Las Vegas Foreclosures and First Time Home Buyers

I am advising first-time home buyers in the Las Vegas real estate market to keep an especially close eye on highly attractive pricing opportunities for both new and resale homes in 2009. Buyer activity in September, October and November of 2008 clocked-in at roughly double the sales pace from year-ago figures. I would also refer you to the blog story immediately preceding this one for additional perspective on current sales trends. Significant evidence is beginning to accumulate that points to the forming of a bottom in the market for Las Vegas homes.

Loans for qualified first-time home buyers are available through the Federal Housing Administration (FHA) at the lowest interest rate in decades, with just 3.5% down. Not sure if you can qualify? Let’s work together and find out. Please keep in mind that if you wait until after June 30, 2009 to purchase, you will forfeit the opportunity to receive the $7,500 federal tax credit currently available for (income qualifying) first-time home buyers.

According to a survey released last month by the National Association of Realtors, the typical first-time buyer plans to stay in the home for approximately 10 years. Ask yourself this question as a potential first-time buyer in Las Vegas; am I planning on staying in this home for at least five years? If the answer is yes, then I would suggest that you seriously consider the 2009 market for Las Vegas foreclosures as perhaps one of the best pricing opportunities ever presented to buy residential real estate in the most dynamic city in the world.

The US economy isn’t going to look anything like this five years from now, and neither is the US housing market. There is a very good reason why sales figures in the Las Vegas market have been surging strongly these past months. No city in the country can match the long-term economic potential of Las Vegas, Nevada. No other residential market in the country can match our current buyer statistics and that’s a documented fact. Take some time and browse through this blog and you’ll read plenty of good reasons why this is so.

If you happen to be positioned as a potential first-time buyer of a Las Vegas home, this is a particularly golden opportunity in the making.

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