Las Vegas home prices have continued to dip, with the September 2011 prices dropping to early 1998 levels. The city is in a real tough spot as unemployment continues to hover over 13% and the title of highest negative equity percentage in the country was given to the city in September by mortgage data provider CoreLogic, which reported that 61% of the cities mortgaged properties are underwater.
There is however a little sunshine peering through the gloom, a silver lining of opportunity in the cities hardships. Home prices have plummeted so low that there are insanely affordable prices on the market, enticing new homebuyers and driving the flow of home resale’s. 40,033 existing homes were resold in the Las Vegas Valley from January to October 2011, a number that hasn’t been matched since the record high in 2005 according to The Las Vegas Sun’s article “Plummeting home prices entice first-time homebuyers”
What does this all mean for you? Well if you’re looking to buy a home, it’s a pretty good time to buy if you have the cash or can get a loan and are willing to patiently sift through deals. There are plenty of options but they may not all be right for you.
There are great homes being sold for incredibly low prices right now; go out and find the one for you. Premier Mortgage Lending can help you determine your buying capacity and lead you to the type of mortgage best suited for your needs, whether it be a traditional mortgage or a privately-funded loan. Additionally, through our privately-funded division Premier can help you purchase a home even if you’ve experienced a foreclosure or short sale through our exclusive AnotherChanceNevada home purchase program.
To learn more about mortgage prequalification or to schedule an appointment call 702-485-6600