Las Vegas

What to look out for as investors buy Las Vegas homes – Las Vegas, Nevada

Las Vegas, Nevada 2021-10-07 09:12:18 –

Las Vegas (KTNV) — The Las Vegas housing market is setting a new record again!

According to a Las Vegas realtor Median home prices are currently over $ 406,000.. It breaks the previous record high set in July.

House prices continue to break records, rents are rising, investors are active and supplies remain low. Despite all this, Las Vegas realtors believe the housing market could cool in the coming months.

LVR President Aldo Martinez says the housing market usually changes seasonally, peaking in summer and slowing in autumn and winter. Last year’s pandemic broke that pattern.

Prices are still rising this year, but slower than last month, he said, suggesting that they may follow a national trend of stabilization.

Local housing supplies are still low, but Martinez says it has at least stopped shrinking.

September will be the 8th consecutive month, with more homes available than the previous month.

Eric Buildman is Vice President SundayA market for distressed or outdated home sellers. Or sellers who don’t want to worry about the inconvenience of screening and repairs. He says it’s still a seller’s market, but beware of investors who may be trying to take advantage of it.

“Of all the home sales transactions currently taking place in Las Vegas, 30% is cash. This is one of the highest percentages in the country. That is, make money with as few payments to sellers as possible. There are a lot of investors and wholesalers, “says Buildman.

Buildman says if you’re a seller, take a closer look at the deal. If it is an assignable contract, they can sign the contract and immediately sell it for a big markup.

According to Buildman, investors sometimes contract real estate, and when you get hooked, they renegotiate low prices for repairs.

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