Why should we be optimistic about the (LAS VEGAS) housing market?
Why should we be optimistic about the (LAS VEGAS) housing market?
The global economy affects everyone. Though we didn’t create the global economic crisis, we do have to deal with it in our everyday lives. Wherever you are in the world, your economy will obviously affect your spending choices.
In the U.S. we do have indicators of a turnaround. Here are a few indicators that don’t get much publicity in the overall Market and the Las Vegas market:
- The worst is over for the mortgage resets.
- People are buying homes in the U.S. At the top of the heap are the Gen-Y and immigrant buyers. The two groups continue to increase their real estate purchases.
- The family formation numbers were dropping until recently. Now they are back up to 1.25 million families being formed every year.
- If you go back to the recession in 1973, you will find that homes sales increased after the recession. Homes sales are now increasing.
- Investors buy homes, spend money to make the home “market ready,” and then they rent them.
- On average, investors are spending over $220,000,000 buying over 2000 homes per month in Las Vegas. In June 2011 the amount hit a high of $250,000,000. Over 49% of the purchases are all cash which creates a solid Las Vegas real estate market. Cash sales are foreclosure proof.
- Investors use their 401(k)s and IRAs to buy homes that they rent for a positive cash flow, which goes back into their 401k or IRA.
- They ride the prices back up, and in the future, all the profit goes back into their retirement funds. This process makes the future brighter for the future retirees as their accounts start to show profits again.
Better Days Are Ahead: Vegas Is Busy!
The Strip was packed with people this past weekend – full of young Gen Y’s and X’ers.* The conventioneers were standing in the long registration lines.
* Generation Y (also known as the Millennial Generation, Generation Next, Echo Boomers) follows Gen X. Gen Y’s are called Echo Boomers due to the significant increase in birth rates through the 1980s and into the 1990s, and because many of them are children of Baby Boomers. Generation X’s were born in the latter half of the 1960s through the early ’80′s.
Lots of Entertainment & Dining options attract the young visitors, and there’s lots of buzz about Cirque Du Soleil’s show Michael Jackson, The Immortal World Tour, which will be here December 3rd-14th at Mandalay Bay.
More than 50 Conventions will be here in the next 30 days.
Many of the visitors come here more than once a year, and they love the energy in Las Vegas. As cities go, Las Vegas is one of the youngest cities, and we have so much to offer. Seeing our great city in action fuels the fire in our belief that Las Vegas will come back stronger than ever. We can’t say it enough: our Affordable Housing will bring people to Las Vegas.
August sales were second only to June 2009, with over 4,600 properties sold.
Over 17,200 Jobs are available.
The Las Vegas unemployment numbers are confusing. The construction industry is certainly not what it was. But those lost jobs still impact the unemployment stats, and that makes people think Las Vegas does not have jobs. Look at this snippet (at right) from www.indeed.com, the largest search engine for job listings.
The real estate sales stats show that short sales are on the rise. Bank of America is experimenting with waiving the deficiencies. This move alone will help stabilize housing prices. Somewhere between the lines, in the future, the banking industry will have to consider lending to the hundreds of thousands of misplaced homeowners. When the banking industry increases their lending, believe that Las Vegas will be on the top of the heap!
People are coming here from around the world and investing in Las Vegas real estate. Las Vegas returns Positive Cash Flow. The displaced, foreclosed-on home owners provide the rental pool.
Download the Investment Calculator from the Invest section. Cash flow calculations are at the bottom of every listing in our home search. You can see the cash flow!
* Generation Y (also known as the Millennial Generation, Generation Next, Echo Boomers) follows Gen X. Gen Y’s are called Echo Boomers due to the significant increase in birth rates through the 1980s and into the 1990s, and because many of them are children of Baby Boomers. Generation X’s were born in the latter half of the 1960s through the early ’80′s.Lots of Entertainment & Dining options attract the young visitors, and there’s lots of buzz about Cirque Du Soleil’s show Michael Jackson, The Immortal World Tour, which will be here December 3rd-14th at Mandalay Bay.
More than 50 Conventions will be here in the next 30 days.
Many of the visitors come here more than once a year, and they love the energy in Las Vegas. As cities go, Las Vegas is one of the youngest cities, and we have so much to offer. Seeing our great city in action fuels the fire in our belief that Las Vegas will come back stronger than ever. We can’t say it enough: our Affordable Housing will bring people to Las Vegas.
