Las Vegas Real Estate Team - Hildreth Barnhill

The following was in response to a clients question about the Las Vegas Real Estate market in 3yrs.

Diane,

First of all, real estate is local. Much of the hype that consumers get about the real estate market come from these national syndicates who base their ideals off of national trend and tend to try and apply that to different localized markets; Las Vegas real estate being a very popular target due its past explosion of home values.

A local appraiser has followed 10 homes for the past two years to see what affect the correcting market has done to them. He has seen only a 2% drop in their appraised values. This is pretty standard to all of Las Vegas. Some national experts have said that the Las Vegas real estate market has to drop another 30% before it fully corrects. Even the worst of the worst local skeptics will tell you that that will NEVER happen. If you want to see why look at the following websites and click on the relevant articles http://www.hildrethbarnhill.com/ & http://www.hildrethhome.com/ .

As for true projections for the next 3yrs for Las Vegas real estate...

Last year a study was done by McCarran Airport and published in the Review Journal. The relevant part for this purpose was that they projected that Las Vegas's population would increase 50% over the next 10yrs. Currently Las Vegas's population is +1.9m people. That means that there is a projected growth of over 900,000 people. Take that into consideration that there is effectively only 36,000acres of land available to develop. Las Vegas averages 6,000acres a year of new developments; that's 6yrs before Las Vegas is built out and guess what happens to property values then?

Another report I recently heard was that Las Vegas is in for its largest year over year population growth over the next 18mo. The contributing factors being all of the new businesses opening up like City Center, the Mall of America and many of the High Rise projects finishing development.

We can't tell you exactly what the Las Vegas home prices are going to be but based off of these statistics things look very promising over the next 3-10 years. The recently released president of the Greater Las Vegas Association of Realtors last month said that they expect to see a change to a sellers market starting at the end of 07 beginning of 08.

The true answer is, "I don't know." The news sounds very promising. I recently saw a Time magazine cover that was title "Is Las Vegas Bubble about to POP?" it was a magazine from the 1930's. I suggest that the answer is NO.

Who is a Las Vegas Realtor® you can trust with this project
Having done "Fixer-Upper" projects ourselves and helping many of our clients do the same we have seen the ins and outs of these projects and will help you find a great project for yourself.

So you want to buy a Las Vegas House?

Let's go over the loan qualifications. The ideally qualified person will have these things:

1. An excellent credit history
   • no recent history of bad debts
   • consistent and timely payment of current liabilities
2. Limited liabilities
   You will be required to disclose all current liabilities you have in order to determine your debt to income ratio, which simply is how much more debt can you take on besides what debt you already have. (i.e. present car loan, credit cards, etc.)
3. At least 2 years of employment stability
   You will be required to show proof of employment for the past 2 years, i.e. a letter of employment from your employer or financial statements for the past 2 years if self-employed.
4. The financial ability to carry larger monthly payments
   Without a down payment you will be required to meet the obligation of larger mortgage payments. Your monthly payments could vary from a few hundred to several hundred dollars more per month.

Under the Terms of the Program You Can Purchase Many Types of Properties
They include:

• Single family residences (standard detached house)
• Town homes
• Condominiums

It is important to note that not all Las Vegas properties qualify for the Zero Cash Down Payment Program. To ensure that you get an accurate picture of what properties may or may not be included in this program in your particular area, it is advisable to review the terms of the program with your Realtor®.

It is also important to know that these are not the only qualifications for the No Down Payment program. It is possible to qualify for a loan program such as this and not meet all of these standards. There are thousands of loan programs out there for every Las Vegas home buyer.

The No Down Payment program allows you to buy a Las Vegas home with very little money out of pocket. This is great news for all of you who are under the impression that a substantial down payment to buy a home. Whether you are currently a home owner or if you rent and are a first time home buyer and are looking to build equity for yourself, pay close attention to this article, it could make you Thousands in equity.

The No Down Payment program is great for Las Vegas real estate minded people who want to keep their hard earned money but at the same time make a great investment; this is called leveraging. No Down Payment programs are even great for those who don't have much money saved but, want to stop padding their land lord's pockets.

The Multiple Listing Service (MLS) is a great Las Vegas Realtor® tool to help agents search for the perfect home for you. Las Vegas Realtors will help you locate the right property by searching for all the current, local Las Vegas MLS listings online from the GLVAR (Greater Las Vegas Association of Realtors®) Multiple Listing Service system. On most real estate agents websites clients can sign up for FREE automatic emails sent daily with new listings of homes for sale in the local market so they can act immediately once a property is found. Anyone can use the Las Vegas MLS Search Tool...

If you take note of the basic principles we subscribe to as Realtors® in Las Vegas you will see the great distinction between Realtors® and Real Estate Agents. It is hard to imagine but, as a Las Vegas Real Estate Agent one does not have the same obligation as a Realtor® does. The benefit of working with a Realtor in Las Vegas is that you know that there is a higher standard directing their thoughts and actions. With the higher standards come also stiffer punishments for those who neglect their obligations as a Realtor®. It brings many clients comfort to know that Las Vegas Realtors® are held accountable for their actions.