Local market Update

March 15, 2012

Seller or Buyer’s Market?

It is definitely a Seller’s market, where inventory/supply is low and Demand is high.  It is almost certain to find multiple offers on any REO listing these days.

While many people are focusing in the decline of market, bad economy and high unemployment rate, Investors are picking up extra bargain prices on homes in Vegas area.

They know that this is the time and as history has proven, real wealth is being created at this market for those that really understand how to play.

How is the local housing market and will it make a comeback?

The housing market has been stabilizing for some time now after seeing prices and sales fall greatly after the record boom from 2002 to 2007.

How are Foreclosures and short Sales doing?

It looks like that the number of Foreclosure is decreasing and we should see more short sales in the near future.

When will it hit the bottom?

It would be too difficult to predict for many of us, but usually after the price has been stabilized for quite some time, it usually starts its upswing.

A good indicator is that the rental returns on investment homes are shooting high.  It is easy to find return ranging from 12-30%.

Another indicator for market bottom, I think is that the cost to build a new home is more than the costs to buy resell home. 

I strongly believe that this is the time!  All major indicators are pointing toward that direction.

So gather your nest egg; Money in the bank, 401K and IRA.  Turn it into an investment that you can touch and enjoy its return.