Vegas Real Estate Slide? (Las Vegas: mortgage, credit, equity)

[fighton93]

Any idea how real estate values have slipped to this point. I heard one estimate that they expect prices to adjust aprx. 30%. Any insight?

[olecapt]

Originally Posted by fighton93

Any idea how real estate values have slipped to this point. I heard one estimate that they expect prices to adjust aprx. 30%. Any insight?

Find a new source of information.

Prices at this point have slipped someplace between 4% (GLVAR SFR statitistics) and around 7%(one of the tracking serivices that use resale of the same property). My experience is 7 or 8% from the peak. Another 3% or so by the end of the year if the trend continues as it is. It appears in August SFR prices went up.

[fighton93]

are you a realtor?

[olecapt]

Originally Posted by fighton93

are you a realtor?

.........Yes ...........

[fighton93]

I am considering relocating to LV and am having a difficult time getting true property search results - any suggestions?

[olecapt]

Originally Posted by fighton93

I am considering relocating to LV and am having a difficult time getting true property search results - any suggestions?

Say more about what you want. I probably know where to find it.

[blakwngbrd]

I am also considering moving to LV in the next ~6 months and would like to learn more about the housing market there. This would be my first home purchase, so please bear with me! I've been renting in SoCal for the last 8 years, looking forward to getting into something affordable. Any advice/suggestions are welcome - thank you!

[ackackack]

Olecapt: "They do OK in large tracts with heavy action when things are reasonably stable. At the moment I would not trust any automated protocol. The Las Vegas market is dropping right now at something close to 5% per month. At that point you almost have to go out and press the flesh of the buyers and sellers...and you can still come out well off."

I didn't understand this post when you posted it a couple of days ago. Are you suggesting that prices are dropping by about 5% per month? Do the folks at NAR know you said this? (that's a joke) In here, you are reporting that prices have gone up. I'm not criticizing you, just scratching my head. I was scratching it after reading that prices supposedly went up in August.

This leads me to another point (not directed at Olecapt), why is it that anytime sellers can't sell for the asking price, it becomes a buyers market? It still looks like buying a home in Las Vegas is risky given that very few people stay in the same home for more than a few years anymore. I would be very careful before buying a home in a "buyers" market like this one. If you are not happy, or want to move up or out, you may have a hard time recouping your investment. This whole credit crisis may not be over yet. We may only be scratching the surface (depending on which economists you want to believe), another strike against the supposed "buyers" market.

[olecapt]

Originally Posted by ackackack

Olecapt: "They do OK in large tracts with heavy action when things are reasonably stable. At the moment I would not trust any automated protocol. The Las Vegas market is dropping right now at something close to 5% per month. At that point you almost have to go out and press the flesh of the buyers and sellers...and you can still come out well off."

I didn't understand this post when you posted it a couple of days ago. Are you suggesting that prices are dropping by about 5% per month? Do the folks at NAR know you said this? (that's a joke) In here, you are reporting that prices have gone up. I'm not criticizing you, just scratching my head. I was scratching it after reading that prices supposedly went up in August.

This leads me to another point (not directed at Olecapt), why is it that anytime sellers can't sell for the asking price, it becomes a buyers market? It still looks like buying a home in Las Vegas is risky given that very few people stay in the same home for more than a few years anymore. I would be very careful before buying a home in a "buyers" market like this one. If you are not happy, or want to move up or out, you may have a hard time recouping your investment. This whole credit crisis may not be over yet. We may only be scratching the surface (depending on which economists you want to believe), another strike against the supposed "buyers" market.

Yup...see the other real estate thread. It is a bit misleading in that some gyrations in the upper end of the market cause about half of it and may well reverse next month...but there appears to be a sharp increase in the rate at which prices are declining starting in mid August.

The classical Vegas market of the 80s and 90s generally required more than five years to break even on a residental purchase. Houses sold fine.

Buyers markets are times when the advantage is to the buyer. When the buyer decides to sell he becomes a seller and therefore disadvantaged. Thems the rules...

Sellers seldom sell at or above asking price. That occurs only in berserk sellers markets.

[jfkIII]

Originally Posted by blakwngbrd

I am also considering moving to LV in the next ~6 months and would like to learn more about the housing market there. This would be my first home purchase, so please bear with me! I've been renting in SoCal for the last 8 years, looking forward to getting into something affordable. Any advice/suggestions are welcome - thank you!

Are you crazy???? Buying in LV, now? Unless you're getting a real fixer-upper for cheap in a very good neighborhood, you'd be better to rent until the housing situation starts to turn. Remember the simple stock market advice...buy low, sell high...it applies to the housing market, also. Buying now, would cost you your monthly mortgage payment + another $3K or so (per month) in negative equity. The time for you to buy is when the housing market hits rock bottom..and we're not there yet!