The Las Vegas Real Estate Market feels like we are right in the middle of a strong storm. When you are in a hurricane, the center or eye of the storm is fairly calm but you know that you don’t have much time. There is a small window before the rest of the storm comes. I know you have heard me talk about the market stabilizing but all indicators are that the time is near. The Obama Administration has no choice but to through the kitchen sink at the housing market to fix it. Even Warren Buffet came out today with a statement that the President needs to leave the daily business to his staff and concentrate on the Economy and Housing. If any of you have been shopping for a home in Las Vegas lately, you have experienced an active market. We are running into multiple offers on the Bank Owned Foreclosures. I can not believe the asking prices on these properties. Homes that sold for over 700k just a few years ago are in the 375k range. These are in Guard Gated Communities with pools, casitas, and all kinds of upgrades. If you are looking to upgrade your lifestyle and you can qualify for a loan, you just won the Lotto. Here are some things to look for in your search.

• Use your time wisely; there are a lot of homes on the market.
• The asking price on many of these homes is set low to generate interest. Many of these homes sell for more than the asking price.
• Forget the asking price. What is the home really worth in today’s market?
• Some of the Banks try to generate bidding wars. Set your bottom line and stick with it.
• Many of the bank owned homes are in newer areas of town. These seem to be a good value.
• Talk to your loan officer to see if you qualify for FHA, 3.5% down.
• Short Sales are starting to improve on response time. Don’t rule them out.