Homes For Sale Las Vegas - It May Be Getting Time to Buy a Las Vegas Home
Homes For Sale Las Vegas - No expert expects housing to become a booming bull market within the near future. The 5-year slump is not quite over yet, although there are some positive signs in recent months' reports. Even if a quick and complete turnaround is not on the horizon yet and sellers may remain at a disadvantage for some time, there are several important and once-in-a-lifetime conditions that favor long-term buyers and smart investors.
Nowhere is this truer than in the Las Vegas Metropolitan Area. The Las Vegas real estate market has been one of the hardest hit markets. Home prices have stumbled almost 60% and are currently are below January 2000 levels. Foreclosures and short sales clutter the market, which is drowning in inventory.
While this is bad news for sellers, serious, long-term buyers can tremendously benefit from this. Las Vegas houses and Las Vegas condos have not been this affordable for over a decade. While prices may continue to fluctuate around these low levels for some time to come, there is not much room for them to fall further. Especially properties sold in short sales and foreclosures just cannot get cheaper than what they already are. The huge inventory translates into unparalleled opportunities for choice for the long-term buyer. In addition to the conditions in the Las Vegas real estate market, the currently still historically low mortgage rates that hover below and around 5% clearly favor a decision to buy now, especially as low interest rates are certainly not here to stay for much longer.
So with an abundance of beautiful homes and condos in Las Vegas being offered at historically low prices that can be purchased with cheap financing, the Las Vegas market has many opportunities. Other features of Las Vegas and area are unique to the region and as such provide special benefits and advantages. Ongoing cost of ownership in the region tends to be lower than in most other parts of the country with property taxes being generally lower. In addition to this, the average Las Vegas home and condo is relatively young: while nationally the median age of owner occupied units was over 30 years in 2007, Las Vegas's homes and condos are 11 years old on average. Consequently, a lot of the homes for sale in Las Vegas such as the beautiful Henderson NV homes or the Summerlin homes in the unique and award-winning Summerlin master-planned communities are recently-built, well maintained units equipped with plenty of modern amenities and economic energy solutions. Buying one of the many such homes currently offered at the rock bottom prices can be the deal of a lifetime for a committed long-term buyer.