With the candidates spending so much time in our fine town, how has that affected the housing situation in the greater Las Vegas area? It seems that we still have a lot of half-built neighborhoods and several foreclosures – do the candidates care? Will voting for either of them change things? The consensus is, no.
It’s true that the market is making a slow return, and foreclosures are down. But, with six out of ten Nevada residents still owing more on their mortgages than the value of their homes, we still have some serious issues with the housing market. While cash buyers are snatching up the available homes, new buyers are struggling to make offers in time to still be in the running. Many people who used to own rental properties are letting them go, too. What are the candidates saying they are going to do to help? So far, nothing. When they’re not bashing each other, both have remained mostly silent on the issue.
No matter how bad it seems here, it could always be worse. Consider Florida, where most residents feel that there is no relief in sight. Both political parties are taking credit for any upturns, and both are harshly criticizing the other for the crisis to begin with. Analysts are saying that both sides aren’t coming up with any new ideas, so we’re stuck.
Today your vote may not do anything to help you get into a new home (or save the one you have), so what can you do?
If you are looking for a home, keep a dialog open with both your agent and financial officer. He or she will keep you informed of any new programs or changes that may help you get financing and get into a home. There are plenty of newer, family homes for good prices on the market – especially in the Henderson area – so don’t give up. No matter who wins today, the market will get better.