The Las Vegas Housing Market 2009 has been shifting faster than a tumbleweed in a tornado! Today’s national numbers just released show a surge of 7.2% , reflecting the largest single month increase in home sales in over ten years.
Las Vegas Housing Market 2009 Analysis
We are in a very unique situation when it comes to the Las Vegas Housing Market as we move into the Fall of 2009. The media and analysts keep harping about our huge amount of foreclosure inventory (on the market and pending). This is not the reality most experienced Realtors are seeing “on the ground” in the Las Vegas Real Estate Market!
Wild Cards Driving the Las Vegas Market
We have a lot of wild cards at play in our market. The Federal Government’s ongoing support and subsidies offered for banks is helping to shape our local Las Vegas Market and others around the US in a positive sense.
The Obama administration is rapidly changing its policies on how much and when they are subsidizing banks on home mortgages that may be moving into or are in foreclosure. In addition, the government has neighborhood stabilization programs in place and some homes are being rented out for 3-5 years at at time, keeping them off the market.
Las Vegas Turning into Sellers Market
Have we been out in the 110+ degree hoot too much? No – here’s why we think at certain price points, this market has shifted to a Sellers Market, especially in the red hot $0-200K price range. Investors are aggressively moving into this price range; as they can buy these homes with levels of affordability that reflect discounts of 40-60% from 12-18 months ago and turn these homes into cash positive investments immediately.
Another variable is the $8K first time home buyer tax credit which is slated to expire later this fall. This is certainly driving homebuyers into the market, with many of them in the $100-200K price range.
How do you make sense of all this? The Las Vegas Market for much of 2009 has been in an atypical position probably not seen in our lifetimes! What appears on the surface (foreclosure anxiety reports) does not reflect the actual reality!
