Las Vegas Real Estate Market Finds Balance in 4th Quarter of 2013 According to LasVegasRealEstate.org
Homes and condos for sale in Las Vegas may have finally met the perfect balance for sellers and buyers after 5-years of wild pricing swings. According to LasVegasRealEstate.org, prices are back up 38% for the year and balancing on price-to-rent ratio and cost-to-build ratios making for balanced market.
LAS VEGAS, Oct. 9, 2013 /PRNewswire-iReach/ -- Las Vegas real estate market trends are surprising as 5-years ago it #1 for foreclosures in the USA and sinking prices. Homes for sale in Las Vegas saw up to 70% losses in appreciation with over 80% of financed homes upside down in less than 3-years. In 2011 it CNN, Forbes, Inman News and others reversed the call and claimed Las Vegas the #1 Market to buy and invest in real estate. With the best price-to-rent ratio in the nation, Las Vegas became the place for large investors and savvy buyers. Buyers where having to compete against investors with some reports of an average of 15 offers per property making it almost impossible for the average buyer too compete.
Ashley McCormick of Realty One, the #1 company in Nevada for Las Vegas real estate, offers a FREE consultation and says sellers who have been waiting to sell should not hesitate and take advantage of the current market. First, prices have come up and sellers have a chance to get out of the current property or negotiate with the back on a short sale. Second, there are less short-sales and minimal foreclosures to compete against right now do to the robo-signing law that past last year. According to the Greater Las Vegas Association of Realtors(GLVAR) there are currently over 6,000+ condos and homes for sale in Las Vegas with an average of 3,800 properties sold per month. McCormick advises sellers to act on this 6-week inventory cycle while there is some amount of balance.
The two factors making Las Vegas a win-win for buyers and sellers today is the price-to-rent ratio and the cost-to-build price index. Right now it is more affordable to buy a home at current prices with financing than it is to rent the same property. Also it is more affordable to buy an existing home than it would be to buy a new home or have one custom built. Las Vegas high rise condos for sale are considered to be a safe investment now as most units are owned outright by all-cash buyers with almost no foreclosures left. McCormick notes that while the low-low prices that made Vegas a real estate investing dream are rising for now, buyers can still get a fair price. Zillow predicts that prices will increase 5%+ by July 2014, but McCormick says that sellers may not want gamble.
There are still currently 80,000+ homes and condos in the Las Vegas valley that are delinquent on payments have received the first notice of default. Nevada Power shows there are currently 48,000+ units with no power or services on existing vacant properties still waiting to be put on the market. While this shadow inventory may seem large, McCormick says it will not cause a dramatic fall-out as Vegas almost sold 50,000 units in 2011 and the real estate investors are in the wings ready to pick them off as they become available. The LVAC has estimated record numbers of over 40-million+ visitors and a boost from the new International Terminal 3 at McCarren Airport. Additional confidence in Las Vegas is visually evident in the $8-Billion mega resort currently under construction on the corner of Sahara.
Sellers interested in finding out what their property should sell for today can contact Ashley McCormick at 702.523.0916 for a free market analysis of their property to compare current Las Vegas homes for sale at http://www.lasvegasrealestate.org/
To view this video on YouTube, please visit: http://www.youtube.com/watch?v=jwmJ8MhuaWw
Media Contact: Ashley McCormick, Las Vegas Real Estate | LasVegasRealEstate.org, 1-888-920-2292, info@LasVegasRealEstate.org
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