May 22, 2018
Vegas has rebounded since the last recession hit. We have property increasing each month now bringing stability to the city. We have sports franchises here now, with the Knights heading to the Stanley Cup. We have the Raiders on the way. Everything is looking good on the horizon.
We have to remember with the prices we are at we are in a bubble once again and will eventually have another crash in the near future. According to the Review Journal we have witness increases in home values up to 31.2% in some areas of the Vegas Valley. https://www.reviewjournal.com/business/housing/home-values-growing-in-las-vegas-valley/
Be aware in 2007- 2008 when we crashed it was due to outsiders overpaying for our properties and it is happening again today. Interest rates are increasing as the economy continues to flourish. Just stay vigilant as there is trouble brewing. No one can predict the next downfall to the exact date and year, however they have been close on many occasions and today there are indicators a recession is looming.
June 6, 2011
In Las Vegas the housing market is not where it should be according to those home owners upside down after the crash of 07. Recently housing prices have been listing around 74 dollars a square foot up to 95 dollars a square foot on resales. Before the crash the prices were hovering around 118 dollars a square foot for most homes unless in the newer gated communities.
The Greater Las Vegas Realtor Association (MLS) currently have close to 23,000 resale homes listed of which over 11,000 have not had an offer on them. Many of the homes that are selling in this market are being bought up by investors once again with CASH. With cash these investors can pick up homes that sold for 500 thousand during the peak of the Las Vegas housing market for close to 200 thousand dollars right now.
Our belief is the market will start to pick up within the next 4 to 6 months with small increasing in equity for a few years until our economy straightens out. We have seen houses listed for 265 thousand 8 months ago with no offers on them. So the owners drop the price three or four times still having no interest in the property. So the owners ends up dropping the price below 200 thousand because no one is offering what they feel their house is worth.
The market is still below where it should be, however there is light at the end of the tunnel for those who can hang on. Once we get businesses open and expanding again our housing market will return to bring stability back to the area. Home prices won’t skyrocket as in the past with over inflated pricing but they will start to increase modestly.