It’s the weekend …. AGAIN

This year appears to be going very quickly and it’s hard to believe that we are already in to the month of May and just about to hit the hot weather.
 
It also feels like the start of the home buying season is up on us again with Las Vegas home buyer’s starting to call me up and inquire about buying a home.
 

Today out of the blue

I had an old client call me who had short sold his home two years ago. He called me to see some homes to he wanted to look at.  He told me that he has already been pre approved to buy a home and was egger to get out and start looking. Good for him was my first thought and my second thought was, wow, has it really been two years.
 
What a difference two years can make to some one who’s world had fallen apart and had lost thier home. Here he is starting fresh and wading back in to the housing pool. He’ll be buying a home at a great time. With the Las Vegas home market having been pummeled  in to the ground with prices slashed 60 and 70 percent off their highs and with interest rates at a record low, his mortgage will be potentially lower than his rent. He will be able to also take advantage of the tax benefits of owning his own home (talk to an accountant for further details). Hey and if he wants to paint his bedroom walls purple or blue then he can do that as well. He will be the master of his own castle once again.
 

Patience’s has its own way of rewarding them who

are willing to stay stead fast and hold on to their dreams. Once this person buys his home and settles back down in to his daily routine it won’t be that long before his new home will be worth more than he pays paid for it and the American dream once again will shake it’s leaves and rewards my buyer for taking that mighty step in to home ownership once again.
 

This year should see more and more buyers

like my buyer above who are now ready and able to buy a home. They will have waited their two or three years and now it will be time for them to purchase again. Their credit will have improved and the banks will have lending programs (consult with a lender) that will allow them to borrow even with a short sale on their credit history. So long as the buyer has 3.5% or more to put down and so long as they do not have other blemishes on their credit and with a good paying job they too will be eligible for a loan.
 

As of today

the Las Vegas and Henderson multiple listing service (MLS) has only 4880 active home listings and with more and more buyer’s coming in to the market the supply will decrease and the demand will increase. Home prices will go up if this ratio remains the same. For example, today I had another buyer who is interested in buying a certain house. I comped the house in question between $160,000 and $170,000. I called the listing agent and told him that I had a cash buyer and that the buyer was willing to pay $165,000 for the home. The agent told me that the seller was not going to take much less than list for the home. List price was $185,000. The agent went on to say that he had already had offers higher than list. This is just one example of how home prices are about to hedge their way back up… again.
 
I think the Las Vegas market is going to see another bizarre and interesting year.
 
Like it or not ….buyers, sellers and Las Vegas Real Estate Agents, hold on to your hats, I think its going to be another wild ride. 

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