The Real Haunted Houses of Las Vegas
Glad Halloween! The Las Vegas market is recovering from housing bubble. Investors and regular home buyers are snapping up belongings all over the city. Things are far from perfect, unless of course you are a home buyer. The market has experienced a 'matchless storm', driving down prices while raising home inventory. The result are some of the lowest home prices in the several years in the Las Vegas valley with a gigantic selection of homes and condos for sale.
With so many homes for sale on the market, its hard as a home seller to effort out from the crowd. The latest marketing trend is property auctions. The results have been mixed. The last major auction at the Las Vegas Sticks Club for some 80 Monterey condos was fairly successful, but there are still leftover condos for sale. Some companies have captivated the idea further by having a strictly online auction, cashing in on the bargain atmosphere that auctions generate.
Purchaser BewareBut property auctions aren't always the great bargains they are portrayed as. There are additional fees that tacked on to bid charge that most first time auction goers were not aware of. These buyer's premiums can range from one to several percent of the winning bid worth and can quickly wipe out any savings you might have incurred, especially on higher end properties. Properties will also have minimum bids in billet that must be met or the property will not be sold.
Quite often these properties are bank owned as well, which means a longer closing time than a habitual home sale. If time is of the essence in closing escrow, then you should avoid bank owned properties in toto.
There are plenty of great deals still out there. The number of Las Vegas homes for sale has been declining and the number of homes sold has surpassed last year's numbers. If you are intellectual about buying a home or condo in the Las Vegas valley, feel free to contact me at 702-493-8033 or by email at info @lvrealty.net.
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