The Vegas Real Estate Market

By: Melanie Speed

People have been making huge assumptions and predictions regarding the state of real estate on a national level and on several local levels. One area that has seen much discussion is Las Vegas. During the past years Las Vegas real estate boomed like nothing the real estate business has ever seen and naturally there are many people concerned about it's future. Las Vegas has been heavily invested in by people from around the world and these investors have heard rumors about a crash in Vegas real estate and that is simply not the case. Yes the market has slowed down but it is hardly the whole scale crash that was sensationalized in the media.

The main thing that people tend to forget is the fact that over the past few years the Las Vegas real estate market has been anything but normal.

Investors have gotten used to the massively inflated demand and value regarding properties. That inflation has added a sense of fantasy to the Las Vegas housing market. It has been a period where what was expected was far above the national average. This is a trend that has been seen across the nation in "hot spot" cities like Vegas, L.A. and Orlando. Realistically there is room for home values to come down in Las Vegas while retaining a value that is far higher than the average American home.

The one thing that investors will never have to worry about is the popularity factor of Las Vegas. This city is one of a select group of cities that is going to maintain it's popularity no matter what happens in the real estate industry. With median home prices up slightly from the past year Las Vegas homes are not dropping in value as the market cools. Owners and sellers are still looking to get top dollar for their homes and while some are selling there are far more that have not allowed for the reduced demand and some homes are languishing. Sellers need to be more competitive in their pricing as those are the homes that are selling. Being competitive in an area that is selling over 1,500 homes a month is an important thing, and is something that sellers should keep in mind. There are buyers out there looking for good Las Vegas homes. Just be sensible about what you are offering at what price.

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