Buyers turn to new homes
Even as foreclosure sales persist to pull down the median home price in Las Vegas, there are progress signs that buyers are opting for new homes, this according to Home Builders Research.
The research group reported that the median resale price in August was $122,000, a decrease by 39 percent from the previous year. In August as well, sales of existing homes was only 3,833 compared to 4,371 in July.
Home Builders Research reported that while many buyers are still interested in foreclosed homes, others are interested in new homes. The reasons for this new interest in new homes, the research group said, is that good existing homes are hard to find and many of these good existing homes have already multiple offers. The other reason cited is that buyers find buying new homes less stressful compared to buying foreclosed homes.
The research group added that buyers are particularly interested in new homes that have $100-square foot floor plans.
The research group said that for the month of August in Las Vegas, 426 new homes were sold. In the previous month, 407 new homes were reported sold in Las Vegas.
A recent survey conducted by John Burns Real Estate Consulting showed that in California, the housing market is stabilizing. There were 269 home building executives who participated in the John Burns Real Estate Consulting survey. This California survey is quite important as California market mirrors that of the Nevada market.
Jody Kahn, vice president of Irvine, California-based John Burns Real Estate Consulting reported, “For the first time since we began our home builder executive survey 15 months ago, more California builders reported raising prices than those who reported prices were flat or down.”
According to Las Vegas-based SalesTraq, there is a continuous supply of home repos on the market. With this, SalesTraq added that home median price could hit $100,000.
Yeah, prices are finally starting to recover. I have been a long time renter but I finally took the plunge and bought because I know prices are going to turn around. It costs a bit more than renting, but I am trying to find a roommate to save on costs. I am confident that it will be worth it!
Even if your paying a little more now, you”ll get the tax write off on your interest, the 8k tax credit and no crappy landlord telling you what you can and can’t do. Hard to put a price on that. Congrats on your new home!
Home buyers always look for some great deals in real estate and we know that foreclosures make great deals but if its too competitive to get a foreclosed home we can always decide on picking new homes instead.
That’s good that people are able to get the mortgage loans moreover, it opens new opportunities.
The prices today are ever overwhelming. but with the benefits of what you gain is outstanding. Might as well take the risk and fulfill what you gain from it.