years. We expect the same strong momentum in 2013 as inventory remains low as houses, condo’s, and townhomes continue to sell in days and nearly 50% are cash transactions.
If you are a seller in today’s Las Vegas market (2013) you can achieve quick results when priced at or just above market, and in many cases receiving multiple offers. If you are a buyer and don’t have cash to buy, it is imperative that you get a full loan approval that has been underwritten before looking at or putting in offers on properties. Sellers and experienced agents are only accepting offers with financing contingencies if the buyer has strong credentials and they have been through the rigorous approval and underwriting process before putting in the offer.
This unusually high level of buyer interest for Las Vegas homes is reflective of an investor “cash” view that current prices represent an overreaction to short-term housing conditions and economic trends as compared to long-term property values in the Las Vegas real estate market. There has never been a better time in Las Vegas to buy or sell real estate.
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Las Vegas bank short sales have steadily increased by percentage of overall transactions in the Las Vegas market as big banks have learned that they suffer a larger financial loss when foreclosing on homeowners. Many homeowners were living in their home for 1-3 years without making payments, or paying taxes, insurance, HOA dues, etc.
The Home Affordable Foreclosure Alternatives Program (HAFA) provides options that help homeowners to avoid foreclosure by offering incentives to both banks and borrowers who utilize the short sale process rather than foreclosure. When the HAFA program was rolled out by the Department of Treasury and Department of Housing and Urban Development, it also helped streamline the short sale process with large banks by providing a framework for standardizing documentation requirements, process flow and set maximum response times from both lenders and sellers.
Being experienced short sale agents, we are able to help you successfully buy or sell in today’s market. The time to close a short sale has fortunately decreased dramatically from a 5-7 month timeline to around 60-90 days as banks hired more short sale negotiators and realized the saving to agree to a short sale rather than foreclosure. Short sales help buyers to still get a deal on properties, sometimes even as good as foreclosure pricing, moreover help to get buyers out of competing with many of the cash buyers in the very competitive foreclosure market. If you are a foreclosure risk then call us today for help. There are so many advantages of a short sale rather than facing foreclosure.
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Call Tom and Serena today for all of your real estate needs!
Investing in Las Vegas Real Estate
Investors from all over the world have turned to investing in Las Vegas real estate for positive cash flow and great potential for appreciation over the next few years. If you prefer to talk about cash flow, cash on cash return or ROI then just give Heuser Homes a call and speak to Tom personally. Tom is an investor himself and would be interested in working with sophisticated investors looking to buy or sell large portfolios of residential real estate. There are many short and long term strategies that currently work in the Las Vegas market for investors including rental properties, lease purchase, lease option, flips, owner carry financing, wrap around mortgages and subject to the existing financing.
Investors using many of the above strategies are receiving an excellent ROI in today’s climate. Other agents may throw out unrealistic ROI’s but Heuser Homes will break it all down for you in Excel or other desired format to clearly present the expected return with real market data analytics.
Las Vegas Foreclosures
Over the last year Las Vegas foreclosures have been decreasing at a very rapid pace as many large banks have turned to short sales rather than the foreclosure process to achieve a greater bottom-line out of their distressed properties. Large banks learned that having people live in a home for 2-3 years without payments while not paying taxes, insurance, HOA dues, SID’s, LID’s and etc can add up to a much bigger loss in the end.
There are still plenty of foreclosures in the market today at excellent prices which offer great upside potential for buyers or excellent cash flow opportunities for investors. Many homebuyers and sellers only hear what the media says and this can differ greatly from the real market reality. The housing market in Las Vegas did correct to mid 1990’s prices that caught the attention of sophisticated investors all over the world, which in turn brought in droves of cash buyers with just about every property receiving multiple buyer offers. This rapid pace of buyer activity still continues in today’s market so it is imperative that you work with a team that has up to date knowledge to stay in tune with the ever changing local real estate market.
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The great news is that Las Vegas Nevada Weather will always continue to attract new residents here in the future and also tourist to enjoy the exciting Las Vegas Events Calendar of amazing things that always happen here. Even us locals love to get out to see Las Vegas Shows for special occasions or an outing with friends.