Las Vegas housing market attracting more buyers
The Las Vegas housing market is attracting a lot of buyers right now because of the rock bottom prices. That includes investors coming in to make cash deals.Photo: Video by ktnv.com
Las Vegas, NV (KTNV) -- The Las Vegas housing market is attracting a lot of buyers right now because of the rock bottom prices. That includes investors coming in to make cash deals.
Once labeled the foreclosure capital, the Las Vegas market is now seeing an influx of cash.
Broker Nick Nolf said with housing values low and the rental market strong, you can get more bang for you buck.
In February, 59-percent of home buyers paid for homes with cash, which is a record for Southern Nevada.
"Investors love this market right now. You can find a property in Clark County and be able to place a tenant for much more than you pay in a monthly payment, especially if you're paying cash," said Nolf.
For the first time, there are more homes available for rent than there are for sale.
Individuals like financial advisor Jack McClain, as well as large firms, are ready to buy, in bulk if necessary.
"To start at one property and if I can grow that and have cash flow out of multiple properties, that's a retirement plan," said McClain.
Brokers said right now speed is your best weapon to getting your offer accepted. If you snooze, you lose.