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June 26, 2017

Who’s buying Las Vegas homes?

During the month of August 2010 there were 2,746 closings of single family residence in the Las Vegas real estate market according to the Market Condition Report posted by Nevada Title company. The report states that the closing price of a Las Vegas sale was $140,000. There were 1,134 Las Vegas bank owned homes that sold along with 847 Las Vegas short sale homes. Also, there were 765 Las Vegas houses that were sold and are considered Standard sales. (meaning properties that are sold by the homeowner.) However, the report shows that the Standard sale properties have a median closing price of $170,000 which is $30,000 more than the previously mentioned $140,000 Las Vegas home sale.

Enjoy a Las Vegas home!

One might ask how can the typical homeowner sell homes in Las Vegas for $30,000 more than the other homes in Las Vegas that sold during the same period? The reason is that the owners of these Las Vegas homes are actually real estate investors who have purchased Las Vegas foreclosures with the intent of “flipping” the investment property for a profit.

When looking at the recent Las Vegas Homes Report from September 20, 2010 one can see how the median list price has tumbled from above the $350,000 mark in 2007 to the current price of just $139,900. This means that the list price for Las Vegas houses for sale are down $210,000. So, who’s buying the houses for sale in Las Vegas?

One group of people who are purchasing Las Vegas property are locals who have a secure job and want to get into an affordable home rather than rent. (Las Vegas jobs are currently hurting with a 14.4% unemployment rate.)

There are some local people who are financially secure and want to move up to a bigger or better neighborhood. These people will purchase a Las Vegas home for sale and rent out their existing property for the time being. When the market rises once again they will have the option to hold or sell their Las Vegas rental property.

Some of the people who are purchasing Vegas real estate are people who are part of the Las Vegas relocation. Many of these people are retired and want to get away from the cold winters and enjoy everything the southwest desert has to offer such as golf, world class entertainment, and no state tax.

Many people move to Las Vegas because of the wonderful climate we have and also due to the Las Vegas housing affordability. The interest rates are very low now and some people have the flexibility to live where they want because their work is handled on the internet. McCarran International Airport is a very convenient facility for those that need to travel.

Since Las Vegas has people visiting from all over the world it turns out we also have buyers from around the globe. There is a large number of people from this group that choose to have a second home. They may select from houses for sale in Las Vegas or perhaps decide to purchase one of the Las Vegas condos.

A large share of Las Vegas Nevada real estate is being purchased by investors. Houses for sale in Las Vegas are affordable for some people. The true real estate investor knows how to buy low and sell high. For this group there is opportunity at this time in all Las Vegas zip codes.

As it turns out there are many Canadians that are buying Las Vegas homes for sale and also Las Vegas condominiums. This is a great way for our friends up north to get out of the frigid weather to enjoy warm, sunny days on the golf course.

During the last 12 months 43% of the Las Vegas NV homes that sold were cash purchases. (Read the article The Las Vegas Housing Market…Where Cash is King.)

Contact an Experienced Las Vegas Realtor!
Bob and Jackie Simmons
The Realty One Group