Las Vegas Real Estate Information
With commentary from a native Las Vegas REALTORŪ
I've started working on this section as a resource for people who want information about the Las Vegas real estate market. Here, you'll find not only articles written by industry professionals, but also commentary by myself to bring it all into perspective and to "read between the lines". I hope you find something useful!
Here is the most recent article↓. More Las Vegas real estate articles are below!
Oct. 30, 2006
The following article is in regards to being "Upside Down" in today's market. I don't think that's a place any of us would like to be. Unfortunately, though, it is a reality for many homeowners in Las Vegas. I have started to see it myself during listing appointments.
I love what James, an appraiser in Las Vegas, says: "We as appraisers don't determine value. It's the market." That is so true. Our home is only worth what a buyer is willing to pay for it, not what we think it's worth. I know we would all like to go back in time to 2004 and 2005 and re-live those wonderful years of double digit appreciation. However, those days are gone, and for how long is anyone's guess.
A retired investor in Northern Nevada writes "no one can predict the pain of 2007 and 2008 when the adjustable rate mortgages reset, and how that, coupled with the baby-boom retirement, will affect local inventories that are already at record highs." By the way, this morning at 8:35 am we have 22,924 properties listed in the MLS.
Also, please note what it says about incentives given by new home builders. Those incentives must be factored into the true value of a home. If a seller of a $200,000 home credits the buyer with $10,000 to cover closings, the true value of the home is really only $190,000, but you have financed $200,000. Again, Buyers Beware - remember the old saying, "There is no free lunch." The same rule applies to all of those new home builders who try to make you believe that they are giving you upwards of $25,000 in incentives for free. It's not free - it's a way builders can justify falsely inflating sales prices.
http://www.reviewjournal.com/lvrj_home/2006/Oct-29-Sun-2006/business/10142499.html
Enjoy, and thank you for allowing me to share my thoughts with you. Have a great week!
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