Some of the Facts Las Vegas Homeowners Should Know on the Real Estate Market Now:
According to the National Association of Realtors, the existing-home sales fell in January 2010 but are above year-ago levels. There were 7.2 percent decrease in existing-home sales including single-family, town homes, condominiums and coops to a seasonally annual rate of 5.05 million units in 2 months ago from a revised $5.44 million in December, but remain 11.5 percent above the $4.53 million-unit level in January 2009.
There is still some delay between shopping and closing that affected current sales according to the NAR chief economist, Lawrence Yun. Most of the closed deals in January were based on contracts in November and December. After the home buyer tax credit was extended in November, people who got into the market have only recently started to offer contracts so it will take a couple of months to complete the deals. The latest monthly sales decline and raises concern about the strength of recovery is still not encouraging.
In the end of January the total housing inventory fell 0.5 percent to $3.27 million existing homes available for sale, which represents a 7.8-month supply at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6% year ago and it is at the lowest level since March 2006.
The national median existing-home price for all housing types was stable at $164,700 from a year earlier. The 38 percent sales accounted for distressed homes last month continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.
A parallel NAR practitioner survey shows that the first-time buyers purchased 43 percent homes in December last year, but it dropped to 40% in the next month. It also shows that buyer traffic increased 9.4% in January.
Buying a home has become more challenging. The first-time home buyers and others who need a mortgage are increasingly losing to all-cash investors for the best bargains in many areas. In increasingly competitive markets, realtors are the best buyer resource for strategies on winning bids. This bidding for more desirable homes will only accelerate between now and the April 30 contract deadline to qualify for a tax credit of up to $8,000.
Is this the Right Time to Invest your Money in Las Vegas Luxury Real Estate?
If you will just wait for right time because you assume that the overall housing market is a risky investment today, you might get left with nothing to buy. Take advantage of the area’s lower prices. Metropolitan areas like Las Vegas have enjoyed activities from first-time home buyers, and sophisticated shoppers are trying to get the most of their money. The best advice is to look before you leap and then grab those great opportunities toward Las Vegas luxury property ownership!