Current Home Lending Info Blog for Southern Nevada

While this may be a statement that many people have felt for many years, there is a new reason as to why this statement is true.  In the Vegas Valley, the listings that are currently being presented by banks who are holding nearly 45% of the market share of listings, have come down in value by almost an average of 40% which has made it very affordable for the renters who have sat on the sideline during the real estate craze of the past couple years to enter the market.

This decrease in over-inflated value has made it available for renters of apartments and homes to purchase homes that are larger, nicer, and cheaper than there current living situation.  For very little down, they are able to buy homes for anywhere between $100 and $500 cheaper per month (including taxes, insurance, and Homeowners Association Fees) than their currental rental position.

This realization has been backed up by the number of sales that are currently taking place all over Southern Nevada, including Henderson.  In just the Southern Nevada area, February saw over 3,000 homes close escrow with only 2,800 active licensed mortgage brokers.  There are currently 10,000 homes in escrow right now which proves that, not only are the number of homes being purchased going up even from a month ago, with the current timeline of purchases statistically taking 45-60 days, we will soon be looking at increasing the number of sales month over month by almost 100%.

While many potential homeowners have tried to time the end of the decrease in home values so that they may purchase homes without losing equity the month after they purchase it, we have finally reached that time period where they may now purchase homes for less than what they can rent for.  Once this dynamic happens, the homes will quickly move from the market.  When this happened in Palm Springs last year, it took only a matter of six months for them to have such a hgih demand for the large listings of homes, that they quickly had multiple offers being placed on each home that entered the market, causing an increase of home values and causing a correction of the market.

Las Vegas and Henderson will soon be in the same position.  Now is the time to take advantage of this opportunity, both as a occupant of these homes, as well as an investor of these properties.