Roberta's Las Vegas Real Estate Blog: Las Vegas Real Estate Market Rebound - Time to buy? Updated 11-11-08

Las Vegas Real Estate Market Rebound - Time to buy? Updated 11-11-08

No, a rebound isn't happening right at this minute, but it appears there are a number of those getting prepared for it to come. Just a short while ago I mentioned that I saw a quick blurb hidden away in the Las Vegas Review Journal that quoted John Burns Real Estate Consulting. There it stated that they know of home builders, some that even had declared bankruptcy, that are "licking their chops" and gathering equity partners to prepare to buy up foreclosed residential lots in what "they anticipate as the land-buying opportunity of this generation." This was one of several positive Las Vegas Real Estate news stories that are often buried in the news media.

Now there's more of the same, according to Sullivan Group Real Estate Advisors. They are quoted as saying they had done a study that discovered a number of builders and investors are actively seeking finished lots and raw land for future development. Their estimates indicate there is only a year's supply of available building lots for new home construction once the market returns. The entire story is here in the Las Vegas Business Press.

Another article recently appeared in the LVRJ, titled 'Change is Coming: Experts say now is the time to buy'. In this article they say they anticipate a 'thaw' in the credit freeze and think it's doubtful that you'll find any better deals in 2009 than today. There's also a comment from one of the experts interviewed that envisions the potential for housing appreciation in 2010 or 2011. I think you'll find that most Las Vegas Real Estate agents have been saying for some time now that the values available in today's market are exceptional.

So while there obviously isn't a rebound at the moment, it appears there are a number of people anticipating the real estate market in Las Vegas turn around. Not for the quick flippers, but for those in a more stable, longer term investment. For those priced out during the wildly escalating prices of the past few years, today's prices may offer them an opportunity to purchase.

While it's impossible for anyone to predict exactly when any real estate market will rebound, as it also points out in that last article... if you wait for good news to make it to the front page headlines, you've missed it, it's already happened.

<<<<  UPDATE  >>>>

Some other stories just out today, 11-11-08. This one from the LVRJ about Las Vegas home sales... "Home Inventory Shrinks; Sales Surge" Now in Breaking News, they add that the number of foreclosures in Las Vegas have fallen according to Foreclosures.com. This comes on the heels of the announcement of a private and government plan to help homeowners avoid foreclosure. If that succeeds fewer foreclosed properties would be entering the market, potentially stabilizing prices and could allow for a faster market rebound.

 

If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call me at 702-354-8988. I look forward to hearing from you!

 

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Comment balloon 8 commentsRoberta LaRocca • November 10 2008 03:16PM

Comments

Thanks for those stories that I miss. It will all change but not over night. Vegas has too much going for it to be down for long. All those new openings and jobs next year will make a big difference.

Posted by Bob almost 11 years ago

Bob: No problem. No, won't happen right away, but obviously many preparing for it to do so. Added an update with more market news today.

Posted by Roberta LaRocca, REALTOR®, Broker, Salesperson, Property Management (Simply Vegas Real Estate) almost 11 years ago

Good updates keep it coming! I'm tired of getting ONLY the bad news. I think that messes us up more by making everyone depressed and scared. No light at the end of the tunnel.

Posted by Bob almost 11 years ago

Bob: Yes, not all the news is good, but some equal time is needed. Much prefer objective news that tells both sides of the story, good and bad, but that takes a back seat these days. I always wonder if the media realizes they shoot themselves in the foot with this barrage of grim sensationalism to attract viewers. The more fear they spread, well it has most feeling like their beat before they start. That slows the economy, and in turn that cuts the flow of available ad dollars back to them.

Posted by Roberta LaRocca, REALTOR®, Broker, Salesperson, Property Management (Simply Vegas Real Estate) almost 11 years ago

Roberta that's great news for you!  I wish the media would take the time to report the positive news rather then just the gloom and doom.  They have no idea how much they affect the thinking of those watching!  So I'd say get ready, you're going to get really busy, here in the near future! 

Posted by Sandy Noll, Real Estate Team From Mill Creek to Mercer Island ((RSVP Real Estate) 425.890.0878) almost 11 years ago

Sandy: Yes, there's 2 sides to every story, I wish they'd include the positives in the mix. I think we'll all be better off if most everyone isn't dwelling on the negatives!

Posted by Roberta LaRocca, REALTOR®, Broker, Salesperson, Property Management (Simply Vegas Real Estate) almost 11 years ago

It's always nice to get an update like that. Thumbs up

Posted by Mobile Austin Notary, www.mobileaustinnotary.com (Apostille/Authentication/Embassy Legalization, Notary Public, Loan Signing Agent & Process Server Services) almost 11 years ago

Jenette: That's the kind of news I wish we'd hear more of!

Posted by Roberta LaRocca, REALTOR®, Broker, Salesperson, Property Management (Simply Vegas Real Estate) almost 11 years ago

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