Everyone wants a 'bargain' today in Las Vegas real estate. The reality is, almost every home on the market is a bargain.
Las Vegas, NV (PRWEB) January 26, 2012
Many people now looking to buy single family homes, condos or townhouses in the Las Vegas area say they only want "a bargain, a deal." Great bargains and deals go fast, but prospective home buyers should realize that most of the Vegas area real estate is a bargain compared to prices four years ago, advises realtor Jeff Jonas (http://www.windermere.com/index.cfm?fuseaction=agentOffice.AgentDetail&agentMetauser_ID=432738) with Windermere Prestige Properties in Henderson, Nevada.
"Prices for single family residences (SFR) in the Las Vegas valley have started to increase, especially in the more desirable areas. Various analysts’ economic forecasts for southern Nevada indicate improvement for 2012, and that most likely means continued price increases for desirable houses. On average, we can expect a three to four percent increase in home prices every year; however, there are steps that prospective home buyers should take to find the best housing bargains in the metro area," said Jonas.
"The first step is to get a reputable realtor or brokerage and candidly discuss your needs, such as square footage, number of bedrooms, the architectural style of the house and special needs or must-have features, such as a swimming pool or fireplace. "
"Next, consider the home's location and schools in the area. We're seeing more home buyers looking to Henderson on the Southeast side of the Vegas Valley which generally is less crowded than the Summerlin area on the Northwest side. Lake Las Vegas on the East side is the only master planned community of its kind in the area, and it has significantly rebounded from the depths of the recession. The average price for homes at Lake Las Vegas increased 24 percent in 2011 over 2010, but the community still offers outstanding value for the money in the Vegas real estate market," Jonas explained.
"Most importantly, candidly discuss your price budget. A good realtor can and will check the sales history of homes and ‘comps’ (recent prices paid for comparable homes in the area).”
Jonas also says buyers should consider a "short sale" if the circumstances are right for them. "It may take about three months for bank approval of a short sale, and then the bank may very well ask for additional money from the buyer and/or the seller," he said.
"Real estate owned (REO) foreclosures, repossessed homes ("repo") are potentially great bargains, but usually go fast. If it’s a Fannie Mae loan, then during the first 30 days only home buyers who actually will occupy the property are allowed to submit a bid. Also remember that most foreclosed homes require some rehab work."
Jonas' advice to home sellers is simple: "Search for the agent and brokerage that will do the best marketing of your home so that it will sell. Don't fall into the mistaking thinking of "Isn’t my home really worth more?"
"Everyone wants a 'bargain' today in Las Vegas real estate. The reality is, almost every home on the market is a bargain."
For additional information, contact Jeff Jonas at Windermere Prestige Properties at (702) 275-6066.