August sales were second only to June 2009, with over 4,600 properties sold.Over 17,200 Jobs are available.
The Las Vegas unemployment numbers are confusing. The construction industry is certainly not what it was. But those lost jobs still impact the unemployment stats, and that makes people think Las Vegas does not have jobs. Look at this snippet (at right) from www.indeed.com, the largest search engine for job listings.
The real estate sales stats show that short sales are on the rise. Bank of America is experimenting with waiving the deficiencies. This move alone will help stabilize housing prices. Somewhere between the lines, in the future, the banking industry will have to consider lending to the hundreds of thousands of misplaced homeowners. When the banking industry increases their lending, believe that Las Vegas will be on the top of the heap!
People are coming here from around the world and investing in Las Vegas real estate. Las Vegas returns Positive Cash Flow. The displaced, foreclosed-on home owners provide the rental pool.
Download the Investment Calculator from the Invest section. Cash flow calculations are at the bottom of every listing in our home search. You can see the cash flow!
Las Vegas Has a Sweet Spot
The Las Vegas Home Market Has A Sweet Spot – But Opportunity Has A Shelf Life
Investors, second home buyers and owner occupants are buying homes in Las Vegas. Baby Boomers are taking advantage of the VERY affordable home prices.
10,000 Baby Boomers are turning 65, the retirement age, everyday.
So, the home sales will continue to grow from that sector. Investors continue to enter the market in a steady stream as displaced homeowners need homes to rent, which creates cash flow quickly. Most of the Investors are cashing in on these cash-flow-rich opportunities.
How long will they have this sweet spot? The answer lies somewhere between underwater mortgages and home equity.
Let’s take a look at the numbers to establish the position of the market:
• 4,541 resale homes were sold in June, a 15% jump — good news!
• 22,872 homes were sold from January through June — a 5% increase over the same period in 2010.
• Did you know that you can purchase a 3 bedroom, 2 bath home for $110,000?
• $110,000 is the median price of the homes sold in June.
June Sales Breakdown:
• 46% were bank owned
• 23% were short sales
• 31% were normal home sellers
The average price per square foot has been bouncing around $70, but in June it was $68.41. Builders can not reproduce that home for that price.
So, where do we see recovery? We already identified sources of home buyers: Baby Boomers, Second Home Buyers and Investors. Some say that when we have the return of home equity, we will be in recovery.
Home equity and appreciation will also suggest more potential housing sales.
Then, Move-up Buyers will begin buying. When the move-up market returns, we should see the prices move up, and home equity and appreciation will return with it. Let’s not forget the luxury homes sales as another indicator of movement. These indicators will signal that the underwater mortgages are diminishing.
Let’s discuss those underwater mortgages. Some thought that this year would be the year that the short sale market accelerated. However, 54% of the available homes on the market are short sale listings and only 23% were sales in June. This indicates that many of those short sales turn into foreclosures. Many buyers walk away from short sales because they take too long to close. Then, the same slow bank comes in and forecloses. Makes no sense to us.
If and it’s a big IF – the banks/lenders start to process the short sales faster and offer the home owner incentives to sell their home as a short sale versus foreclosure, then the underwater mortgages will start to diminish as those homes are sold faster to home buyers.
So, let’s identify the steps to recovery:
1. Baby Boomers buying homes
2. Investors buying inventory
3. Banks processing short sales faster (decreases the underwater mortgage and foreclosures)
4. Home equity returns – appreciation inches up
5. Move-up Buyers return
6. Market normalizes
Opportunity Has A Shelf Life
When the market normalizes, there will not be the same inventory of renters for the investors. The next opportunity for the investors will be when the job market returns and more people move to Las Vegas. According to the Las Vegas Sun, over 5,000 people are moving to Las Vegas every month.
Investors, second home buyers and owner occupants are buying homes in Las Vegas. Baby Boomers are taking advantage of the VERY affordable home prices.
10,000 Baby Boomers are turning 65, the retirement age, everyday.
So, the home sales will continue to grow from that sector. Investors continue to enter the market in a steady stream as displaced homeowners need homes to rent, which creates cash flow quickly. Most of the Investors are cashing in on these cash-flow-rich opportunities.How long will they have this sweet spot? The answer lies somewhere between underwater mortgages and home equity.
Let’s take a look at the numbers to establish the position of the market:
• 4,541 resale homes were sold in June, a 15% jump — good news!
• 22,872 homes were sold from January through June — a 5% increase over the same period in 2010.
