Canadians Have Advantage in Buying Las Vegas Homes But Getting Harder

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.

Las Vegas Housing Market Supply and Demand

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.

Nevada Trails Listing

What does CNN Say About Las Vegas Housing Market?

Is Las Vegas’ housing market ready to make a comeback? CNN Money thinks it just might.

With brisk sales, low inventory (yes, the press generally misinforms the public about Las Vegas’ home inventory) Las Vegas is poised for a turnaround.

See article from yesterday, here:

First Time Las Vegas House Buyer. Foreclosure a great deal.

Kevin, Christina, and "kids" in front of their new home

March 2011. There has been enough negative written in the press regarding the housing market. How about the other side? Homes are more affordable than ever for first-time buyers.

My client Kevin is a front desk clerk at a strip hotel. He came to me with his girlfriend Christina to purchase a home in the low $100’s. We found them a great bank-owned home in beautiful condition and in a neighborhood they wanted to live in. We put the offer in and a few days later we were in escrow. Kevin is paying less on his mortgage then he was paying rent previously. And the most exciting news; After putting the home in escrow, Kevin put an engagement ring on Christina. The two are planning to get married soon.Congratulations guys!

Purchased a Foreclosure
REO good deal for first-time homebuyers
First Time Home Buyers
Kevin and Cristina Enjoying Their New Home









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