The Common Cry In Las Vegas "Are We There Yet?"

On the front page of our illustrious daily newspaper the Las Vegas Review Journal yesterday there was an article titled "Homeowners, you can almost touch bottom." It too rang out the common whine among most Las Vegas property owners "Are we there yet?"

People much smarter than me including the Massachusetts research firm Global Insight and an Ohio bank-holding company National City Corp. showed that us lucky Las Vegas and Southern Nevada dwellers (to use their words) are showing our first move towards undervaluation since they started to following our market in a joint report in 2004. Noted that our market dropped more than 20% last year, and the first quarter of 2008, the median home price in Las Vegas is $232,600 or just 3.1 percent below the value that historical market trends establish as sensible or healthy. What does that mean exactly?

It means that for the first time since 2004, our homes are worth just a little under what they should be or at least would be if we didn't have that outrageous value spike during 2005 & 2006. We are now considered fairly valued. Do you hear that home buyers and investors? We're now back to being a reasonable market based on the things that count like employment opportunities, climate and a great location for family and friends.

The one thing that really stood out for me was when Richard DeKaser, chief economist for National City stated "One thing which is clear is that the majority of Las Vegas' price correction is now behind it." This was reinforced by Ken Perlman, vice president of the Sullivan Group, another group of real estate advisors, noting that "It suggests that buying a home in Las Vegas is becoming more of a reasonable proposition. I do agree the biggest price declines are behind us."

Now no one, not even these experts can agree on how much lower our market will go or when the valuation slide might stop, but one thing is sure, they all agree that "We're much closer to the bottom than the top." Of course everyone has an opinion, some good some bad.

So a deal is a deal is a deal. If you're willing to buy and hold for 5 years, not an unreasonable proposition, this is the time to be looking for a good deal. If you're an investor, and the property will cash flow, get it now while the getting is good and lease or lease option the property. If you're looking to move up or even buy your first house, who wants to move sooner than 5 years anyway.

If I can help you find a property, don't hesitate to call or email me. You can visit my website at www.heathersellsvegas.com or email me at lasvegasexpert@yahoo.com.