The Las Vegas Real Estate market is starting to heat up in a big way. Yes, we are one of the top cities in the nation for foreclosures. It only stands to reason that one of the fastest growing cities would also have a high rate of foreclosures. The bank owned foreclosures continue to dominate the resale market and for good reason. They are bargains that we may never see again. If you are shopping for a home now, I’m sure you have noticed that there is a lot of activity. People that have been sitting on the fence for the past year can see that the time to buy is now. The market in Las Vegas bottomed out several months ago and is now in the rebound mode. The majority of the buyers that we represent are looking for a home to live in and not just an investment. Their timing could not be better and the interest rates are an added plus. Our clients are telling us that they are now able to find homes in their price range with so much more value. Opportunity knocks but you have to have the foresight to open the door. This is a very exciting time for the buyers that have the ability to take advantage of this market. I’ll add a few tips that I hope will help in your journey. Good luck to you all.

• Use your time wisely. You are catching a train that is ready to leave the station.
• Loans are harder to get now. Do your homework and get pre-approved for your price range.
• If you are afraid of bidding wars, you need expert help. It’s a jungle out here.
• Be careful of “short sales”. They can be a real nightmare.
• Do a home inspection on any property that you are buying. It is worth its weight in gold.
• If you can make your own minor repairs, it will pay off in spades.
• Not all foreclosures are good deals. Get all the information you can before you make your decision.
• Make sure the home can qualify for an FHA loan. Many homes in need of repairs can not qualify.
• Make your offers as seller friendly as possible. This process has to be good for all parties concerned.
• A good agent that has negotiating skills will be worth their weight in gold.