Archive for September 26th, 2006

The Las Vegas Real Estate Market: What a Great Time to Be a Buyer!

Tuesday, September 26th, 2006

There can be no question about it, the pricing/negotiating advantage in the market for Las Vegas homes has shifted in favor of buyers! At MS Las Vegas Real Estate, we couldn’t be happier about this. The days of competitive purchase offers being rejected outright by spoiled sellers looking for full-price and/or bidding wars for their property are now over. Here’s another thing that is melting away like snow in a rainstorm, the legions of seriously under-qualified Realtors that came out of the woodwork during the boom. The number of licensed real estate agents in Las Vegas is dropping like a stone, as well it should be! In a competitive market that continues to balance itself out, it’s critically important to engage the services of a professional Realtor with the skills, knowledge and experience to navigate shifting conditions. With comps all over the map as prices adjust to gravity, it’s important to work with a Las Vegas real estate agent that understands market dynamics and how they affect buyers advantageously. You can expect to see some fairly significant price cuts in the resale segment of the market in the next few months. With just over 20,000 homes currently listed for sale in the valley, it’s all but inevitable. The number of existing home sales dropped in August to 3,641 compared with 5,786 in the same month a year ago. More great news for buyers and more pressure on sellers to make deals. Here’s another important factor for consideration, a significant portion of the Las Vegas homes on the market are vacant! Speculators looking for a quick-flip are stuck with no renters and no buyers at inflated prices. Expect their pain to benefit rational buyers of Las Vegas real estate well into 2007. MS Las Vegas Real Estate brings 12 years of experience to the table at a time when that matters most. Our primary focus is to represent buyers and we’re ready to get to work for you! Give us a call at 888-349-2595.

Las Vegas Economic Conditions: Still Plenty of Strength During a Period of Moderation

Tuesday, September 26th, 2006

The economic outlook in Las Vegas, although moderating from a previously torrid pace, is still a picture to be envied by other metropolitan areas. There’s no question that the market for Las Vegas homes is cooling off a bit, which is a good thing! However, the commercial sector of the Las Vegas real estate market is still turning in impressive numbers. The dollar value for commercial building permits in June jumped 154.4 percent from the same month a year ago to $179.6 million, even though the number of permits remained about the same, a UNLV research center reported last week. In addition to this, taxable business sales and gaming revenues continue to grow impressively, up 9 and 11 per cent respectively. The employment picture is also bright. Nevada businesses created 6,400 private sector jobs in July and Southern Nevada’s total employment grew 5.9 percent from a year ago to 923,400. Last but not least, our population growth continues to outpace the national average by a significant margin. When you combine strong business revenues with solid gaming profits and an economy that continues to create jobs, chances are that any economic slowdown will be moderate and short-lived. Southern Nevada continues to outperform compared to the national averages and Las Vegas continues on it’s trajectory towards major metropolitan status. Believe me, this is the next great major American city!