If you considering jumping on board the Las Vegas investment train, now is the time to do it.
The mortgage crisis is hitting the Las Vegas metro area particularly hard.
The crisis jeopardizes further growth by creating an overflow of available homes, which in turn slows the construction of new homes and invariably effects property values. But at the same time it creates opportunities of more affordable housing for those who have been priced out of the market in recent years.
The crisis entails homeowners losing their houses after they are unable to afford their mortgage payment that ultimately leading to foreclosure.
An average home value in Las Vegas was $167,340 in September 2009, down from $362.501 in November 2006.
The 3,608 single-family homes sold in September was the highest amount in a September since 2005 when 4,405 were sold. The 955 sales of existing condos in September were the most in that month since 1,030, also in September 2005.
Interest among investors remains high with the 40.4 percent of all homes bought in September by people who don’t live in Las Vegas, the highest figure for any month this decade.
There is no doubt about it, Las Vegas is not just the hot place to be, but Las Vegas is also a hot investment opportunity.
Choose a real estate agent who is familiar with the Las Vegas area, but he will also have knowledge and valuable contacts that you can use to your advantage.
Eshel C Lurya
Realty One Group
1333 N Buffalo Dr
Las Vegas NV 89128
eshel@lurya.com
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