Foreclosure activity for Las Vegas Homes sends mixed signals

In April 2013 national foreclosure activity fell to its lowest level since 2007! But before breaking out the champagne, lets consider other indicators in the Las Vegas homes market, as well as the nation and see if this good news could be a “false positive” reading of conditions overall. 

In 26 states where foreclosures go through the courts, the activity in foreclosures actually increased.  States where the push for new laws to protect homeowners dramatically slowed foreclosures now see lender processes coming back up to speed, resulting in a fresh increase of foreclosure activity.

But is the inevitable continuation of the foreclosure cycle all bad?  Not necessarily. According to RealtyTrac, Las Vegas home foreclosures as of March 2013 still ranked in the top ten for the nation. However, the same report also cited, foreclosure rates down 59% from the year prior for the state of Nevada.

Both buyers and sellers can actually benefit from current market conditions: 

·      For buyers, foreclosure properties often come in poor condition, making risky as well as costly investments for new homeowners

·      For sellers, the advantage of no longer competing against a glut of homes on the market is clear.

·      For buyers, the more favorable conditions for sellers as well as continued release of foreclosure properties provides new inventories to choose from. 

·      For sellers, many Las Vegas homes remain underwater, making short sale the best

option.  On the bright side, as banks see less dramatic losses as their foreclosure sale prices rise, they become more willing to negotiate with homeowners on short sales

For those buyers waiting for the right time to buy, that moment has arrived.  For sellers, there is certainly less reason to hesitate in deciding to put their home on the market.  The proverbial stars have moved into alignment. 

You needn’t (and shouldn’t) take the plunge alone.  Your realtor has the most up to date listing information, and sales tools for navigating current market conditions.  The Las Vegas homes market has seen a 30% increase in pricing over the past year, making it more important than ever to have an expert help price your home for sale or negotiate your purchase successfully.  

According to the Greater Las Vegas Association of Realtors the median price of a single family home is still half of what it was at the peak in 2006.  The prevailing wisdom also advises not to expect a glut of bank-owned shadow inventory to flood the market and deflate prices.  Instead, banks are expected to implement a strategic release cycle that allows pricing to remain stable.

Whether you’re thinking of buying or selling a Las Vegas home, now is the time to stop sitting on the sidelines.  After reviewing, the case is clear that the positive signs outweigh the negatives. 

Call or email Eric D'Richards today and receive a free customized Market Analysis of your home and Always Look for the Silver Lining!!