New home builders are having a tough time competiting against the Real Estate Owned (foreclosure) market. Las Vegas leads the nation in foreclosures and despite last month’s numbers, experts believe that we will see more in the coming months. Investors and savvy first time home buyers have been quick to take advantage of these fire sale prices. Last month showed a decrease in foreclosures and an increase in sales compared to historical data for the prior year.
In order to compete, new home builders have been forced to lower prices, offer free upgrades and other incentives to lure in home buyers. Another tactic they are taking is the relative ease of the closing process versus buying a bank owned home. New home sales will usually close in 30 days or even less while some bank owned properties can take up to twice that time. The Club at Madiera Canyon is a good example. Del Webb just lowered pricing all of their models. The community offers additional amenities like 24 hour guard gates, a private community center with resort style amenities and use of the brand new Madiera Canyon Park located just outside of the community.
Other builders like Lennar take a slightly different tack and offer special financing options, unemployment insurance (pays your mortgage for a certain time period while you are out of work) and pay for all closing costs. Of course there are some restrictions that apply which is important why you should bring your own agent with you. Someone that works exclusively for you, not the builder. Given the current state of the market, everything is negotiable. So if you are thinking about buying a new home, feel free to contact us for free, expert representation at 702-493-8033 or use our contact form below. Thanks for stopping by.
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