Taking more time
Las Vegas analyst Dennis Smith’s latest report showed that 6,772 home sold through April, which is 44% above the first four months of 2006. With the median price of resale homes standing at $285,000 (same as March), potential buyers can continue to enjoy finding a few good deals.
Homebuilders are also doing their part to reduce inventory levels by offering huge incentives. In fact, Smith talks of how Lennar Homes recently sent a letter to companies they do business with offering a 30% discount on their standing inventory of homes if they closed escrow by the end of May.
That would mean that a buyer saved $150,000 on a $500,000 home or $250,000 on a $750,000 home. Definitely nothing to sneeze at if you were in the market for a new home.
Smith says that prices have begun to level off, but have not drop even as some builder inventories have decreased. Smith believes this is due in large part to a continued shortage of current land on which to build new developments.
Popularity: 10%