If you are a buyer and looking for that steal of a lifetime, you’re in luck. I know I’m bringing this up a lot but this window of opportunity will not be around for as long as you think. If you are still wondering if the market in Las Vegas has hit the bottom, you are out of touch. Buyer activity is on the rise and properties are seeing multiple offers. We are out touring clients on a daily basis and can really see the increase in offers being made. This kind of activity reminds me of the market in 2004 and 2005. People were out in large numbers and sales were setting records. The biggest difference now is that the prices are about half of what they were then. The interest rates are also creating an increase in sales. They are at historic lows and combined with the prices, it’s a win-win for all. I realize that not everyone will be able to take advantage of this opportunity. If you own a home now that you purchased in 2004 to 2006, you may be upside down and owe more than you can sell it for. If this is the case, I would advise you not to sell until the market comes back. It is very hard for a seller to compete with all the bank owned foreclosures on the market. Most experts will agree that we will continue to see foreclosures for the next 2 years or longer. We feel that prices will increase on bank owned homes mostly because of supply and demand. As the supply gets sold, the prices will increase. The writing is on the wall. If you are in the market for a home in the Las Vegas market, it’s “show time”. As always, I’ll include things that are important when you are looking for your home.

• Many of the new foreclosures on the market do not have signs. Get a Realtor to help.
• If you find a home that has been stripped of appliances, you still can get it to appraise if you know how.
• Try to qualify for an FHA loan. They are a real bargain and down payment is 3.5%.
• If you can see past the clutter, you will have some great opportunities.
• Check with the neighbors and see if they like the area you may move to.
• Don’t be foolish, unless you are an expert, get a home inspection.
• Have your Realtor include a home warranty in your offer and make the seller pay.