We have spent a huge amount of time on the MLS lately searching for those classic first time buyer starter homes.
Two months ago a search for homes up to $200,000 would have provided a list of 60 or 70 homes to comb through. We would filter out the junk and pass the remaining 20 to 25 homes to our clients for consideration.
Today, that same search is giving us a list of only 40 to 50 with the majority of them being major fixers or short sales which inexperienced agents are clearly under pricing them. A search this morning rendered only 5 homes in Clark County that were worth looking at and available to purchase today!
I am afraid that there are going to be large numbers of first time home buyers in this area who end up settling on something less than what they want or miss the boat all together.
Is it possible that we have bottomed out at the first time home buyer level of the market?