It’s hard to always talk about the bright side of things when all the over arching themes seem to be continually gloomy. As a real estate agent, broker and investor, I too have to evaluate the market and be honest about what seems to be happening in the Las Vegas real estate market.
Here are the facts:
- Resale home prices are at an all time low.
- Las Vegas continues to be number one in the country for foreclosures.
- Foreclosure numbers are declining slowly but because default notices continue to increase, the actual foreclosure count will remain grim.
- The national average household income level has dropped to under $50,000.
- While interest rates are extremely low, lending guidelines are much more strict.
- The real estate strain includes not only residential but commercial properties as well.
So where’s the good news? Again, when all the surrounding statistics are ugly it’s hard to see much beyond that but HOMES ARE SELLING! Not only are they selling in about 90 days after being on the market, but Las Vegas homes are selling an average of 10-15 days faster than the national average!
Slow and steady wins the race friends. The market will one day return. I’m not sure we’ll see it rise to those glory days of early 2000, but it will return. We’re all in this one for the long haul.