New Home Sales In Las Vegas Strong
Homebuilder Lennar has purchased 167 finished residential lots in Las Vegas for 5.2 million dollars or roughly $31,000 a lot. They also have plans to close on another 160 lots early next year. No doubt a sign that this national homebuilder is still bullish on Las Vegas real estate and the future of our economy. The new home market is finishing the year on a strong note with a year to date total of 4899 new homes or a 39% increase from last year. More than 6000 new home sales are predicted for 2013.
The medium new home price of new homes has increased 7.4% in the last year. Buying a new home can be attractive to a buyer in our market, since there is a lot of competition in the resale market, especially for first time buyers and FHA or VA buyers needing closing costs. Multiple offers and competition from cash buyers can make the buying process very difficult.
In addition since resale inventory is low, and demand is very high, sellers are pricing high, then many times the homes don't appraise and buyers and sellers have to renegotiate and many times the deals fall through, especially if you need closing costs or don't have extra money to pay above appraised value. A new home can be much easier to work with. Many times builders will pay your closing costs if you use their preferred lender, and you can pick your own lot, upgrades etc. One downside to a new home is they can take 3 or 4 months to build, and if you need a home quick you might need to tackle the resale market.
If a new home is something that interests you, our team has relationships with all the major builders in town and can represent you on the sale at no cost to you. We can negotiate on your behalf and also walk you through the process from start to finish. We also are privy to any standing inventory or escrow fall outs of new homes for quick move ins. Please contact us if you are interested in knowing more and it would be our pleasure to serve you.