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New Home Sales Outnumber Sales From List of Fixer Uppers in Las Vegas

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By : John Cutts    99 or more times read
With the housing market still in crisis in Las Vegas, Nevada, most market analysts are expecting home buyers to purchase properties from a list of fixer uppers since these are way cheaper than new dwellings. However, the first six months of the current year showed that not all buyers are interested in taking advantage of the low prices of fixer upper houses and would rather purchase new residences.

Despite the vast array of choices available and the very low prices of foreclosed homes for sale in Las Vegas, NV, it seems that a lot of home buyers prefer to put their money on new residential properties as the first half of 2010 showed a 27% increase in sales of new houses compared with a year ago. This development is also being seen by some market analysts as a sign that home buyers are not intimidated by the foreclosure crisis pummeling the area.

Foreclosed homes in Nevada continue to be a problem, but the increase in the sale of new dwellings is welcome news for the local housing market. According to the latest reports, the month of June saw a total of 972 new residences being sold in the area.

This number is significant when compared to properties from the list of fixer uppers sold during the same period. The surge of new residential property sales is being attributed to the strong showing of high rise condominiums, which sold a total of 79 during the month of June. The rise is also partly due to buyers trying to beat the tax credit closing date of June 30 before it was extended by the federal government to September.

Recent statistics also showed that sale of existing homes also rose by more than seven percent compared with 2009 figures. However, some housing market analysts believe that the numbers will decline in July and more buyers are going to opt for house foreclosures for sale as the tax credit expires.

Most analysts believe that the strong sales record of new homes during the first half of 2010 in Las Vegas will not be sustained in the second half of the year. As the tax initiative ends, they expect more people to choose their properties from a list of fixer uppers which are way cheaper than new dwellings.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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