Las Vegas
Question
How is the Las Vegas real estate market?.?
Looking to change careers and get into real estate. With the prices and loan rates so low, plus the tax rebate I would think business would be getting better. What could I expect in the next year or so? Thoughts?
6 months ago - 4 answers
Best Answer
Chosen by Asker
Depends on what you want to get into. Condos are hard to sell in Las Vegas because lenders will not finance people if the Association has over 50% renters. It leaves lenders with too much risk. Property is so much cheaper than they were 3 years ago (less than half in most places), but the volume is still there. The main issue you will have is that the number of real estate agents in Vegas are pretty saturated right now and they already know the area.
6 months ago
Asker's Rating: 
Other Answers
It is very hot right now. Homes do not stay on the market for long.
by David Z- 6 months ago
LV is one of the worst-hit markets in the US. Still declining. Worse, they are running out of water, so it would be better if half the casinos close and 3/4 of the population depart anyway. RE markets are not getting better. Subprime lead the parade through foreclosure, but no Alt-A, Option ARM, Prime and Jumbo Prime default rates are escalating. Peak for resets is in 2012. Expect conditions to worsen for at least 3-5 years. Many experts say at least 15 years for RE market to begin recovery. Yes, it is that bad and getting worse. Also consider how many existing RE agents are desperate for whatever work is out there, and they already know the territory, have their licenses, etc. There is not enough work to support a third of the existing agents, maybe not enough for any more than 10% of existing agents. You may be in a deep frying pan, but do you really want to jump into that huge a bonfire? You are grasping at the thinnest and weakest straw arguments imaginable.
by ibu guru- 6 months ago
80% of the homes that sold in Las Vegas during the month of May were Real Estate Owned (REO) assets. REO's are investor/bank owned property that had to be taken back either voluntarily (deed in lieu) or through foreclosure. This market has been greatly affected by speculation and now negative migration. There are more folks leaving than are coming and that gap seems to be widening. Unless you are willing to work under an agent that is already doing REO's and has bank relationships feeding them same, I would stay out of this market.
by Stephen- 5 months ago