Whether you are a first-time homebuyer or a “boomerang buyer” who lost a home due to foreclosure in the housing crisis, now’s a great time to jump into the housing market. Some people automatically gravitate to short sales in Las Vegas because they know they can get a bargain. Oftentimes, the current residents are maintaining the home and keeping the utilities going until the deal is completed. In other cases, the home sellers have already moved out, but the bank has agreed upon a sales amount that’s less than what the current owner owes on his or her mortgage. Because it can take so long for some short sales to go through, many first time and boomerang homebuyers are looking for alternatives to short sales to land an entry-level home.
Opting for a townhome
One of the reasons it’s so difficult to find a desirable entry-level home in Las Vegas is because of the investors who are trying to turn the properties into rental homes. According to an article by Bankrate.com, first time buyers are especially disheartened to find there aren’t many starter homes available when they are ready to buy. One option is to purchase a less expensive condo or townhome while saving up money for a step-up home. Throughout the country, there is a shortage of starter homes as some owners are still underwater on their mortgages, which means they owe more than they are worth. As prices increase, these homeowners may sell to become step-up buyers.
Considering older neighborhoods
One alternative to buying a short sale is to consider a more established neighborhood with vintage homes in Las Vegas. Many buyers from other parts of the country are surprised to learn Las Vegas is home to the hip modern-style homes popular in the 1960s as well as French Country Tudor homes with a lot of vintage charm. If the seller is willing to have major items repaired after the home inspection, you can put off cosmetic improvements.
Competing for a foreclosure
Instead of going for short sales in Las Vegas, you may decide to compete with investors for foreclosures. An experienced Realtor can assist you with the process. However, foreclosures are preferable for buyers who can make an all-cash purchase since some loan programs won’t deal with foreclosures. You may be taking a chance with a foreclosure, but some first time homebuyers hit the jackpot by finding a foreclosure that has had very little damage, wear or tear.
Written By: Jim Simmons