Home buyers in the Las Vegas area have a great opportunity to get the deal of a lifetime. Home prices in the Las Vegas area have declined dramatically form their peak late in 2006.
Houses in the Las Vegas area are for sale at attractive prices, which are beginning to attract out of state investors to the area. When you start to see the professional investors buying property in an area, that is usually a good sign that the pros believe prices are at or close to a bottom. However, out of state investors also mean competition, which may mean higher offers may be required to buy your dream home.
Mortgage rates for a 30 year fixed rate mortgage are still around 5%, which means that monthly payments can be fixed at a very low rate. Fixed rate mortgages will allow you to buy a house knowing that your monthly payment will not increase over the life of the loan. Avoiding the exotic, variable rate mortgages, which were partially responsible for the housing market crisis over the past few years, is the responsible thing to do.
When you factor in the $8,000 tax credit for first time home buyers ($6,500 tax credit for existing homeowners) that the Federal Government will allow you, this is the perfect time to buy a house in the Las Vegas area. But, you need to hurry a little; the tax credit expires on April 30th, 2010, so you need to have a signed contract by that date.
Avg. Sales Price: 379,000
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