Las Vegas Residential Market Information

 

If you watch or listen to any media, including the Internet, TV, newspapers or radio, you will likely see many authoritative sources describing the state of the Las Vegas economy and the state of the Las Vegas real estate market.  Usually you are provided with a 15 second sound bite or a couple of paragraphs that focuses on a single statistic like mortgage defaults or home foreclosures.  

 

Anyone who has lived through the doom and gloom of real estate "busts" in the past has seen market conditions like these before.  As deep and dark as things may appear, the market will rebound.  While that may not be much solace for those trying to make their mortgage payments today, it is a fact.  When the psychology of the market turns, it happens quickly, and all those people waiting in the wings for the market to hit rock bottom will likely be caught off guard by how fast it happens.

 

Without bias or hype, it is our opinion the the Las Vegas economy and the Las Vegas residential real estate market will make a come back.  Regardless of what is being said about the market, I have found that people just want to be here.  It's the sunshine, entertainment, great restaurants, great shopping, no state income tax, come on . . its a "no-brainer."

 

From an appraisal perspective, we track the residential market by focusing on the Greater Las Vegas Association of Realtor (GLVAR) statistics.  A great source for the public is Edd Ahern's The Las Vegas Real Estate Report.  It offers price information, sales volume information, days of inventory and recent trends information that is not available on most other public sites.  Also notable is the information available on the Las Vegas market via DataQuick on their new DQNews.com site.

 

Since the residential real estate market is always changing, the best way to follow it's movement is to check regularly on Internet sites like those noted above.  We would like to caution you on the use of automated valuation models (AVMs) and broker price opinions (BPOs).  The accuracy of AVMs in markets that are moving upward or downward are even less reliable than when the market is relatively stable.  BPOs are only supposed to be completed for individuals looking to list their property, and there is no way to tell what effort was made to prepare a BPO.  

 

We can be contacted regarding the Las Vegas real estate market or other appraisal related questions and issues at 702-568-6699 PST during normal business hours, or via e-mail at grigdon@cox.net

 


                                      



Copyright 2007 Horizon Village Realty & Appraisal

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.