Monday, October 15, 2007

When will the market come back in Las Vegas?

This is a question we are asked all the time! I always reply that my crystal ball is broken, but recently I have been noticing that though sales are still slower than they were in 2004 and 2005, the hectic "golden" years of real estate, they seem to be remaining steady. And the buyers, though still a bit gun shy, are showing signs of returning to the marketplace, impatient to get into home ownership again finally. My personal prediction is that next spring, we will see the Las Vegas homes market totally return to "normal" because of pent up demand plus the influx of both retirees and younger people looking for jobs in all those upcoming casinos.

Guess I am not the only one who thinks so. Forbes recently released its list of top 10 picks of where to buy real estate now based on what it perceives as future trends (see article below), and Las Vegas was on it! So for those weary Las Vegas home sellers, hang in there, better times are coming! And for buyers, better get on the ship now before it leaves the dock and you have to swim for it!

Daily Real Estate News October 9, 2007

The real estate business may be facing a softening in sales, but there are parts of the country where it makes sense to buy now. Forbes magazine examined current home sales patterns and sales projects in the country’s 40 largest real estate markets to identify these attractive markets. Based on models that estimated 2008 housing inventory, sales rates, and turnover, the magazine compiled a list of markets that are experiencing price declines, but where buying looks attractive because there is likely to be an increase in sales in the near future. Here are Forbes’ and Moody’s 10 most attractive cities along with the median homes sales price and their price change from 2006.

1. Fort Worth, Texas: $156,500, 1.7 percent
2. Kansas City, Mo.: $157,700, -0.7 percent
3. Houston: $154,900, 1.4 percent
4. Cleveland: $128,700, -7.1 percent
5. Denver: $255,200, none
6. Long Island, N.Y.: $482,300, 1.7 percent
7. Washington, D.C.: $445,300, 0.3 percent
8. Orlando, Fla.: $265,100, -2.4 percent
9. Phoenix: $264,800, -2.7 percent
10. Las Vegas: $307,900, -3.6 percent

Source: Forbes, Matt Woolsey (10/08/07)