Las Vegas New Homes: What a Great time to Buy!

Builders are scaling back on the production of new Las Vegas homes in response to a multiplicity of market-based realities. Reduced construction activity for new homes in Las Vegas is being caused by a combination of paltry consumer demand, an explosion in the inventory of resale homes for sale and the increased difficulty in getting reasonable financing terms for some borrowers. Consider these statistics from Home Builders Research:

“For only the second time since January 1992, homebuilders took out fewer than 1,000 permits in a month, according to Dennis Smith, president of Home Builders Research. In July, 859 permits were issued, bringing the seven-month tally to 10,140. That’s a year-to-year decrease of 36 percent, the lowest total through July since 1993, Smith said.”

What this means of course is that builders are moving aggressively to bring supply and demand back to a more appropriate balance. Another way in which this is being accomplished is for builders to aggressively trim existing inventory. Las Vegas new homes are being marketed to SELL as never before. Builders are doing WHATEVER IT TAKES to shed excess standing inventory. This includes generous contributions to closing costs, thousands of dollars in upgrades and incentives and in many cases, lowering prices outright. Contrary to the media-hype, prospective buyers with solid credit histories are still able to obtain mortgages, often from the builders’ preferred lender at attractive terms.

The Michelle Sterling Las Vegas Real Estate Team keeps a finger on the pulse of the new homes market on a daily basis. We are in constant communication with new home sales offices all across the Las Vegas Valley. As Buyers Agents, we provide comprehensive representation and in-depth knowledge of market conditions at NO COST to you whatsoever. The BUILDER at every new home community in Las Vegas pays our fees, not you. Can a builder cut you a sweeter deal if you forgo our representation and work directly with their sales agents? Nope, it’s against the law, as well it should be. The job of a new home sales agent is to get the best deal for the builder. Our job is to get the best deal for YOU. It’s not the kind of advocacy that you would want to go without. Our services are at your disposal.

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