Moving to Vegas?

Why Qualified Buyers Put on Hold their Purchase of Las Vegas Homes

In spite of the brisk sales of
homes and properties worth at least one million dollars last year, the average
US home buyer is on a wait-and-see mode; which means that purchase plans are being
realized with a significant amount of caution. That’s why even those from
Nevada who want to sell their Las Vegas homes, or just about anywhere in the
United States, are having a hard time finding buyers. Obviously, even the most
qualified home buyers are having a hard time buying a home.

A reason for this is the general
attitude of home buyers toward homeownership. They now believe that owning a
home is not anymore a viable investment, and one that has a bright, positive
return. Education, medical needs and other costs are on the rise at a rate
that’s much faster than income. This makes it hard for anyone to convince
himself that he can afford the mortgage and expenses of other essentials.

People now want to save for the
rainy day. Certainly, no one wants to tie up his funds in a non-liquid asset,
especially if he is considering the need for significant amounts of money
during hard, economic circumstances. Added to this is the fact that retirement
funds were negatively affected during the recession’s economic downturn, which
made saving more crucial and even challenging.

Many buyers are losing confidence
in the economy. While qualified buyers can buy Las Vegas homes
or other
properties in many other States, they have somehow lost the confidence that
they are making a good decision in buying a house. The reason, of course is the
uncertainly that anyone feels about the US economy, as well as the stability of
employment that they currently hold. Even the most qualified individual is
holding back his decision to buy a home until the United States economy
stabilizes.

Potential buyers want to buy homes
at the time when housing prices are at their lowest. As it is, property values
are expected to fall further by 15 to 25 percent more. This is why many home
buyers are still holding on to their decision to buy their own homes, since
they are aware that home prices have yet to hit rock bottom. Hence, it is
expected for the demand in properties and homes to remain weak.

Finally, whether they are eyeing
those middle-market Las Vegas homes, or those from other parts of the US;
Americans have realized that moving in is possible only when jobs are
plentiful. This cannot be done in the current state of economy. Obviously, home
ownership is currently less flexible than paying rent.

 

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