Las Vegas real estate update

September 21, 2009 by · Leave a Comment
Filed under: Home Searches, Nevada 

las_vegas_strip_iiLas Vegas real estate has suffered extensive drops in value and home property sales as the nationwide recession has affected the pocketbooks of millions of Americans across the nation.  Las Vegas, one of the country’s former real estate leaders, has see significant drops in what used to be one of it’s strongest economic drivers.  With homeowners foreclosing, businesses closing, and people becoming unemployed, it is no wonder most people are speculating when the market will bounce back.  In the September 16, 2009 KLAS-TV report, real estate mogul Don Burnham believes that the market has reached bottom and will begin bouncing back in the early part of next year.  He recommended buying property now as a guaranteed way to profit off real estate purchases.

According to a Hubble Smith’s September 17, 2009, Las Vegas Review-Journal article about the local real estate market, Las Vegas homes for sale “declined to 3,833 closings in August from 4,371 in July. Resales for the year are up 52 percent at 28,468 units.”  However, the median of a new home rose “for the third straight month to $210,000, or 1.7 percent from July.”  The article also quotes Dennis Smith, an analyst for Home Builders Research, as believing the market is beginning to settle and stabilize.  For potential homebuyers, there is good news.  Larry Murphy, president of SalesTraq, forecasted that with the summer sales rush beginning to wind down, many pierces of real estate in Las Vegas will see price cuts up to $3,000.

Hubble Smith’s September 20, 2009, article further helped to define the current market situation for potential buyers by spelling out the details of a tax credit program that can help defray the cost of home purchases.  Local Las Vegas realtor David Brownell warns that “first-time homebuyers they need to be under contract within the next 30 days to take advantage of the $8,000 tax credit set to expire Dec. 1.”  With this deadline fast approaching, several analysts predict the markets to see increasing competitiveness as people rush to acquire property and simultaneously take advantage of tax benefits.