976 new home sales were recorded in Las Vegas in September, which brings the total number of new homes that were sold in 2008 to 8,292, a 46.7 percent decline from a year ago. The total number of new homes that were built in Las Vegas this year will be less than 10,000 which is less than the number of new homes that were built in the third quarter of 2005.
Additionally Concordia Homes of Nevada, one of the good local builders in Las Vegas and Henderson closed their subdivision’s sales office yesterday, although Concordia’s main office remains open. Other builders are in financial trouble too. There a few Las Vegas condominium subdivisions that have stopped selling due to financial trouble too and are in pre-foreclosure.
On the other hand, 3,125 resale homes were sold in Las Vegas in September for a total of 21,845 homes so far this year. Even today, the resale homes that are less than $300,000 are selling well and the good deals that the banks price aggressively sell for more than $5,000-$25,000 over the asking price. The home buyers who can qualify for an FHA or VA loan have no problem getting financing; don’t listen to the lies in the news.
A few Las Vegas Realtors are making a big deal about the elimination of down payment assistance by private interested entities, which mean that an entity cannot assist a home buyer with the down payment. I think it is good thing, non first time home buyers should come up with about 4% of the purchase price before they can buy a house. Much of the economic problems are because of no down payment, 100% plus loans that banks were approving until recently.
There are many government issued first time home buyer’s down payment assistance and additional low interest loans to help these buyers which I will discuss in future posts. If you have decent credit and can pay the monthly mortgage, we can get you into a good home or condo in Las Vegas for less rent that you are paying now. Call us at 702-478-7800 for details.
Las Vegas new homes are not selling as well as resale homes in Las Vegas due to pressure from foreclosures and short sales.
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