Las Vegas Homes

Our Foreclosure Bus was featured via the Wall St. Journal today coupled with an article that was not well researched or written. The overall tone of the piece was negative to say the least and we disagree with the takeaways that most readers would have after reading.

Las Vegas Homes

First and foremost, just because investors and others are having a challenging time finding a bargain Las Vegas Home is not a bad thing. Yes, it is challenging for many – but, the interest level clearly shows there is a strong demand for homes here in Las Vegas. We have 22,463 Las Vegas Homes available for purchase right now.

Competing with Clark County

The article references the $30M that our local Clark County Government is spending to buy distressed homes and how much impact this is having on the overall market Wrong! The median price for a Las Vegas Home is $125K at present.

If you divide the $30M local government is spending to buy distressed homes (which is a good thing by the way!) by the median price you end up with under 250 homes that the government is able to purchase. This is not a big impact with a market with 22K homes available!

Investors Buying Las Vegas Homes

It’s a fact that investors from around the world (US, Canada, Europe & Asia) are purchasing homes here in Las Vegas. Some will be used for rentals and others for rental properties.

We disagree with the Wall St. Journal’s observation about “investors not fixing up homes” – in our experience the vast majority of investors are putting money into homes. They don’t have much choice, as there is competition emerging for renters and most don’t want their homes sitting vacant.

To summarize this post; our market is experiencing more competition for home prices, but this means Las Vegas home prices aren’t falling further – which the national media “beat the drum” about far too long! Our glass is not half empty, it’s half full!