Las Vegas has been hit hard by the recent events in our economy. We are a city of nearly 2 million people with currently a low cost of living. Homes are selling for 30-65% LESS than just a few years ago! From what I can tell is we are buying homes in 2011 at 2001 prices but there is a difference. Interest rates.
Interest rates are extremely low when compared to 10 years ago. January of '01 our prime interest rates were around 9% while today we sit around 3.25%! If I did my homework correctly, the last time prime was this low was 1955. So what interest rate can you expect to pay on a mortgage? 4.75% or so. What this means is money is very cheap to borrow right now, take advantage of it.
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