Many real estate investors believe that short sales are a thing of the past. There are so many local, state, and federal regulations that govern these transactions. Regulations include how much profit you can make and in what time frame yo can make the profit. Consequently, many investors have opted to pursue other investing strategies rather than continue doing short sales. However, for investors who know the best markets, the short sale, can still yield significant returns on time and money Knowing the best spots in the country for short sales can also help maximize your success in this industry. Here is the first area for hot short sales today:
Las Vegas, Nevada
The "Giant Litter Box" as I am known to affectionaltely refer to Las Vegas is experiencing fantastic appreciation these days (28 percent year-over-year). However, there is still a lot of potential for bargain-hunting investors in this hardest-hit area. If you’re looking to do short sales in Las Vegas, note that the average number of days it takes to negotiate a short sale on a home already in the middle of the foreclosure process is 358 days. This is certainly not a short period of time, but that the average short sale is coming in at $124,555 and median home price in the area coming in around $187,000 for the first quarter of 2013, it might be worth the wait. Also, consider optimistic new home builders who say that their segment of the market could reach a median price of $250,000 by the end of the year. Therefore, it seems likely that Las Vegas and the surrounding area could remain “hot” for short sale investors for some time to come.
Las Vegas certainly is hot right now...117 degrees in the shade hot!!! LOL Record temperature highs and hot real estate!! Who could ask for anything more!!
Paddy Deighan J.D. Ph.D