Finally some good news in the media about Las Vegas. USA Today has a story out, 'Home Sales Begin To Rebound In Las Vegas'. The story gives a fairly accurate picture of the market's history. Home sales in Las Vegas have been on the rise. Buyers have been picking up exceptional values on homes, often at prices less than they could be built, even in today's market and present land values.
Of course this is also in the 'better late than never' category, since any number of Las Vegas Real Estate Agents have been blogging about this for some time. Increases in Las Vegas home sales have been happening each month since the beginning of 2008. Besides that, there is an important thing to remember with these reports. They are historical, and in more ways than one. What the media doesn't do is explain what they really represent. A report is based on sales and is from the previous month, AND those sales actually took place even much before that. 30 - 60 - 90 days until they are funded and actually close. This applies even more to foreclosures and short sales that have been making up a large portion of the total sales, as the banks have been a little slow trying to keep up to the pace not only of supply, but demand.
Using a generalized perspective behind the times doesn't give you a true image of what is happening today. Real Estate is local, and that is true even within a local market. There are many factors that come into play and you may not really have an understanding of the Las Vegas home market. There are a wide variety of neighborhoods that offer different amenities, each with a different value, and possibly expenses. Not all homes and neighborhoods are created equal. With foreclosures that can be magnified further. You will find some are pristine, others in need of repair, and some that are heavily damaged. All this can make it difficult to make a comparison based solely on a listing search for a given price, size or style of home. It's also why the use of generalized 'price drops' often quoted in media reports can be misleading. In some price ranges there may be room for negotiation, in others the homes are priced right and are getting multiple offers and selling above listing price.
This is where having a good REALTOR® comes into play, to help you determine what is a good value. We see what is taking shape now, today, and how it can effect your purchase. Waiting for the media and reports can put you behind the curve. Sure, there will still be homes available at today's Las Vegas 'median price' some months from now. The question will be how much home will you get for any given price, the longer time goes on.
If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me at firstname.lastname@example.org or call me at 702-354-8988. I look forward to hearing from you!