We are often asked what national markets are good early indicators of things to come for real estate.
#1 is Las Vegas.
Why Vegas? Back in 2006 the very first indications of the bubble bursting happened in Vegas. The inventory of homes for sale changed from a sellers market…into a buyers market. Almost over night the inventory shifted from not enough homes for sale into far too many homes for sale. Days on the market shot up, values leveled off.
Next, the epic fall in values. Vegas like most of the US hit bottom…and continues to hit bottom…hard. Very hard.
Much of Las Vegas has seen at least 50% in home value depreciation since 2007. In some communities home values have fallen over 70%. Its common to find condos that sold for $800k now selling for less than $300k. There is no reason to believe there won’t be significant continued price drops for all but the least expensive Vegas housing markets.
But, there is a shift happening in Vegas. Maybe a reason to hope. If history is to repeat itself….what happens in Vegas will happen to the rest of the US.
No promises here but the information is a good indicator of what we hope is to come.
That shift is…a huge increase in all cash buyers who are buying and holding. They are keeping these homes as long term investments. Investors buying will put a floor on the market.
Here is the video watch the entire segment
Kurt Galitski
Meet Kurt Galitski - The Kurt Real Estate Group, your new best friend. Distinctive Strategies that Deliver Record-Setting Results. When you combine Kurt’s passion and knowledge of the real estate market, you really gain an appreciation for what makes Kurt different. But what truly sets him apart from the crowd are his 5 distinctive strategies and his property management… For Kurt, getting into real estate was not an accident, it was a deliberate and calculated decision to deliver a better experience to home buyers, sellers, and landlords that they have ever received before. Today, you could ask any one of hundreds of clients, read his Yelp reviews, or look at his track record of being featured in Orange Coast Magazine in excess of eight consecutive years and you too will say mission accomplished. www.KurtRealEstate.com www.KurtPropertyManagement.com 877-957-6677
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