The Key to The Las Vegas Bank Owned Real Estate Market
Most bank-owned homes are not in good shape. They have been damaged by either the past owner or by vandals and will need a lot of work to get ready to live in or to sell. You would think that this means that you would get a huge price break, but that has not been the case, especially in Las Vegas.
Times Are Changing
During the housing crashing, investors were able to pick up houses in bulk for just pennies on the dollar and this pushed up prices all over Las Vegas. As the market is healing and investors are beginning to move out of the Las Vegas housing market, however, the deals that you would expect from foreclosed homes that have been damaged and in a mess are just not there. These prices have kept pace with the larger market for a while, but now are beginning to fall behind the market somewhat.
In early 2012, single-family homes sold for an average price of $118,000 and bank owned homes sold for $100,000. Just 18 months later, these prices had risen to $180,000 and $173,000 respectively. This is a huge price jump, but last month the price for single-family homes was at an average of $204,000 and $155,500 for bank owned homes, so the difference is wider and more noticeable. Some real estate professionals see this as a sign of a growing balance in the very volatile Las Vegas real estate market, as buyers should see a difference in price in distressed homes and ones that are in move-in condition.
More Choices Can Mean Fewer Headaches
Because there are more homes on the market that are not bank owned and fewer deals out there, many home buyers would rather pay a bit more and save headache over buying a short sale bank owned home. Some real estate professionals are beginning to describe Las Vegas as a buyer’s market with the number of homes that are available and the lack of price increases. This means that the homes that are on the market have to be priced competitively and they have to offer something that others do not offer. If a buyer is willing to look around, they can get a home they can afford with the features they want.
Whether you are selling or buying a home in Las Vegas, you need to understand what kind of market that you are dealing with to meet your real estate goals. For example, if you are looking to sell your home, you want to be sure that it is priced right for the market and that it is in saleable condition. If you are buying, find the right home, in the right area, and at the right price. Both selling and buying will take some patience from you to ensure that you get the right price, but it can be done and you can be on your way to reaching your goals. Las Vegas real estate is open and waiting for both buyers and sellers. Take a step and become part of it.