Las Vegas Housing Market Recovering

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Peoples Home Equity informs readers of the Las Vegas Housing market as well as how local real-estate agents are managing their market.

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Demand is further lured to the area since property values remain 43% below their speak in March 2006.

Peoples Home Equity often suggests Las Vegas as a location for buyers interested in purchasing a summer home. Prices are rising fast, and value is bought at a steep discount. However, not all it bright, local agents are suffering.

July prices climbed in the Las Vegas housing market due to a limited amount of inventory. According to DQNews.com on September 5th, the median sales price of a resold home increased 3.55%. Las Vegas home values have increased +7% over the past 3 months and 27% over the past 12 months. In addition, demand is further lured to the area since property values remain 43% below their peak in March 2006.

Market Twist
While it may seem as though everyone is benefiting from a recovering housing market, Las Vegas real-estate agents are actually scrambling for business. According to VegasInc.com back in the booming years of 2005-2006 brokers simply “brokers simply had to wait by the phone to get new clients.” Now, due to multiple bids on much fewer listings, agents “make cold calls, network and chase leads” to find clients. The environment used to be that a buyer would contact a broker, now the brokers are encouraging buyers to purchase properties. To stay afloat some agents focus exclusively on selling bank foreclosed bank owned properties because “90 percent of his business involves short sales,” says VegasInc.com

From a buyers perspective, the real-estate environment is looking positive in Las Vegas. Demand is boosted by a positive trend market and limited supply. Rising prices is also confidence inspiring forth lenders such as Peoples Home equity to grant mortgages to buyers. Purchasing a property in the Las Vegas area remains possible at a steep discount compared to booming years.

If interested in purchasing a home in areas hardest hit by the housing bust such as Phoenix or Las Vegas, then please contact a loan officer at Peoples Home Equity: 615-872-0220

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Ornis Mala
Peoples Home Equity
847-226-5242
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