Las Vegas Real Estate - The Perfect Storm
The Las Vegas Review Journal had an interesting article on the foreclosure market in the Las Vegas Valley this weekend. A time warp in real estate values seems to be occurring.
“Sometime this weekend, while you’re shuttling the kids to soccer tournaments or picking up milk at the grocery store, several dozen of your neighbors will go back in time nearly 10 years. They’ll see a 3,128-square-foot Christopher Homes house in Summerlin’s upscale Country Rose Estates on sale for it’s circa 2000 price of $370,000.”
The Housing Bubble is creating a Perfect Storm for many homebuyers, investors or otherwise. The Bubble which was created by over zealous investors, lenders and builders pushed prices too far and too fast. We are seeing a retrenchment in home prices which will probably be overdone.The values of homes in the Las Vegas Valley will recover and move forward again.
You can review my reasoning in this article Las Vegas Real Estate - Time to Buy. The recovery time for the Las Vegas Real Estate market may be longer than some had thought. The same lenders who gave you option ARMS, stated income and stated asset loans are now trying to be good business people. These changes will reduce the number of homebuyers who can qualify for home loans.
There is an inventory of 7,000 foreclosed homes on the market in the Las Vegas Valley and this is hurting everyone’s home values. They need to be sold and taken out of the market.
A new marketing strategy is unfolding in Las Vegas. The investor or homebuyer will “simply hop a ride on a foreclosure bus tour led by Barbara and Marshall Zucker of Prudential Americana Group, Realtors. Such tours have been hot since the fall in distressed housing markets in California, Florida, Michigan and Georgia. Now they’re revving up here.”
This seems like a great way to get a real look at the market and to find some true values. The bus tours are free and you will have a chance to view multiple properties.
To read the full article “Home sellers warp time” in the Review Journal here is a link.
Mark V Clawson 702-351-7912 Your Local Mortgage Loan Consultant
