Buying a Home in Las Vegas

Buying a home in Las Vegas in the current market is certainly a challenge to say the least.  As of this morning there are 3,605 single family homes on the market in the Las Vegas valley which includes Las Vegas, North Las Vegas, Henderson and Boulder City.  That is roughly about 3 1/2 weeks supply.  A good market where everyone that wants to get a home can, on the 1st offer typically yoiu need at least 8,000 homes to be available.  Inventory obviously remains very low.  The lower the price, the tougher the purchase.  Even in the $400,000 range it is a challenge simply due to lack of supply in some neighborhoods.  There are areas in the Vistas village in Summerlin where there are 3 subdivisions without a single home available and it has been that way for the last 2 months.  In these neighborhoods, if a home does come on the market, the owner can just about ask any price and take offers.  Multiple offers are happening everywhere in the Las Vegas valley.  If you have just started looking and you think you found "the" home, you will soon realize buying a home in Las Vegas is more difficult than you think.  Be prepared to pay up to 25% + over the list price if you really like the home and don't even think about asking the seller for any concessions such as closing costs or doing repairs.  With that said, I did get 2 accepted offers for clients last week.  Buying a home in Las Vegas is a challenge but worth the effort.  Click this link to browse and see what is available today.