Looking to buy a home in Las Vegas in 2008? There's never been a better time. This seems counterintuitive with all the talk about high foreclosure rates, declines in residential construction and decelerating property values.
But consider: When you're entering the home buying market, whether for the first time or as a seasoned veteran, your ideal market looks something like this:
- An abundance of choice.
- Sellers ready to sell.
- Potential for appreciation.
- Great long-term economic prospects.
Las Vegas and Clark County, Nevada is this ideal market today, and it's never been easier, less expensive or a better time to buy a home in Las Vegas.
Five years ago, buyers buying a home in Las Vegas, like in many parts of the country, were dealing with a market where homes were listed and then sold almost like that. And often selling for more than the initial asking price. The real estate boom of the early 2000s was played out in Las Vegas like almost nowhere else.
Today, there are more homes on the market, priced more reasonably, with fewer competing buyers bidding against you. Many investors and families buying second homes who were buying everything in sight in Clark County five years ago are selling now. The number of listings have declined in recent months, but that is owing to the length of time a typical listing is staying on the market, which is growing. There is more choice in today's Las Vegas real estate market than there has been in many years.
Housing values have actually decreased in Las Vegas in recent months, which may be bad news for short-term speculators in real estate, but is great for families looking to buy a home in Las Vegas. For-sale prices fell 3.5 percent in the market over the last three months. Yet real estate is still among the best investments you can make: Home prices have increased in 34 of the last 40 quarters in Las Vegas, and a home bought for $100,000 in March, 1998 is worth about $225,000 today.
And Las Vegas is after all Las Vegas, which among many other things means tourists, money and jobs just keep on coming. Nearly 46,000 new hotel rooms are under construction or planned for the next five years in Vegas. 2007's hotel occupancy rate was the highest since 1996. And overall, the Southern Nevada Index of Leading Economic Indicators reached a record high in February, 2008.
If you're looking to buy a home in Las Vegas, smile each time you hear all the "bad news" about the housing economy. Today there is more choice, buyers have more power, and Las Vegas real estate is a better long term investment than ever before.
Las Vegas Realtor Steve Harless -- 702-217-1680 -- Choose Steve to be your Internet savvy Las Vegas real estate agent The exceptional services he can provide guarantee you and your family will have a leading advantage in the fast changing Las Vegas real estate market.
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