As many of you may know, yesterday the national real estate data came out for the month of December 2008. What did the data say? Existing home sales up 64%, median home price down 15.3% to $175,400 compared to December 2007 numbers.
Now I don’t have the December numbers for Las Vegas, yet, but in November, existing home sales were up 79.0%, median price $173,900, down 31.5% compared to November 2007.
Have Las Vegas homes really lost that much value? Well, they certainly have lost that much perceived value. What do I mean by that? When the prices were rising astronomically, homes could not have truly gone up in value that quickly, but people perceived that that they did, so they paid the prices. I remember seeing a map that showed that real estate in Summerlin, went up 73% in one year (I thought I still had that map somewhere, but can’t find it). Then prices came back to a reasonable value. So what is the real value of the real estate in Las Vegas? When will it stop declining here in Las Vegas? Nationwide? You might want to ask Barack Obama – I certainly don’t know. What I do know, is that it will go back up, eventually, and when it does, if you bought some, you’ll be smiling! And if you bought right, you’ll be drinking umbrella drinks someplace warm and sunny, anytime you want.
So how do you buy real estate right in Las Vegas? For starters, visit www.MyFastEasySale.com, click the “Wholesale Buyers” link, and fill out the form. After that, I’ll show you some real values, and tell you why they are values.