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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) CURRENT LAS VEGAS METRO REAL ESTATE MARKET STATISTICS (CLICK)
Metropolitan Las Vegas Area includes Clark County, Las Vegas, Henderson, North Las Vegas, & Boulder City
MARKET STATUS: BUYERS' & RENTERS'
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 plummeting due to the high number of short sales and foreclosures on the market, sellers (including the banks) are
motivated, sales are picking up, 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.
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 drastically. In most cases nowadays
you will be dealing with the banks. Therefore, have your agent submit your highest and best offer because there are now many
multiple-offer situations on the foreclosures and short sales, and the banks simply aren't in the mood and don't have
the time to negotiate back and forth. They want to get their properties sold now.
SELLERS
Due to the drastic decline in property values and prices from foreclosed
properties, more than likely you will have to do a short sale requiring bank approval, if the property is not a bank-owned
property. You are now competing with other short sales, bank-owned properties / foreclosures / REO, and the builders.
Buyers are expecting to purchase at lower prices and expect
incentives and concessions because it's their market, the bank-owned properties have caused property prices and values
to plummet, 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 highly competitive but strong due to the decrease in sales, investors renting their properties,
people losing their homes and jobs and needing to relocate, and the renters' willingness to pay higher rent. The trend now
is that properties are both for sale and for rent.
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