• Did you know that you can purchase a 3 bedroom, 2 bath home for $110,000?
• $110,000 is the median price of the homes sold in June.
June Sales Breakdown:
• 46% were bank owned
• 23% were short sales
• 31% were normal home sellers
The average price per square foot has been bouncing around $70, but in June it was $68.41. Builders can not reproduce that home for that price.
So, where do we see recovery? We already identified sources of home buyers: Baby Boomers, Second Home Buyers and Investors. Some say that when we have the return of home equity, we will be in recovery.
Home equity and appreciation will also suggest more potential housing sales.
Then, Move-up Buyers will begin buying. When the move-up market returns, we should see the prices move up, and home equity and appreciation will return with it. Let’s not forget the luxury homes sales as another indicator of movement. These indicators will signal that the underwater mortgages are diminishing.
Let’s discuss those underwater mortgages. Some thought that this year would be the year that the short sale market accelerated. However, 54% of the available homes on the market are short sale listings and only 23% were sales in June. This indicates that many of those short sales turn into foreclosures. Many buyers walk away from short sales because they take too long to close. Then, the same slow bank comes in and forecloses. Makes no sense to us.
If and it’s a big IF – the banks/lenders start to process the short sales faster and offer the home owner incentives to sell their home as a short sale versus foreclosure, then the underwater mortgages will start to diminish as those homes are sold faster to home buyers.
So, let’s identify the steps to recovery:
1. Baby Boomers buying homes
2. Investors buying inventory
3. Banks processing short sales faster (decreases the underwater mortgage and foreclosures)
4. Home equity returns – appreciation inches up
5. Move-up Buyers return
6. Market normalizes
Opportunity Has A Shelf Life
When the market normalizes, there will not be the same inventory of renters for the investors. The next opportunity for the investors will be when the job market returns and more people move to Las Vegas. According to the Las Vegas Sun, over 5,000 people are moving to Las Vegas every month.
A Tinge Of Optimism For The Housing Market
A housing recovery will happen sooner rather than later.
Robert Shiller – an Economics Professor at Yale – says that we just had one good month which does not make a trend or a turnaround; but it is a good sign.
The housing market trended up from 1997 through 2006.
Then, the housing market started going down and continued going down for the next 5 years.
Shiller says that there have been two major housing crises: the 1930′s and this one. Housing takes longer to recover because it needs to have momentum, unlike the stock market, which can turn on a dime.
We don’t have a lively economy right now. Consumer confidence is down. The government is battling the debt issue. These issues will get resolved.
Shiller’s tinge of optimism comes from the state of the market.
There is an inventory of 1.8 million homes that we call distressed homes. Where is the optimism in that number?
Here are the glimpses of optimism:
• Home prices inched up in May
• Population is still growing
• People are buying homes
• Investors are buying one or many homes – and many with cash
• New housing is almost at a standstill, which is not adding to the inventory surplus
• Home prices are affordable for 90% of the working population who have jobs
• There is a traffic report of back logged buyers who will eventually buy
When we see several months of increasing home prices, combined with increasing momentum to the positive side, then we can count on the inevitable recovery.
Investor Survey Reveals Compelling Statistics
This was a report in a new national survey of real estate investors, released this week by Move, Inc. (NASDAQ: MOVE). In the next 24 months, real estate investors will be more active - by 3 to 1 - in their local markets compared to typical homebuyers.
69% of investors say it’ll be easier to find properties in the near future. The Move, Inc. Investor Survey also suggests local markets will be heating up with renewed investor interest and activity.
Compared to a year ago, the Move Investor Survey found that:
- 62% of investors are paying more attention to home values in their local markets
- 43.5% of investors say that it will be harder to find bargains
- 41.5% of investors expect it’ll be easier to sell their properties in the next six months
- 22% of investors are bullish and expect prices to rise in the next six to 12 months
- 53.5% expect prices to remain relatively the same
- 23% expect prices will fall in the next 6 to 12 months
- 65.5% expect that first time home buyers will have trouble qualifying for mortgages
- 18.5% are cash buyers which is a strategy that’s out of reach for most first-time buyers
- 80.5% of investors expect cash discounts from sellers
Contrary to the tactics used by investors known as "flippers,"
- 50% of today’s investors plan to hold their properties for 5+ years
- 11% expect to sell within 12 months of purchase
- 67.5% of the investors are investing for the long term
- 59% of the investors are new to real estate investing
- 33.5% are considering their first investment purchase
- 8.5% are in the process of buying/selling their first investment property
- 36.5% of the investors purchase more than one property
- 17% just completed their first transaction and plan to purchase more properties
Moving forward:
- 42% plan to invest their own time and energy to improve, repair and maintain their properties.
