The word is spreading and there are very few people who haven’t heard. The Real Estate Bubble has bust! Anyone who has ever looked into investing in real estate property has heard the news. The market is terrible and many mortgage companies have shut theirs doors. With the closing of mortgage companies came the limits to lending options. This then led to individuals not being able to purchase new homes or even make the payments on the homes they already own! Thus builders slash prices on homes they need to sell causing property value to plummet and a slew of foreclosures occur when adjustable interest rates rise and home owners can’t make their payments or refinance. This leads to property value dropping even more and the economy going right along with it.
So what’s my insider information that will combat these bubble bursting allegations? I really don’t have any. I’m not an analyst nor a professional real estate investor. I have no credits to my name nor do I currently make any money on real estate. So why do I feel like I have the authority to write about it? I don’t. I’m writing because I can. There’s also the fact that I live in Las Vegas right now and I own a couple properties here. It should also be taken into consideration that I have some stake in the Las Vegas real estate market and I’m very new to the real estate game. But I’m learning about it all now and you should be interested because if you’re looking to buy a home for yourself, invest in a home, or just want to learn about real estate then you should pay attention to whats going on in Las Vegas and all other real estate markets in the world.
There are roughly 7,000 new Las Vegas residents every month! How do we know this? We know because Peggy Jackman, of UNLV’s Center for Business and Economic Research, counts out-of-state licenses every month. So that magical number of 7,000 only accounts of licensed drivers! If the real estate market is so bad why do people keep moving here? There are many different reasons for the current state of the Las Vegas real estate market and we can’t believe everything we hear.
For the last few months now I’ve been listening to the Real Estate Guys Radio show and I’ve learned a lot about the different aspects of real estate. However, I’m not going to jump out of my seat and do whatever they say. I read the newspaper and keep my eyes and ears close to the ground. What I see is that the Southern Nevada area is growing. Construction is still being done and businesses are still opening up shop. Las Vegas is expanding and real estate property is going on sale wherever you look! But wait, if everyone is selling doesn’t that mean the market is in bad shape? NO! It means it’s a buyers market and it’s a great time to buy! If we do what others do we go where they go. I’m not saying go out and buy a house right now. I’m saying do your homework and don’t overlook the fact that Las Vegas is a growing market just because some people say the time for Vegas has passed. In fact there are still people buying up property in Vegas and they are making money on their deals. Even if you’re not ready to buy, now is a great time to learn and get prepared for when the market goes back up. If we want to catch a bus you need to know two things: what you need to get on the bus, and when is the bus coming. So how do I know the bus is coming?
1. Number of residents moving to Las Vegas every month. It’s around 7,000.
2. I watch the casinos. They are still building.
3. I pay attention to people making money in real estate. They are still interested in Vegas.
4. I pay attention to other related news. Gaming tax is under attack by politicians and teachers who want more money invested back into the state.
5. Word on the street is lots of Southern California residents will be migrating soon. (Please don’t take this seriously. I will not be held accountable for anyone who listens to this rumor that has no factual bearing)
Keep in mind I have no experience or authority on the matter. I am doing something about that though.
