With housing so affordable in the Las Vegas area due to the real estate meltdown, some parents of UNLV students are also choosing to invest in the local Las Vegas real estate market at the same time. Many students at UNLV live off campus. Due to its central location in the Las Vegas Valley, most residential areas are located no more than a 20 minutes’ drive from campus.
The median price of a single family home in Las Vegas currently stands at around $105,000 and condos are at around $50,000. Prices have not been at these levels since 1990 which is about 13 years before the first signs of a housing bubble in Las Vegas. This means there is essentially a market over correction in prices of about 13 years if you buy at today’s prices.
Investors are now here in droves, many of them cash buyers. Rental prices for homes and condos have certainly not declined at all so investors are able to purchase homes that create positive cash flow immediately on their investment.
For parents looking to also make a real estate investment, it makes good sense to consider purchasing. Not only are the current market conditions extremely favorable, but you have a ready tenant in the student whose not a risk like your average tenant would be.
For a traditional investor, there is a large pool of renters, not only students, but also many of the displaced homeowners who have lost their homes but not left the area. Many people are also needing to rent while their financial and credit profile recovers.
Purchasing a home here in Las Vegas, especially if you live out of town can be a challenge, but still be accomplished after having done your research and getting the best assistance possible when you’re ready to buy. Your REALTOR® should have a lot of experience with foreclosures and short sales. The real estate practices related to these two categories are constantly changing.
Once you have made your purchase you may also need good property management, especially if your tenant is not your own son or daughter! Effectively managing properties by staying on top of tenants, dealing with homeowners’ associations, managing repair issues, collecting repair bids and effective accounting are issues many companies lack. You don’t want a “rent collector” you want a MANAGER who will fight to preserve your property’s value.
For any questions related to purchasing real estate or property management in the Las Vegas, Henderson, North Las Vegas markets contact Shelter Realty at 702-376-7379.