According to an article on DQNews.com, Las Vegas home sales during February were at their highest levels in more than fifteen years. Not surprisingly, about 57% of these homes were paid for using cash. The number of cash only sales increased by 2,198 this month, the most drastic rise since December 2009. On the other hand, the number of homes that were purchased with a mortgage are at some of their lowest levels in years. The statistics given in this article make it clear that the current market is a “buyer’s market” where the majority of people making deals are investors. There are two major reasons for this increase in sales.
Aggressive investing in foreclosed properties is the main cause. A lot of money can be made in Sin City by investing in real estate since it was, and still is, one of the most distressed regions in the country. As a matter a fact, my father and I are currently in the process of purchasing a few properties near the Las Vegas strip. Not surprisingly, getting is mortgage is the biggest hurdle we’re facing.
Another reason for this increase in sales is the drop is property values. The median price of a home here is $90,242, down from $99,000 a year earlier.
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