Itâ??s no secret the local Las Vegas Real Estate market is going through some changes â?? but, itâ??s a much better picture than what the media is painting. Yes, our area is awash in approximately 13,000 foreclosed homes and prices will remain low until these distressed properties are sold. And this foreclosure inventory negatively impacts our local real estate market at all levels, including homeowners, renters, sellers and buyers alike.
But, our market is in much better shape than you would think and we may have bottomed out. Our sales have increased every week since January of this year and the number of homes closed in the last 30 days as of the middle of March are 44% higher than those in early January of this year. Pending sales, which is an indicator on whether closings will be up or down in the next 30 days, are up over 89% since January â?? this tells is there is renewed activity in the marketplace, including Las Vegas homes!
A local Las Vegas Realtor, RE/MAX CENTRAL of Las Vegas has developed a proactive and innovative business model that blends marketing, out of the box thinking and extensive training, with an end game of helping to sell Foreclosed homes. They have also spent a great deal of time on the front end of the sales process educating consumers (both buyers and sellers) so they understand how this specialized real estate transaction should be handled advantageously. The co-founders of this firm, Ruth and John Ahlbrand are also working closely with Senator Harry Reidâ??s Foreclosure Task Force to educate and inform our local markets about how to deal with Foreclosures.
RE/MAX CENTRALâ??s systematic approach starts out with their bringing in third party organizations to provide extensive amounts of training for their sales team, as the Foreclosure process is highly specialized and can be difficult to work through. This training is integral to their systematic approach, as it enables their sales team to work effectively with consumers in a consultative manner during all phase of the sales process, ensuring all transactions are handled smoothly and with excellence in customer service.
RE/MAX CENTRAL, a Las Vegas real estate company, couples their sophisticated training process with daily research to come up with a list of Las Vegas Foreclosed homes that is current and then utilizes aggressive marketing to drive broad consumer awareness of great Foreclosed home deals to a specialized web site http://www.tourvegashomes.com. The site has a simple form that enables visitors to quickly register for regular bus tours of Foreclosed homes throughout the greater Las Vegas area, with tours that target our multinational region, including specialized tours in Spanish and Chinese.
But RE/MAX CENTRAL of Las Vegas doesnâ??t stop with just generating foreclosure inventory and then selling it via a bus tour like some of their less sophisticated competitors. They conclude the Foreclosure bus tours with a visit to their training facility where they hold a question and answer session for all and hand out a Foreclosure Booklet they have written, which provides a good overview of the entire process.
Their systematic approach, careful planning and solid execution have already been recognized in the broader market â?? weâ??ve been told that several national news media outlets are preparing feature articles on their pioneering methodology which will compliment their being featured in the last month via two of our local TV stations. Stay tuned for more good news about this local innovative company, formed by professional client-oriented Las Vegas Realtors!
We believe the headlines are wrong about Las Vegas Real Estate. As a consumer or investor interested in Las Vegas Real Estate, we would recommend turning off that constant drumbeat of negative media about Las Vegas Real Estate. And, ignore the big picture deluge of negativity about a recession, housing market, subprime problems, the credit crunch and all things relating to our real estate industry and/or the broader economy. As much of it is inconsequential when you drill into the underlying strategy of when to buy Las Vegas Real Estate.
Economic history has taught us that owning a home for your family or for a real estate investment is one of the best investments that could have been made in the last 50 years or more! But, when prices are dropping and the media is harping about how bad things are, most people simply do not have the intestinal fortitude to buy Las Vegas Real Estate. But, we would tell you ignore the spinners, prognosticators and conventional wisdom wonks and buy now. In fact you may be losing money if you donâ??t! Read below to understand how to leverage the financial issues impacting the Las Vegas Real Estate market.
Las Vegas Realtor
As an established Las Vegas Realtor who knows this market intimately we want to make a case for investing in Las Vegas Real Estate now! We believe that the issues that will stop the slide in Las Vegas Real Estate prices may also push mortgage rates higher! These two factors are intertwined; anything that you gain by prices falling further may be offset by an increase in financing your home or investment.
Letâ??s work through the math carefully. Letâ??s say you are buying a house for $425K and you make a down payment of say 20%, with a 30 year fixed rate mortgage of 5.5%. Your monthly principal and interest rates come to about $2K per month (estimated) in total. Now, letâ??s assume the price of your Las Vegas Real Estate falls by about 10% so your house is now worth about $360K. But, if the recession has ended and mortgage rates have gone up to 6.5% your monthly payments would still be about $2K per month. And, you may lose bargaining power with the seller, as the markets may have stabilized and youâ??ve missed out on living in a home you love and being able to leverage the tax benefits of owning your own home.
So, to summarize: sitting on the fence and waiting for all of the Chicken Littleâ??s to say the sky has stopped falling may cost you money and the ability to live in your dream home for a year of your life. Call your Las Vegas Realtor today and get out and look at our home inventory. We have some fabulous deals, but they wonâ??t last forever.
These days owning your own home is more important than ever. If you happen to live in Las Vegas or are thinking about living in Las Vegas, then you’re in luck. Las Vegas, Nevada boasts nearly a 20% real estate appreciation rate – not only do you get to say bye bye to costly rent payments, but your Las Vegas real estate will be increasing in value year by year. If you are worried about the increasing costs of real estate, then experts say the best time to buy is always now. The average price of a single family residence in Las Vegas is roughly $300,000 – $350,000 dollars.
When you compare this to metro areas like San Francisco or Los Angeles, where homes can cost upwards of $700,000+, you can see that living in Las Vegas is still reasonable. Also, the appreciation rate will put more money in your pockets over the long-term. If you want to talk statistics, in 2005 real estate in Las Vegas rose a whopping 28% in value. If you owned your own home in Las Vegas then, you would be more than happy when you received a new home appraisal. If this trend were to continue, investors could reasonably expect their home values to more than double in only 4 years.
While the following years may not bring such high appreciations, it is safe to expect some kind of growth if you look at the profile of Las Vegas. Firstly, the housing in Las Vegas is in high demand because of the rapid growth of the city itself, mainly due to immigration, a growing economy, as well as a highly profitable tourist industry. If you are a real estate investor, you will be happy to know that Las Vegas has extremely low vacancy rates – you can sleep easy at night knowing your investments will stay rented. Also, there is no corporate or state income taxes, which makes for a perfect place for anyone and everyone to do business. It’s easy to see why Las Vegas real estate is on the up!
