One of the questions that we here quite often is; why should we buy right now? In Real Estate, Timing is everything. If you have been paying attention to the news in Nevada, resale home prices have gone up over the past two months. As we mentioned in our blog several months ago, supply and demand will drive this market. The supply is starting to level off and demand is rising. You don’t have to take my word for it, ask anyone that has been touring homes or making offers. They will tell you that the homes in good shape and priced right are getting multiple offers. We are seeing buyers from all over the country trying to take advantage of this bargain market. Interest rates are at 50 year lows so for many people, this is a no brainer. The news media is still professing a lot of doom and gloom but in the mean time, buyers are quietly closing escrow. This does not mean that the country is out of the recession. This recession will probably go on for several years. Homes will continue to go into foreclosure but the inventory will slowly decrease as the prices rise. The Las Vegas market will continue to be a buyers market for years to come but if I were to pick a time to buy, it would be now. The majority of homes that are being sold are bank owned foreclosures. This really is a Chance of a lifetime to invest in a property in Las Vegas. Here are things to consider when looking for that bargain.

• The more you research, the better value you will get.
• Loans are harder to get. Do your homework and make sure you can put your money where your mouth is.
• Stay away from bidding wars. Pick several properties and move on when there are too many offers.
• The highest bidder with the best credit or cash wins.
• Cash is in the driver’s seat.
• Location, location, location. Choose wisely.
• Short sales are long sales. Do your research and understand what a “short sale” is.
• Closing costs can be around 3 to 4% of the purchase price. Ask the seller to pay these costs or add the costs to your offer.
• Check to see if you are eligible for an FHA loan. 3.5% down payment.