Last year saw an end to an unprecedented building boom in the Las Vegas Valley of new homes. While the Las Vegas Luxury Homes market remains solid, recent downward trends in the economy has actually reduced values on Las Vegas homes to almost a pre-boom level.
This was not the case in the years 2000 – 2004 when Las Vegas led the nation in home appreciation rates. Investors and speculators drove prices up as they quickly purchased everything they could in an effort to “Flip” the properties at a substantial gain. Unfortunately this trend raised home prices to a level that made it difficult if not impossible for much of the “Middle Class” to afford housing. This is no longer the case.
With the stark reduction in real estate prices this past year the average working family can one again afford to take part in the American Dream and purchase a home.
Recognized as the “Entertainment Capital of the World”, Las Vegas consistently sees in excess of 40 million visitors annually. Approximately 6000 new residents join the almost 2 million inhabitants each month. So it is not a question of whether Las Vegas real estate will rebound it is only a question of when.
Have home prices in Las Vegas hit bottom? Most local economists think so. Existing home prices are already at a level below or at replacement cost. Only you can decide if the time is right for you to buy a home, but if you think the time is now please allow one professional Agents of the Peterson Group assist you in locating the home of your dreams.
For more information on locating the Las Vegas home that fits your family’s needs, contact one of the Peterson Team Pro’s Toll Free: 1-800-LVHOMES (584-6637) or Direct: (702) 858-7777 or to email us just CLICK HERE!
We will demonstrate to you how we are known as "one of the hardest working Teams in Las Vegas Real Estate!"
