We could say that, at least for the moment, home buyers are not gambling on Las Vegas. Only South Florida and Houston have seen more significant decreases in the latest home sales statistics. It is safe to say that a big part of the Florida decreases are concerns about recovering from the recent natural disasters and worries about an expected significant rise in insurance rates. Much of the current decline across the board is due to economic concerns.
The Las Vegas situation is more interesting from a real estate investing standpoint. The surrounding area has been seeing a ton of new residential construction over the past three years. Having newer properties on the market at potentially lower prices may not bode well for investors that like to buy existing homes to upgrade and sell higher.
Meanwhile, people at varying income levels continue to want to move there. It could be a cat and mouse game, but we don’t know for how long.
Some investors, developers, and real estate professionals may shy away from Las Vegas. However, something has to give in the near future. This is an excellent time to concentrate on researching the market. Knowing which areas and properties offer the most appeal for “when the time comes” might make you first in for opportunities to buy, sell, or partner in a deal.
It’s not about allowing fresh research to stop you in your efforts. The secret is knowing how to use fresh research you develop or uncover.
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