Distressed Property Pricing Changes

distressed properties

Real estate investors continue to ask for bank-owned residential properties in an attempt to purchase Las Vegas homes below market value as a “good deal.” The main reason for the below market value on bank-owned properties was due to the high likelihood of the property being distressed. Today, however, this change is quickly declining.

As recent as just a few years ago the chances of a bank-owned or short sale property being distressed were good, at 60 percent. Currently it is estimated that only 11 percent of available properties are distressed. A number of factors feed into this equation. The largest factor is the decrease in distressed property inventory. They have, for the most part, already been purchased by investors, property flippers, and adventurous home owners.

In the current Las Vegas housing market banks are not accepting offers below market prices. Regardless of whether it’s a short sale or a bank-owned property,┬ámany real estate investors have decided to gravitate more towards auction homes in an attempt to get the best possible prices, keeping their ROI at maximum.

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