I still can’t believe it has been almost eight years since the real estate market meltdown began in 2007. The local Las Vegas real estate market has come a long way since those dark days that affected so many individuals and families.
A few weeks ago I wrote about Las Vegas being named a Top 4 market for first time home buyers. Well, the good news continues, as Las Vegas is primed to be a great market for “bounce back buyers.” What are “bounce back buyers?” These are the folks that lost their homes during the recession, but are now rebuying a home in Las Vegas now that the seven-year time period it takes to typically repair credit has passed.
Recent analytics released by RealtyTrac disclosed that the Las Vegas real estate market lost more homes to foreclosure or short sale than any other major metro area in the United States during the housing market collapse. While this news is quite disheartening, the analytics released by RealtyTrac shows opportunity for bounce back buyers looking to achieve the dream of homeownership once again.
Rebuying a Home in Las Vegas - Millennials
Las Vegas has seen a sharp increase of people born in the late 1970s, known as Millennials. This particular demographic moving to Las Vegas resulted in the city experiencing an 18 percent increase, which was one of the largest jumps among the country’s top 180 metro areas. Millennials, which represent a large portion of first time home buyers, already know what many bounce back buyers are finding out. That Las Vegas is a great place to buy a home because of affordable housing. In fact, house payments in Las Vegas represent less than one-quarter of income for the average Las Vegas resident, which is well below the national average.
So if you’re looking to bounce back in 2015 – this is a great place to do it. Las Vegas has always been a city of second chances, so it comes as no surprise that many are finding their footing again in this great city.
By Leslie Hoke
Las Vegas Homes By Leslie
8010 W Sahara Ave #150, Las Vegas, NV 89117
Direct: (702) 321-1763 Fax: (702) 224-2146
Premier Realty Group