Summer temperatures aren't the only thing that is rising in Las Vegas. Thanks to a large influx of investors, the Las Vegas homes market is going crazy. According to figures from the Greater Las Vegas Association of Realtors (GLVAR), the median price for a single-family home in the Las Vegas valley is up 32.8 percent from a year ago.
The market has become reminiscent of the boom years, where homeowners were being solicited to sell their home. It is now common place to see listings stating offer not contingent upon appraisal.
To put it in layman's terms, in a traditional marketplace your offer would be contingent upon the appraisal matching your offer, i.e. if the property appraised for less, your offer was void and you would offer to buy the property based on what it appraised for.
Now what we are seeing in the Las Vegas real estate market are a lot of cash offers higher than the asking price. Some segments of the market is hasn't affected too much due to financing restrictions like luxury high rise condos. Most of those properties you will have a harder time getting financing for but there are a couple of exceptions like Mira Villa in Summerlin.
Another big factor in the market's recovery were the changes in Nevada's foreclosure laws in October of 2011. Lenders are now required to produce a clear title and other relevant documents making it more difficult for banks to foreclose. After the law went into effect foreclosures slowed to a mere trickle compared to the prior months. The rest is economy 101, supply goes down, prices go up.
If you are thinking about buying or selling a home in Las Vegas, you can reach me at 702-493-8033. Thanks for stopping by!