Until recently, the Las Vegas real estate market was simply made up of investors buying properties that were basically abandoned and in foreclosure. However that has recently changed and now the market looks like a more traditional real estate market full of owner-occupant sales. This is just one of many things that bodes well for the market. Even though home prices are up 19% from last year, they are still 40% lower than their peak. While the median price for a house is no longer $118,000 (it has risen for the past 19 months), this is a good thing because it means that people are now able to afford the higher prices.
Along with the rise in prices and in homeowners purchasing properties, the number of cash buyers has also fallen from around 60% to 34%. This has allowed the number of sales to slow so that people who need financing and mortgages are now able to have a chance to buy a house without it getting swept out from under them by someone who has cash. With families and couples replacing investors when it comes to guying properties and houses, the Las Vegas real estate is going to continue to improve the city itself will change for the better as well.
If you’d like to read more, the link is below:
from Finbar O’Neill’s Real Estate Development Website http://ift.tt/1rjeDdS
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