Las Vegas Homes: Buyer Activity Continues to Surge

The Michelle Sterling Las Vegas Real Estate Team has never been busier. Banks have priced their foreclosure properties down to levels that stimulated tremendous amounts of pent-up demand from investors and first-time buyers alike. The median price of a resale Las Vegas home is now $145,000 and buyer activity in the first two months of 2009 clocked-in at 70% higher than year-ago figures. For first-time buyers, the issue is one of renewed affordability for Southern Nevada housing, combined with the lowest interest rates in 30 years on FHA mortgages. For investors, price levels that create the ability to establish a positive-cash-flow scenario with the purchase of Las Vegas foreclosures has made all the difference.

Here are some other positive factors that you may want to keep in mind the next time you see a doom and gloom story in the news: Nevada is ranked #3 in the nation for its tax climate, the average year-round temperature is 70 degrees and 75 out of 76 homeowners are current on their mortgages. In addition, 330 baby boomers turn age 60 every hour in this country and Las Vegas, Nevada continues to be their #1 residential retirement destination.

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