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Day: May 13, 2008

Positive Signs in the Las Vegas Real Estate Market?

For the 4th straight month, Las Vegas Home Sales are up. We have seen an increase in home sales over the same month from the previous year for the first time since September 2005.

Are these signs that the Las Vegas real estate market might be turning around? 

Let’s not get to excited just yet; we still need to see how the rest of spring and summer goes before we can really access indications that the market might be rebounding.

We should continue to see a rise in Las Vegas Foreclosures as the adjustable rate mortgages continue to – well – adjust.  As more foreclosures enter the market, home prices will continue to fall as banks drop the prices to move inventory off their books. So there is a good chance Las Vegas Home prices will continue to fall.

However, the Las Vegas Strip is expected to create over 113,000 jobs over the next 5 years starting with the opening of Project City Center in 2010. With the creation of these jobs, we will begin to see an influx of people moving to Las Vegas filling these new job opportunities.  This will help the Las Vegas Housing Market as the influx of people relocating here will need housing. It will be interesting to watch how the Las Vegas real estate market evolves over the next 9 – 12 months.

Las Vegas Foreclosed Homes Become Eyesores

It’s rarely difficult to determine which homes in a neighborhood are in foreclosure; as you are driving through the neighborhood homes that have brown grass, dying plants and weeds are very likely in the midst of foreclosure proceedings.

Is it possible that these foreclosed homes have a negative effect on the rest of the neighborhood?

Absolutely.

Not only do foreclosed homes drive down value as banks price them lower to get them off their books, but the visual look of the property also affects the neighborhood. The visual effect of the neighborhood is a significant aspect in the buying process for potential home buyers.  If a neighborhood has numerous foreclosed homes, the neighborhood is going to look poorly kept causing buyers to possibly look elsewhere.

So who is responsible for cleaning up these homes? 

Once the bank forecloses on the home, they are now responsible for the up keep of the property especially if the home is located in a home owner’s association.  Homeowner’s Associations will often send letters to the bank to clean up the property and if they fail to handle the problems, the homeowner’s associations will levy fines.

So next time you find yourself home-hunting in a local Las Vegas neighborhood and you see what looks to be eyesore, yep, you guessed it; it’s probably a foreclosure.

Are you home-hunting in the Las Vegas real estate market? Looking for home values or rental information or other relocation information? Feel free to call at 702.376.7379 for assistance.