This Week in Las Vegas Real Estate

Opportunity continues to present itself in the Las Vegas real estate market! Home prices continue to fall and properties owned by banks and lenders accounted for more than half of the homes sold in April.

We are seeing many banks purposely pricing under market value in order to entice Buyers to take action. It seems to be working. It appears that if a home is in a decent area, in good condition and under-priced it will sell in a matter of days and there will be multiple offers. These types of properties are not staying on the market long!

In addition to very aggressive pricing by the banks, interest rates have moved to the down side this week as well. 30-year fixed rates today were between 5.5% and 5.8%.

The combination of prices reminiscent of 2003-2004 and very favorable interest rates absolutely make a strong case for purchasing a Las Vegas home right now!

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