Lake Las Vegas
There is an interesting real estate media trend going on right now in Las Vegas, the newspapers and realtors “hungry” for a commission are saying sales have gone up, they are getting more than one offer on their listings and the offers are coming in at 103% of “BPO” (Brokers Price Opinion).
This leads one to believe, wow, we’ve hit the bottom, now is the time to buy. REALITY NEWSFLASH: Las Vegas Real Estate will go down yet another 6% to 10% as we still have a HUGE number of unsold inventory in the MLS, foreclosures are still happenning faster than a speeding bullet…and there frankly just aren’t enough buyers right now.
My bet is that in four years, Las Vegas will be in a demand cycle yet once again primarily caused by simple supply and demand of the Vegas job market. All the new casinos being built will be coming online and for every person that is hired by a casino, you multiply that by 4-5 to get the real increase in population caused by that new job being created. You can read more about the future forecast at my website, Maria Gudelis.
In the meantime, expect further price declines, only buy if you can get 10% below TODAY’s (not last years) market value…by next summer, 2009 is when the market will be more stabilized as the state of Nevada has the fastet foreclosure rate…going into foreclosure pain faster…but coming out of it faster than any other state.
Tags: Add new tag, las vegas real estate, Maria Gudelis, marketing
