Las Vegas Real Estate Market Condition?
I have been doing a little research on the real estate market in Las Vegas because I would like to buy a home there. I have been getting some mixed signals about the inventory levels and was hoping you guys can help me out with this. Can anyone give me a general idea of the market. i.e. Buyers market vs. Sellers Market? High inventory vs. Low inventory? Overinflated prices vs. deflated prices? Investors vs. first time home buyers? Any responses are greatly appreciated.
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High inventory, buyers market, deflated prices, almost exclusively investors buying.
Not sure where those others got their information but as a Las Vegas Realtor, I can tell you without question that there is a very low inventory in most price ranges which has created a sellers market and caused an escalation of prices again in some price ranges. Las Vegas has seen an influx of investors who are buying multiple properties and renting. Its all about supply and demand. Over time too many available rental units will cause rental rates to remain low but right now investors are completing with regular buyers for the available inventory.
That being said, it really is a great time to be a buyer if you have cash or are pre-approved.
Mortgage money is still very low and available with decent credit and buyers want to act now because they see that the market is in the beginnings of recovery although prices are still a fraction of where they were four years ago. If you are a serious buyer, the advise we give buyers (particularly first time buyers) is to work closely with a Realtor, be a pre-approved buyer (or be a cash buyer!), try not to get frustrated too easily and don't fall in love with any house until you have an accepted offer. If we can answer any questions, feel free to contact us at BuySellInvestVegas.com
The market in Vegas is way down from what I understand. Cheap homes, lots of them, values way down.