|
Las Vegas Review-Journal Article, "Las Vegas Home Prices Expected To
Rise," 1/6/2000: "The median price of a Las Vegas home is expected to increase by nearly 90% from 1999 to 2010, according
to a report in the January 2000 issue of Kiplinger's magazine. DRI/McGraw-Hill, which prepared the home-price projections
for Kiplinger's, calculated the median home price in Las Vegas at $248,966 for 2010, up 89.7 percent from $131,272 in 1999.
The 1999-2000 change in Las Vegas home values is projected at 9.1%. The two most important ingredients for a strong housing
market--jobs and affordable mortgage rates--are still present in today's economy, the magazine noted. To keep thriving, metropolitan
areas such as Las Vegas will need to accommodate traffic, provide schools for children, and work to maintain the quality or
life that attracted people in the first place, the story said."
(CLICK) LAS VEGAS METRO REAL ESTATE MARKET STATISTICS (CLICK)
Metropolitan Las Vegas Area includes Clark County, Las Vegas, Henderson, North Las Vegas, & Boulder City
STATUS: BUYERS' & TENANTS' MARKET
The Las Vegas real estate market is completely saturated
with new and existing houses, condos, condo conversions, townhouses, foreclosures and short sales for sale
and for rent. Prices are dropping, sellers (including the banks) are motivated, sales are slow, and builders are
offering great incentives due to a record amount of inventory, apprehensive buyers, non-qualified buyers, and stricter loan
guidelines affecting buyer financing. While this is unfavorable news for the sellers, it's great for the buyers...it's
a good time to buy property in Las Vegas on your terms.
BUYERS
If you are a Buyer, pursue your dream home. If you are
an investor, the amount of rent tenants are willing to pay is increasing and the prices are dropping considerably, especially
the foreclosure properties owned by the bank...they simply have too many and just want to get them sold. Make offers
in spite of the prices, negotiate, and ask for payment of your closing costs and other incentives. THE BEST TIME TO BUY IS WHEN YOUR PURCHASE PRICE GENERATES THE TOTAL MONTHLY PAYMENTS YOU
ARE COMFORTABLE WITH (TOTAL MONTHLY PAYMENT INCLUDES YOUR PRINCIPAL, INTEREST, TAXES & INSURANCE, PLUS CONDO/HOA FEES,
PLUS UTILITIES).
SELLERS
Look at all offers and be open to negotiating, price reductions,
incentives, and paying some if not all of the Buyer' s closing costs. You have no choice!
Buyers are demanding lower prices, incentives and
concessions because they know it's their market and the builders are offering great incentives. If you are not flexible,
you will lose out. Insist that your real estate agent put photos into your MLS listings; provide the photos if you have
to. When selecting properties to show to their buyers, many agents (and buyers) overlook listings with no photos, especially
if the buyer is out of state and not able to view the property in person. Pictures of your property can make the
difference in getting your home sold.
If you can't sell your property, consider renting it out, furnished
or unfurnished. The rental market is strong due to the decrease in sales, people losing their homes and needing to relocate,
and the tenants' willingness to pay higher rent. The trend now is that properties are both for sale and for rent.
|