- 29.5% said they’ll hire a contractor for repairs and 28% will purchase move-in-ready properties.
- 65.7% don’t expect repair costs to exceed 20% of the property’s purchase price.
“They’re mostly entrepreneurial individuals that will make vital contributions to local communities by investing their own money and sweat equity to improve and maintain properties. These personal sacrifices made over the long run will help improve housing stocks, home values, property tax bases, and thousands of local communities.”
(more...)
Las Vegas Is Insanely Busy – Watch
Don’t miss this amazing time lapse video of Las Vegas. What a great idea…why didn’t we think of this first? Watch for the planes coming into McCarran – they’re flying in like lighting bugs. The sunbathers look like ants going in and out of the water to cool down.
24 Hours Of Sound And Fury!
Some More Good News — What’s Up?
For 2011, we believe that the worst is over in Las Vegas.
What’s Up?
Visitor volume, gaming revenue, airport passengers, taxable sales, home sales, convention attendance and retiring baby boomers are all up. Furthermore, 10,000 jobs were added in March — the first increase in 38 months.
From 1995 to 2010 over 1 million people moved to Las Vegas and they are staying, despite lost jobs. That is an average of 5,555 people every month moving to Las Vegas. At least 30% are baby boomers.
In 2011, the oldest members of the baby boom generation celebrated their 65th birthday. Every day for the next 19 years, 10,000 baby boomers will turn 65. Of all Americans, 26% of the total U.S. population are baby boomers, and they will move to warmer, dryer climates, active retirement communities and cities that are safer, entertainment-oriented, less taxed, more affordable and with good, convenient transportation. Many of the baby boomers will be moving to Las Vegas, and many of their friends and relatives will be visiting them or moving here as well.
Yes, 10,000 jobs were added. That’s a big number because we have such high unemployment percentages. We try to read between the lines and put our lost construction industry jobs aside, in order to see the picture from a different angle.
First, here are the numbers; then we can opine about them:
148,000 minus 77,508 is 70,492 unemployed non-construction workers.
Our unemployment would be around 7% without the construction workers that lost their jobs.
Companies Add Jobs In March
People are more confident and companies are purchasing equipment and services. There is a gradual climb in a positive direction according to a local firm, Resource Partners, who finds candidates for employers.
The employers are searching for executives, technical skilled workers, sales and marketing experts, and financial & computer-engineering candidates.
As sales increase in the Valley, companies will need more workers. And there were fewer job cuts this year. Visit our Jobs Section and see what jobs are available!
What’s Up?
Visitor volume, gaming revenue, airport passengers, taxable sales, home sales, convention attendance and retiring baby boomers are all up. Furthermore, 10,000 jobs were added in March — the first increase in 38 months.
From 1995 to 2010 over 1 million people moved to Las Vegas and they are staying, despite lost jobs. That is an average of 5,555 people every month moving to Las Vegas. At least 30% are baby boomers.
In 2011, the oldest members of the baby boom generation celebrated their 65th birthday. Every day for the next 19 years, 10,000 baby boomers will turn 65. Of all Americans, 26% of the total U.S. population are baby boomers, and they will move to warmer, dryer climates, active retirement communities and cities that are safer, entertainment-oriented, less taxed, more affordable and with good, convenient transportation. Many of the baby boomers will be moving to Las Vegas, and many of their friends and relatives will be visiting them or moving here as well.
Yes, 10,000 jobs were added. That’s a big number because we have such high unemployment percentages. We try to read between the lines and put our lost construction industry jobs aside, in order to see the picture from a different angle.
First, here are the numbers; then we can opine about them:
- Construction Employment = 13% of total work force during peak – now 5%
- Total work force shrunk just 0.2% in 2010 to 969,100
- Total Employment fell 3.1% to 821,600
So, 969,100 people are employed or employable- with only 821,000 jobs - a difference of 148,000 people looking for jobs.
And of the lost jobs, 125,983 workers were construction workers and now only 5% or 48,455 construction workers are employed, which leaves 77,508 unemployed construction workers.148,000 minus 77,508 is 70,492 unemployed non-construction workers.
Our unemployment would be around 7% without the construction workers that lost their jobs.
