FOX5HomePros.com - Local. Las Vegas.
Now is the time!
By Mark Karten on September 1, 2009
There's no better time to buy a home than now. Prices are at their lowest, interest rates are historically low and if you haven't owned a home in the last three years, you may qualify for up to $8,000 from the government for closing on your home by November 30th, 2009.
The headlines have gone from "Nobody is buying!" to "Las Vegas home sales hit new all-time records!" In fact, June was the biggest month of home sales ever. Now it's reported that July, 2009 is the second biggest month. What's causing the spike in sales? Foreclosures, of course. Gone are the days when the houses for sale are destroyed by previous owners. Today, many homes are move-in ready or may just need carpet, paint and a fridge. Buyers who thought they missed their chance in 2004 and finding the prices are even better now and many of the homes include upgrades like pools that would normally be out of reach.
The big news is that inventory is incredibly low now. That's not good for buyers, as increased competition means multiple offers are being received by sellers and driving prices up. It's more important than ever to be a savvy shopper. This means getting prequalified by a major lender, knowing the monthly payment that you're comfortable with, and being prepared to submit an offer quickly when you find the home of your dreams.
Working with an experienced Realtor (R) can lessen your frustration by helping you understand the inventory of homes, how they're priced, and the process for becoming a homeowner. There are three types of listings - fair market, short-sales and bank-owned. Each have their own timelines and requirements, and depending on how soon you want to buy will determine which homes to pursue.
It's clear the economy is improving and if you think you want to buy a home within the next year, you owe it to yourself to start looking today. You may be surprised that owning a home is more affordable and within your reach now. The great news is that you're in the right place to start - Fox5HomePros.com has all the information you need in one place to find the home of your dreams.
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