While I’m working at making my living online, and hopefully giving you ideas to do the same, I have a day job. Not a traditional day job that I commute and go to an office to do. I am a licensed real estate agent. You can google me and find me easily.
During the eight years I’ve been licensed here in Las Vegas, I’ve witnessed the growing bubble, the bursting bubble and the continually deflating market. Las Vegas has been ground zero for real estate disasters. Housing prices went absolutely insane between 2004 and 2007. Then, pop!
Prices started to fall like a penny dropped off a skyscraper. Everyone kept wondering how long could prices possibly continue to fall…..how long, well we’re still wondering if we’ve hit the bottom. In fact, if you were waiting for the bottom, you may have missed it.
The bigger issue is now that we have no houses to sell. The government decided to help home sellers and in Nevada they passed a law stating that banks had to prove they had the right to foreclose on a house before they could file the paperwork to do so. Well, banks have notes that were sold several times and they have no idea where that paperwork really is or if it was ever generated, giving them the legal right to take a property back.
This has caused our market, like many others, to come to a screeching halt. In a city boasting just under 2 million residents, there are only 3900 houses to choose from priced from $15,000 to $18 million, and about 25% of those are priced at a $500,000 or less. Las Vegas has just announced that the unemployment rate is under 12%, lower than its been since 2009. So lower unemployment means people want to buy houses but there are very houses for them to choose from.
I tell you this because if you’re looking for a house in this market, and it feels right to you, you better put an offer on it today because 20 more people think its right for them too. Houses are back to receiving multiple offers and prices are starting to creep up (at least for houses priced under $200,000).
So if you’re looking for a house, and you see one that mostly makes your heart pitter patter, whether its a traditional sale or you need terms like lease option or owner carry, don’t wait. With so few houses to choose from, everyone is looking for the same thing you are. Don’t let it get away.