Buyers Opt for New Home Sales - 8 News NOW

Buyers Opt for New Home Sales

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LAS VEGAS -- RealtyTrac reports more than half of the homes sold late last year in Nevada were foreclosures. But despite bank-owned properties on the market, buying a foreclosure still can be a long and difficult process, and more families are opting for brand new homes.

Pardee Homes is building new construction in the gated Montclaire neighborhood in Henderson. Some new home buyers say they're buying brand new because they have foreclosure fatigue.

"We're in the middle of opening up four new communities right now, and the response to the new communities in particular is very, very good," said Klif Andrews, President of Pardee Homes, Southern Nevada Division.

Andrews says Pardee is selling about one home a week and has 12 to 20 under construction at any given time. The company is in the middle of opening up four brand new communities.

"There's definitely a lot of what we call foreclosure fatigue, where buyers are tried of the runaround they have to go through to try to get a foreclosure or a short sale," he said.

Brent Dana of the Dana Realty Group says prices are down, but banks aren't flooding the market with foreclosures because of new housing laws.

"When there's only 8,000 houses for sale in a city of two million people, where 4,000 houses are selling a month, you see there's not a whole lot left," he said.

Consumers looking for a foreclosure steal are learning they can find deals, but not necessarily as dirt cheap and as quick as they hoped.

"Most buyers are making up to eight offers trying to get a house, getting bid out by multiple offers," said Dana. "You have people paying $20,000 to $50,000 to $100,000 over list price."

Cash buyers are also spending big, forcing other home buyers to have some patience while shopping around. Others give up and head to a new home sales office.

"It's an easy way to buy your home -- much easier than the process you have to go through on the foreclosure side," said Andrews. 

The Dana Realty Group says it's customers are getting calls from banks offering them $20,000 to 30,000 to do a short sale and walk away because of new housing laws. Meantime, a contractor working on brand new homes says his business is booming.

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