Las Vegas was the #1 Relocation Destination for 2008 according to Relocation.com, and they're predicting it will be #1 again in 2009. Because of foreclosures, home prices are now very affordable. Even by last fall, National City Bank's study found that on average Las Vegas homes were undervalued. No surprise why Las Vegas home sales have been going up every month over the previous year. January 2009 for example, home sales statistics from the Greater Las Vegas Assn. of REALTORS® showed they were 126% higher than in January 2008. Those 2008 sales numbers had been up over the previous year, as well.
Some may be buying for investment, others for the warm climate to escape the brutal snow and cold while enjoying the plentiful recreation. More may be moving to fill some of the new jobs, with some recent openings in technology, logistics, and communications, or the thousands of jobs in hospitality.
Unfortunately foreclosures can also be a problem for those relocating to Las Vegas. It could be that you're already a homeowner, but conditions in the market you're leaving has made it difficult to sell. Making a move for a job opportunity could have you in a position where you're unable to buy a home at the moment, and in need of a home to rent.
Well, it's still the right time to contact a REALTOR®. The Las Vegas multilist has more than just resale and foreclosure homes for sale, it has thousands of home and condo rental listings as well. A REALTOR® has the ability to do a very detailed search and forward the results straight to your email, including any pictures that are available. They can also provide other resources to help you get acclimated to your new home in Las Vegas.
You can browse what is available by selecting 'Renting' at any of my free Las Vegas MLS searches found at Search4LasVegasHomes, RobertaLarocca.com or by selecting 'Residential Rental' on the search found here at my GLVAR site. There are a number of selectable options that can help you trim your search to suit your needs.
To give you an idea of pricing, January rental statistics from the MLS show an overall median rental is $1200 a month. That figure also happens to be the median priced rent for a 3 bedroom single family, while a 2 bedroom in January has a $950 median and a 4 bedroom median of $1500. Of course some will be above and below those marks, and depending on your tastes and needs, can go up to and above $10,000 a month. So you'll find a very wide selection from basic to luxury.
Of course even some renters have been effected by the foreclosure mess. There have been news stories of scams, or tenants being evicted because their landlord allowed the home to go into foreclosure, as I've mentioned in this post. Currently there is a proposed bill in this years Nevada Legislative session, that if adopted, will help address some of these tenant issues, but for now tenants are on their own.
This is one more reason to seek out a licensed real estate agent. While they can't prevent a home from being foreclosed, they can check to make sure the property hasn't been issued a notice of default or any other title actions filed prior to your lease signing. There are also some strategies and ways to monitor for defaults that may help you avoid any unpleasant last minute surprises.
You also have one more advantage by contacting a REALTOR® for your rental. When your home does sell and your are ready to purchase a home in Las Vegas, you're already made a connection with a local agent.
If you are interested in relocating to Las Vegas or would like more information on Las Vegas real estate, please email me, Roberta LaRocca, at email@example.com,
or call 702-354-8988. I look forward to hearing from