Companies Add Jobs In March
People are more confident and companies are purchasing equipment and services. There is a gradual climb in a positive direction according to a local firm, Resource Partners, who finds candidates for employers.
The employers are searching for executives, technical skilled workers, sales and marketing experts, and financial & computer-engineering candidates.
As sales increase in the Valley, companies will need more workers. And there were fewer job cuts this year. Visit our Jobs Section and see what jobs are available!
Opportunity Has a Shelf Life
We’ve always said, “Opportunity has a shelf life.” But just what does that mean, especially to you?
Let’s take the Las Vegas market for example, where the real meaning of this phrase becomes apparent. It could mean the buys of a lifetime won’t exactly be here much longer as confidence returns to the market. But this is fantastic news for you, and we’ll share some inside information to help you take advantage of this occasion before the expiration date arrives.
How do we know opportunity is brewing? 63% of renters say that owning a home is a priority of theirs in the near future. In fact, 40% say it’s actually one of their highest. Furthermore, 25% of them are entertaining the idea today more than they were a year ago. When we look at those who have already purchased, 51% are paying cash and 45% are borrowing money at extremely low interest rates not seen in 30 years. The dream of owning your very own home is now far more realistic than it has been for the past 40 years.
According to Harvard University, last year the mortgage payment required to buy a median priced home (which is around $125,000) fell below 20% of the median household income for the first time since 1971. That means that a house payment would be less than 25% of what you earn. More people are eligible today than any time in the last 40 years.
When the market was booming between the years of 2003 and 2007, a whopping 1.3 million homes were created per year. Only 357,000 were created in 2010, but 9% of those built were in Las Vegas. Even just last month, there were 237 new home sales and 3,241 resales here. Resale activity is great; it’s actually increased 4% over the last year. We’ll continue to match last year’s total of around 43,000 annual sales if consumer confidence continues to increase.
However, the bad news is that current housing prices will continue to bob along the bottom end so long as foreclosures continue adding to our inventory. Honestly though, we’d still question calling that “bad news” for some of us, especially when the investors who buy these get a handsome 15% return on the properties when they rent it out for $1,200 per month to those who’ve lost their homes.
So given all of this, we have to ask...do you want to let this good fortune slip away? The numbers speak for themselves, but even they do not speak wholly for all of the benefits you can reap. Things are just looking excellent for real estate in Las Vegas, and you have the chance to get in on this…so what are you waiting for?
Let’s take the Las Vegas market for example, where the real meaning of this phrase becomes apparent. It could mean the buys of a lifetime won’t exactly be here much longer as confidence returns to the market. But this is fantastic news for you, and we’ll share some inside information to help you take advantage of this occasion before the expiration date arrives.
How do we know opportunity is brewing? 63% of renters say that owning a home is a priority of theirs in the near future. In fact, 40% say it’s actually one of their highest. Furthermore, 25% of them are entertaining the idea today more than they were a year ago. When we look at those who have already purchased, 51% are paying cash and 45% are borrowing money at extremely low interest rates not seen in 30 years. The dream of owning your very own home is now far more realistic than it has been for the past 40 years.According to Harvard University, last year the mortgage payment required to buy a median priced home (which is around $125,000) fell below 20% of the median household income for the first time since 1971. That means that a house payment would be less than 25% of what you earn. More people are eligible today than any time in the last 40 years.
When the market was booming between the years of 2003 and 2007, a whopping 1.3 million homes were created per year. Only 357,000 were created in 2010, but 9% of those built were in Las Vegas. Even just last month, there were 237 new home sales and 3,241 resales here. Resale activity is great; it’s actually increased 4% over the last year. We’ll continue to match last year’s total of around 43,000 annual sales if consumer confidence continues to increase.
However, the bad news is that current housing prices will continue to bob along the bottom end so long as foreclosures continue adding to our inventory. Honestly though, we’d still question calling that “bad news” for some of us, especially when the investors who buy these get a handsome 15% return on the properties when they rent it out for $1,200 per month to those who’ve lost their homes.
So given all of this, we have to ask...do you want to let this good fortune slip away? The numbers speak for themselves, but even they do not speak wholly for all of the benefits you can reap. Things are just looking excellent for real estate in Las Vegas, and you have the chance to get in on this…so what are you waiting for?
Las Vegas Market Crystal Ball
We believe that consumer confidence is improving and therefore the retail and real estate will improve in 2011. Our beliefs are based on facts. In November, sales contracts to purchase homes increased for the 4th straight month. These increases mean closed sales for January and February, as lag time is about 2 months. (If the sale is a short sale, which 
make up 28% of our market, the time to close is 3 to 6 months.)
