The Ongoing Challenge that is Las Vegas Real Estate Today

It’s an ongoing challenge to operate in a context where roughly 50% of all Las Vegas real estate buyers are aggressively paying cash. To the untrained eye, this probably sounds like a great situation to be in, but you would be wrong. Supply and demand are grossly mismatched and the available inventory of Las Vegas foreclosure homes is anorexic and to say the least. Bank of America made a big splash with an announcement at the beginning of the year that has amounted to absolutely nothing. They claimed to have a firm plan to release hundreds of additional foreclosure properties into the Las Vegas market on a steady monthly basis all through 2010. Not only has this not happened at BofA, but no other financial institution has stepped forward to offer additional repossessed Las Vegas homes for sale either. The result is a situation where aggressive cash buyers consistently move past more conventional buyers in the competitive purchase process. It is much harder than you would ever imagine for a family with solid credit, a significant down payment and a FHA loan to secure a Las Vegas home, especially a coveted foreclosure property. This is an ongoing challenge for our real estate team and our clients that shows no sign of abating anytime soon.

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