If you believe everything you read in the media lately about foreclosures and the so called doom and gloom of Las Vegas real estate, then you might as well jump off that bridge. Before you jump, look at the real statistics.As of March 14, 2007, there are 16,445 single family homes for resale in Las Vegas. That number is much lower than the 22,000 homes for sale the media keep reporting. So that is the first misleading statistic the media will have you believe.

Now let’s look at the number of resale single family homes in actual foreclosure in Las Vegas real estate. The media will have you believe Las Vegas is experiencing about 15% to 20% of the single family homes are in foreclosure. In fact, the Center for Responsible Lending is already being quoted in the media (Inman News) as stating 1 in 5 homes are in foreclosure or will be very soon.

We’re in Las Vegas so please place your bets about the number of resale single family homes in foreclosure as of today. Do I hear 20% No? How about 15%? You would think that number is realistic given all of the real estate media reports about our crashing real estate market.

How about 3%. That’s right, 3%. That’s a HUGE difference from the forecasted 20%. So we have a total of 564 single family homes in foreclosure status as of today. Doesn’t seem like the real estate world is crashing here. If you examine that number in detail, you will discover that location, type of home and other factors would narrow your perspective of how many homes in foreclosure are real gems. Some are very new and can be found in highly desirable areas like Summerlin.

There are over 6,000 people moving into Las Vegas monthly and they need a home to buy. This past harsh winter in the Northeast has resulted in more buyers contacting our brokerage about moving to the Western sun belt. They need single family homes too.

So we suggest reconsidering jumping off that bridge and looking for the real deals in Las Vegas real estate. We know these deals, incentives and other opportunies for the right buyer. We frequently identify opportunities that are being grabbed by our savvy buyers. Are you a savvy buyer?