LAS blog VEGAS

Here is a link to What’s Happening in Vegas Part V

Step three; decrease the total number of resale homes on the market in the Las Vegas Valley. This is the step that is the most complex and must be looked at from several different angles. We currently have around 23,000 active homes on the market; we need to be at 18,000. This would give us a 6 month supply and in my opinion we would be “Healthy,” this is about a 20% decrease. I see us getting there in a combination of ways. Some sellers will follow the lead of the builders and discount their prices down to reality. Some of the “Gamblers” will decide to hold their properties for the long term and put tenants in their properties, this has to happen as we start to see a larger influx of people to fill the jobs. The true “Real Estate Investors” will stop circling and come in for the kill, now is the time for them to buy. Buying on the dips in not a hard concept to grasp, we are in a dip. It’s a “Buyer Market,” start buying! We are also seeing more foreclosures and bank owned properties, these will sell! They can’t stay on the books or we will see more trouble with large national banks that move too slow.

Step four; create new jobs. This is the easy one! Remember BILLIONS being spent to create jobs! Every day there are more jobs in this town, this is the silver bullet. Everything will fix itself with job creation………..just wait and see!

Check back in a couple of days for the final posting on What’s Happening in Vegas!

This entry was posted on Tuesday, April 24th, 2007 at 12:06 pm and is filed under Las Vegas Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.