Mesquite Market Information.
With taxes now done we move into 2010. So far this year Mesquite Nevada has been busy. Real Estate activity has picked up and condos under $100,000 and homes under or near $200,000 are selling. The Mesquite market is picking up.
In the Graph above, disregard the red line. The Green Line is the average price of closed listings in for the last 12 months. The Blue line is the average price of active listings for single family home each month. I like this graph as it gives a good visual of the market information.
Sales are up 56% over last year . We are getting fewer and fewer foreclosures for sale (also the trend in Las Vegas). Short Sales will be around for a few years as many owners have negative equity in their homes. The biggest surprise about the Mesquite market is the number of “normal re-sale homes.” I say normal because there is no bank or bank approval needed for the sale.
About Short Sales.
If you or a neighbor are behind on payments or may soon be behind on payments, you most likely have a HARDSHIP that qualifies you for a Short Sale. A Short Sale may be a better alternative to foreclosure and can cost the seller NOTHING because commissions and closing costs are paid by the bank. There are consequences to doing a short sale that can effect your taxes and credit. Many banks will prefer a Short Sale because it costs less than foreclosure. We may see Short Sales dominate the Mesquite market in the years to come. Contact Us if you want to learn more about this.
Tax Credit Ending Soon
Tax Credit Deadline is April 30… First Time Home buyers tax credit of up to $8,000.00 and the addition of up to $6500.00 for people buying a second home or vacation home is still available. You must have your home purchased or under contract before April 30, 2010 and close escrow by June 30, 2010 to take advantage of this tax break. If you are looking for a home or condo in the Mesquite market, this is a great opportunity to get some money back from Uncle Sam!
This article was written by Chris Schaeffel of the Mesquite Real Estate Team from Bowler Realty.
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I really enjoy the graph. I am a visual person and the graphs speak a 1000 words. My wife Maggie and I have been through Mesquite in the past and would like to re-visit soon. We will contact you before coming down, possibly you can show us around a bit! Thanks Again