Las Vegas Real Estate Market Snapshot 2.4.2008

Was that the bottom?  We’ll see in the next few months to determine if the January will mark the bottom of the market.  That is the problem with timing the market – you can’t.  With rates in the mid 5’s, banks pushing the prices down to 2005 levels and plenty of inventory, buyers are pursuing Las Vegas property.  Has the market turned?  Yes and no.  Yes if you have a home under $250,000 and $105/sf.  This price point is where the action is-with multiple offers on many listings.  Got a 3000 sf home?  There is still room for these properties to lose more value as the higher end will continue to lose value for some time more.  Why the activity at the low end?  A pent up demand for housing is being exposed as housing is returning to a level of affordability for dual income service workers again.  The prospects for an active Spring look good – as long as we continue to get cheap money from lenders.

CLICK HERE TO GET LAS VEGAS REAL ESTATE MARKET SNAPSHOT

This entry was posted on Wednesday, February 6th, 2008 at 5:32 am and is filed under Las Vegas Market Data, Weekly Market Snapshots. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Las Vegas Real Estate Market Snapshot 2.4.2008”

  1. rob Says:
    February 14, 2008 at 5:08 am

    This is all great news for those in foreclosure and short sales, but it doesn’t help those of us who played by the rules with a 30 year fxed with 20% down. bought our primary residence, and now, due to a job have to move across country and sell our houses for less than we paid 2 years ago. Where is the federal bail out for me? Is ths government going to help me with the 40K I lose of the price? No! Instead, they bail out those who shouldn’t have been given a loan in the first place. Who is to blame? The lenders, the realtors and the apprasiers for artificially inflating the market to begin with.Lets not forget the people who got the loans either.

    If I wasn’t a responsible person, I would let my house go into foreclosure too.

  2. timkuptz Says:
    February 14, 2008 at 6:14 am

    Rob-
    Times are tough. I’m sure you’ll find it bittersweet that REALTORs and Lenders are the employment categories highest on those who are losing their homes. Everyone is affected.

    I am a strong believer of the free market and do not agree with a federal bailout. BUT, this program will help everyone. If fewer homes make it to foreclosure, that means fewer homes to be caught up in the inventory with Sellers who HAVE to move their homes (bank repos). Cycles are the rule of business including real estate. But is the blame really to be pointed to the industry?

    I never heard a seller complain about the moeny they made on a sale, especially in the boom of 2004, 2005. I hope to never see a market like that every again. But it was a simple supply and demand scenario just like today is.

    Supply and demand doesn’t make anything better but there are options. Renting your home and losing a little each month (if it pencils that way) and sell in 2 or 3 years would be my best option. We will have a shortage of 10,000 housing units in 2010 for the anticipated demand here in Las Vegas. Once again another opportunity to have hyper-inflation on prices. I pray that 100% financing never comes back. That is the key element to fueling our oversupply – it is easy to walk away from nothing. AND, a foreclosure today does not have the stigma of yesterday on one’s credit. It’s too bad.

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