As of last Friday, there were just over 17,000 homes (single family, condos and townhomes) for sale in Las Vegas and Henderson.
Sounds a lot, doesn’t it? Well, not when you take into account that we are currently seeing about 900 homes going into escrow…per week!!! If this sales volume continues, we have an inventory level of about 5 months.
So who’s buying? Last year there was a survey published, showing more or less 67 million US residents were actively searching real estate.
1st. time buyers make up a significant chunk of Vegas home purchases. Not surprising when you consider that prices are low, FHA rates are running around 5%, and 1st time buyers (if you’ve not owned a home in the last 3 years, you’re a 1st time buyer) are eligible for a tax credit of $8,000.
Parents make up another sizeable portion of the home buying public. Rather than waste money on fancy cars or lavish graduation parties, a lot of kids are being “gifted” down payments to buy a home.
And finally, let’s not forget about investors. Donald Trump said recently “be bold and buy real estate now!”. Looks like a lot of folks are taking his advice.
