Every one is speculating on what they think will happen to Las Vegas and the real estate market in 2012. Is it going up, is it still going down, when we run out of distressed properties, will there be another bubble?
No one know for sure except that there will never be any place like Las Vegas. People come here for a variety of reasons for work, play, lifestyle, retirement, climate or the opportunity to say they live in a place every one has heard of and some day want to visit.
Personally, I moved here because I was tired of shoveling snow. Spending 8 years in Lake Tahoe, dealing with an average of 265 inches of snow on my driveway every year since we lived at 6700 feet above sea level was something I was anxious to get away from. Also, having grown up in Los Angeles, I missed having the excitement and choices a bigger city brings. Combine that with a wide variety of entrtainment, housing choices and employment options, Las Vegas seemed a great fit for my family.
As I look towards 2012 and put in my two cents about the real estate market, I believe that we have somewhat stabilized as far as prices go. We may drop a percent, possibly two over the next year, but just in the last month, our available inventory went from just under 12,000 properties to under 9,000. Prices are incredibly low and our average 3 bedroom 2 bath home sells for approximately $115,000.
Loans are not going to get any easier to qualify for with our politicians are busy fighting with each other, and not forcing the banking industry to make any real changes in the way they do business. That means people that still see the value in owning their home, or investors who realize its only a matter of time before the market starts to truly correct itself are busy looking for deals in our market. They are looking for a viable way to enter our real estate market.
If you were one of the many casualties of the bubble, having lost your home to foreclosure or short sale, but would still rather own than rent, you need to consider dealing with a seller who is open to creative financing. Currently, that’s only about 1% of the houses available in our market, so competition is fierce, but doable.
Don’t let this opportunity pass you by. Whether or not you have great credit,if you have provable income and a nice deposit sitting earning 1/2 percent in the bank (if you’re luck) then you need to put it towards real estate because at this state of the game, its only a matter of time before it bounces back.