Now that the government's federal tax credit for first-time homebuyers has ended, Las Vegas property from downtown condos to Spanish Trails golf estates will have to stand on its own two feet. This artificial boost to the market conditions is gone and the $8,000 tax credit for first-time homebuyers, and move-up $6,500 will be sorely missed.
Now that the government's federal tax credit for first-time homebuyers has ended, Las Vegas property from downtown condos to Spanish Trails golf estates will have to stand on its own two feet. This artificial boost to the market conditions is gone and the $8,000 tax credit for first-time homebuyers, and move-up $6,500 will be sorely missed.
In March 2010 there were a total of 4,028 home sales in Las Vegas, with these numbers it means that 10,122 properties closed in the first quarter. That represents a 21 percent premium on the sales made in the first quarter of 2009. New homes sales aren't doing so well though, and they are actually 8.4% down on the first quarter of 2009. One might speculate that is partly due to the fact that less homes are being constructed.
There is no doubt that the tax credit stimulus has a positive effect on boosting sales in the Las Vegas real estate market. With a flood of short-sales and foreclosures it provided a welcome boost to a beleaguered market.
The tax credit made March 2010 the best month most brokers can recall in the last two years. The last few days of any month are the busiest, but this month's was especially busy.
With the stimulus gone it could be the case sales in the Las Vegas Real estate market fall off a cliff. If they do then there is every chance that the government will re-introduce the first time buyer tax credit. However, with the large number of cash buyers circling the pool of depressed pricing the market will probably work through its inventory just fine.
Now that the government's federal tax credit for first-time homebuyers has ended, Las Vegas property from downtown condos to Spanish Trails golf estates will have to stand on its own two feet. This artificial boost to the market conditions is gone and the $8,000 tax credit for first-time homebuyers, and move-up $6,500 will be sorely missed.
In March 2010 there were a total of 4,028 home sales in Las Vegas, with these numbers it means that 10,122 properties closed in the first quarter. That represents a 21 percent premium on the sales made in the first quarter of 2009. New homes sales aren't doing so well though, and they are actually 8.4% down on the first quarter of 2009. One might speculate that is partly due to the fact that less homes are being constructed.
There is no doubt that the tax credit stimulus has a positive effect on boosting sales in the Las Vegas real estate market. With a flood of short-sales and foreclosures it provided a welcome boost to a beleaguered market.
The tax credit made March 2010 the best month most brokers can recall in the last two years. The last few days of any month are the busiest, but this month's was especially busy.
With the stimulus gone it could be the case sales in the Las Vegas Real estate market fall off a cliff. If they do then there is every chance that the government will re-introduce the first time buyer tax credit. However, with the large number of cash buyers circling the pool of depressed pricing the market will probably work through its inventory just fine.
About the Author:
Spanish Trails Las Vegas is just one of the residential developments which has suffered a decline. You read further about it here. Just visit this web site: http://www.lvre.com/spanish-trails-las-vegas/
