Foreclosed on homeowners may return to market, Your foreclosed neighbors may soon be moving back in.
A Tuesday report from a national real estate research firm ranked Las Vegas No. 1 for its share of boomerang buyers homebuyers who experienced foreclosure or short sale in the downturn but are set to purchase again.
It’s a segment that will make up more than a quarter of the city’s potential single-family homebuyers from 2015 through 2022, California-based RealtyTrac said. With such a large portion of the market, boomerang buyers could have a big effect on Southern Nevada’s real estate climate for much of the next decade, as long as lending and pricing factors cooperate.
“It’s similar to how a lot of people look at how millennials will really impact the future of the housing market,” RealtyTrac Vice President Daren Blomquist said. “It’s not going to make or break the market, but the market is better served if boomerang buyers do become homeowners again in larger numbers.”
That could especially be the case in Las Vegas, where developers are set to build several master plans in coming years. From Inspirada and Cadence in Henderson to Skye Canyon in the northwest, new-home communities are set to add thousands of units. Boomerang buyers could be a ready-made sales demographic, said Nat Hodgson, executive director of the Southern Nevada Home Builders Association.
“They already live here, so it’s not like we have to wait only on job growth or population growth. This is one segment of the buying market that almost says, ‘Here’s your growth right here,’ ” Hodgson said.
Plus, investors are listing more local homes and buying less often. Boomerang buyers could pick up the slack, said Joanne Stucky, a Realtor with Realty Executives of Nevada. Numbers from the Greater Las Vegas Association of Realtors show available listings without offers were up 18 percent year over year in December. The market’s inventory has doubled from two months to four months.
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