Vegas Market Analysis

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Background on Las Vegas Market

We believe Las Vegas Real Estate Market is now more affordable than it has been in 5-10 years or more, depending on your price range and that our market has bottomed out in terms of any meaningful price reductions. This lens reflects our analysis of what is occurring in Las Vegas Real Estate Market.

REMAX CENTRAL of LAS VEGAS, Specializing in Las Vegas Real Estate, Las Vegas Real Estate Investments, Las Vega Real Estate Foreclosures, Las Vegas REO homes - we save you time and money.The majority of our Agents are Certified Distressed Property Experts, meaning they have been trained to handle Foreclosure sales.

Work with the market leader who will save you time and money - we've been featured via: CNN, USA Today, The Learning Channel, Business Week, USA Today, Canadian Broadcast Corporation, RTL TV in Germany, Channel 4 in the UK, CBS News and all local major TV stations in Las Vegas. We have trained foreclosure experts on staff who handle nothing but Las Vegas Foreclosure transactions.

We also offer turnkey Property Management Services for investors.

Call Toll Free 877-360-2030 Or, go to our website at LasVegasRelocation.com

Las Vegas Market Overview 

Experienced Broker/Realtor Provides Insight for Las Vegas Real Estate

No one in our industry could have predicted that Las Vegas Real Estate would have dropped by about 30-45% overall during calendar 2008 and 2009, including many of us working in the Las Vegas Real Estate Market.

Affordability Driving Las Vegas Real Estate

We do not think the Las Vegas real estate market will depreciate much further, as we have reached levels of affordability. The median home price in Las Vegas is now approximately $135,000. and this price point is affordable for a large percentage of our work force, which is good for the overall Las Vegas Market.

Of equal importance, home builders can't afford to compete with these rates and are not going to build houses for less than it costs them, which will limit the amount of new homes being built that will enter the market, which will in turn help to sustain buyer activity for existing homes.

Las Vegas Employment Enigmatic

Our unemployment is projected to reach just under 10% as we move into and through 2009, which will probably mirror the rest of the country to a certain extent.

But, don't look at just the big picture numbers - if you look at year over year employment, it is projected to grow incrementally this year, driven in part by 12,000 new jobs via the City Center and 7,500 (approx) "shovel ready" construction projects that should get funding via President Obama's economic stimulus package.

Las Vegas Foreclosures Driving Real Estate

Foreclosures are still driving Las Vegas Real Estate, with about 60% of our homes sales being foreclosures. Existing home sales increased 37.5 percent to 31,727 due primarily to foreclosures. Foreclosures will bottom out when banks start selling more homes than they are foreclosing every month.

Las Vegas Real Estate Picture Improving

At presents banks have about 15,000 real estate-owned properties and they are selling about 2,000 a month. That's a 7.5-month supply if no more homes went into foreclosure, but another 75 homes are foreclosed upon every day. But, our inventory has dropped substantially from a 12 month supply six months ago to a 7.5 number now - we are heading int he right direction.

Again, we think this year will be a transitional year for Las Vegas Real Estate - sort of like sailing through moderate seas with some chop and swell when the wind picks up, not like the 2008 Tsunami we experienced!

Las Vegas Real Estate Investing

Many people believe that owning rental properties or fixing up homes is the only and best way to make money in real estate. In actuality, there are more than ten ways to make money on Las Vegas Real Estate.

1. Hold rental property for long term appreciation and/or a positive monthly cash flow.
2. Buy distressed property and rehab it for rental or sale.
3. New construction speculative flipping (not too good in existing market). Meaning, you negotiate a price prior to the home being built and then sell it at a later date at a profit, assuming it has appreciated.
4. Buying pre-foreclosures - contacting owners prior to their being foreclosed by researching filings of notice of default.
5. Assignment of Contracts - you find an undervalued property and resell it to an investor without actually taking title of the property.
6. Las Vegas Foreclosure purchases - buying homes that have been foreclosed; i.e. purchased from the homeowner by the bank.
7. Raw land purchase - may be developed or resold at a later date.
8. Catchall category that can include: lease to own options, private/hard money lending, real estate investment trusts, AITD or "wrap around mortgage" (junior to any other mortgage).
9. Multi-unit complexes; usually more than four units that are treated as rentals, typically requires a significant deposit of at least 20% and commercial lending process.
10. REOs - "real estate owned" meaning the bank has taken possession of the property and you are purchasing directly from them, a "failed" foreclosure.
11. Commercial property - can be very complex transaction requiring commercial lending process and you want to work with a realtor/broker who has significant experience with this type of a transaction.



John and Ruth Ahlbrand, Co-Founders of RE/MAX CENTRAL of Las Vegas

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LasVegasRelocation.com
Give Us A Call Toll Free: 877-360-2030
You Can Email Us Here

8400 West Sahara Avenue
Las Vegas, NV 89117
Office: 702-360-2030
Fax: 702-360-5120

OR, 10220 West Charleston Blvd.
Las Vegas, NV 89135
Office: 702-940-9600
Fax: 702-940-9601
Call Toll Free: 800.346.5103

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Las Vegas Market Overview via Short Video  

Short Video about Las Vegas Market by Experienced Realtor

Las Vegas Real Estate Market

Informative overview of Las Vegas Real estate market, with information about Foreclosures and REO/Bank Owned homes.

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by LasVegasRealtor

LasVegasRelocation.com
Give Us A Call Toll Free:
877-360-2030
Email You Can Email Us Here

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