Las Vegas...What is the current Market like?

16 Replies

Seems like property values are still going up. What do you Guys with your boots on the ground see happening this year? Seems like most analysts are predicting anywhere from 4-10% appreciation. When do you see Las Vegas as not being undervalued anymore?

I own a house in the Southwest that I bought in 2002 that I am considering selling this year. May 1031 exchange, may just sell it. 

I will tailor the information specifically do your property.  There are 1998 homes on the market (Single Family, Condo, TWH) in the SW area, of which 460 have sold in the last month. This puts it at 4.34 months of inventory or (4.34 x 30 ) 130 days of inventory. Inventory levels have fallen from last month but sales have fallen as well. I would call it a slight seller's market, anticipate the property on the market for 60-75 days fairly priced homes. 

There are still a lot of flippers in areas, therefore buyers expect nicely done properties. 

@Andy Chu Guess we will see what the spring holds. May have to upgrade mine a bit. It is 2002 base model formica lol. Thanks for the report.

With so many cheap vendors, definitely, I would consider changing out to a entry level granite. 

I agree with @Andy Chu the market is still in a slight seller's market. Inventory is hovering around the same levels (slightly up then slightly down) for about 5 months or so. buyer demand is still strong on the well priced homes. Buyer's want a value. If your home is not a good value whether rehabbed or not it will sit.

If you don't rehab the property get ready to play the price game and see who of your competitor listings will be priced the cheapest. By rehabbing the home you will have less competition but it will still need to be priced competitively.

If you want to shoot me the address, here or privately, I would be happy to send you an updated comp value of the home.

Either way best of luck with your investment.

@Robert Adams  I have a pretty good idea what it is worth. 2400 sq ft, 3 car garage, built 2002. I'm thinking $260-$280k. Zip is 89148. Thanks for the offer you can look for me if you have time.

Yep, everybody likes a good deal, even renters. It was always amazing to me that other houses would advertise for 1400-1500/ month and just sit on the market. I rented mine for $1350 and was never vacant more than a few weeks.

I would need more info to get you an accurate comp value @Ron Drake  In the last few months there have been several sales matching the criteria given ranging from $220k to $395k. Pool, upgrades, needed repairs, lot size, community subdivision, etc all play a role in narrowing the range down. I would be happy to help further if you want to provide me with some additional info.

Also I couldn't agree with you more about taking a quick $1350 mo over increasing vacancy time and getting an extra $50 mo. A lot of people don't understand that that extra $50 mo cash flow will be off set  and actually become a $800 loss with 1 additional vacant month of $1400!! Great point!

@Robert Adams  I was actually testing your investigative skills Lol. I don't blame you for not trying though, takes time away from money making activities. I might hit you up later though. Thanks

I am actually still on the fence, may just keep it longer, or sell it to one of those yellow letters I am getting haha. I actually think prices in Las Vegas will continue to rise. Maybe not as much this year but maybe next. I don't see my house going back to 2006-2007 prices anytime soon, but $300,000-$325,000 would be nice. The FHA loan limit is hurting values rising to the point of not being undervalued but with Fannie and Freddie rolling out their new 3% programs we will have to wait and see.

@Ron Drake  I didn't know you were looking to see who can do research. I accept his challenge . You own the property on 9718 vista crest 89148. It is located in the Dakota community built by Pardee Homes. It is 2443 with a 3 car garage. 

Now here comes the analysis of your home.  You reviewed the zillow number and guesstimated that the house is worth 280. The reason a realtor is needed is that either myself or any of the other realtors will tell you that 9917 shadow grove which is a model match is listed for 299,900.  What other realtors don't know is that we are doing the flip on the property and have it under contract but not sold yet for 304,000 with 5,000 in closing costs.

If I were to put a value on your home I would put it between 280-300 depending on upgrades. This quick review would have made you 20k with a quick look up. 

Well Done @Andy Chu How did you guys buy this so right? Trustee sale?

What improvements did you have to make to the property to get that price? I don't see Shadow Grove listed, was this a buyer off a sign call or did you know someone who was looking. More info please. PM me if you want.

Believe me, I know the value of a good Realtor as I have been one since 1995 and you were on my short list since you responded 1st to this thread :)

Typically if one is serious about selling their property they will give you the address. No need to waste time researching addresses, tax records etc if the seller isn't serious about selling. I'm always glad to help but time is money and I don't like to waste either. Best of luck with your investment.

@Robert Adams  Buying and selling real estate is a process not an event. It all starts when someone entertains a thought about "maybe" buying a new home or selling an existing one. I am still in that thought process as I indicated in my original post.

 I am willing to bet it took @Andy Chu less than 2 minutes to find this information. I know I could find it in my local mls/ tax info in 2 minutes. With my name, zip code, year built and year bought, should have been easy. 

Sounds Ike you at rather play games then get the value of your home. I don't have patience for such games. Best of luck.

Looks like I missed out on the fun!  

@Ron Drake , Zillow no longer auto feeds from our MLS we have to manually upload them again. I placed it on Zillow so you can get an idea of what upgrades were made. We can have a PM chat about the pros and cons of rehabs. We can also take the listing where our commissions are in line with your bottom line .

@Robert Adams  No games, I was looking for someone willing to work for my business.

I think I found him, it's not you. 

That's funny. Like I said best of luck.

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