Las Vegas home prices stabilizing?

I just became aware of some very interesting statistics about the Las Vegas housing market.  First I want to make sure you understand that the information in this particular post only pertains to Single Family Homes (SFR’s) and does not include Condo’s, Town Homes, multi-family or any other Las Vegas real estate.

For the first time in over 2 years, prices have been stable; for 9 straight weeks $180,000 is the median price and holding; even better, the supply of homes has decreased and demand for homes under $300,000 has increased. The local real estate market is behaving somewhat normally. 9 weeks ago we had 101 days supply available, now we have 66 days of supply and the number of properties going under contract are up.

What does this mean?  Are we out of the woods?  I seriously doubt it, but these are good indicators that good things are starting to happen.  I will tell you that this past weekend, as my good friend was driving back to Las Vegas from Los Angeles, he said that the traffic going towards L.A. was horrible – then he corrected himself and said that he would not have wanted to be driving in that traffic, but that it was good for Las Vegas.

It’s true that we still have problems here, but these are good things.  Are you ready to begin investing in Las Vegas real estate?  Now is the time.  Really.  What are you waiting for?  If you would like help buying real estate in Las Vegas, whether for your personal use, or for investment, please contact me.
www.MyFastEasySale.com

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Job creation is happening in Las Vegas

Last night, M Resort opened with nearly 2000 new hires, 12,000 more jobs are coming to City Center later this year, followed by thousands more expected from Cosmopolitan and Fontainebleau Resorts. These jobs have always created multiple spin-off jobs in the local area to not only support the properties, but additional services needed for more business and residents added in the community. Everyone of those employees need a place to buy groceries, clothes, gas and more.

Other service businesses continue to grow here as well. If you are a landscape contractor or want to start a pool maintenance company, we constantly have more lawns and more pools. That is what happens when 5000+ people move into your area every month.

There is the new airport, the Wal-Mart distribution center and a new call center for the City of Las Vegas Redevelopment Agency, which could be bringing as many as 2500 more jobs.  A few days ago Ecompass Group Affiliates, an electronics repair, parts, and logistics firm, announced they will be opening their own 38,000 square foot Las Vegas center. It will be located in ProLogis Park, where Amazon.com and Monster Cable have located in a 513,000 square foot building.

These latest non-hospitality jobs are not only a further diversification of the Las Vegas economy, they are a sign that the lower commercial and industrial rents and property pricing have made Las Vegas an even more appealing market to enter.  With it’s low-to-no tax structure, technology, communications and connectivity infrastructure, and logistics capabilities it offers so much to business locating in Las Vegas.

Relocation.com ranked Las Vegas as their top relocation city for 2008, and has predicted Las Vegas as the top relocation destination again for 2009.  Other predictions and surveys have also ranked Las Vegas high among top relocation cities of 2009.  This doesn’t come as a surprise as many (like me) in recent years have been looking to escape the cold nasty weather for warmer climates.  Frankly, I don’t know how people live in those places.

Remember, Las Vegas has more non-gaming entertainment per square mile than anywhere else in the world. Add no personal income taxes and it becomes more apparent. Combine this with the fantastic bargains in Las Vegas single family homes, and it becomes an even more attractive destination. All of this also provides businesses an ability to present these perks to potential hires, and to their additional advantage, an apparent desire of many wanting to relocate to Las Vegas.

No, we are not out of the woods yet, but this is where you are going to want your investment dollars, because Las Vegas will emerge earlier than any other metropolitan area.

If you would like help buying real estate in Las Vegas, whether for your personal use, or for investment, please contact me.
www.CapeCodAREI.com/contact

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FHA Loan Limit Back to $400,000 in Las Vegas

This has been confirmed! The FHA Loan Limit on Residential Real Estate in Las Vegas, NV among other areas has been moved back up to $400,000.

This is a game changer for our market! Since the loan limit was lowered at the beginning of the year, some have been very concerned about values in Las Vegas in the range between $417,000 (Conforming Loan Limit) and $287,500 (2009 Previous FHA Loan Limit). It was though that because of the difficult conforming loan guidelines and Mortgage Insurance (MI) policy guidelines, homes of that value would further deteriorate down to FHA limits. With limits raised back up, I think we averted this disaster. Couple this with continued low interest rates and we could see a market stabilization. Let’s keep our fingers crossed!

If you would like to confirm for yourself, here is the link to the loan limit website for HUD:
https://entp.hud.gov/idapp/html/hicost1.cfm.

