We are asked just about every day by prospective homeowners and investors if its time to invest in Las Vegas Real Estate. With prices lower than they have been in this decade, we always answer yes!
Investors are getting some great deals in Las Vegas, with many snapping up deals in the $75-150K range that generate a positive return with a modest down payment. For new homeowners, we have pricing on some homes that reflects a discount of 50% from where our homes were priced 3-4 years ago, depending on the price range. Most important is that the mortgage payment is cheaper than the rent payment.
May 2010 reflected an increase consumer confidence for the third consecutive month. Clearly, this underscores the national perspective across the US. Yes, we tell clients a national perspective is different from what is happening on the ground in Las Vegas!
Our local economy is still facing some challenges in terms of employment. Gaming revenues are down a bit. Convention attendance is increasing. Permits for new homes are increasing month over month. Visitor volume for McCarran International Airport in April was up.
Mortgage rates are now hovering at historic lows. Investors and Homeowners get more for their money coupled with lower payments and more of the payment goes toward the principal when the interest rate is lower.
We are seeing more international buyers invest in Las Vegas Real Estate each month. This trend will continue as the dollar strenghtens.
In summy – yes our local economy still pockets of issues. Affordability, low interest rates, and future appreciation drives the local home buying market. The dynamic “Las Vegas Brand” is still driving interest around the world and international investors continue to invest in Las Vegas Real Estate. It’s all good!
