Girlfriends do it, bachelors do it, even married couples look for those 3 day weekends where they can escape to Las Vegas for a fun filled weekend. This month, we’re taking a look at the Las Vegas scene from a different perspective with Realtor, Delinda Crampton.
So what does a non-gambler do when visiting the City of Lights? Must see activities off the strip include a drive out to Red Rock Canyon or the Valley of Fire for all its natural beauty and of course one of the industrial wonders of the world, Hoover Dam. If you are on the strip, remember you are in the entertainment capital of the world and some of the best stage shows in the world are at your disposal. The atrium at Bellagio is stunning and their fountain water show is fabulous! Fashionistas will appreciate the shopping at the Forum Shops at Caesar’s Palace and the Fashion Show Mall.
But what is it about Vegas that leads people to move there? Many people relocate to Las Vegas due to the favorable tax environment (no state income tax!) and weather conditions. the international airport with low cost airfares is a nice bonus as well. According to Delinda, most people think of gambling in Vegas but real estate investors are currently making an 8 – 10% return on their money.
Las Vegas went from highly overvalued to highly undervalued on the home front. At the moment, we are in a strong period of recovery as prices appreciate to where they should be. We are appreciated at a rate of approx. 2% a month. We are experiencing the same inventory shortage that we are seeing across the country. At the moment, we have about a 1 month supply of homes. Homes are selling with multiple offers at list price and above, often within 1 – 2 days of going on the market. 56% of our buyers are cash. Well over half the buyer are investors. My prediction is that the price increase will continue for another six months and then likely stabilize and flatten out for a while. Delinda says investors will soon get priced out of our market and start to exit in about three months. After that, buyers who have been losing out to the cash buyers will keep the buying market strong for a period of time. Many of those are primary home buyers. She also predicts inventory levels will start to creep up after another six months or so as their need for a home gets satisfied and as we start to see a few more bank owned homes come on the market.
“I do not think we will see a flood of bank owned homes come on the market as the banks learned their lesson and many of their foreclosures are being sold directly to investment groups,” says Delinda.
So the next time you are in Las Vegas or life takes you in that direction, remember we know the best Realtors in the country that can help you make the transition on both ends.