The housing industry in Las Vegas continues to bounce back from the recession thanks to low interest rates and affordable home prices. The typical real estate market in Las Vegas is very fast-paced and competitive, so many realtors are happy to see this type of market returning because it can only mean goods things.

The decrease in homes prices and interest rates has fueled in interested in buying homes throughout the Las Vegas area. Some homes are receiving multiple offers on the first day. An increase in sales has also caused the resale inventory to drastically decrease to less than 6000 homes. The number of resale homes on the market was up to 22,000 at one point during the recession.

Buyers looking for investment properties and vacation homes are also expected to flock back to the area because of the lower home prices. The decrease in the price index has also made it possible for more first-time homebuyers to enter the market.

As more people continue to enter the Las Vegas real estate market, some realtors are offering their advice. First, just because there are great deals out there doesn’t mean that you should spend your entire budget on your home. It’s also important to remember that homes often need upgrades or repairs. Second, when you feel you’ve found the right house, it’s important to act quickly and be pre-approved for a loan. The market currently is very competitive so you don’t want to lose out on a great deal and a great home because you weren’t prepared. Third, if you are considering purchasing a short sale home, remember that they often take longer to close than a traditional sale or a foreclosure. The Mortgage Debt Relief Forgiveness Act is set to expire at the end of the year, so if you are considering purchasing a short sale now is the time to buy one, just be aware of the extra amount of time it may take.