People are so numbed by news reports that focus on economic uncertainty, that it has come to be practically impossible to separate the good news from the bad. It is an unfortunate truth, but negative news sells. Nonetheless, buried deep within the gloom, there have been puny murmurings of a rescue in the housing market. Since July, there have been hints that Vegas is on the road to economic recovery. For example:
Realty Trac reported in July that mortgage defaults have decreased 15% since late 2009. This is indicative of a larger trend where cities that were first hit by the housing emergency are becoming the first cities to recover. On August 6, 2010, the Lv Sun reported that Real Estate Economics, a California-based consulting firm, improbable that Lv home prices will see an increase in 2011. The same firm also improbable that after 2015, prices might feel a annual increase of up to 7.5%. The next week, on August 10, Cnnmoney.com reported that "vulture investors" are taking advantage of distressed properties, which will finally lead to an increase in price. The Realtor's relationship reported that the price of Las Vegas condos are up 1.5% from where they were a year ago. In reference to the Las Vegas real estate market, Sales Traq president Larry Murphy told the Lv Sun that "the bleeding has stopped".
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Bounces and Tremors in the Vegas Housing Market
In other news, "bouncing along the bottom" has come to be a favorite catchphrase. Some analysts have surmised that prices will speedily rise and fall as Vegas approaches the bottom of the housing crisis. These tremors are not cause for alarm and varied economists have recommend that the bounces and bumps are representative of the end of the recession.
What Does it All Mean for Las Vegas Condos?
These trends will have a marked succeed on the sale of any Las Vegas lofts, condos, and condo hotels. One of the most noticeable effects will be the increased competition in the middle of investors hoping to find perfect deals on Las Vegas foreclosed condos. Investors from abroad, especially in countries where the dollar is week, will add to the competition.
Overall, new investors entering the market will diminish the estimate of desirable foreclosed condos and prices will begin to rise. This is perfect news for investors who have already moved into the Las Vegas market, but it may be troubling for those who are still worried about taking the leap because time is running out. The newer Las Vegas real estate market is much separate from the one of the mid 2000s and is filled with foreclosures, short sales, and Reos, or real estate owned properties. Buyers and investors looking to purchase Las Vegas high rises and lofts should seek the help of an experienced agent that is familiar with maneuvering through the current market.
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