Las Vegas Real Estate Trends...
"When Will The Housing Market Come Back?"
Come Back To What? The real estate bubble burst in our area in 2006, depending on where you lived. Those that saw it coming in 2005, made lots of money. The others lost money. When bubbles burst and there is a reversal of the wealth effect, some folks are left with a painful hangover. We're now left cleaning up the mess; creating unprecedented buying opportunities at market lows for savvy real estate investors.
Will former prices ever return? There are some areas around the country that may never recover. We live in a mobile society today...folks are choosing to leave areas plagued with high taxes, high unemployment and cold climates. It is predicted that Nevada, Arizona, California and parts of Florida will recover and exceed their former highs. The question is when? Manias generally take a decade to work out - we're going on seven years into this one.
The market is being manipulated by untold numbers of shadow inventory that are being released gradually creating multiple offers slightly above list price. Interest rates at historic lows are creating opportunities of a lifetime! When a property is priced right, it sells!
The first step is a brief consultation to review your financial goals together to determine the best course of action to take. Homes that had previously sold for $1Million Dollars at the peak can now be purchased at 60% off! Yikes, even condos on the strip!
For those in a position to take advantage of our market, there are incredible bargains available. Las Vegas Real Estate Investors today view foreclosures and pre- foreclosures = GOLD! Speculators in Las Vegas real estate today are paying cubic zirconium prices for diamond earring profits! With Las Vegas leading the nation in foreclosures, foreclosed home owners need a place to rent. Las Vegas Real Estate investors receive positive cash flow for many years to come and view appreciation as an added bonus of 3-4% annually as the market turns positive, creating double digit returns.
You can buy a home here today for less than the replacement cost; get a mortgage for less than renting a similar home; have a renter cover your costs and generate rental income at a higher rate of return than CD's are now offering. Many baby boomers tired of the cold, harsh winters are migrating and moving towards warmer climates. Those who can pay cash or qualify for a low interest rate mortgage are benefiting by buying at historic lows.
Most banks have a "REO" (Real Estate Owned) (aka Corporate Owned) or "Short Sale" department that we work with that you’ll be buying the property from. Before writing an offer you must be certain to do proper "due diligence" on a given property. Since banks almost always sell properties “as is”, you’ll want to be sure and include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the offer if you find it. After we've submitted your highest and best offer, be prepared to wait. Realize, you’ll be dealing with a process that involves multiple people at the bank, and they don’t work evenings or weekends. It’s not unusual for the process to take 10 days or even several weeks. When you are looking at profiting by purchasing property, the right approach is proper preparation.
Nevada's tax environment (including no personal income tax) is regarded as one of the most-business friendly environments in the nation!
If you have questions regarding buying or selling in today's real estate market, I welcome the opportunity to be of service. 702-677-8796
Don't Wait Till The Robin Appears...
"For Every Seller or Lender Hurt By The Housing Bubble,
There Will Be A Buyer Who Benefits.”
Warren Buffett
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Las Vegas Real Estate Trends, When Will the Housing Market Come Back?, Las Vegas Real Estate Trends
Oh, by the way, if you have any friends or family who are thinking of making a move and would benefit from our service, I would love to talk to them. Just give me a call with their name and number and I would be happy to follow up and take excellent care of them.
Linda Strasberg, All Rights Reserved