Also, now that the loan limit has been raised again. Those that have FHA loans in that range can now take advantage of the FHA Streamline feature and capture the lower rates.

If you would like help taking advantage of these new developments, please contact me.
www.CapeCodAREI.com/contact

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They finally recognize that we are part of the solution.

They finally figured out that we are not the enemy. For more than a year real estate investors have been called very nasty names, been blamed for the housing market and been generally dismissed as ‘the problem’. There is no doubt that speculators contributed to the current state of the economy. But in most cases, we were just trying to capitalize on certain opportunities. I think that is what makes this country great. And the truth is, investors, if given the opportunity, will help the housing market settle down and turn around. Why, because we will buy.

So, last week, FNMA announced on their website that the 4 loan limit has been removed, and, under favorable circumstances, they will allow an investor to have up to 10 loans. This is great news for investors who are picking up foreclosures and other distressed properties and keeping them for rental or selling on lease-options.

You can get all of the details at FNMA’s website by clicking here.

What does this mean? Well, certainly it is not an end to the credit crunch, however, if you have some cash and good credit, you can own more properties and ensure your ability to prosper when all of the dust settles. Let’s face it, people have to live somewhere, and someone needs to provide that housing. Now please let me remind you. Being a landlord is not rocket science, but you should take some time (and probably some money) to learn how to be an effective landlord, so that your tenants help make you wealthy instead of miserable. I’m actually in the process of getting ready to write a home study course for landlording – but it will be awhile before it is finished. Come to think of it, I have to finish my negotiating course first.

Are you ready to buy more now? Are you interested in Las Vegas real estate? (You should be.) Drop me a line and let’s see what we can find you. Visit me at http://www.MyFastEasySale.com

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The truth is, I love to ‘toot my own horn’.

Now is the time to invest in Las Vegas real estate.

Alright, I’ll admit I have let this blog get ‘stale’, but no more. I have a new motivation! I love being right! Since August, I have been blasting my email list telling them that they should come and invest with me in Las Vegas real estate. Why? Well a number of reasons come to mind. First of all, Las Vegas had the 2nd highest foreclosure rate in the country, it’s true. And most people will run away from that.  DON’T.

  • For more than 15 years, between 5,000 and 8,000 people have moved to Las Vegas – and the trend shows no signs of slowing.
  • The median home price in Las Vegas as reported by the Las Vegas Review Journal on 9-10-08 is only $210,000.
  • Wal-Mart is building a distribution Center just outside of Las Vegas and they require that EVERY vendor have a warehouse within 50 miles.
  • McCarran Airport can no longer handle the volume of traffic, so the city is going to build a second airport.
  • Single family homes can produce positive cashflow as a rental for the first time since 1991 – if you can buy an investment property that will cash flow, then it truly doesn’t matter how long it takes to appreciate, as long as it does (and boy, will it ever!)

Despite the fact that Las Vegas real estate has dropped an additional 28% in the past year, sales are up 15% year over year! This is the part where I tell you how I was right. Forbes Magazine and Forbes.com just released a list of the top 10 cities that you should be buying real estate in. #1? You guessed it! Las Vegas! For the other 9 cities, go to Forbes.com and search for the writer Matt Woolsey. I’m not hear to talk about #2. After all, second place is just the first loser, right?

So, what qualifies me to help you navigate Las Vegas real estate for the best deals?

  • I have purchased over 30 investment properties – I have made money on most yet lost money on others – I have skinned my knees and learned a lot of valuable lessons.
  • I lived in Las Vegas from 1993 to 2003 and am very familiar with the city. In fact I still own and help run a successful Las Vegas business. I have just returned for the sole purpose of investing in real estate.
  • I know the hot areas, I know the war zones.
  • I have solid connections with REO Brokers, contractors, Title companies and more.
  • I have access to a woman whose sole job is to find FREE money for down payments for First Time Homebuyers through local and state programs (if you are looking to live here or flip property she is invaluable).
  • I own the phone number 702-SELL-NOW and run ads to buy houses year ’round in Las Vegas.
  • I also know a secret about WHY Las Vegas will be so profitable over the next 5 years, but I will only share that with serious investors.

Are you a serious investor? Do you want to buy in the real estate market that is poised for maximum long term profit? Whether you are a cash buyer or ready to finance, contact me, and we’ll discuss how I can help you find great investment property in Las Vegas. 

To contact me so I can help you make great decisions on Las Vegas Real Estate, visit www.MyFastEasySale.com, click the “Wholesale Buyers” link, and fill out the form so I can start helping you today!