Loan programs (mortgages) are difficult for Canadian residents wanting to buy Las Vegas, Nevada properties. Cash is best. However, there is one loan program available for Canadians. It does require 40% down payment and is not applicable to condominiums (condos). There are other requirements to the program, of course. Contact me if you need more info. But again, for several reasons, cash is your most sure option.
February, 2014. According to National Title of Nevada, 534 New Homes were sold in December, 2013 at a Median Sales Price of $300,469. Sales of existing homes was 3,453 units at a median sales price of only $160,000. Expect the price gap between new and existing to narrow as this wide of a gap is not sustainable.
In the same period, 428 homes were sold at foreclosure auction while 367 Notices of Default (NODs) were recorded. NOD is the first step in the foreclosure process.
Nevada could be on the cusp of going from high unemployment to one of the least unemployment. If Williston, North Dakota is any indicator, economic growth in Nevada could again see a huge boom. http://www.businessinsider.com/youve-never-seen-anything-like-the-williston-oil-boom-2012-3?op=1
Oil discoveries in Nevada are not new. One of the most productive wells in all of the U.S. was located in the Railroad Valley in central Nevada. Now there is some news that a potentially huge field has been discovered in Hot Creek Valley adjacent to Railroad Valley and about an hour east of the town of Tonopah. It is just speculation at this point as the drill results have not been made public yet (coming very soon!) but some experts believe that the field could produce more oil than all of Texas. If the speculation turns out to be anything close to reality, Central Nevada will be a boom town and the positive effects will be felt in both Northern and Southern Nevada. Home prices have already been going up for most of 2012 in Las Vegas before this news hit. But if this news is true, expect real estate prices throughout the state to jump.
With a relatively week US Dollar and historically low prices, Canadians have enjoyed an advantage for investment and vacation home purchases in the US and Las Vegas, Nevada. According to CBC News in Canada, that is changing. CBC cites, Arizona and Florida as two favorites among Canadians and where buyer competition is making it tougher for non-US residents to buy at such previously fruitful prices.
This is also happening in Las Vegas, NV where decreased inventory and huge demand are making it more difficult for Canadians to purchase homes at such incredible discounts. Of course, the market dynamics make it difficult for local purchasers as well. Canadians still have an advantage for buying a home in Las Vegas, however. Because most Canadians purchase with all cash and a favorable currency exchange rate they are still realizing better ROI than US investors.
And so you shall see, please take a look at the Las Vegas Housing Supply and Demand statistics for 2012 at my other blog here:
It is a seller’s market in Las Vegas, Nevada, USA with very low inventory especially in desireable areas like Summerlin. But prices are still very low. Take a look at the link above.
Supply for the whole Las Vegas valley area is only about 4000 single-family homes. This is extremely low. Far lower than a normal market. Demand, represented by the pink line (homes in escrow) is at record numbers. Further, this does not show the true demand–those looking for a home but don’t have an accepted offer yet.
List prices are way up. Luckily for buyers the sales prices have not come up as fast as the asking prices. However, it is very difficult to get a non-cash offer at market price accepted–there are always multiple aggressive offers on all reasonably priced homes.