A few years ago Las Vegas began a trend where the housing prices in Vegas began to rise at a higher than normal rate. At this point the economy and the Las Vegas Valley were booming. It was a great time to live and work in Vegas, and a great time to be a real estate agent.
As the housing market prices increased, investors came in and began buying homes, which further increased the cost of homes, and eventually the homes were selling for quite a bit more then they were worth.
This was labeled a sellers market. Those who had bought homes years before were raking in profits on homes they were selling. Month after month the prices continued to rise. Still, people needed a place to live and no one was really sure when or if the housing bubble would burst.
Eventually the bubble did burst, and house prices began to fall dramatically. At this point in 2012, it is still not to clear if prices have reached the bottom of the market but indications are that if they have not, they are getting close.
This means that instead of a sellers market, Las Vegas is now becoming a buyers market. This means that it is a really great time to buy in Vegas. Homes are foreclosing all over the valley and you can find a home that is once again worth less than what it really should be just because the owners are trying to get rid of a high house payment.
Short sales a predominant, and a great real estate agent can get you the home of your dreams for a fraction of the original price. Sometimes these homes are put on waiting list and the highest bidder receives them, other times a sale goes straight though. You can also buy homes at auctions and privately through the seller by using the wanted ads ion the paper and online.
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