Las Vegas first timers buyers are desperately trying to find a home they can call their own. The Las Vegas first time buyers are seeing a small pool of available homes as the bank owned properties has stayed around 2,000 homes for the last month.
The MLS listings shows approximately 11,340 homes available with 9,800 are listed short sales and not a first time home buyers first choice because of the time it takes to complete and with little guarantee they will get their offer accepted by the bank. Las Vegas first time buyers are finding the offers are being rejected due to investor's offers that are paying cash. The banks are looking at the fast and easy closures, but the communities with rental properties in them will deteriorate faster then if they had the pride of ownership by first time buyers.
First time buyers who represent 85% of my 23 prospective clients, while the 5% are moving up and 5% for a second home and the remainder 5% are investors. This year, I have seen first hand the joy of first time buyer's families when they get the home of their dreams. For so many years the average first time buyers were either priced out of the market or could not qualify with a higher interest rate. Now the prices are in range for the first time buyers with the lowest rates in years, but the first time buyers are being squeezed out by investors. There are approximately 36,000 to 40,000 foreclosed homes that still have not come to the market in Las Vegas. I'm not sure if the banks are trying to prop up the home values by withholding new properties, but there needs to be more inventories to accommodate the demand that exists with first time buyers.
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John Le Francois
Senior Loan Officer
All Western Mortgage Inc.
8345 W. Sunset Rd.
Suite 200 Las Vegas, NV, 89113 US |
Work: 702-947-0648
Mobile: 702-271-2659
Fax: 702-541-9901
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