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Increased Home Sales for December

Posted on December 7, 2009 by Jordan There have been 1 comment(s)

las_vegas_increased_home_sales

With the holiday season among us, ‘Tis the season for lowered housing prices in Las Vegas. The local real estate market is picking up as houses are selling at a faster rate in the Las Vegas area. December is typically the best time to buy if you are looking for deals, as families are not looking to move during the holiday season. Some of the bargains on homes are going to seem too good to be true, for those who were waiting to buy in Las Vegas the time is right now to go out and purchase.

There are a lot of reasons to buy now because with home sales increasing the prices for homes are decreasing. This is a good and bad news situation with the good being home sales are up and the bad news is unless you're a cash buyer, you're likely to be out-bid for one of these homes selling at bargain prices. The situation as a great opportunity for all buyers because house prices are so low they're almost too good to pass up.

The recent surge in home sales has been fuelled not only by investors, but also by first-time homebuyers taking advantage of big tax breaks offered by the federal government. The residential housing market conditions can be characterized by analyzing the supply and demand factors. The average single family home price as of December for Las Vegas is $150,000 chopped down from prices $300,000 or higher this year. The average price often very good for indicating market activity because most agents and sellers price their homes close where it will eventually sell.

Although there are great bargains to be had, closing on a new house may have some difficulties. If the deal seems to good to be true, be prepared to compete with a cash buyer for the sale of the property. In October and November nearly half of homes purchased in Las Vegas were paid for in cash, mostly by investors. The fact that home sales are up doesn't mean the foreclosure crisis is over, there still is a lot of people losing their homes because they can't pay their mortgages. The good thing is that this increase of homes sold in December is a much-needed sign of life for the Las Vegas housing market.


This post was posted in Vegas News

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    I think the market is going to go lower still.

    Posted on December 7, 2009 at 6:44 am

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