The retail sales reporters are estimating an increase this year over last year. The hotels in Las Vegas are 98% full for this New Year’s weekend. Over 300,000 visitors will celebrate New Year’s Eve in Las Vegas!
Unemployment applications are lower according to the national numbers. Las Vegas really took a hit in the construction market and our unemployment is still 14%. Not sure what the 2010 fourth quarter Las Vegas unemployment numbers will tell us.
There are still an average of 100,000 new visitors in Las Vegas every day. The Hospitality industry still needs people to handle that volume. The Las Vegas Convention Authority says that the convention business for the first quarter of 2011 has increased over 2010. More convention visitors means more business for retailers, hotels, restaurants, and casinos.
We love Las Vegas and defend it with our heart and soul - but please know – our crystal ball is filled with factual data! But off the record, when we put our ear to the ground we hear a strong pulse for our economy that is reminiscent of the Nineties, when home prices brought investors, second-home buyers, retirees, and first-home buyers to Las Vegas.
If you visit www.indeed.com there are 20,315 job postings for Las Vegas. 2,555 job postings are for the casino industry. Those casino jobs include food and beverage, computer department, casino worker jobs, etc. The 14% unemployment encompasses over 60,000 construction jobs that were lost in the past three years. The construction industry may continue to suffer for a couple more years until the New Home industry starts to pick up.
When we say Happy New Years, we’re putting 2 thumbs up! The 2 thumbs up are “11″ and up is a big “Yes, we will have a better year ahead.”
2010: Median Existing Home Price $120,000
2009: Median Existing Home Price $126,000
2006: Median Existing Home Price $200,000
Existing Home Prices have dropped 60% since 2006.
Contact Michele Shafe, assistant director of the Clark County Assessor’s Office.
The average savings in taxes could be over $830.00 per year, depending upon when the home was purchased.
The Las Vegas tax rate is around 1% of the the value. If the home is worth $100,000 the annual property tax would be approximately $1000. If the home dropped $26,000 is value, the savings would be $260 per year.
make up 28% of our market, the time to close is 3 to 6 months.)The retail sales reporters are estimating an increase this year over last year. The hotels in Las Vegas are 98% full for this New Year’s weekend. Over 300,000 visitors will celebrate New Year’s Eve in Las Vegas!
Unemployment applications are lower according to the national numbers. Las Vegas really took a hit in the construction market and our unemployment is still 14%. Not sure what the 2010 fourth quarter Las Vegas unemployment numbers will tell us.
There are still an average of 100,000 new visitors in Las Vegas every day. The Hospitality industry still needs people to handle that volume. The Las Vegas Convention Authority says that the convention business for the first quarter of 2011 has increased over 2010. More convention visitors means more business for retailers, hotels, restaurants, and casinos.
We love Las Vegas and defend it with our heart and soul - but please know – our crystal ball is filled with factual data! But off the record, when we put our ear to the ground we hear a strong pulse for our economy that is reminiscent of the Nineties, when home prices brought investors, second-home buyers, retirees, and first-home buyers to Las Vegas.
If you visit www.indeed.com there are 20,315 job postings for Las Vegas. 2,555 job postings are for the casino industry. Those casino jobs include food and beverage, computer department, casino worker jobs, etc. The 14% unemployment encompasses over 60,000 construction jobs that were lost in the past three years. The construction industry may continue to suffer for a couple more years until the New Home industry starts to pick up.
When we say Happy New Years, we’re putting 2 thumbs up! The 2 thumbs up are “11″ and up is a big “Yes, we will have a better year ahead.”
Las Vegas Home Price Comparison
Home Builders Research:2010: Median Existing Home Price $120,000
2009: Median Existing Home Price $126,000
2006: Median Existing Home Price $200,000
Existing Home Prices have dropped 60% since 2006.
Las Vegas Home Owners Tax Savings for 2011
If you own a home in Las Vegas, the deadline to file for a Tax Appeal is January 17, 2011.Contact Michele Shafe, assistant director of the Clark County Assessor’s Office.
The average savings in taxes could be over $830.00 per year, depending upon when the home was purchased.
The Las Vegas tax rate is around 1% of the the value. If the home is worth $100,000 the annual property tax would be approximately $1000. If the home dropped $26,000 is value, the savings would be $260 per year.
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