This according to a report by National City Bank Economics, working with IHS Global Insight. They study home valuations in 330 cities across the US, and the Las Vegas housing market was near the bottom, at 287. Their point for determining a market is undervalued is 14%, so at 18.8%, it fits well into that category.
National City's Chief Economist and developer of the model used for their study, Richard DeKaser, was quoted as saying that "for consumers an undervaluation should signal buying opportunities." He added that "Real Estate is a good buy in Las Vegas." Another comment mentions that 'flipping' won't be making money in the next 12 months, but added.... "buyers with time horizons of five years or longer are likely to realize "lucrative" returns on homes they buy today." You can read the entire article here in the Las Vegas Review Journal.
I think many Las Vegas Real Estate Agents will tell you that most active buyers in today's local market feel they are seeing excellent bargains. For some time it hasn't been unusual for homes priced right and offering great value to have multiple offers in a short amount of time. Before showing homes I find it wise to call listing agents to try to verify that offers are still being taken.
I've run across relatively new listings that often are pending or contingent, even before our local MLS has had the chance to be updated. This becomes more of an issue for buyers browsing online. With the array of real estate search sites available, it's not unusual for buyers to call me with a home or homes that are no longer available, and some that were never actually listed. Many of these web searches lag behind our local database. For home shoppers, I strongly urge you to use a local agent's search to save a lot of confusion. I have 3 that are free to use, at Search4LasVegasHomes.com, RobertaLarocca.com, or a zip code based search.
Better still, contact an agent and have them put you on a search that matches your personal needs, with new listings as they come in, and results emailed to you, It will at least eliminate homes that are already under contract, and the agent can tell you of those that are, as quickly as they are updated if not sooner.
For more information on the National City Home Prices in America, you'll find an interactive map here. If you roll over the tan area depicting Clark County on the southern tip of Nevada, a box will open. It shows their 3rd. quarter 2008 median price and valuation. Rolling over the 'View Historical Data' arrow, it opens their valuation charts that date back to 1985. There are also links to the dataset, report, and methodology used for their study, and those and the map cover all the cities studied across the US.
While no one has a crystal ball and can absolutely predict the future, I thought this could be a resource to those that may be considering a home purchase here in Las Vegas. Review their information, compare it to others you may have, and make your own conclusions.
If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me, Roberta LaRocca, at firstname.lastname@example.org, or call me at 702-354-8988. I look forward to hearing from you!